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COMPANY REGISTRATION NUMBER: 725591
M.GOOD & SON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 April 2024
M.GOOD & SON LIMITED
STATEMENT OF FINANCIAL POSITION
5 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,497,772
1,371,582
Current assets
Stocks
125,014
391,670
Debtors
6
622,610
779,810
Cash at bank and in hand
346,985
262,597
-------------
-------------
1,094,609
1,434,077
Creditors: amounts falling due within one year
7
470,767
713,044
-------------
-------------
Net current assets
623,842
721,033
-------------
-------------
Total assets less current liabilities
2,121,614
2,092,615
Creditors: amounts falling due after more than one year
8
489,845
509,662
Provisions
Taxation including deferred tax
109,921
78,300
-------------
-------------
Net assets
1,521,848
1,504,653
-------------
-------------
M.GOOD & SON LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
1,516,848
1,499,653
-------------
-------------
Shareholders funds
1,521,848
1,504,653
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
P M Good
Director
Company registration number: 725591
M.GOOD & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Reepham Manor, The Green, Reepham, Lincoln, LN3 4DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Single farm payment
Single farm payments are included as receivable where the prescribed criteria for these have been satisfied and are accounted for as other operating income.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
Not depreciated
Tractors
-
20% reducing balance
Harvesters
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Other Plant & Equipment
-
20% reducing balance
Freehold land and buildings are not depreciated. Improvements to properties are depreciated straight line over 10 years.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
The stock valuation in the accounts has been prepared by Messrs. Perkins George Mawer & Co., Chartered Surveyors and Agricultural valuers, on the basis of the lower of cost and net realisable value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold property
Tractors
Harvesters
Motor vehicles
Other plant and equipment
Total
£
£
£
£
£
£
Cost
At 6 Apr 2023
1,062,040
250,600
144,800
4,074
279,654
1,741,168
Additions
111,711
45,326
157,037
Disposals
( 999)
( 999)
-------------
----------
----------
----------
----------
-------------
At 5 Apr 2024
1,062,040
250,600
144,800
114,786
324,980
1,897,206
-------------
----------
----------
----------
----------
-------------
Depreciation
At 6 Apr 2023
3,658
17,539
98,597
249,792
369,586
Charge for the year
6,236
3,681
9,566
10,365
29,848
-------------
----------
----------
----------
----------
-------------
At 5 Apr 2024
3,658
23,775
102,278
9,566
260,157
399,434
-------------
----------
----------
----------
----------
-------------
Carrying amount
At 5 Apr 2024
1,058,382
226,825
42,522
105,220
64,823
1,497,772
-------------
----------
----------
----------
----------
-------------
At 5 Apr 2023
1,058,382
233,061
46,203
4,074
29,862
1,371,582
-------------
----------
----------
----------
----------
-------------
6. Debtors
2024
2023
£
£
Other debtors
622,610
779,810
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
38,969
38,969
Trade creditors
2,700
2,700
Corporation tax
1,266
56,697
Social security and other taxes
2,747
1,662
Other creditors
425,085
613,016
----------
----------
470,767
713,044
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
489,845
509,662
----------
----------