Montilly Farms Ltd
Registered number: NI602084
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 924,076 958,129
Current assets
Stocks 10,000 36,500
Debtors 4 10,300 58,296
Cash at bank and in hand 86,439 24,562
106,739 119,358
Creditors: amounts falling due within one year 5 (49,377) (47,509)
Net current assets 57,362 71,849
Total assets less current liabilities 981,438 1,029,978
Creditors: amounts falling due after more than one year 6 (104,004) (165,143)
Net assets 877,434 864,835
Capital and reserves
Called up share capital 5 5
Profit and loss account 877,429 864,830
Shareholders' funds 877,434 864,835
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Miller
Director
Approved by the board on 27 January 2025
Montilly Farms Ltd
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 March 2023 135,897 1,182,640 1,318,537
Disposals - (500) (500)
At 28 February 2024 135,897 1,182,140 1,318,037
Depreciation
At 1 March 2023 - 360,408 360,408
Charge for the year - 33,553 33,553
At 28 February 2024 - 393,961 393,961
Net book value
At 28 February 2024 135,897 788,179 924,076
At 28 February 2023 135,897 822,232 958,129
4 Debtors 2024 2023
£ £
Trade debtors - 30,000
Other debtors 10,300 28,296
10,300 58,296
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 28,755 28,755
Trade creditors 4,156 8,754
Corporation tax 6,466 -
49,377 47,509
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,640 25,682
Obligations under finance lease and hire purchase contracts 18,609 55,692
Other creditors 68,755 83,769
104,004 165,143
7 Other information
Montilly Farms Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
10 Bellspark Road
Sion Mills
Strabane
Co Tyrone
BT82 9NT
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