Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-305true2023-10-01falseNo description of principal activity4falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00827283 2023-10-01 2024-09-30 00827283 2022-10-01 2023-09-30 00827283 2024-09-30 00827283 2023-09-30 00827283 c:Director1 2023-10-01 2024-09-30 00827283 c:Director2 2023-10-01 2024-09-30 00827283 d:Buildings 2023-10-01 2024-09-30 00827283 d:Buildings 2024-09-30 00827283 d:Buildings 2023-09-30 00827283 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00827283 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 00827283 d:PlantMachinery 2023-10-01 2024-09-30 00827283 d:PlantMachinery 2024-09-30 00827283 d:PlantMachinery 2023-09-30 00827283 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00827283 d:MotorVehicles 2023-10-01 2024-09-30 00827283 d:MotorVehicles 2024-09-30 00827283 d:MotorVehicles 2023-09-30 00827283 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00827283 d:FurnitureFittings 2023-10-01 2024-09-30 00827283 d:FurnitureFittings 2024-09-30 00827283 d:FurnitureFittings 2023-09-30 00827283 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00827283 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00827283 d:CurrentFinancialInstruments 2024-09-30 00827283 d:CurrentFinancialInstruments 2023-09-30 00827283 d:Non-currentFinancialInstruments 2024-09-30 00827283 d:Non-currentFinancialInstruments 2023-09-30 00827283 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 00827283 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00827283 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 00827283 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00827283 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 00827283 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 00827283 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 00827283 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 00827283 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-09-30 00827283 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 00827283 d:ShareCapital 2024-09-30 00827283 d:ShareCapital 2023-09-30 00827283 d:OtherMiscellaneousReserve 2024-09-30 00827283 d:OtherMiscellaneousReserve 2023-09-30 00827283 d:RetainedEarningsAccumulatedLosses 2024-09-30 00827283 d:RetainedEarningsAccumulatedLosses 2023-09-30 00827283 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 00827283 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 00827283 c:OrdinaryShareClass1 2023-10-01 2024-09-30 00827283 c:OrdinaryShareClass1 2024-09-30 00827283 c:OrdinaryShareClass1 2023-09-30 00827283 c:FRS102 2023-10-01 2024-09-30 00827283 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 00827283 c:FullAccounts 2023-10-01 2024-09-30 00827283 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00827283 2 2023-10-01 2024-09-30 00827283 6 2023-10-01 2024-09-30 00827283 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00827283









MERCER FARMING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MERCER FARMING LIMITED
REGISTERED NUMBER: 00827283

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
11,612,817
10,323,675

Investments
  
6,833,250
-

  
18,446,067
10,323,675

CURRENT ASSETS
  

Stocks
 6 
211,601
289,285

Debtors: amounts falling due within one year
 7 
675,105
2,259,510

Cash at bank and in hand
 8 
79,805
1,609,236

  
966,511
4,158,031

Creditors: amounts falling due within one year
 9 
(3,811,795)
(2,879,380)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(2,845,284)
 
 
1,278,651

TOTAL ASSETS LESS CURRENT LIABILITIES
  
15,600,783
11,602,326

Creditors: amounts falling due after more than one year
 10 
(5,831,204)
(2,956,508)

PROVISIONS FOR LIABILITIES
  

Deferred Taxation
  
(967,115)
(543,618)

  
 
 
(967,115)
 
 
(543,618)

NET ASSETS
  
8,802,464
8,102,200


CAPITAL AND RESERVES
  

Called up share capital 
 13 
12,500
12,500

Other reserves
  
136,973
136,973

Profit and loss account
  
8,652,991
7,952,727

  
8,802,464
8,102,200


Page 1

 
MERCER FARMING LIMITED
REGISTERED NUMBER: 00827283
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A R Mercer
R M Mercer
Director
Director


Date: 10 December 2024
Date:10 December 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Mercer Farming Limited (Company number 00827283), is a private limited company limited by shares,
incorporated in England and Wales, with its registered office and principal place of business at Blakenhall Park, Barton Under Needwood, Burton-On-Trent, Staffordshire DE13 8AJ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Buildings
-
4%
Straight-line basis
Plant and machinery
-
20%
Reducing balance basis
Motor vehicles
-
20%
Reducing balance basis
Fixed plant
-
10%
Straight-line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023 - 5).


4.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
6,586,043
2,385,394
136,964
4,421,043
13,529,444


Additions
-
509,466
66,550
1,168,978
1,744,994


Disposals
-
(2,584)
(50,490)
-
(53,074)



At 30 September 2024

6,586,043
2,892,276
153,024
5,590,021
15,221,364



Depreciation


At 1 October 2023
854,936
1,092,637
80,790
1,177,406
3,205,769


Charge for the year on owned assets
-
304,941
12,626
122,706
440,273


Disposals
-
(1,068)
(36,427)
-
(37,495)



At 30 September 2024

854,936
1,396,510
56,989
1,300,112
3,608,547



Net book value



At 30 September 2024
5,731,107
1,495,766
96,035
4,289,909
11,612,817



At 30 September 2023
5,731,107
1,292,757
56,174
3,243,637
10,323,675

Page 6

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



Cost or valuation


Additions
6,833,250



At 30 September 2024
6,833,250





6.


STOCKS

2024
2023
£
£

Raw materials and consumables
26,135
29,062

Work in progress (goods to be sold)
185,466
260,223

211,601
289,285


Page 7

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


DEBTORS

2024
2023
£
£


Trade debtors
421,913
390,976

Other debtors
39,560
719,526

Prepayments and accrued income
213,632
1,149,008

675,105
2,259,510



8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
79,805
1,609,236

Less: bank overdrafts
(255,393)
(329,921)

(175,588)
1,279,315



9.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
255,393
329,921

Bank loans
315,424
247,529

Trade creditors
169,590
440,275

Corporation tax
2,880
96,468

Obligations under finance lease and hire purchase contracts
34,550
-

Other creditors (incl directors loans)
2,503,294
904,323

Accruals and deferred income
530,664
860,864

3,811,795
2,879,380


Page 8

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Loans
5,831,204
2,956,508

5,831,204
2,956,508



11.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
315,424
247,529


315,424
247,529

Amounts falling due 1-2 years

Bank loans
4,053,582
1,357,893


4,053,582
1,357,893

Amounts falling due 2-5 years

Bank loans
320,581
252,517


320,581
252,517

Amounts falling due after more than 5 years

Bank loans
1,457,041
1,346,098

1,457,041
1,346,098

6,146,628
3,204,037


Page 9

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


DEFERRED TAXATION




2024


£






At beginning of year
(543,618)


Charged to profit or loss
(423,497)



At end of year
(967,115)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(967,115)
(543,618)

(967,115)
(543,618)


13.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



12,500 (2023 - 12,500) Ordinary A shares of £1.00 each
12,500
12,500


Page 10

 
MERCER FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


RELATED PARTY TRANSACTIONS

Companies under common control
During the year recharges of £77,407, (2023: £56,322) were made to companies under common control. At the year end £26,414 (2023: £5,617) was due from the companies in relation to these sales.
During the year recharges of £239,240 (2023: £103,277) were charged by companies under common control. At the year end a balance of £25,265 (2023: £20,501) was payable to these companies.
Partnerships under common control
During the year, recharges of £188,310 (2023: £279,906) were made to a partnership under common control. At the year end £19,863 (2023: £50,677) was due to the company in relation to these sales. 
During the year recharges of £66,966 (2023: £64,110) were charged by the partnership. At the year end £21,582 (2023: £22,355) was payable to the partnership. 
All transactions with related parties were on normal commercial terms


15.


CONTROLLING PARTY

Share held by A R Mercer Holdings Limited

Page 11