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Registration number: 07426115

Maple Farms (Billinghay) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Maple Farms (Billinghay) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Maple Farms (Billinghay) Limited

Company Information

Directors

B Maplethorpe

J D Maplethorpe

Registered office

Home Farm,
Digby Fen,
Billinghay,
Lincoln,
LN4 4DT

 

Maple Farms (Billinghay) Limited

(Registration number: 07426115)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

172,847

169,505

Current assets

 

Stocks

5

210,108

169,472

Debtors

6

13,233

79,259

Cash at bank and in hand

 

291,478

236,641

 

514,819

485,372

Creditors: Amounts falling due within one year

7

(175,692)

(62,319)

Net current assets

 

339,127

423,053

Total assets less current liabilities

 

511,974

592,558

Provisions for liabilities

(36,588)

(42,300)

Net assets

 

475,386

550,258

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

475,286

550,158

Shareholders' funds

 

475,386

550,258

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 January 2025 and signed on its behalf by:
 

.........................................
B Maplethorpe
Director

.........................................
J D Maplethorpe
Director

 
     
 

Maple Farms (Billinghay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 07426115.

The address of its registered office is:
Home Farm,
Digby Fen,
Billinghay,
Lincoln,
LN4 4DT
England & Wales

These financial statements were authorised for issue by the Board on 9 January 2025.

These financial statements cover the individual entity, Maple Farms (Billinghay) Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax.

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

 

Maple Farms (Billinghay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences between taxable profits and total comprehensive income as stated in the
financial statements that arise from the inclusion of income and expense in tax assessments in periods different
from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred
tax assets are recognised only to the extent that it is profitable 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
balance sheet date thatt are expected by the balance sheet date to apply to the reversal of timing differences.
Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using
the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance basis

Implements

15%/25% Reducing balance basis

Office equipment

33% Reducing balance basis

Motor vehicles

25% Reducing balance

Stocks

The basis of valuation is as follows:

Raw materials and consumables are stated at the lower of cost or net realisable value.
Tenantright is calculated by a combination of actual costs incurred and standard costs.

Standard costings used are based upon calculation prepared by the Central Association of Agricultural
Valuers.

The basis of valuation is consistent with previous years.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Maple Farms (Billinghay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2023 - 2).

 

Maple Farms (Billinghay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

52,584

455,330

35,462

543,376

Additions

-

55,100

-

55,100

Disposals

-

(123,680)

-

(123,680)

At 30 June 2024

52,584

386,750

35,462

474,796

Depreciation

At 1 July 2023

-

370,042

3,829

373,871

Charge for the year

-

24,454

7,908

32,362

Eliminated on disposal

-

(104,284)

-

(104,284)

At 30 June 2024

-

290,212

11,737

301,949

Carrying amount

At 30 June 2024

52,584

96,538

23,725

172,847

At 30 June 2023

52,584

85,288

31,633

169,505

5

Stocks

2024
£

2023
£

Raw materials and consumables

12,261

17,506

Work in progress

153,679

135,831

Finished goods and goods for resale

44,168

16,135

210,108

169,472

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,190

52,796

Prepayments

2,101

3,209

Other debtors

4,942

23,254

 

13,233

79,259

 

Maple Farms (Billinghay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

170,063

51,279

Taxation and social security

 

219

-

Other creditors

 

850

6,835

Accruals and deferred income

 

4,560

4,205

 

175,692

62,319

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

850

6,835