Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-313false2023-06-01No description of principal activity3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10727456 2023-06-01 2024-05-31 10727456 2022-06-01 2023-05-31 10727456 2024-05-31 10727456 2023-05-31 10727456 c:Director1 2023-06-01 2024-05-31 10727456 d:Buildings 2023-06-01 2024-05-31 10727456 d:Buildings 2024-05-31 10727456 d:Buildings 2023-05-31 10727456 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10727456 d:Buildings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 10727456 d:PlantMachinery 2023-06-01 2024-05-31 10727456 d:PlantMachinery 2024-05-31 10727456 d:PlantMachinery 2023-05-31 10727456 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10727456 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 10727456 d:FurnitureFittings 2023-06-01 2024-05-31 10727456 d:FurnitureFittings 2024-05-31 10727456 d:FurnitureFittings 2023-05-31 10727456 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10727456 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 10727456 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10727456 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 10727456 d:CurrentFinancialInstruments 2024-05-31 10727456 d:CurrentFinancialInstruments 2023-05-31 10727456 d:Non-currentFinancialInstruments 2024-05-31 10727456 d:Non-currentFinancialInstruments 2023-05-31 10727456 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 10727456 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10727456 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 10727456 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 10727456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 10727456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 10727456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 10727456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 10727456 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 10727456 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 10727456 d:ShareCapital 2024-05-31 10727456 d:ShareCapital 2023-05-31 10727456 d:RetainedEarningsAccumulatedLosses 2024-05-31 10727456 d:RetainedEarningsAccumulatedLosses 2023-05-31 10727456 c:FRS102 2023-06-01 2024-05-31 10727456 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10727456 c:FullAccounts 2023-06-01 2024-05-31 10727456 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10727456 d:WithinOneYear 2024-05-31 10727456 d:WithinOneYear 2023-05-31 10727456 d:BetweenOneFiveYears 2024-05-31 10727456 d:BetweenOneFiveYears 2023-05-31 10727456 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 10727456 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 10727456 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 10727456 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 10727456 d:HirePurchaseContracts d:MoreThanFiveYears 2024-05-31 10727456 d:HirePurchaseContracts d:MoreThanFiveYears 2023-05-31 10727456 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 10727456 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 10727456 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 10727456 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 10727456 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-05-31 10727456 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 10727456 d:LeasedAssetsHeldAsLessee 2024-05-31 10727456 d:LeasedAssetsHeldAsLessee 2023-05-31 10727456 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 10727456













O J MUNDAY FARMS LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
O J MUNDAY FARMS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 11

 
O J MUNDAY FARMS LIMITED
REGISTERED NUMBER:10727456

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
215,870
168,877

  
215,870
168,877

Current assets
  

Stocks
  
24,534
59,346

Debtors: amounts falling due within one year
 5 
269,805
280,018

  
294,339
339,364

Creditors: amounts falling due within one year
 6 
(253,861)
(117,400)

Net current assets
  
 
 
40,478
 
 
221,964

Total assets less current liabilities
  
256,348
390,841

Creditors: amounts falling due after more than one year
 7 
(81,770)
(84,854)

Provisions for liabilities
  

Deferred tax
 10 
(25,856)
(41,780)

  
 
 
(25,856)
 
 
(41,780)

Net assets
  
148,722
264,207


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
148,622
264,107

  
148,722
264,207


Page 1

 
O J MUNDAY FARMS LIMITED
REGISTERED NUMBER:10727456
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The director considers 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 director acknowledges his 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 income statement 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: 




................................................
O J Munday
Director

Date: 3 January 2025

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

Page 2

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

O J Munday Farms Limited is a private company limited by shares and incorporated in England and Wales. The registered number is 10727456 and the registered address is 43 Field Barn House, Litcham Road, Tittleshall. Kings Lynn, Norfolk PE32 2PD 

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 accounts are presented in Sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistenly applied to all years presented unless otherwise stated. 

 
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

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

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.

Page 4

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Property Improvements
-
10%
Reducing Balance
Plant & machinery
-
20%
Reducing balance
Fixtures & fittings
-
20%
Reducing balance

 
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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of
Page 5

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Property Improvements
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2023
-
243,368
42,814
286,182


Additions
10,603
87,750
7,711
106,064


Disposals
-
(15,700)
-
(15,700)



At 31 May 2024

10,603
315,418
50,525
376,546



Depreciation


At 1 June 2023
-
102,568
14,737
117,305


Charge for the year on owned assets
1,061
29,703
7,156
37,920


Charge for the year on financed assets
-
14,720
-
14,720


Disposals
-
(9,269)
-
(9,269)



At 31 May 2024

1,061
137,722
21,893
160,676



Net book value



At 31 May 2024
9,542
177,696
28,632
215,870



At 31 May 2023
-
140,800
28,077
168,877

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
58,880
5,600

58,880
5,600

Page 7

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
231,003
253,492

Other debtors
36,177
26,526

Prepayments
2,625
-

269,805
280,018



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
69,801
23,336

Bank loans
24,482
25,870

Trade creditors
107,583
29,334

Corporation tax
-
11,207

Other taxation and social security
117
118

Obligations under finance lease and hire purchase contracts
23,434
1,408

Other creditors
25,294
23,712

Accruals and deferred income
3,150
2,415

253,861
117,400



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
55,793
80,506

Net obligations under finance leases and hire purchase contracts
25,977
4,348

81,770
84,854


The following liabilities were secured:




Details of security provided:

Bank loans and overdrafts of £150,076 (2023: £129,712) are secured by way of a fixed and floating charge on assets owned by the company.

Page 8

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
24,482
25,870


24,482
25,870

Amounts falling due 1-2 years

Bank loans
28,942
25,870


28,942
25,870

Amounts falling due 2-5 years

Bank loans
20,139
46,535


20,139
46,535

Amounts falling due after more than 5 years

Bank loans
6,712
8,101

6,712
8,101

80,275
106,376



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
23,334
1,410

Between 1-2 years
25,977
3,277

Over 2-5 years
-
1,071

49,311
5,758

Page 9

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Deferred taxation




2024


£






At beginning of year
(41,780)


Charged to profit or loss
15,924



At end of year
(25,856)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(49,620)
(41,780)

Tax losses carried forward
23,764
-

(25,856)
(41,780)


11.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
14,237
14,237

Later than 1 year and not later than 5 years
9,492
23,729

23,729
37,966

Page 10

 
O J MUNDAY FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Transactions with directors

O J Munday's director's loan account has a balance of £10,250 (2023: £10,213) at the year end. 

 
Page 11