Malbro Farms Ltd 08267822 false 2023-03-31 2024-03-29 2024-03-29 The principal activity of the company is Growing of vegetables. Digita Accounts Production Advanced 6.30.9574.0 true true 08267822 2023-03-31 2024-03-29 08267822 2024-03-29 08267822 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-29 08267822 core:CurrentFinancialInstruments 2024-03-29 08267822 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-29 08267822 core:CurrentFinancialInstruments core:Secured 2024-03-29 08267822 core:Non-currentFinancialInstruments 2024-03-29 08267822 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-29 08267822 core:Non-currentFinancialInstruments core:Secured 2024-03-29 08267822 core:Goodwill 2024-03-29 08267822 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-29 08267822 core:MotorVehicles 2024-03-29 08267822 core:OtherPropertyPlantEquipment 2024-03-29 08267822 bus:SmallEntities 2023-03-31 2024-03-29 08267822 bus:AuditExemptWithAccountantsReport 2023-03-31 2024-03-29 08267822 bus:FilletedAccounts 2023-03-31 2024-03-29 08267822 bus:SmallCompaniesRegimeForAccounts 2023-03-31 2024-03-29 08267822 bus:RegisteredOffice 2023-03-31 2024-03-29 08267822 bus:Director2 2023-03-31 2024-03-29 08267822 bus:PrivateLimitedCompanyLtd 2023-03-31 2024-03-29 08267822 core:Goodwill 2023-03-31 2024-03-29 08267822 core:LandBuildings 2023-03-31 2024-03-29 08267822 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 2024-03-29 08267822 core:MotorVehicles 2023-03-31 2024-03-29 08267822 core:OtherPropertyPlantEquipment 2023-03-31 2024-03-29 08267822 core:PlantMachinery 2023-03-31 2024-03-29 08267822 countries:England 2023-03-31 2024-03-29 08267822 2023-03-30 08267822 core:Goodwill 2023-03-30 08267822 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-30 08267822 core:MotorVehicles 2023-03-30 08267822 core:OtherPropertyPlantEquipment 2023-03-30 08267822 2022-03-31 2023-03-30 08267822 2023-03-30 08267822 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-30 08267822 core:CurrentFinancialInstruments 2023-03-30 08267822 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-30 08267822 core:CurrentFinancialInstruments core:Secured 2023-03-30 08267822 core:Non-currentFinancialInstruments 2023-03-30 08267822 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-30 08267822 core:Non-currentFinancialInstruments core:Secured 2023-03-30 08267822 core:Goodwill 2023-03-30 08267822 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-30 08267822 core:MotorVehicles 2023-03-30 08267822 core:OtherPropertyPlantEquipment 2023-03-30 iso4217:GBP xbrli:pure

Registration number: 08267822

Malbro Farms Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Period from 31 March 2023 to 29 March 2024

 

Malbro Farms Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Malbro Farms Ltd

Company Information

Director

Mr Daniel Mallinson

Registered office

44 Tabby Nook
Mere Brow
Tarleton
Preston
Lancs
PR4 6LA

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

Malbro Farms Ltd

(Registration number: 08267822)
Balance Sheet as at 29 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

97,500

105,000

Tangible assets

5

1,251,175

968,832

 

1,348,675

1,073,832

Current assets

 

Stocks

450,000

320,000

Debtors

6

242,001

445,242

Cash at bank and in hand

 

22,184

11,591

 

714,185

776,833

Creditors: Amounts falling due within one year

7

(705,232)

(1,168,770)

Net current assets/(liabilities)

 

8,953

(391,937)

Total assets less current liabilities

 

1,357,628

681,895

Creditors: Amounts falling due after more than one year

7

(888,494)

(403,484)

Net assets

 

469,134

278,411

Capital and reserves

 

Called up share capital

100

100

Retained earnings

469,034

278,311

Shareholders' funds

 

469,134

278,411

For the financial period ending 29 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director on 26 February 2025
 

.........................................
Mr Daniel Mallinson
Director

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 29 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
44 Tabby Nook
Mere Brow
Tarleton
Preston
Lancs
PR4 6LA

These financial statements were authorised for issue by the director on 26 February 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 29 March 2024

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

Reducing balance 25%.

Motor vehicles

Reducing balance 25%.

Land and buildings

Nil

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 29 March 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 the director) during the period, was 9 (2023 - 9).

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 29 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 March 2023

150,000

150,000

At 29 March 2024

150,000

150,000

Amortisation

At 31 March 2023

45,000

45,000

Amortisation charge

7,500

7,500

At 29 March 2024

52,500

52,500

Carrying amount

At 29 March 2024

97,500

97,500

At 30 March 2023

105,000

105,000

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 31 March 2023

639,178

159,173

631,209

1,429,560

Additions

86,380

75,000

348,725

510,105

Disposals

-

(28,000)

(199,800)

(227,800)

At 29 March 2024

725,558

206,173

780,134

1,711,865

Depreciation

At 31 March 2023

-

68,485

392,243

460,728

Charge for the period

-

36,172

139,034

175,206

Eliminated on disposal

-

(7,000)

(168,244)

(175,244)

At 29 March 2024

-

97,657

363,033

460,690

Carrying amount

At 29 March 2024

725,558

108,516

417,101

1,251,175

At 30 March 2023

639,178

90,688

238,966

968,832

Included within the net book value of land and buildings above is £725,558 (2023 - £639,178) in respect of freehold land and buildings.
 

6

Debtors

 

Malbro Farms Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 29 March 2024

Current

2024
£

2023
£

Trade debtors

242,001

350,055

Other debtors

-

95,187

 

242,001

445,242

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

329,647

764,494

Trade creditors

 

279,438

279,159

Taxation and social security

 

70,471

21,189

Accruals and deferred income

 

7,640

6,640

Other creditors

 

18,036

97,288

 

705,232

1,168,770

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

888,494

403,484

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Secured debentures

592,291

-

Other borrowings

296,203

403,484

888,494

403,484

Current loans and borrowings

2024
£

2023
£

Bank borrowings

22,355

22,675

Bank overdrafts

4,269

7,870

Hire purchase contracts

3,781

-

Secured debentures

65,810

655,220

Other borrowings

233,432

78,729

329,647

764,494