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Registration number: 07465879

Musgrove Willows Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Musgrove Willows Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Musgrove Willows Limited

Company Information

Directors

Mrs E B Musgrove

Mr J M Musgrove

Mr M J Musgrove

Registered office

77a Cheap Street
Sherborne
Dorset
DT9 3BA

Accountants

Lanham & Francis
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Musgrove Willows Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Musgrove Willows Limited for the year ended 31 March 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Musgrove Willows Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Musgrove Willows Limited and state those matters that we have agreed to state to the Board of Directors of Musgrove Willows Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Musgrove Willows Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Musgrove Willows Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Musgrove Willows Limited. You consider that Musgrove Willows Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Musgrove Willows Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Lanham & Francis
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB

5 March 2025

 

Musgrove Willows Limited

(Registration number: 07465879)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,433

2,433

Tangible assets

5

230,011

196,316

 

232,444

198,749

Current assets

 

Stocks

6

68,373

100,614

Debtors

7

439,757

480,602

Cash at bank and in hand

 

935,633

722,273

 

1,443,763

1,303,489

Creditors: Amounts falling due within one year

8

(324,360)

(299,484)

Net current assets

 

1,119,403

1,004,005

Total assets less current liabilities

 

1,351,847

1,202,754

Creditors: Amounts falling due after more than one year

8

-

(9,292)

Provisions for liabilities

(12,554)

(19,572)

Net assets

 

1,339,293

1,173,890

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,339,193

1,173,790

Shareholders' funds

 

1,339,293

1,173,890

For the financial year ending 31 March 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.

 

Musgrove Willows Limited

(Registration number: 07465879)
Balance Sheet as at 31 March 2024 (continued)

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 5 March 2025 and signed on its behalf by:
 


Mrs E B Musgrove
Director

   
     
 

Musgrove Willows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
77a Cheap Street
Sherborne
Dorset
DT9 3BA

The principal place of business is:
Willowfields
Lakewall
Westonzoyland
Somerset
TA7 OLP

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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.

 

Musgrove Willows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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

20% per annum straight line basis

Leasehold improvements

10% per annum straight line basis

Fixtures and fittings

20% per annum straight line basis

Motor vehicles

25% per annum straight line basis

Amortisation

Intangible fixed assets comprise Basic Payment Scheme Entitlements. No amortisation is provided on these assets, as they currently have an unlimited lifespan.

 

Musgrove Willows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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.

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.

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.

 

Musgrove Willows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 39).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

2,433

2,433

At 31 March 2024

2,433

2,433

Carrying amount

At 31 March 2024

2,433

2,433

At 31 March 2023

2,433

2,433

 

Musgrove Willows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

318,550

346,643

54,950

720,143

Additions

93,942

16,701

-

110,643

Disposals

-

(5,327)

-

(5,327)

At 31 March 2024

412,492

358,017

54,950

825,459

Depreciation

At 1 April 2023

200,523

272,354

50,950

523,827

Charge for the year

35,646

38,781

2,000

76,427

Eliminated on disposal

-

(4,806)

-

(4,806)

At 31 March 2024

236,169

306,329

52,950

595,448

Carrying amount

At 31 March 2024

176,323

51,688

2,000

230,011

At 31 March 2023

118,027

74,289

4,000

196,316

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £176,323 (2023 - £118,027) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

68,373

100,614

7

Debtors

Current

2024
£

2023
£

Trade debtors

286,539

352,833

Prepayments

23,367

14,437

Other debtors

129,851

113,332

 

439,757

480,602

 

Musgrove Willows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

7,883

6,549

Trade creditors

 

81,755

88,561

Taxation and social security

 

193,634

185,474

Accruals and deferred income

 

11,494

11,720

Other creditors

 

29,594

7,180

 

324,360

299,484

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

9,292

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,883 (2023 - £15,841).

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

-

9,292

 

Musgrove Willows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Loans and borrowings (continued)

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

7,883

6,549

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,883 (2023 - £15,841).

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr M J Musgrove

Interest free loan

52,248

64,331

(52,248)

64,331

         
       

Mrs E B Musgrove

Interest free loan

52,247

64,331

(52,247)

64,331

         
       

Mr J M Musgrove

Interest free loan

(4,919)

5,723

-

804

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr M J Musgrove

Interest free loan

64,005

35,743

(47,500)

52,248

         
       

Mrs E B Musgrove

Interest free loan

64,005

35,742

(47,500)

52,247

         
       

Mr J M Musgrove

Interest free loan

-

-

(4,919)

(4,919)