REGISTERED NUMBER: |
Misson Organic Dairying Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Misson Organic Dairying Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
Misson Organic Dairying Limited (Registered number: 10276405) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Misson Organic Dairying Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Misson Organic Dairying Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Misson Organic Dairying Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Misson Organic Dairying Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Misson Organic Dairying Limited and state those matters that we have agreed to state to the Board of Directors of Misson Organic Dairying Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Misson Organic Dairying Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Misson Organic Dairying Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Misson Organic Dairying Limited. You consider that Misson Organic Dairying 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 financial statements of Misson Organic Dairying 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 financial statements. |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
Misson Organic Dairying Limited (Registered number: 10276405) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
RESERVES |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Misson Organic Dairying Limited (Registered number: 10276405) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Misson Organic Dairying Limited (Registered number: 10276405) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Misson Organic Dairying Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors are aware that the company has net liabilities. This is due to this being the company's early years of trading. The directors are confident that the company will trade profitably in future. The shareholders and directors have confirmed that they will not withdraw their loan accounts to the detriment of other creditors. |
The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months from the date of approval of these accounts. The directors therefore consider it appropriate to prepare the accounts on the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Improvements to leasehold property | - |
Plant and machinery | - |
Tractors and vehicles | - |
Herd | - |
Stocks |
Unless stated otherwise all stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. Within the assets of the Company there are the following biological assets which are valued as disclosed :- |
Dairy herd - included in fixed assets and valued at depreciated cost. |
Youngstock - included in stock and valued at their estimated cost with reference to current market values |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Misson Organic Dairying Limited (Registered number: 10276405) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES |
The average number of employees during the year was NIL (2023 - |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to |
Freehold | leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Misson Organic Dairying Limited (Registered number: 10276405) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Tractors |
and |
vehicles | Herd | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income | 27,518 | 24,968 |
Other debtors |
VAT |
Deferred tax asset |
Misson Organic Dairying Limited (Registered number: 10276405) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Directors' loan accounts | 599,392 | 599,392 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 1-2 years | 109,290 | 109,290 |
Other loans - 2-5 years | 327,870 | 327,870 |
Other loans due after 5 years - not by instalments |
147,146 |
412,607 |
Accruals and deferred income |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans due after 5 years - not by instalments |
9. | SECURED DEBTS |
All loans are unsecured. |
10. | DEFERRED TAX |
£ |
Balance at 1 April 2023 | ( |
) |
Trading losses | 20,029 |
Accelerated capital allowances | 3,991 |
Herd | (347 | ) |
Balance at 31 March 2024 | ( |
) |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.00 | 5 | - | - |
Misson Organic Dairying Limited (Registered number: 10276405) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | OTHER FINANCIAL COMMITMENTS |
< 1 year | 1 - 5 years | > 5 years |
Financial commitment falling due | £183,600 | £624,000 | £1,225,000 |
Misson Organic Dairying Limited has entered into a tenancy agreement with a term of 20 years and 10 months. At 31 March 2024 there are 13 years and 2 months of this agreement remaining. The annual rent payable is £150,000 (2023 - £150,000). |
The company has entered into a contract hire agreement with a term of 36 months. At 31 March 2024 there are 28 months of this agreement remaining. The monthly charge is £1,200. |
13. | RELATED PARTY DISCLOSURES |
A company that is controlled by one of the directors has advanced other loans of £593,050 (2023 - £858,511) at the year end. The rate of interest charged is 2% over base. At the year end Misson Organic Dairying Limited also had a trade creditor balance with the same company of £109,532 (2023 - £109,841) and a trade debtor balance of £21,150 (2023 - £52,300). |
Included in trade debtors is a balance of £9,207 (2023 - £9,207) due from a partnership in which one of the directors is a partner. Included in trade creditors is a balance of £5,400 (2023 - £5,040) due to the same partnership. |
At the year end the company was owed £5,463 (2023 - £5,287) from a company which is controlled by one of the directors. Misson Organic Dairying Limited had a trade creditor balance of £2,668 (2023 - £1,334) with the same company. |
The director's loans are interest free. |