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REGISTERED NUMBER: 00543910 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Manor Farms (Yelland) Ltd

Manor Farms (Yelland) Ltd (Registered number: 00543910)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Manor Farms (Yelland) Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr J W Day
Mrs R A Day





SECRETARY: Mr J W Day





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 00543910 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

Manor Farms (Yelland) Ltd (Registered number: 00543910)

Abridged Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 318,673 326,751

CURRENT ASSETS
Stocks 100 100
Debtors 16,477 2,336
Cash at bank 679 19,678
17,256 22,114
CREDITORS
Amounts falling due within one year 89,831 94,547
NET CURRENT LIABILITIES (72,575 ) (72,433 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

246,098

254,318

PROVISIONS FOR LIABILITIES 31,773 32,913
NET ASSETS 214,325 221,405

CAPITAL AND RESERVES
Called up share capital 7 2,000 2,000
Revaluation reserve 8 250,466 255,709
Retained earnings (38,141 ) (36,304 )
SHAREHOLDERS' FUNDS 214,325 221,405

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Manor Farms (Yelland) Ltd (Registered number: 00543910)

Abridged Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:




Mr J W Day - Director



Mrs R A Day - Director


Manor Farms (Yelland) Ltd (Registered number: 00543910)

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


1. STATUTORY INFORMATION

Manor Farms (Yelland) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 20% on reducing balance and Over period of the lease
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Manor Farms (Yelland) Ltd (Registered number: 00543910)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Exceptional items
The company discloses as exceptional items material items which derive from events or transactions that fall within the ordinary activities of the reporting entity and which individually, or, if of a similar type, in aggregate, it is considered need to be disclosed by virtue of their size or incidence if the financial statements are to give a true and fair view.

Going concern
The company has retained losses of £38,141 (2023 - £36,304). It also has net current liabilities of £72,575 (2023 - £72,433). The company cannot continue to make losses of this significance while still meeting its obligations as they fall due.

The company is reliant on the continuing support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters.

The directors are considering the possibility of ceasing to trade within 12 months from the date of approval of these accounts, and therefore have not given detailed consideration to a period of 12 months from the date of approval.

As no formal decision has been made in this regard, the directors continue to adopt the going concern basis of accounting. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Manor Farms (Yelland) Ltd (Registered number: 00543910)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023 472,432
Disposals (323 )
At 31 March 2024 472,109
DEPRECIATION
At 1 April 2023 145,681
Charge for year 8,051
Eliminated on disposal (296 )
At 31 March 2024 153,436
NET BOOK VALUE
At 31 March 2024 318,673
At 31 March 2023 326,751

Cost or valuation at 31 March 2024 is represented by:

Totals
£   
Valuation in 2014 75,750
Valuation in 2009 243,431
Cost 152,928
472,109

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 68,319 68,319
Aggregate depreciation 32,808 31,441

The valuation of freehold property at 1 April 2015 of £571,637 was made on an open market value basis. Of this figure £184,137 has subsequently been sold.

The company has taken advantage of the transitional provisions available on the introduction of FRS 102 to carry those assets at that value less depreciation in subsequent years. Subsequent additions to freehold property are included at cost.


Manor Farms (Yelland) Ltd (Registered number: 00543910)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 7,174 -

Bank overdrafts are secured by fixed and floating charges over the company's assets.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary A £1 1,000 1,000
1,000 Ordinary B £1 1,000 1,000
2,000 2,000

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023 255,709
Transfer between reserves (6,383 )
Deferred tax 1,140

At 31 March 2024 250,466