REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Manor Farms (Yelland) Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Revaluation reserve | 8 |
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. |
Manor Farms (Yelland) Ltd (Registered number: 00543910) |
Abridged Statement of Financial Position - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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. |
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 |
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 |
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 |
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 |
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: | £ | £ |
Ordinary A | £1 | 1,000 | 1,000 |
Ordinary B | £1 | 1,000 | 1,000 |
2,000 | 2,000 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Transfer between reserves | (6,383 | ) |
Deferred tax | 1,140 |
At 31 March 2024 |