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REGISTERED NUMBER: 00528256 (England and Wales)















MAWTHORPE FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


MAWTHORPE FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: S N Roughton
R C Edgar



REGISTERED OFFICE: Mawthorpe House
Alford
Lincolnshire
LN13 9LY



REGISTERED NUMBER: 00528256 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



SOLICITORS: Tinn Criddle & Co
6 High Street
Alford
Lincolnshire
LN13 9DX

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,182,041 4,352,697
Investments 6 7,084 7,084
4,189,125 4,359,781

CURRENT ASSETS
Valuation 1,047,226 1,301,680
Debtors 7 200,952 359,690
Cash in hand 1,178 1,275
1,249,356 1,662,645
CREDITORS
Amounts falling due within one year 8 1,075,873 1,807,284
NET CURRENT ASSETS/(LIABILITIES) 173,483 (144,639 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,362,608 4,215,142

CREDITORS
Amounts falling due after more than one year 9 (1,410,423 ) (1,080,046 )

PROVISIONS FOR LIABILITIES (162,815 ) (209,120 )
NET ASSETS 2,789,370 2,925,976

CAPITAL AND RESERVES
Called up share capital 11 2,935 2,935
Revaluation reserve 12 4,087 4,087
Retained earnings 2,782,348 2,918,954
SHAREHOLDERS' FUNDS 2,789,370 2,925,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





S N Roughton - Director


MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Mawthorpe Farms Limited 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Mawthorpe Farms Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the fair value of consideration received for net invoiced sales of produce and contracting services, excluding value added tax, and includes the Basic Payment Scheme and environmental subsidies.

Sales of produce are recognised upon despatch. Revenue from contracting services is recognised when the service is performed.

The Basic Payment Scheme is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land - Nil
Property improvements - 10% on reducing balance
Freehold buildings - Straight line over 15 years
Plant and machinery - 15% on reducing balance
Tractors and motor vehicles - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are held at cost less accumulated depreciation.

Stocks
Stocks have been certified by a qualified valuer at the lower of cost and fair value less cost to complete and sell.

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.

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.

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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.

Pension costs
The company operates a money purchase pension scheme. Contributions are charged to the profit and loss account as incurred.

Investments
Fixed asset investments are recorded at cost less any provision considered necessary by the directors for any permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 October 2023 126,414
Additions (126,414 )
At 30 September 2024 -
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 126,414

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS
Freehold Property Freehold
land improvements buildings
£    £    £   
COST
At 1 October 2023 3,154,609 161,527 739,703
Additions 19,949 - -
Disposals (37,097 ) - -
At 30 September 2024 3,137,461 161,527 739,703
DEPRECIATION
At 1 October 2023 3,240 153,021 170,549
Charge for year - 8,273 -
Eliminated on disposal - - -
At 30 September 2024 3,240 161,294 170,549
NET BOOK VALUE
At 30 September 2024 3,134,221 233 569,154
At 30 September 2023 3,151,369 8,506 569,154

Tractors
Plant and and motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2023 1,458,011 310,854 5,824,704
Additions 6,749 - 26,698
Disposals (69,950 ) (2,400 ) (109,447 )
At 30 September 2024 1,394,810 308,454 5,741,955
DEPRECIATION
At 1 October 2023 981,701 163,496 1,472,007
Charge for year 82,073 29,280 119,626
Eliminated on disposal (29,626 ) (2,093 ) (31,719 )
At 30 September 2024 1,034,148 190,683 1,559,914
NET BOOK VALUE
At 30 September 2024 360,662 117,771 4,182,041
At 30 September 2023 476,310 147,358 4,352,697

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2023
and 30 September 2024 7,084
NET BOOK VALUE
At 30 September 2024 7,084
At 30 September 2023 7,084

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,003 126,691
Amounts owed by group undertakings 571 571
Other debtors 86,441 96,610
VAT 54,270 100,101
Prepayments and accrued income 26,667 35,717
200,952 359,690

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 262,293 1,003,162
Hire purchase contracts 20,765 26,734
Trade creditors 276,885 395,402
Tax 962 35,574
Other creditors 23,439 19,527
Directors' loan accounts 457,689 266,071
Accrued expenses 33,840 60,814
1,075,873 1,807,284

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans due in 1 to 2 years 46,352 8,614
Bank loans - 2-5 years 353,044 25,843
Bank loans 161,027 174,824
Other loans - 1-2 years 200,000 200,000
Hire purchase contracts - 20,765
Directors' loan account 650,000 650,000
1,410,423 1,080,046

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 161,027 174,824

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 216,668 994,548
Bank loans 606,048 217,895
Hire purchase contracts 20,765 47,499
843,481 1,259,942

The bank borrowing is secured by a legal charge over the company's freehold land and buildings.

The HP liabilities are secured the assets to which they relate.

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,435 Ordinary £1 1,435 1,435

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
150,000 'A' Ordinary £1 1,500 1,500

12. RESERVES
Revaluation
reserve
£   
At 1 October 2023
and 30 September 2024 4,087

13. OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:

20242023
££
Due in less than one year154,992188,858
Due between two and five years120,968266,717
Due in more than five years--
2752,960455,575