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COMPANY REGISTRATION NUMBER: 04728832
MILFORD FARMING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2024
MILFORD FARMING LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
1,483
1,483
Tangible assets
6
726,293
496,612
-----------
-----------
727,776
498,095
Current Assets
Stocks
729,325
860,636
Debtors
7
38,063
77,732
-----------
-----------
767,388
938,368
Creditors: amounts falling due within one year
8
267,587
389,845
-----------
-----------
Net Current Assets
499,801
548,523
--------------
--------------
Total Assets Less Current Liabilities
1,227,577
1,046,618
Creditors: amounts falling due after more than one year
9
585,497
352,320
Provisions
Taxation including deferred tax
20,150
20,150
--------------
--------------
Net Assets
621,930
674,148
--------------
--------------
MILFORD FARMING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
2024
2023
Note
£
£
£
Capital and Reserves
Called up share capital
100
100
Profit and loss account
621,830
674,048
-----------
-----------
Shareholders Funds
621,930
674,148
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr J M Atkinson
Director
Company registration number: 04728832
MILFORD FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fosses Farm, Seaton Ross, York, YO42 4NL.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2.5% Straight line excluding land
Plant and nachinery
-
15% straight line
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
5. Intangible Assets
Entitlements
£
Cost
At 1 August 2023 and 31 July 2024
1,483
--------
Amortisation
At 1 August 2023 and 31 July 2024
--------
Carrying amount
At 31 July 2024
1,483
--------
At 31 July 2023
1,483
--------
6. Tangible Assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
721,347
203,083
34,000
958,430
Additions
228,214
86,795
315,009
Disposals
( 71,000)
( 71,000)
-----------
-----------
---------
--------------
At 31 July 2024
949,561
218,878
34,000
1,202,439
-----------
-----------
---------
--------------
Depreciation
At 1 August 2023
305,324
125,764
30,730
461,818
Charge for the year
18,033
15,003
817
33,853
Disposals
( 19,525)
( 19,525)
-----------
-----------
---------
--------------
At 31 July 2024
323,357
121,242
31,547
476,146
-----------
-----------
---------
--------------
Carrying amount
At 31 July 2024
626,204
97,636
2,453
726,293
-----------
-----------
---------
--------------
At 31 July 2023
416,023
77,319
3,270
496,612
-----------
-----------
---------
--------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 July 2024
-----
At 31 July 2023
51,475
---------
7. Debtors
2024
2023
£
£
Trade debtors
18,353
59,738
Other debtors
19,710
17,994
---------
---------
38,063
77,732
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
113,742
217,960
Trade creditors
88,739
35,380
Social security and other taxes
32,194
Other creditors
65,106
104,311
-----------
-----------
267,587
389,845
-----------
-----------
Liabilities totalling £219,522 (2022-£230,989) are secured against the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
261,122
30,505
Other creditors
324,375
321,815
-----------
-----------
585,497
352,320
-----------
-----------
Liabilities totalling £30,504 (2022-£51,363) are secured against the assets of the company.
10. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
4,938
-----
--------