Company No: 14634237 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	886,011		419,884
Biological assets	4	618,843		616,643
Investment property	5	259,727		0
		1,764,581		1,036,527
Current assets
Stocks	6, 7	207,668		234,151
Debtors	8	266,940		146,659
Cash at bank and in hand		31,786		200,967
		506,394		581,777
Creditors: amounts falling due within one year	9	( 1,619,211)		( 1,386,211)
Net current liabilities		(1,112,817)		(804,434)
Total assets less current liabilities		651,764		232,093
Creditors: amounts falling due after more than one year	10	( 234,000)		( 7,448)
Provision for liabilities		( 206,192)		( 104,971)
Net assets		211,572		119,674
Capital and reserves
Called-up share capital		123		123
Profit and loss account		211,449		119,551
Total shareholders' funds		211,572		119,674

For the financial year ending 31 December 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of M&B Humphry Ltd (registered number: 14634237) were approved and authorised for issue by the Board of Directors on 04 April 2025. They were signed on its behalf by:

B J Humphry Director		M R Humphry Director
M H Humphry Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M&B Humphry Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of milk and livestock, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	15 % reducing balance
Vehicles	15 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological assets

The Company owns a dairy herd. In accordance with FRS102, these are defined as biological assets.

Biological non-current assets:

Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise the dairy herd. Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their estimated useful economic life as follows:

Dairy Herd - Depreciated to cull value over useful life of 5 years on a straight line basis.

Biological current assets:

Biological assets not held for continuing use within the business are classified as current assets and are included within stocks as livestock. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and growing crops.

Leases

The Company as lessee
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the partnership, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock comprising agricultural produce (i.e. silage/straw in store) and deadstock such as feed, fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Crops (i.e crops in store) harvested from biological assets are measured at the point of harvest. Also, included in livestock and crops are current biological assets consisting of dairy followers and tillages.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Retained profit

Profit and loss account includes all current and prior period profits and losses

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 January 2024	0		353,862		97,895		451,757
Additions	6,240		530,552		0		536,792
Disposals	0		0		( 103)		( 103)
At 31 December 2024	6,240		884,414		97,792		988,446
Accumulated depreciation
At 01 January 2024	0		25,134		6,739		31,873
Charge for the financial year	83		56,824		13,668		70,575
Disposals	0		0		( 13)		( 13)
At 31 December 2024	83		81,958		20,394		102,435
Net book value
At 31 December 2024	6,157		802,456		77,398		886,011
At 31 December 2023	0		328,728		91,156		419,884
Leased assets included above:
Net book value
At 31 December 2024	0		33,033		21,820		54,853
At 31 December 2023	0		38,862		25,670		64,532

4. Biological assets

	2024
	£
Biological assets at cost	618,843

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 January 2024	616,643		616,643
Increase due to purchases/ transfers in	7,200		7,200
Decrease attributable to sales/ transfers out	( 5,000)		( 5,000)
At 31 December 2024	618,843		618,843
Net book value
At 31 December 2024	618,843		618,843
At 31 December 2023	616,643		616,643

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	0
Additions	259,727
As at 31 December 2024	259,727

6. Stocks

	2024		2023
	£		£
Livestock	87,360		90,162
Crops	3,637		13,235
Other stock	116,671		130,754
	207,668		234,151

7. Current biological assets

Assets held at cost:

	Dairy		Growing crops		Total
	£		£		£
Cost
At 01 January 2024	90,162		13,235		103,397
Decrease attributable to sales/ transfers out	(2,802)		(9,598)		(12,400)
At 31 December 2024	87,360		3,637		90,997

8. Debtors

	2024		2023
	£		£
Trade debtors	173,723		128,144
Corporation tax	65,763		0
Other debtors	27,454		18,515
	266,940		146,659

9. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	136,190		67,190
Amounts owed to directors	1,327,836		1,194,726
Other loans	26,000		0
Accruals	6,795		5,499
Taxation and social security	22,676		72,841
Obligations under finance leases and hire purchase contracts (secured)	7,448		17,643
Other creditors	92,266		28,312
	1,619,211		1,386,211

10. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Obligations under finance leases and hire purchase contracts (secured)	0		7,448
Other creditors	234,000		0
	234,000		7,448

The hire purchases are secured on the assets in which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2024		2023
	£		£
Other creditors	130,000		0