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REGISTERED NUMBER: 06340270 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024

FOR

SIMEON MORGAN FARMING LIMITED

SIMEON MORGAN FARMING LIMITED (REGISTERED NUMBER: 06340270)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIMEON MORGAN FARMING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







DIRECTORS: S J Morgan
Mrs L M Morgan





SECRETARY: Martin and Company (Company Secretaries) Limited





REGISTERED OFFICE: 25 St Thomas Street
Winchester
Hampshire
SO23 9HJ





REGISTERED NUMBER: 06340270 (England and Wales)





ACCOUNTANTS: Martin and Company
Two Brewers House
50 North Street
Thame
Oxfordshire
OX9 3BH

SIMEON MORGAN FARMING LIMITED (REGISTERED NUMBER: 06340270)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,466,721 1,334,013
1,466,721 1,334,013

CURRENT ASSETS
Stocks 545,926 382,109
Debtors 6 94,634 276,761
Cash at bank - 12,792
640,560 671,662
CREDITORS
Amounts falling due within one year 7 747,540 483,921
NET CURRENT (LIABILITIES)/ASSETS (106,980 ) 187,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,359,741

1,521,754

CREDITORS
Amounts falling due after more than one
year

8

(333,819

)

(417,243

)

PROVISIONS FOR LIABILITIES (366,680 ) (253,462 )
NET ASSETS 659,242 851,049

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 659,142 850,949
SHAREHOLDERS' FUNDS 659,242 851,049

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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.

SIMEON MORGAN FARMING LIMITED (REGISTERED NUMBER: 06340270)

BALANCE SHEET - continued
31ST AUGUST 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 23rd April 2025 and were signed on its behalf by:





S J Morgan - Director


SIMEON MORGAN FARMING LIMITED (REGISTERED NUMBER: 06340270)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024


1. STATUTORY INFORMATION

Simeon Morgan Farming 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of two years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Tractors and combines - 12.5% on reducing balance
Office equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

SIMEON MORGAN FARMING LIMITED (REGISTERED NUMBER: 06340270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st September 2023
and 31st August 2024 1,502
AMORTISATION
At 1st September 2023
and 31st August 2024 1,502
NET BOOK VALUE
At 31st August 2024 -
At 31st August 2023 -

SIMEON MORGAN FARMING LIMITED (REGISTERED NUMBER: 06340270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


5. TANGIBLE FIXED ASSETS
Tractors
Plant and Motor and Office
machinery vehicles combines equipment Totals
£    £    £    £    £   
COST
At 1st September 2023 642,632 - 1,519,506 3,371 2,165,509
Additions 101,652 9,495 195,000 1,739 307,886
Disposals (15,395 ) - - - (15,395 )
Reclassification/transfer (11,900 ) - 11,900 - -
At 31st August 2024 716,989 9,495 1,726,406 5,110 2,458,000
DEPRECIATION
At 1st September 2023 343,315 - 485,953 2,228 831,496
Charge for year 42,747 1,353 129,787 753 174,640
Eliminated on disposal (14,857 ) - - - (14,857 )
Reclassification/transfer (8,148 ) - 8,148 - -
At 31st August 2024 363,057 1,353 623,888 2,981 991,279
NET BOOK VALUE
At 31st August 2024 353,932 8,142 1,102,518 2,129 1,466,721
At 31st August 2023 299,317 - 1,033,553 1,143 1,334,013

Of the plant and machinery and tractors and combines assets shown above £1,203,551 of the net book value (2023: £1,109,896) relates to assets held under hire purchase contracts and £141,216 of the depreciation charge for year (2023: £163,431) relates to assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 61,148 241,374
Tax - 20,000
VAT 26,034 -
Prepayments and accrued income 7,452 15,387
94,634 276,761

SIMEON MORGAN FARMING LIMITED (REGISTERED NUMBER: 06340270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 184,338 10,000
Hire purchase contracts 253,581 221,766
Trade creditors 77,121 71,209
Social security and other taxes 2,946 2,631
VAT - 16,626
Other creditors 154 2,276
Directors' current accounts 153,550 144,076
Accruals and deferred income 75,850 15,337
747,540 483,921

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bounce Back loan 9,145 19,171
Hire purchase contracts 324,674 398,072
333,819 417,243