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Registered number: 04873909










MORLEY FARMS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
MORLEY FARMS LIMITED
REGISTERED NUMBER: 04873909

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
630,190
718,410

Investments
 5 
50
50

  
630,240
718,460

Current assets
  

Stocks
 6 
369,517
456,310

Debtors: amounts falling due within one year
 7 
176,230
190,172

Cash at bank and in hand
  
371,100
151,578

  
916,847
798,060

Creditors: amounts falling due within one year
 8 
(189,882)
(125,231)

Net current assets
  
 
 
726,965
 
 
672,829

Total assets less current liabilities
  
1,357,205
1,391,289

  

Net assets
  
1,357,205
1,391,289


Capital and reserves
  

Called up share capital 
  
387,387
387,387

Profit and loss account
 9 
969,818
1,003,902

  
1,357,205
1,391,289


Page 1

 
MORLEY FARMS LIMITED
REGISTERED NUMBER: 04873909
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 February 2025.




R Wilbourn
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Morley Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 04873909. The registered office is Deopham Road, Morley St Botolph, Wymondham, Norfolk, NR18 9DF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10/20%
Motor vehicles
-
10/20%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 4

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

  
2.14

Gift Aid

The Company's corporate gift aid payment to the parent charity The Morley Agricultural Foundation
Limited is recognised at the earlier of payment or when the company has a legal obligation to make
future payment.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Plant & machinery
Vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
635,857
969,154
10,415
1,615,426


Additions
54,802
-
-
54,802


Disposals
(23,500)
-
-
(23,500)



At 31 August 2024

667,159
969,154
10,415
1,646,728



Depreciation


At 1 September 2023
431,143
456,824
9,049
897,016


Charge for the year on owned assets
39,242
100,762
276
140,280


Disposals
(20,758)
-
-
(20,758)



At 31 August 2024

449,627
557,586
9,325
1,016,538



Net book value



At 31 August 2024
217,532
411,568
1,090
630,190



At 31 August 2023
204,714
512,330
1,366
718,410

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Vehicles
-
264,350

-
264,350

Page 6

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 September 2023
50



At 31 August 2024
50





6.


Stocks

2024
2023
£
£

Consumables
19,927
52,920

Cultivations
138,132
166,967

Crops in store
211,458
236,423

369,517
456,310



7.


Debtors

2024
2023
£
£


Trade debtors
71,997
33,995

Amounts owed by group undertakings
-
15,712

Other debtors
23,924
31,193

Prepayments and accrued income
80,309
109,272

176,230
190,172


Page 7

 
MORLEY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
107,499
37,508

Amounts owed to group undertakings
50,538
-

Other taxation and social security
5,727
-

Obligations under finance lease and hire purchase contracts
-
57,558

Accruals and deferred income
26,118
30,165

189,882
125,231



9.


Reserves

Profit & loss account

The profit and loss account represents the balance of the Company's accumulated profits which are available for distributions to the parent charity.


10.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102, allowing 100% subsidiaries to depart from the requirements to disclose transactions with other group companies where group accounts are prepared.


11.


Controlling party

The ultimate parent undertaking is The Morley Agricultural Foundation. The Company's financial statements are consolidated in the financial statements of the ultimate parent undertaking and the consolidated financial statements may be obtained from Companies House.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 3 April 2025 by Alistair Fish FCA (Senior statutory auditor) on behalf of MA Partners Audit LLP.

Page 8