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Registered number: 01159368










MERTON FARMING COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MERTON FARMING COMPANY LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10


 
MERTON FARMING COMPANY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MERTON FARMING COMPANY LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merton Farming Company Limited for the year ended 30 September 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Merton Farming Company Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2021Our work has been undertaken solely to prepare for your approval the financial statements of Merton Farming Company Limited and state those matters that we have agreed to state to the Board of Directors of Merton Farming Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merton Farming Company Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Merton Farming Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Merton Farming Company Limited. You consider that Merton Farming Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Merton Farming Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
10 June 2025
Page 1

 
MERTON FARMING COMPANY LIMITED
REGISTERED NUMBER: 01159368

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
101,004
129,504

Current assets
  

Stocks
 6 
131,525
161,764

Debtors: amounts falling due within one year
 7 
1,123,200
1,103,068

Cash at bank and in hand
  
13,517
19,532

  
1,268,242
1,284,364

Creditors: amounts falling due within one year
 8 
(507,022)
(504,177)

Net current assets
  
 
 
761,220
 
 
780,187

Total assets less current liabilities
  
862,224
909,691

Creditors: amounts falling due after more than one year
 9 
(800,000)
(800,000)

  

Net assets
  
62,224
109,691


Capital and reserves
  

Called up share capital 
  
34,878
34,878

Revaluation reserve
  
208,856
208,856

Profit and loss account
  
(181,510)
(134,043)

  
62,224
109,691


Page 2

 
MERTON FARMING COMPANY LIMITED
REGISTERED NUMBER: 01159368
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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 profit and loss account 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 10 June 2025.




The Honourable R de Grey
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
MERTON FARMING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Merton Farming Company Limited is a private company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is Merton Estate Office, Merton, Norfolk, IP25 6QJ.
The Company's principal activity is that of farming. 

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
MERTON FARMING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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:

Improvements to leasehold land and buildings
-
10%
straight line
Growing ponds and aquatic plants
-
5%
straight line
General plant and equipment
-
15%
straight line
Motor vehicles
-
25%
straight line
Computer equipment
-
33%
straight line

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.

Page 5

 
MERTON FARMING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

The company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings previously revalued at 30 September 1995 and will not update that valuation.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

 
2.9

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.

 
2.10

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.


3.


Employees

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

Page 6

 
MERTON FARMING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets




Sugar Beet Quota
Single farm payment entitlements
Total

£
£
£





At 1 October 2023
1,436
13,635
15,071


Disposals
(1,436)
(13,635)
(15,071)



At 30 September 2024

-
-
-





At 1 October 2023
1,436
13,635
15,071


On disposals
(1,436)
(13,635)
(15,071)



At 30 September 2024

-
-
-



Net book value



At 30 September 2024
-
-
-



At 30 September 2023
-
-
-



Page 7

 
MERTON FARMING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2023
700,302
233,715
17,350
951,367


Additions
-
648
-
648



At 30 September 2024

700,302
234,363
17,350
952,015



Depreciation


At 1 October 2023
660,428
145,672
15,763
821,863


Charge for the year on owned assets
5,086
22,475
1,587
29,148



At 30 September 2024

665,514
168,147
17,350
851,011



Net book value



At 30 September 2024
34,788
66,216
-
101,004



At 30 September 2023
39,874
88,043
1,587
129,504


6.


Stocks

2024
2023
£
£

Consumables
15,213
12,835

Stored crops
116,312
148,929

131,525
161,764


Page 8

 
MERTON FARMING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
20,981
6,500

Other debtors
1,096,796
1,093,141

Prepayments and accrued income
5,423
3,427

1,123,200
1,103,068



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
114,218
101,460

Trade creditors
70,451
51,297

Other creditors
293,348
323,247

Accruals and deferred income
29,005
28,173

507,022
504,177



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
800,000
800,000

800,000
800,000


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
800,000
800,000

800,000
800,000



Page 9

 
MERTON FARMING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Related party transactions

As at 30 September 2024 the company owed the directors £243,000 (2023: £253,000).

Page 10