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Registered number: 10513935









MERLOTT CHITTY FARMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MERLOTT CHITTY FARMS LIMITED
REGISTERED NUMBER: 10513935

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
247,459
238,453

  
247,459
238,453

Current assets
  

Stocks
  
29,227
21,426

Debtors: amounts falling due within one year
 5 
22,506
16,213

Cash at bank and in hand
 6 
170,023
292

  
221,756
37,931

Creditors: amounts falling due within one year
 7 
(314,293)
(312,619)

Net current liabilities
  
 
 
(92,537)
 
 
(274,688)

Total assets less current liabilities
  
154,922
(36,235)

Creditors: amounts falling due after more than one year
 8 
(200,000)
-

  

Net liabilities
  
(45,078)
(36,235)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(45,178)
(36,335)

  
(45,078)
(36,235)


Page 1

 
MERLOTT CHITTY FARMS LIMITED
REGISTERED NUMBER: 10513935
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 by: 




Mr C C M Chitty
Director

Date: 1 July 2025

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

Page 2

 
MERLOTT CHITTY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Merlott Chitty Farms Limited, 10513935, is a private limited company, domiciled in England. Its registered office and principal place of business is at Betton House, Betton, Market Drayton, TF9 4AD.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net current liabilities. The directors have confirmed that they will continue to support the operations of the Company for the forseeable future to enable it to continue as a going concern.

 
2.3

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.

 
2.4

Interest income

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

Page 3

 
MERLOTT CHITTY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance

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 4

 
MERLOTT CHITTY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Stocks

Farming stocks are valued in accordance with HM Revenue and Custos help sheet HS232.

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 weighted average 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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 0 (2023 - 3).

Page 5

 
MERLOTT CHITTY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Property Improvement
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2024
220,693
20,472
8,200
249,365


Additions
265
17,576
-
17,841



At 31 December 2024

220,958
38,048
8,200
267,206



Depreciation


At 1 January 2024
-
6,866
4,046
10,912


Charge for the year on owned assets
-
7,797
1,038
8,835



At 31 December 2024

-
14,663
5,084
19,747



Net book value



At 31 December 2024
220,958
23,385
3,116
247,459



At 31 December 2023
220,693
13,606
4,154
238,453


5.


Debtors

2024
2023
£
£


Other debtors
234
2,770

Prepayments and accrued income
4,932
4,921

Deferred taxation
17,340
8,522

22,506
16,213



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
170,023
292

170,023
292


Page 6

 
MERLOTT CHITTY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,328
354

Other creditors
302,765
310,265

Accruals and deferred income
2,200
2,000

314,293
312,619



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loan from connected company
200,000
-

200,000
-



9.


Deferred taxation




2024


£






At beginning of year
8,522


Utilised in year
8,818



At end of year
17,340

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,715)
(3,199)

Tax losses carried forward
22,055
11,721

17,340
8,522

Page 7

 
MERLOTT CHITTY FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Related party transactions

Included within other creditors is a loan from the directors. The balance due as at 31 December 2024 was £302,765 (2023: £310,265).
During the year the Company operated a loan account with a connected Company. The balance payable to the connected Company as at 31 December 2024, as shown within creditors due after more than one year, was £200,000 (2023: £NIL).

 
Page 8