Company registration number 00881602 (England and Wales)
MEL-ABLE FARMING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MEL-ABLE FARMING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEL-ABLE FARMING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
184,454
122,057
Investment properties
5
773,787
1,247,614
Investments
6
487,955
348,229
1,446,196
1,717,900
Current assets
Stocks
1,434,361
1,433,823
Debtors
7
902,747
485,499
Cash at bank and in hand
4,168,562
2,861,028
6,505,670
4,780,350
Creditors: amounts falling due within one year
8
(617,891)
(235,172)
Net current assets
5,887,779
4,545,178
Total assets less current liabilities
7,333,975
6,263,078
Provisions for liabilities
(145,826)
(127,828)
Net assets
7,188,149
6,135,250
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
7,187,999
6,135,100
Total equity
7,188,149
6,135,250
MEL-ABLE FARMING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 August 2025 and are signed on its behalf by:
Mr M E Harrold
Director
Company Registration No. 00881602
MEL-ABLE FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Mel-Able Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is Barwick Hall Farm, Stanhoe, Kings Lynn, Norfolk, PE31 8PZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value, excluding Value Added Tax of income from farming activities and rent received in respect of land and buildings owned by the company. Turnover is recognised at the date of the issue of the invoice to the customer.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets include investment properties valued using an open market value basis. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% reducing balance basis
Fixtures and fittings
20% reducing balance basis
Motor vehicles
20% reducing balance basis
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
MEL-ABLE FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stock and work in progress is valued at the lower of cost and net realisable value. The stock figure represents the cost of materials purchased in relation to the next farming season and is therefore carried forward and matched against future income.
In respect of work in progress and finished goods, cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads according to the stage of completion.
1.7
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 current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MEL-ABLE FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
0
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
267,642
Additions
88,318
At 31 December 2024
355,960
Depreciation and impairment
At 1 January 2024
145,585
Depreciation charged in the year
25,921
At 31 December 2024
171,506
Carrying amount
At 31 December 2024
184,454
At 31 December 2023
122,057
MEL-ABLE FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Investment property
2024
£
Fair value
At 1 January 2024
1,247,615
Additions
8,300
Disposals
(482,128)
At 31 December 2024
773,787
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st December 2023 by the directors.
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
487,955
348,229
Fixed asset investments revalued
The historic cost of investments was £326,698 (2023 - £248,611).
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
348,229
Additions
100,000
Revaluation
35,504
Movement in cash
4,222
At 31 December 2024
487,955
Carrying amount
At 31 December 2024
487,955
At 31 December 2023
348,229
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
693,709
347,126
Other debtors
209,038
138,373
902,747
485,499
MEL-ABLE FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
234,288
17,929
Taxation and social security
368,063
204,046
Other creditors
15,540
13,197
617,891
235,172
9
Prior period adjustment
Restatement to 2023 figures in respect of transfer of property purchased from investment properties to work in progress as intention is to develop and resell rather than retain as an investment property.
Changes to the balance sheet
Adjustment
£
Fixed assets
Investment properties
(631,174)
Current assets
Stocks
631,174
Net assets
-
Capital and reserves
Total equity
-
Changes to the profit and loss account
Adjustment
Period ended 31 December 2023
£
Profit for the financial period
-