129
01/01/2024
31/12/2024
2024-12-31
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No description of principal activities is disclosed
2024-01-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
09420451
2024-01-01
2024-12-31
09420451
2024-12-31
09420451
2023-12-31
09420451
2023-01-01
2023-12-31
09420451
2023-12-31
09420451
2022-12-31
09420451
core:PlantMachinery
2024-01-01
2024-12-31
09420451
core:FurnitureFittingsToolsEquipment
2024-01-01
2024-12-31
09420451
core:MotorVehicles
2024-01-01
2024-12-31
09420451
bus:Director1
2024-01-01
2024-12-31
09420451
bus:Director2
2024-01-01
2024-12-31
09420451
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
09420451
core:PlantMachinery
2023-12-31
09420451
core:FurnitureFittingsToolsEquipment
2023-12-31
09420451
core:MotorVehicles
2023-12-31
09420451
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-12-31
09420451
core:PlantMachinery
2024-12-31
09420451
core:FurnitureFittingsToolsEquipment
2024-12-31
09420451
core:MotorVehicles
2024-12-31
09420451
core:WithinOneYear
2024-12-31
09420451
core:WithinOneYear
2023-12-31
09420451
core:AfterOneYear
2024-12-31
09420451
core:AfterOneYear
2023-12-31
09420451
core:ShareCapital
2024-12-31
09420451
core:ShareCapital
2023-12-31
09420451
core:RetainedEarningsAccumulatedLosses
2024-12-31
09420451
core:RetainedEarningsAccumulatedLosses
2023-12-31
09420451
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-01
2024-12-31
09420451
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
09420451
core:PlantMachinery
2023-12-31
09420451
core:FurnitureFittingsToolsEquipment
2023-12-31
09420451
core:MotorVehicles
2023-12-31
09420451
bus:Director1
2023-12-31
09420451
bus:Director1
2024-12-31
09420451
bus:Director2
2023-12-31
09420451
bus:Director2
2024-12-31
09420451
bus:Director1
2022-12-31
09420451
bus:Director1
2023-12-31
09420451
bus:Director2
2022-12-31
09420451
bus:Director2
2023-12-31
09420451
bus:Director1
2023-01-01
2023-12-31
09420451
bus:Director2
2023-01-01
2023-12-31
09420451
bus:SmallEntities
2024-01-01
2024-12-31
09420451
bus:AuditExempt-NoAccountantsReport
2024-01-01
2024-12-31
09420451
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
09420451
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
09420451
bus:FullAccounts
2024-01-01
2024-12-31
09420451
core:FurnitureFittings
2024-01-01
2024-12-31
09420451
core:AfterOneYear
2024-01-01
2024-12-31
Company registration number:
09420451
Mead Open Farm Limited
Unaudited filleted financial statements
31 December 2024
Mead Open Farm Limited
Contents
Statement of financial position
Notes to the financial statements
Mead Open Farm Limited
Statement of financial position
31 December 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
1,699,035 |
|
|
|
1,460,979 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
1,699,035 |
|
|
|
1,460,979 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Stocks |
|
|
110,168 |
|
|
|
124,597 |
|
|
|
Debtors |
|
6 |
353,947 |
|
|
|
270,168 |
|
|
|
Cash at bank and in hand |
|
|
600,765 |
|
|
|
401,451 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
1,064,880 |
|
|
|
796,216 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
854,269) |
|
|
|
(
623,185) |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
Net current assets |
|
|
|
|
210,611 |
|
|
|
173,031 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
Total assets less current liabilities |
|
|
|
|
1,909,646 |
|
|
|
1,634,010 |
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
448,331) |
|
|
|
(
487,832) |
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
176,285) |
|
|
|
(
133,490) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
|
|
_________ |
|
Net assets |
|
|
|
|
1,285,030 |
|
|
|
1,012,688 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
|
Profit and loss account |
|
|
|
|
1,284,930 |
|
|
|
1,012,588 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
Shareholders funds |
|
|
|
|
1,285,030 |
|
|
|
1,012,688 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
14 August 2025
, and are signed on behalf of the board by:
M.P. Heast
Director
Company registration number:
09420451
Mead Open Farm Limited
Notes to the financial statements
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 169 New London Road, Chelmsford, Essex, CM2 0AE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the level of funds held and expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves and loan finance for the company to be able to continue as a going concern.
Turnover
Turnover is measured at the amount of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are intially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Tenant improvements |
- |
straight line over 20 years |
|
|
Plant and machinery |
- |
15 % |
reducing balance |
|
Solar PV System |
- |
straight line over 40 years |
|
|
Office equipment |
- |
15 % |
reducing balance |
|
Tractors |
- |
15 % |
reducing balance |
|
Fixtures and fittings |
- |
straight line over 3 years |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 receivables and payables.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. These contributions represent the company's contributions to personal pension plans.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
129
(2023:
145
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2024 |
1,175,071 |
1,611,299 |
166,134 |
23,500 |
2,976,004 |
|
|
|
Additions |
151,226 |
261,358 |
- |
- |
412,584 |
|
|
|
|
_________ |
_________ |
_______ |
_______ |
_________ |
|
|
|
At 31 December 2024 |
1,326,297 |
1,872,657 |
166,134 |
23,500 |
3,388,588 |
|
|
|
|
_________ |
_________ |
_______ |
_______ |
_________ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2024 |
323,661 |
1,012,353 |
163,650 |
15,361 |
1,515,025 |
|
|
|
Charge for the year |
66,320 |
106,615 |
373 |
1,220 |
174,528 |
|
|
|
|
_________ |
_________ |
_______ |
_______ |
_________ |
|
|
|
At 31 December 2024 |
389,981 |
1,118,968 |
164,023 |
16,581 |
1,689,553 |
|
|
|
|
_________ |
_________ |
_______ |
_______ |
_________ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2024 |
936,316 |
753,689 |
2,111 |
6,919 |
1,699,035 |
|
|
|
|
_________ |
_________ |
_______ |
_______ |
_________ |
|
|
|
At 31 December 2023 |
851,410 |
598,946 |
2,484 |
8,139 |
1,460,979 |
|
|
|
|
_________ |
_________ |
_______ |
_______ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
353,947 |
270,168 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
190,699 |
162,431 |
|
Trade creditors |
|
85,590 |
6,904 |
|
Corporation tax |
|
81,250 |
99,140 |
|
Social security and other taxes |
|
211,527 |
167,932 |
|
Other creditors |
|
285,203 |
186,778 |
|
|
|
_______ |
_______ |
|
|
|
854,269 |
623,185 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within bank loans and overdrafts is £123,805 (2023: £87,626) that is secured by a fixed and floating charge over the company's assets.
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
443,268 |
487,832 |
|
Other creditors |
|
5,063 |
- |
|
|
|
_______ |
_______ |
|
|
|
448,331 |
487,832 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Bank loans outstanding at the year end include instalments due after more than five years of £Nil (2023: £Nil).
Included within bank loans is £415,407 (2023: £392,041) that is secured by a fixed and floating charge over the company's assets.
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
M.P. Heast |
25,349 |
(
118) |
25,231 |
|
|
|
|
S.G. Heast |
25,349 |
(
118) |
25,231 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
50,698 |
(
236) |
50,462 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
M.P. Heast |
20,097 |
5,252 |
25,349 |
|
|
|
|
S.G. Heast |
20,097 |
5,252 |
25,349 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
40,194 |
10,504 |
50,698 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|