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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
_______ _______ _______