Company registration number 15413125 (England and Wales)
MOCKBEGGAR PO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MOCKBEGGAR PO LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MOCKBEGGAR PO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
4
5,794,198
Current assets
Stocks
10,317
Debtors
5
648,483
Cash at bank and in hand
2,076,830
2,735,630
Creditors: amounts falling due within one year
6
(2,309,762)
Net current assets
425,868
Total assets less current liabilities
6,220,066
Government grants
(2,464,283)
Net assets
3,755,783
Reserves
Income and expenditure account
3,755,783
Members' funds
3,755,783

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial period 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 period 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 26 August 2025 and are signed on its behalf by:
J P G Myatt
S Charlton
Director
Director
Company Registration No. 15413125
MOCKBEGGAR PO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Income and expenditure
£
Balance at 15 January 2024
-
0
Period ended 31 December 2024:
Profit and total comprehensive income for the period
505,470
Transfer of retained earnings from Mockbeggar Limited
3,250,313
Balance at 31 December 2024
3,755,783
MOCKBEGGAR PO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Mockbeggar PO Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Mockbeggar Farm, Town Road, Cliffe Woods, Rochester, Kent, United Kingdom, ME3 8EU.

1.1
Reporting period

During the first period of trading the company has prepared a shorter period of accounts to 31 December 2024, which it intends to report to in subsequent years.

1.2
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.

1.3
Income and expenditure

Turnover represents levies receivable from members in respect of the costs of the Operational Programme and for administering the operations of the company.

1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10%/ 20% straight line
Irrigation equipment
20% straight line

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 surplus or deficit.

1.5
Stocks

Biological stocks for which fair value is determinable without undue cost or effort are measured at fair value less costs to sell, with changes in fair value recognised in profit or loss. In accordance with paragraph 34.8 of FRS 102, biological stocks are measured at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on biological stocks where fair value cannot be determined, to write down the cost, by equal instalments over their useful lives as follows:

 

Plants        2 years

MOCKBEGGAR PO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The company is not subject to corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.9
Leases

Where assets are financed by leasing or hire purchase agreements that give rights approximating to ownership the assets are treated as if they had been purchased outright. The assets are included in fixed assets and the capital element of the leasing commitments is shown as obligations under finance leases and hire purchase agreements. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied to reduce the outstanding obligations and the interest elements charged on a straight-line basis and invoiced to the members on whose farms the related assets are held.

MOCKBEGGAR PO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to expenditure on tangible fixed assets and growing crops have been credited to the profit and loss account over a period approximately equal to their useful life. Revenue grants are credited to the profit and loss account on an accruals basis.

1.11
Foreign exchange

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

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 period was:

2024
Number
Total
8
MOCKBEGGAR PO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Irrigation equipment
Total
£
£
£
Cost
At 15 January 2024
-
0
-
0
-
0
Additions
1,310,989
24,801
1,335,790
Disposals
(336,108)
-
0
(336,108)
Transfers from Mockbeggar Limited
17,098,817
842,575
17,941,392
At 31 December 2024
18,073,698
867,376
18,941,074
Depreciation and impairment
At 15 January 2024
-
0
-
0
-
0
Depreciation charged in the period
2,358,241
118,685
2,476,926
Eliminated in respect of disposals
(336,108)
-
0
(336,108)
Transfers from Mockbeggar Limited
10,552,270
453,788
11,006,058
At 31 December 2024
12,574,403
572,473
13,146,876
Carrying amount
At 31 December 2024
5,499,295
294,903
5,794,198
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
34,154
Other debtors
614,329
648,483
6
Creditors: amounts falling due within one year
2024
£
Bank loans
163,000
Obligations under finance leases
1,608,132
Trade creditors
123,614
Taxation and social security
29,057
Deferred income
46,652
Other creditors
303,997
Accruals
35,310
2,309,762
MOCKBEGGAR PO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Obligations under finance leases and hire purchase contracts are secured on the underlying assets and guaranteed by members on whose farms these assets are located.

 

The bank loan of £163,000 is secured by way of fixed charges over the assets of the company.

7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8
Related party transactions

As at 15 January 2024 Mockbeggar Limited (society) ceased trading at which point the net assets were transferred as a going concern to Mockbeggar PO Limited.

 

The company is a mutual trading company. All levy income is from business represented by the directors and/or members on normal commercial terms. The company provides services such as packing fruit and vegetables at agreed rates. Where charges are incurred by the company, they are recharged at cost to the members.

 

The total marketed production on behalf of members amounted to £51,113,991 for the period ending 31 December 2024.

    

At 31 December 2024 the company owed the members £303,997 which is included in other creditors.

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