REGISTERED NUMBER: 09237683 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2025

for

Milligan-Manby Farms Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R F B Milligan-Manby

Mrs E H Milligan-Manby

T B Milligan-Manby

SECRETARY:

R F B Milligan-Manby

REGISTERED OFFICE:

Wykeham Hall Farm

East Wykeham

Ludford

Market Rasen

Lincolnshire

LN8 6AU

REGISTERED NUMBER:

09237683 (England and Wales)

ACCOUNTANTS:

Smailes Goldie Limited

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Intangible assets

4

829

1,134

Tangible assets

5

2,881,654

2,871,088

Investments

6

21

21

Investment property

7

1,504,847

1,259,847

4,387,351

4,132,090

CURRENT ASSETS

Stocks

107,866

115,597

Debtors

8

14,739

9,940

Cash at bank and in hand

175,800

165,350

298,405

290,887

CREDITORS

Amounts falling due within one year

9

2,221,682

2,316,917

NET CURRENT LIABILITIES

(1,923,277

)

(2,026,030

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,464,074

2,106,060

CREDITORS

Amounts falling due after more than one year

10

(2,169

)

(3,687

)

PROVISIONS FOR LIABILITIES

(335,323

)

(274,309

)

NET ASSETS

2,126,582

1,828,064

CAPITAL AND RESERVES

Called up share capital

8

8

Revaluation reserve

1,330,000

1,085,000

Retained earnings

796,574

743,056

2,126,582

1,828,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th December 2025 and were signed on its behalf by:

R F B Milligan-Manby - Director

1.	STATUTORY INFORMATION

Milligan-Manby Farms Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents sales of farm produce, farm subsidies and contracting services, net of VAT and trade discounts. Turnover is recognised when the economic risks and rewards pass to third parties.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight

line basis over their expected useful life. At the reporting date, the entitlement had been fully

amortised. The original Basic Payment Scheme commenced in 2015 and ceased during a previous

accounting year.

Entitlements acquired via the ownership of existing land, and therefore have no cost, have been

revalued to fair value on transition to FRS102, which has subsequently been treated as their deemed

cost, and are being amortised over their expected useful life in accordance with the above period of

benefit expected from the basic payment scheme.

Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - not depreciated

Plant and machinery etc - depreciated straight line based upon the assets expected lifespan

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Government grants

The company receives government grants in respect of the Basic Payment Scheme, under the Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate to.

Investments

Investments are measured at cost less impairment as they are not publicly traded and the fair value can not be measured reliably. Should the investments start being traded publicly we would need to measure them at fair value, with changes in fair value recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st April 2024

and 31st March 2025

22,575

AMORTISATION

At 1st April 2024

21,441

Charge for year

305

At 31st March 2025

21,746

NET BOOK VALUE

At 31st March 2025

829

At 31st March 2024

1,134

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2024

2,859,984

18,260

2,878,244

Additions

-

12,892

12,892

At 31st March 2025

2,859,984

31,152

2,891,136

DEPRECIATION

At 1st April 2024

-

7,156

7,156

Charge for year

-

2,326

2,326

At 31st March 2025

-

9,482

9,482

NET BOOK VALUE

At 31st March 2025

2,859,984

21,670

2,881,654

At 31st March 2024

2,859,984

11,104

2,871,088

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st April 2024

and 31st March 2025

21

NET BOOK VALUE

At 31st March 2025

21

At 31st March 2024

21

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2024

1,259,847

Revaluations

245,000

At 31st March 2025

1,504,847

NET BOOK VALUE

At 31st March 2025

1,504,847

At 31st March 2024

1,259,847

Fair value at 31st March 2025 is represented by:

£

Valuation in 2023

845,000

Valuation in 2024

240,000

Valuation in 2025

245,000

Cost

174,847

1,504,847

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,676

5,544

Prepayments and accrued income

12,063

4,396

14,739

9,940

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

13,967

17,398

Amounts owed to group undertakings

2,151,967

2,236,901

Tax

37,830

53,678

VAT

6,068

4,958

Other creditors

770

-

Accruals and deferred income

9,996

3,331

Deferred government grants

1,084

651

2,221,682

2,316,917

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Deferred government grants

2,169

3,687

11.	ULTIMATE CONTROLLING PARTY

The company is a fully owned subsidiary of R&E Milligan Manby Farms Ltd.