REGISTERED NUMBER: 09018515 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31st March 2025

for

Miles Baul & Sons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P E Baul

M M Baul

Mrs J M Baul

D W Baul

REGISTERED OFFICE:

Watergate Farm

Bishop Thornton

Harrogate

North Yorkshire

HG3 3JZ

REGISTERED NUMBER:

09018515 (England and Wales)

ACCOUNTANTS:

F E Metcalfe & Co Limited

Chartered Accountants

4 Old Market Place

Ripon

North Yorkshire

HG4 1EQ

FIXED ASSETS

Tangible assets

5

396,531

448,679

CURRENT ASSETS

Stocks

6

544,273

558,894

Debtors

7

92,221

112,659

Cash at bank

281,769

105,154

918,263

776,707

CREDITORS

Amounts falling due within one year

8

224,281

225,504

NET CURRENT ASSETS

693,982

551,203

TOTAL ASSETS LESS CURRENT LIABILITIES

1,090,513

999,882

CREDITORS

Amounts falling due after more than one year

9

(280,593

)

(318,211

)

PROVISIONS FOR LIABILITIES

12

(84,900

)

(96,300

)

NET ASSETS

725,020

585,371

CAPITAL AND RESERVES

Called up share capital

13

1,000

1,000

Retained earnings

724,020

584,371

SHAREHOLDERS' FUNDS

725,020

585,371

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd December 2025 and were signed on its behalf by:

D W Baul - Director

M M Baul - Director

Mrs J M Baul - Director

P E Baul - Director

1.	STATUTORY INFORMATION

Miles Baul & Sons Limited 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.	STATEMENT OF COMPLIANCE

These financial statements were prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"). The financial statements have been prepared under the historical cost convention.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

Turnover

The turnover represents net invoiced sales of livestock, produce and farm subsidies excluding value added tax.

Turnover is measured at the fair value of the consideration received or receivable for goods sold and for services provided, net of VAT and any discounts. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at 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 is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Buildings 10% reducing balance

Commercial vehicles 25% reducing balance

Tractors and loadalls 15% reducing balance

Plant and machinery 10% reducing balance

Stocks

All stocks other than the Dairy Herd are included at the lower of cost and net realisable value after making due allowance for obsolete items.

Cost is calculated using a first in first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Cost includes all costs of purchase or production including an element of overhead expenses.

Dairy Herd

Dairy cows and bulls are initially included in the balance sheet at either cost of production or purchase cost if not home bred. Adjustments are made on an annual basis through profit and loss for the net additions or disposals during the accounting period. Disposals are removed on a first in first out basis.

The Dairy Herd is included in the Balance Sheet at fair value and is based on the open market values of the cows and bulls less sale and transport expenses.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account, unless the asset is carried at a revalued amount and the impairment loss is a decrease to a previous revaluation.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Tractors

Building

Plant and

and

Commercial

improvements

machinery

loadalls

vehicles

Totals

£

£

£

£

£

COST

At 1st April 2024

156,026

450,002

214,996

41,633

862,657

Additions

-

11,020

-

-

11,020

Disposals

-

(11,360

)

-

-

(11,360

)

At 31st March 2025

156,026

449,662

214,996

41,633

862,317

DEPRECIATION

At 1st April 2024

85,452

187,062

110,817

30,647

413,978

Charge for year

7,058

26,376

15,627

2,747

51,808

At 31st March 2025

92,510

213,438

126,444

33,394

465,786

NET BOOK VALUE

At 31st March 2025

63,516

236,224

88,552

8,239

396,531

At 31st March 2024

70,574

262,940

104,179

10,986

448,679

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Tractors

Plant and

and

Commercial

machinery

loadalls

vehicles

Totals

£

£

£

£

COST

At 1st April 2024

22,150

75,500

22,990

120,640

Transfer to ownership

(22,150

)

-

-

(22,150

)

At 31st March 2025

-

75,500

22,990

98,490

DEPRECIATION

At 1st April 2024

3,046

12,127

13,022

28,195

Charge for year

1,910

9,506

2,492

13,908

Transfer to ownership

(4,956

)

-

-

(4,956

)

At 31st March 2025

-

21,633

15,514

37,147

NET BOOK VALUE

At 31st March 2025

-

53,867

7,476

61,343

At 31st March 2024

19,104

63,373

9,968

92,445

6.

STOCKS

31.3.25

31.3.24

£

£

Valuation

223,590

246,165

Dairy Herd

320,683

312,729

544,273

558,894

The Dairy Herd includes a fair value adjustment for the accounting period of £1,954 (2024: (£10,321)) which is included in the Profit and Loss Account.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

77,118

71,253

Other debtors

10,324

41,359

Prepayments

4,779

47

92,221

112,659

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts (see note 10)

22,618

24,123

Trade creditors

74,183

68,302

Corporation Tax

59,797

9,975

Social security and other taxes

870

1,904

Other creditors

4,901

4,614

Directors' current accounts

44,252

99,394

Accrued expenses

17,660

17,192

224,281

225,504

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts (see note 10)

593

23,211

Directors' loan accounts

280,000

295,000

280,593

318,211

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.3.25

31.3.24

£

£

Net obligations repayable:

Within one year

22,618

24,123

Between one and five years

593

23,211

23,211

47,334

Non-cancellable

operating leases

31.3.25

31.3.24

£

£

Within one year

55,500

42,400

Between one and five years

222,000

169,600

In more than five years

804,750

657,200

1,082,250

869,200

During the year there have been lease payments of £55,500 (2024:£42,400).

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

During the accounting period the Company had bank facilities which were secured by a Debenture dated 20th December 2017. The debenture has a fixed and floating charge over the assets of the company.

12.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

84,900

96,300

Deferred tax

£

Balance at 1st April 2024

96,300

Decrease in the provision

re accelerated capital

allowances

(11,400

)

Balance at 31st March 2025

84,900

The provision for the deferred tax liability has arisen due to the net book value of fixed assets being significantly higher than the tax written down value of assets for capital allowance purposes.

The difference in these values is expected to reduce in future periods and as a result the provision for deferred tax is due to a temporary timing difference and the provision will reduce in future periods.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

1,000

Ordinary

£1

1,000

1,000

14.	RELATED PARTY DISCLOSURES