Registration number: 07148851

Magdalen Farm Limited

Contents

Company Information	1
Director's Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

Magdalen Farm Limited

Company Information

Director

Mr G M Aspinall

Registered office

Magdalen Farm Winsham Chard Somerset TA20 4PA

Accountants

Thompson Jenner LLP Chartered Accountants 1 Colleton Crescent Exeter Devon EX2 4DG

Magdalen Farm Limited

Director's Report for the Year Ended 31 December 2025

The director presents his report and the financial statements for the year ended 31 December 2025.

Director of the company

The director who held office during the year was as follows:

Mr G M Aspinall

Principal activity

The principal activity of the company is mixed farming, combined facilities support activities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 8 May 2026
 

......................................... Mr G M Aspinall Director

Magdalen Farm Limited

(Registration number: 07148851)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	118,773	99,361
Current assets
Stocks	5	10,673	14,979
Debtors	6	77,276	65,451
Cash at bank and in hand		77,864	215,860
		165,813	296,290
Creditors: Amounts falling due within one year	7	(235,134)	(331,512)
Net current liabilities		(69,321)	(35,222)
Total assets less current liabilities		49,452	64,139
Creditors: Amounts falling due after more than one year	7	(1,823)	(12,239)
Provisions for liabilities		(4,001)	-
Net assets		43,628	51,900
Capital and reserves
Called up share capital		100	100
Retained earnings		43,528	51,800
Shareholders' funds		43,628	51,900

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Magdalen Farm Limited

(Registration number: 07148851)
Balance Sheet as at 31 December 2025

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 May 2026
 

......................................... Mr G M Aspinall Director

Magdalen Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Magdalen Farm
Winsham
Chard
Somerset
TA20 4PA
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Goverment grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Magdalen Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	3-10 years straight line
Plant and machinery	5-15 years straight line
	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Magdalen Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Lifestock is initially recognised at its fair value less costs to sell. Changes in fair value less costs to sell are recognised in the profit and loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest-bearing borrowings are subsequently carried at amortised costs, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Intrest expense is recognised on the basis of the effective intrest method and is included in the interest payable and similar charges.

Borrowings are classified as a current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

Magdalen Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2025	-	87,421	140,851	228,272
Additions	32,241	-	-	32,241
At 31 December 2025	32,241	87,421	140,851	260,513
Depreciation
At 1 January 2025	-	81,511	47,400	128,911
Charge for the year	-	1,757	11,072	12,829
At 31 December 2025	-	83,268	58,472	141,740
Carrying amount
At 31 December 2025	32,241	4,153	82,379	118,773
At 31 December 2024	-	5,910	93,451	99,361

Included within the net book value of land and buildings above is £32,241 (2024 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Other stocks	10,673	14,979

Magdalen Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6

Debtors

	Note	2025 £	2024 £
Trade debtors		1,733	128
Amounts owed by group undertakings and undertakings in which the company has a participating interest		-	12,174
Other debtors		9,220	6,366
Prepayments and accrued income		66,323	46,783
Total current trade and other debtors		77,276	65,451

7

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	10,459	10,207
Trade creditors		540	1,288
Amounts owed to group undertakings and undertakings		219,609	297,573
Taxation and social security		-	17,278
Other creditors		119	221
Accrued expenses		4,407	4,945
		235,134	331,512