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Registered number: 01159368 MERTON FARMING COMPANY LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
MERTON FARMING COMPANY LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Notes to the Financial Statements | 3 - 8
MERTON FARMING COMPANY LIMITED REGISTERED NUMBER: 01159368 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 74,777 |  | 101,004
Current assets |  |  |  |  |
Stocks | 5 | 66,314 |  | 131,525 |
Debtors: amounts falling due within one year | 6 | 1,109,699 |  | 1,123,200 |
Cash at bank and in hand |  | 6,098 |  | 13,517 |
|  | 1,182,111 |  | 1,268,242 |
Creditors: amounts falling due within one year | 7 | (445,954) |  | (507,022) |
Net current assets |  |  | 736,157 |  | 761,220
Total assets less current liabilities |  |  | 810,934 |  | 862,224
Creditors: amounts falling due after more than one year | 8 |  | (800,000) |  | (800,000)
Net assets |  |  | 10,934 |  | 62,224
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 34,878 |  | 34,878
Revaluation reserve |  |  | - |  | 208,856
Profit and loss account |  |  | (23,944) |  | (181,510)
|  |  | 10,934 |  | 62,224
Page 1
MERTON FARMING COMPANY LIMITED REGISTERED NUMBER: 01159368 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2026.
The Honourable R de Grey
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
MERTON FARMING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Merton Farming Company Limited is a private company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is Merton Estate Office, Merton, Norfolk, IP25 6QJ. The Company's principal activity is that of farming. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The Company had net assets of £10,934 at the balance sheet date but made a loss during the financial year and is therefore reliant on the support of its bankers and the directors in order to fulfill its day-to-day working capital requirements. The directors are confident that this support will continue for the foreseeable future. The directors are satisfied that the Company will continue to trade for a period of at least 12 months from the date on which the financial statements have been approved, and therefore considers it appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 3
MERTON FARMING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Improvements to leasehold land and buildings | - | 10% | straight line
|  |  |  | Growing ponds and aquatic plants | - | 5% | straight line
|  |  |  | General plant and equipment | - | 15% | straight line
|  |  |  | Motor vehicles | - | 25% | straight line
|  |  |  | Computer equipment | - | 33% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Revaluation of tangible fixed assets
The company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings previously revalued at 30 September 1995 and will not update that valuation.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Page 4
MERTON FARMING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Financial instruments
Financial instruments The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 5
MERTON FARMING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 4 (2024 - 4).
Page 6
MERTON FARMING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Tangible fixed assets
|  | Freehold property | Plant & machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 October 2024 | 700,302 | 234,363 | 17,350 | 952,015
| Additions | - | 781 | - | 781
| Disposals | - | - | (3,000) | (3,000)
| At 30 September 2025 | 700,302 | 235,144 | 14,350 | 949,796
| Depreciation |  |  |  |
| At 1 October 2024 | 665,514 | 168,147 | 17,350 | 851,011
| Charge for the year on owned assets | 5,057 | 21,951 | - | 27,008
| Disposals | - | - | (3,000) | (3,000)
| At 30 September 2025 | 670,571 | 190,098 | 14,350 | 875,019
| Net book value |  |  |  |
| At 30 September 2025 | 29,731 | 45,046 | - | 74,777
| At 30 September 2024 | 34,788 | 66,216 | - | 101,004
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Consumables | 9,583 | 15,213
| Stored crops | 56,731 | 116,312
|  | 66,314 | 131,525
Page 7
MERTON FARMING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 17,472 | 20,981
| Other debtors | 1,089,169 | 1,096,796
| Prepayments and accrued income | 3,058 | 5,423
|  | 1,109,699 | 1,123,200
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 129,724 | 114,218
| Trade creditors | 12,625 | 70,451
| Other creditors | 289,748 | 293,348
| Accruals and deferred income | 13,857 | 29,005
|  | 445,954 | 507,022
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 800,000 | 800,000
| The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Repayable other than by instalments | 800,000 | 800,000
9. | Related party transactions
| As at 30 September 2025 the company owed the directors £233,000 (2024: £243,000).
Page 8