Morton Spiert Farm Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04680184

MORTON SPIERT FARM LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

347,329

343,431

Investments

6

2

2

Investment property

7

380,000

380,000

727,331

723,433

CURRENT ASSETS

Stocks

19,813

32,990

Debtors

8

867,067

888,254

Cash at bank and in hand

35,462

6,729

922,342

927,973

CREDITORS

Amounts falling due within one year

9

54,762

141,820

NET CURRENT ASSETS

867,580

786,153

TOTAL ASSETS LESS CURRENT LIABILITIES

1,594,911

1,509,586

PROVISIONS FOR LIABILITIES

19,941

17,868

NET ASSETS

1,574,970

1,491,718

CAPITAL AND RESERVES

Called up share capital

100

100

Non-distributable reserve

175,568

176,503

Retained earnings

1,399,302

1,315,115

SHAREHOLDERS' FUNDS

1,574,970

1,491,718

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 28 August 2019 and were signed by:

N C Spencer - Director

1.	STATUTORY INFORMATION

Morton Spiert Farm Limited is a private company limited by shares. The company is registered in

England under number 04680184 and the address of the registered office is Barclays Bank Chambers,

Stratford-upon-Avon, Warwickshire, CV37 6AH. The company's place of business is Morton Spiert

Farm, The Bungalow, Abbots Morton, Worcestershire, WR7 4NA.

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 net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, was being

amortised evenly over its expected useful life of twenty years. Having conducted an impairment review

at 31 March 2017, the director no longer considered the goodwill to be of any value to the company so

it was fully amortised in the previous financial year.

Tangible fixed assets

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

Leasehold property

-

2% on cost

Improvements to property

-

20% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

at variable rates on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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.

Hire purchase and leasing commitments

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

period of the lease.

Retirement benefits

The company operates a workplace pension scheme for all employees. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

25,000

AMORTISATION

At 1 April 2018

and 31 March 2019

25,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2018

285,107

205,550

490,657

Additions

-

22,000

22,000

At 31 March 2019

285,107

227,550

512,657

DEPRECIATION

At 1 April 2018

10,000

137,226

147,226

Charge for year

2,000

16,102

18,102

At 31 March 2019

12,000

153,328

165,328

NET BOOK VALUE

At 31 March 2019

273,107

74,222

347,329

At 31 March 2018

275,107

68,324

343,431

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

2

NET BOOK VALUE

At 31 March 2019

2

At 31 March 2018

2

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

380,000

Additions

935

Revaluations

(935

)

At 31 March 2019

380,000

NET BOOK VALUE

At 31 March 2019

380,000

At 31 March 2018

380,000

The historic cost of the investment property was £140,063 (2018 : £140,063).

The Investment property was valued on an open market basis on 31 March 2019 by the director, N C

Spencer.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

44,700

5,957

Amounts owed by group undertakings

786,955

768,030

Other debtors

35,412

114,267

867,067

888,254

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

9,800

23,085

Amounts owed to group undertakings

13,290

1,145

Taxation and social security

13,472

-

Other creditors

18,200

117,590

54,762

141,820

10.	ULTIMATE CONTROLLING PARTY

The company's parent company is Mission Resources Group Limited, whose registered office is

Barclays Bank Chambers, Stratford upon Avon, Warwickshire, CV37 6AH.