Monks Hall Farms Limited Filleted accounts for Companies House (small and micro)

MONKS HALL FARMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00688483

Monks Hall Farms Limited

Filleted Unaudited Financial Statements

for the year ended

5 April 2019

Monks Hall Farms Limited

Financial Statements

for the year ended 5th April 2019

Contents	Pages

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

Monks Hall Farms Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Monks Hall Farms Limited

for the year ended 5th April 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Monks Hall Farms Limited for the year ended 5th April 2019, as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Monks Hall Farms Limited, as a body, in accordance with the terms of our engagement letter dated 8th October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Monks Hall Farms Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Monks Hall Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Monks Hall Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Monks Hall Farms Limited. You consider that Monks Hall Farms Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Monks Hall Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 12 December 2019

Monks Hall Farms Limited

Statement of Financial Position

as at 5 April 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	6	381,874	398,049
Biological assets	7	67,082	57,836
		-------------	-------------
		448,956	455,885

Current assets

Stocks		47,100	71,240
Debtors	8	45,576	60,044
Cash at bank and in hand		104,623	64,024
		-------------	-------------
		197,299	195,308

Creditors: amounts falling due within one year	9	135,086		205,602
		-------------		-------------
Net current assets/(liabilities)			62,213		( 10,294)
			-------------		-------------
Total assets less current liabilities			511,169		445,591

Provisions

Taxation including deferred tax	31,064	26,452
	-------------	-------------
Net assets	480,105	419,139
	-------------	-------------

Capital and reserves

Called up share capital	11	16,000	16,000
Profit and loss account		464,105	403,139
		-------------	-------------
Shareholders funds		480,105	419,139
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 5th April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Monks Hall Farms Limited

Statement of Financial Position (continued)

as at 5 April 2019

These financial statements were approved by the board of directors and authorised for issue on 12 December 2019 , and are signed on behalf of the board by:

Mr. F. N. Casswell

Director

Company registration number: 00688483

Monks Hall Farms Limited

Notes to the Financial Statements

for the year ended 5th April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB. The trading address of the company is Monks Hall, Gosberton, Spalding, Lincolnshire, PE11 4NB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Farm support income is only recognised after the conditions of ownership have been met on 15 May. Once this recognition point has passed, then income accrues evenly up to 31 December in each claim year. In the event that the conditions for the receipt of the Single Farm Payment have not been met, income recognition is deferred until such time as those conditions can be assumed to have been met and there is reasonable assurance that the Single Farm Payment will be received.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	10% reducing balance
Plant and machinery	-	15% reducing balance
Land	-	Not depreciated

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Biological assets

Biological assets measured under the fair value model are valued on initial recognition and at each reporting date at fair value less costs to sell. Changes in fair value less costs to sell are recognised in profit or loss. Agricultural produce harvested from these biological assets is measured at the point of harvest at its fair value less costs to sell. Biological assets measured under the cost model are held at cost less any accumulated depreciation and any accumulated impairment losses. Agricultural produce harvested from these biological assets is measured at the point of harvest at either: the lower of cost and estimated selling price less costs to complete and sell; or its fair value less costs to sell. Any gain or loss arising on initial recognition of produce at fair value less costs to sell is included in profit or loss for the period.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	26,214	16,907

Deferred tax:

Origination and reversal of timing differences	4,612	( 10,789)
	-----------	-----------
Tax on profit	30,826	6,118
	-----------	-----------

6. Tangible assets

Land and buildings	Plant and machinery	Total
£	£	£

Cost
At 6 04 18	266,243	472,783	739,026
Additions	–	13,122	13,122
	-------------	-------------	-------------
At 5 04 19	266,243	485,905	752,148
	-------------	-------------	-------------
Depreciation
At 6 04 18	47,417	293,560	340,977
Charge for the year	445	28,852	29,297
	-------------	-------------	-------------
At 5 04 19	47,862	322,412	370,274
	-------------	-------------	-------------
Carrying amount
At 5 04 19	218,381	163,493	381,874
	-------------	-------------	-------------
At 5 04 18	218,826	179,223	398,049
	-------------	-------------	-------------

7. Biological assets

Biological assets held at fair value

At 6 04 18	Purchases	Harvest	At 5 04 19
£	£	£	£

Valuation
Closing produce stock	41,845	67,082	( 41,845)	67,082
	-----------	-----------	-----------	-----------

8. Debtors

	2019	2018
	£	£

Trade debtors	35,904	52,453
Prepayments and accrued income	7,194	6,784
Other debtors	2,478	807
	-----------	-----------
	45,576	60,044
	-----------	-----------

Monks Hall Farms Limited

Notes to the Financial Statements (continued)

for the year ended 5th April 2019

9. Creditors: amounts falling due within one year

	2019	2018
	£	£

Trade creditors	38,331	46,600
Accruals and deferred income	12,258	25,162
Corporation tax	26,214	16,907
Social security and other taxes	1,416	793
Obligations under finance leases and hire purchase contracts	–	29,798
Director loan accounts	56,867	86,342
	-------------	-------------
	135,086	205,602
	-------------	-------------

Hire purchase and finance lease creditors are secured on the assets concerned.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£

Included in provisions	31,064	26,452
	-----------	-----------

11. Called up share capital

Issued, called up and fully paid

2019		2018
No.	£	No.	£

Ordinary shares of £ 1 each	16,000	16,000.00	16,000	16,000.00
	-----------	---------------	-----------	---------------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£

Not later than 1 year	781	2,342
Later than 1 year and not later than 5 years	–	781
	-----------	-----------
	781	3,123
	-----------	-----------