MCM Farm Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05128707 (England and Wales)

MCM Farm Services Limited

Unaudited Financial Statements

For The Year Ended 30 June 2019

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

I Morley

M G Cowton

SECRETARY:

Mrs S Morley

REGISTERED OFFICE:

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

REGISTERED NUMBER:

05128707 (England and Wales)

ACCOUNTANTS:

Charles A. Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

BANKERS:

Barclays Bank PLC

6 Manor Street

Bridlington

East Yorkshire

YO15 2RU

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of MCM Farm Services Limited for the year ended 30 June 2019 which comprise the Income

Statement, Abridged Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MCM Farm Services Limited, as a body, in accordance with the terms of our engagement letter dated 21 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of MCM Farm Services Limited and state those matters that we have agreed to state to the Board of Directors of MCM Farm Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MCM Farm Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MCM Farm Services 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 MCM Farm Services Limited. You consider that MCM Farm Services 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 MCM Farm Services 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.

Charles A. Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

25 March 2020

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

42,340

52,670

42,340

52,670

CURRENT ASSETS

Stocks

280

270

Debtors

16,545

9,713

16,825

9,983

CREDITORS

Amounts falling due within one year

41,496

34,743

NET CURRENT LIABILITIES

(24,671

)

(24,760

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,669

27,910

CREDITORS

Amounts falling due after more than one year

-

(2,864

)

PROVISIONS FOR LIABILITIES

(7,617

)

(9,532

)

NET ASSETS

10,052

15,514

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9,952

15,414

SHAREHOLDERS' FUNDS

10,052

15,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 March 2020 and were signed on its behalf by:

I Morley - Director

1.	STATUTORY INFORMATION

MCM Farm Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on the Going Concern basis. This basis assumes that the Company

will continue trading as a going concern for the foreseeable future. This basis may not be appropriate as at the

balance sheet date the company had net current liabilities of £24,671. In addition, he outbreak of the Coronavirus

in the United Kingdom may result in measures imposed by the Government that significantly affect the ability of

the Company to continue its normal trading and impact its ability to continue trading as a Going Concern.

Clearly this situation is developing at the time of the approval of these financial statements. The Directors are

closely monitoring the position and will follow all the official guidance and take appropriate measures to

mitigate the impact of this virus outbreak on the Company.

However, the company has traded profitably during the year and the directors are satisfied that the cash flow will

be sufficient to enable the company to meet its liabilities as they fall due. Consequently the directors consider

that the going concern basis is appropriate.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of

service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Buildings

-

10% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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 Income Statement, 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

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2018

and 30 June 2019

15,000

AMORTISATION

At 1 July 2018

and 30 June 2019

15,000

NET BOOK VALUE

At 30 June 2019

-

At 30 June 2018

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2018

and 30 June 2019

182,151

DEPRECIATION

At 1 July 2018

129,481

Charge for year

10,330

At 30 June 2019

139,811

NET BOOK VALUE

At 30 June 2019

42,340

At 30 June 2018

52,670

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

Totals

£

COST

At 1 July 2018

and 30 June 2019

20,381

DEPRECIATION

At 1 July 2018

8,917

Charge for year

2,866

At 30 June 2019

11,783

NET BOOK VALUE

At 30 June 2019

8,598

At 30 June 2018

11,464

6.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

2,864

6,507

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2019 and

30 June 2018:

2019

2018

£

£

M G Cowton

Balance outstanding at start of year

-

-

Amounts advanced

15,688

29,166

Amounts repaid

(15,688

)

(29,166

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

I Morley

Balance outstanding at start of year

-

-

Amounts advanced

19,981

17,370

Amounts repaid

(19,981

)

(17,370

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

8.	RELATED PARTY DISCLOSURES

The following balances were due to the Director:

2019

2018

£

£

I Morley

146

421

The Company charged the Director interest as follows:

2018

2017

£

£

I Morley

103

-

The following balances were due to the Director:

2018

2017

£

£

M Cowton

2,394

3,931

The Company charged the Director interest as follows:

2018

2017

£

£

M Cowton

70

-

9.	ULTIMATE CONTROLLING PARTY

The controlling party is I Morley and M G Cowton.