M & L Farming Limited - Accounts to registrar (filleted) - small 18.2

M & L Farming Limited - Accounts to registrar (filleted) - small 18.2

M & L FARMING LTD. - Company Information

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REGISTERED NUMBER: 08017325 (England and Wales)

























Unaudited Financial Statements

for the Year Ended 30 September 2020

for

M & L Farming Limited
M & L Farming Limited (Registered number: 08017325)






Contents of the Financial Statements
for the Year Ended 30 September 2020




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 6

M & L Farming Limited

Company Information
for the Year Ended 30 September 2020







DIRECTORS: M J R Joule
Mrs L Joule





REGISTERED OFFICE: The Lion Buildings
8 Market Place
Uttoxeter
Staffordshire
ST14 8HP





REGISTERED NUMBER: 08017325 (England and Wales)





ACCOUNTANTS: HSKS Greenhalgh
Chartered Accountants
The Lion Buildings
8 Market Place
Uttoxeter
Staffordshire
ST14 8HP
Page 1
M & L Farming Limited (Registered number: 08017325)

Abridged Statement of Financial Position
30 September 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,480 25,950

CURRENT ASSETS
Debtors 3,809 -
Cash at bank 7,676 3,952
11,485 3,952
CREDITORS
Amounts falling due within one year 33,470 52,644
NET CURRENT LIABILITIES (21,985 ) (48,692 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(1,505
)
(22,742
)

PROVISIONS FOR LIABILITIES 2,206 1,733
NET LIABILITIES (3,711 ) (24,475 )

CAPITAL AND RESERVES
Called up share capital 5 2 2
Retained earnings (3,713 ) (24,477 )
SHAREHOLDERS' FUNDS (3,711 ) (24,475 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 notes form part of these financial statements

Page 2 continued...
M & L Farming Limited (Registered number: 08017325)

Abridged Statement of Financial Position - continued
30 September 2020


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 Statement of Financial Position for the year ended 30 September 2020 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 and authorised for issue on 16 June 2021 and were signed on its behalf by:




M J R Joule - Director



Mrs L Joule - Director


The notes form part of these financial statements

Page 3
M & L Farming Limited (Registered number: 08017325)

Notes to the Financial Statements
for the Year Ended 30 September 2020

1. STATUTORY INFORMATION

M & L Farming 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.

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 are presented in £ Sterling.

The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Since the end of the year under review, the COVID-19 pandemic has become a significant emerging risk to the global economy. The directors continue to monitor the impact on the business on an ongoing basis. At the time of approving these financial statements, the directors do not consider COVID-19 to impact the company's ability to continue as a going concern and considers the balance sheet to be appropriately valued. The directors note this is a non-adjusting post balance sheet event.

Turnover
Turnover represents net invoiced sales of produce and contract work, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Farm machinery - 10% on reducing balance
Tractor and trailers - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Page 4 continued...
M & L Farming Limited (Registered number: 08017325)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2019 64,235
Disposals (13,004 )
At 30 September 2020 51,231
DEPRECIATION
At 1 October 2019 38,285
Charge for year 3,734
Eliminated on disposal (11,268 )
At 30 September 2020 30,751
NET BOOK VALUE
At 30 September 2020 20,480
At 30 September 2019 25,950

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
2 Ordinary £1 2 2

Page 5
Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
M & L Farming Limited

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 Statement of Financial Position. 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 M & L Farming Limited for the year ended 30 September 2020 which comprise the Income Statement, Abridged Statement of Financial Position 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 M & L Farming Limited, as a body, in accordance with the terms of our engagement letter dated 26 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of M & L Farming Limited and state those matters that we have agreed to state to the Board of Directors of M & L Farming 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 M & L Farming Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that M & L Farming 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 M & L Farming Limited. You consider that M & L Farming 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 M & L Farming 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.






HSKS Greenhalgh
Chartered Accountants
The Lion Buildings
8 Market Place
Uttoxeter
Staffordshire
ST14 8HP


16 June 2021

This page does not form part of the statutory financial statements

Page 6