Company No: 12357706 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2022		31.03.2021
		£		£
Current assets
Stocks	3	254,022		356,113
Debtors	4	18,556		15,276
Cash at bank and in hand		29,254		22,459
		301,832		393,848
Creditors
Amounts falling due within one year	5	( 206,296)		( 351,833)
Net current assets		95,536		42,015
Total assets less current liabilities		95,536		42,015
Creditors
Amounts falling due after more than one year	6	( 39,815)		( 45,370)
Net assets/(liabilities)		55,721		( 3,355)
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		55,720		( 3,356 )
Total shareholder's funds/(deficit)		55,721		( 3,355)

For the financial year ending 31 March 2022 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Moorhaven Rural Limited (registered number: 12357706) were approved and authorised for issue by the Director on 12 December 2022. They were signed on its behalf by:

Ms Andrea Peacock Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Moorhaven Rural Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Year ended 31.03.2022		Period from 10.12.2019 to 31.03.2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Stocks

	31.03.2022		31.03.2021
	£		£
Work in progress	254,022		356,113

4. Debtors

	31.03.2022		31.03.2021
	£		£
Amounts owed by Group undertakings	0		8,400
Prepayments	372		338
VAT recoverable	10,184		6,538
Other debtors	8,000		0
	18,556		15,276

5. Creditors: amounts falling due within one year

	31.03.2022		31.03.2021
	£		£
Bank loans	5,556		4,630
Trade creditors	0		7,098
Amounts owed to Group undertakings	198,660		337,899
Other creditors	80		406
Accruals	2,000		1,800
	206,296		351,833

6. Creditors: amounts falling due after more than one year

	31.03.2022		31.03.2021
	£		£
Bank loans	39,815		45,370

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	31.03.2022		31.03.2021
	£		£
Bank loans (repayable by instalments)	17,592		23,148

7. Called-up share capital

	31.03.2022		31.03.2021
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

8. Related party transactions

As the Company is a wholly owned subsidiary of Moorhaven Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.