Marchmont Farms Limited - Period Ending 2020-12-31
Marchmont Farms Limited - Period Ending 2020-12-31
Registration number:
Marchmont Farms Limited
for the Year Ended 31 December 2020
Marchmont Farms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Marchmont Farms Limited
Company Information
Directors |
H A Burge O A Burge |
Company secretary |
H A Burge L Whitford |
Registered office |
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Auditors |
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Marchmont Farms Limited
(Registration number: 01760471)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as modified by the revaluation of freehold land and property..
Going concern
The company has the support of its shareholders who have confirmed that they will not withdraw their support and will introduce additional finance as and when necessary
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for farming, including grants energy and rental income. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
No depreciation is provided in respect of properties on the grounds that it would be immaterial.The directors are of the opinion that the remaining useful lives of freehold buildings is greater than fifty years. The freehold land and buildings were revalue in October 2010 following the revaluation as at 31 December 1990; this is a change in accounting policy in order to more fully reflect the asset values of the company. For other assets depreciation is provided at rates calculated to write off the cost of the assets over their estimated useful lives on a straight line basis at the following rates:
Asset class |
Depreciation method and rate |
Land and buildings |
Not depreciated |
Leasehold interest |
4.2% straight Line |
Plant and Equipment |
5%,10%,15% & 20% Straight line |
Motor vehicle |
20% straight line |
Office & rented property equipment |
7% & 20% Straight line |
Investment property
The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions.
Subsequent expenditure is added to assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.
Any movement in the fair value of the properties is reflected within the profit and loss account for the year.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Art is measured initially at cost, including related transaction costs. These are held as investments for capital appreciation and are stated at fair value at the balance sheet date.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
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Disposals |
- |
- |
( |
( |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
( |
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At 31 December 2020 |
- |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
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Disposals |
( |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Included within the net book value of land and buildings above is £28,456,017 (2019 - £27,172,232) in respect of freehold land and buildings and £Nil (2019 - £Nil) in respect of short leasehold land and buildings.
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Investment properties |
2020 |
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At 1 January |
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Additions |
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At 31 December |
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There has been no valuation of investment property by an independent valuer.
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Investments in associates |
- |
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Subsidiaries |
£ |
Fair value |
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At 1 January 2020 |
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At 31 December 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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The Courtyard, Holt Lodge Farm, Horton, Wimborne, Dorset BH21 7JN England |
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The Courtyard Holt Lodge Farm, Horton, Wimborne, Dorset BH21 7JN England |
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The Courtyard Holt lodge Farm, Horton, Wimborne, Dorset BH21 7JN England |
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Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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The Courtyard Holt Lodge Farm, Horton, Wimborne, Dorset BH21 7 JN England |
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The Courtyard Holt Lodge Farm, Horton, Wimborne, Dorset BH21 7JN England |
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The Courtyard Holt Lodge Farm, Horton, Wimborne BH21 7 JN England |
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The Courtyard Holt Lodge Farm, Horton, Wimborne BH21 7JN England |
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Associates |
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Ordinary |
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Scotland |
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Ordinary |
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Scotland |
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Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 EE
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Ordinary |
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Scotland |
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64A Marryat Road, Wimbledon, SW19 5BN |
Ordinary |
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England |
Subsidiary undertakings |
Paradise Farms Limited The principal activity of Paradise Farms Limited is |
Eastfield Stables Limited The principal activity of Eastfield Stables Limited is |
Moatstar Limited The principal activity of Moatstar Limited is |
Redbraes Limited The principal activity of Redbraes Limited is |
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Oakfern Properties Limited held by Moatstar Limited The principal activity of Oakfern Properties Limited held by Moatstar Limited is |
Tristram Securities Limited The principal activity of Tristram Securities Limited is |
Tristram Commercial Developments Limited The principal activity of Tristram Commercial Developments Limited is |
Associates |
Thurso River Limited The principal activity of Thurso River Limited is |
Ulbster Arms Limited The principal activity of Ulbster Arms Limited is |
Reay Farms Limited The principal activity of Reay Farms Limited is |
Parchment Films Limited The principal activity of Parchment Films Limited is |
Stocks |
2020 |
2019 |
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Other inventories |
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- |
Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
63,903 |
- |
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Prepayments |
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Other debtors |
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Director loan account |
355 |
9,204 |
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Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Director loan account |
21,282 |
- |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Marchmont Farms Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Bank borrowings
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Related party transactions |
Summary of transactions with all subsidiaries
Summary of transactions with all associates
Summary of transactions with other related parties
Nikkifix Holdings Limited (Shareholders Loan)
Nikkifix Holdings Limited is an interest free loan with no fixed repayment date
Parent and ultimate parent undertaking |
The company's immediate parent is