Medforth Farming Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08084332 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

MEDFORTH FARMING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D C Medforth

J M Medforth

REGISTERED OFFICE:

Raisthorpe Manor

Wharram

Malton

North Yorkshire

YO17 9TF

REGISTERED NUMBER:

08084332 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

FIXED ASSETS

Intangible assets

4

21,250

36,250

Tangible assets

5

386,202

365,325

407,452

401,575

CURRENT ASSETS

Stocks

43,900

55,650

Debtors

6

35,778

19,293

Cash at bank

121,470

171,481

201,148

246,424

CREDITORS

Amounts falling due within one year

7

518,061

549,696

NET CURRENT LIABILITIES

(316,913

)

(303,272

)

TOTAL ASSETS LESS CURRENT LIABILITIES

90,539

98,303

CREDITORS

Amounts falling due after more than one year

8

-

15,964

NET ASSETS

90,539

82,339

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

90,439

82,239

SHAREHOLDERS' FUNDS

90,539

82,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2021 and were signed on its behalf by:

........................................................................

D C Medforth - Director

........................................................................

J M Medforth - Director

1.	STATUTORY INFORMATION

Medforth 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten 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.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

at variable rates on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

Capital-based grants are recognised in profit and loss on a systematic basis over the useful economic life of the asset.

Grants relating to an asset which are deferred are recognised as a deferred income liability and are not deducted from the carrying value of an asset.

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 Statement of Income and Retained Earnings, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

150,000

AMORTISATION

At 1 April 2020

113,750

Charge for year

15,000

At 31 March 2021

128,750

NET BOOK VALUE

At 31 March 2021

21,250

At 31 March 2020

36,250

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

812,109

Additions

80,773

At 31 March 2021

892,882

DEPRECIATION

At 1 April 2020

446,784

Charge for year

59,896

At 31 March 2021

506,680

NET BOOK VALUE

At 31 March 2021

386,202

At 31 March 2020

365,325

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

26,517

9,818

Other debtors

9,261

9,475

35,778

19,293

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Hire purchase contracts

15,964

66,754

Trade creditors

35,341

38,171

Taxation and social security

21,068

27,403

Other creditors

445,688

417,368

518,061

549,696

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Hire purchase contracts

-

15,964

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

2

Ordinary

£1

100

100