Mana Kau Farming Limited - Period Ending 2022-12-31
Mana Kau Farming Limited - Period Ending 2022-12-31
Registration number:
4 March 2022 to
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Mana Kau Farming Limited
Contents
Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mana Kau Farming Limited
for the Period Ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mana Kau Farming Limited for the period ended 31 December 2022 as set out on pages 2 to 9 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 at http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Mana Kau Farming Limited, as a body, in accordance with the terms of our engagement letter dated 25 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of Mana Kau Farming Limited and state those matters that we have agreed to state to the Board of Directors of Mana Kau Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mana Kau Farming Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Mana Kau Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mana Kau Farming Limited. You consider that Mana Kau Farming Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Mana Kau 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 accounts.
Chartered Accountants
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
Mana Kau Farming Limited
(Registration number: 13954080)
Balance Sheet as at 31 December 2022
Note |
31 December 2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 assets |
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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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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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Mana Kau Farming Limited
(Registration number: 13954080)
Balance Sheet as at 31 December 2022 (continued)
For the financial period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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J S Furnival
Director
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P W Kimpton
Director
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J J Kimpton
Director
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J D Lovatt
Director
Mana Kau Farming Limited
Notes to the Unaudited Financial Statements for the Period from 4 March 2022 to 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
Brook Cottages
Smithy Lane
Whitmore
NEWCASTLE UNDER LYME
ST5 5FD
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 disclosed in the accounting policies certain items are shown at fair value.
Disclosure of long or short period
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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 deferred 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.
Mana Kau Farming Limited
Notes to the Unaudited Financial Statements for the Period from 4 March 2022 to 31 December 2022 (continued)
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
Straight line to February 2032 and 15% reducing balance basis |
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 the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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
Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.
Mana Kau Farming Limited
Notes to the Unaudited Financial Statements for the Period from 4 March 2022 to 31 December 2022 (continued)
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
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 period, was
Mana Kau Farming Limited
Notes to the Unaudited Financial Statements for the Period from 4 March 2022 to 31 December 2022 (continued)
Tangible assets |
Plant and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2022 |
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Depreciation |
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Charge for the period |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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Debtors |
31 December 2022 |
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Other debtors |
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Mana Kau Farming Limited
Notes to the Unaudited Financial Statements for the Period from 4 March 2022 to 31 December 2022 (continued)
Creditors |
Note |
31 December 2022 |
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Due within one year |
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Loans and borrowings |
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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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Other creditors |
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Due after one year |
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Loans and borrowings |
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31 December 2022 |
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After more than five years by instalments |
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82,232 |
Loans and borrowings |
31 December 2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings includes the following liabilities, on which security has been given by the company:
31 December 2022 |
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Bank borrowings |
41,190 |
Bank borrowings are secured by fixed and floating charges over the company's assets.
Mana Kau Farming Limited
Notes to the Unaudited Financial Statements for the Period from 4 March 2022 to 31 December 2022 (continued)
31 December 2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:
31 December 2022 |
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Bank borrowings |
137,152 |
Bank borrowings are secured by fixed and floating charges over the company's assets.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £