Mole End Farms Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02836106 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

MOLE END FARMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTOR:

P F Ward

SECRETARY:

J Ward

REGISTERED OFFICE:

31 - 33 Albion Place

Maidstone

Kent

ME14 5DZ

REGISTERED NUMBER:

02836106 (England and Wales)

ACCOUNTANTS:

Stephen Hill Mid Kent Limited

31-33 Albion Place

Sittingbourne Road

Maidstone

Kent

ME14 5DZ

FIXED ASSETS

Tangible assets

4

2,968,614

2,947,180

Investments

5

50

50

Investment property

6

805,000

805,000

3,773,664

3,752,230

CURRENT ASSETS

Stocks

56,476

57,666

Debtors

7

163,599

93,590

Cash at bank

178,268

2,987

398,343

154,243

CREDITORS

Amounts falling due within one year

8

414,744

427,204

NET CURRENT LIABILITIES

(16,401

)

(272,961

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,757,263

3,479,269

CREDITORS

Amounts falling due after more than one year

9

(248,318

)

(330,502

)

PROVISIONS FOR LIABILITIES

(247,798

)

(243,082

)

NET ASSETS

3,261,147

2,905,685

CAPITAL AND RESERVES

Called up share capital

25,002

25,002

Share premium

291,416

291,416

Revaluation reserve

11

872,308

872,308

Capital redemption reserve

24,999

24,999

Retained earnings

2,047,422

1,691,960

SHAREHOLDERS' FUNDS

3,261,147

2,905,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 November 2023 and were signed by:

P F Ward - Director

1.	STATUTORY INFORMATION

Mole End Farms 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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on cost

Office equipment

-

20% on cost

Motor vehicles

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 22 (2022 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST OR VALUATION

At 1 September 2022

1,645,836

57,008

2,357,681

Additions

-

-

292,794

At 31 August 2023

1,645,836

57,008

2,650,475

DEPRECIATION

At 1 September 2022

-

9,729

1,118,817

Charge for year

-

2,850

313,797

At 31 August 2023

-

12,579

1,432,614

NET BOOK VALUE

At 31 August 2023

1,645,836

44,429

1,217,861

At 31 August 2022

1,645,836

47,279

1,238,864

Office

Motor

equipment

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 September 2022

25,455

98,829

4,184,809

Additions

10,003

57,245

360,042

At 31 August 2023

35,458

156,074

4,544,851

DEPRECIATION

At 1 September 2022

20,569

88,514

1,237,629

Charge for year

3,726

18,235

338,608

At 31 August 2023

24,295

106,749

1,576,237

NET BOOK VALUE

At 31 August 2023

11,163

49,325

2,968,614

At 31 August 2022

4,886

10,315

2,947,180

Cost or valuation at 31 August 2023 is represented by:

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Valuation in 2016

1,289,058

-

-

Valuation in 2020

231,578

-

-

Valuation in 2022

(871,662

)

-

-

Cost

996,862

57,008

2,650,475

1,645,836

57,008

2,650,475

Office

Motor

equipment

vehicles

Totals

£

£

£

Valuation in 2016

-

-

1,289,058

Valuation in 2020

-

-

231,578

Valuation in 2022

-

-

(871,662

)

Cost

35,458

156,074

3,895,877

35,458

156,074

4,544,851

If freehold property had not been revalued they would have been included at the following historical cost:

31.8.23

31.8.22

£

£

Cost

996,862

996,862

Freehold property was valued on an open market basis on 31 August 2022 by Hobbs & Parker .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 September 2022

and 31 August 2023

44,830

DEPRECIATION

At 1 September 2022

13,449

Charge for year

6,725

At 31 August 2023

20,174

NET BOOK VALUE

At 31 August 2023

24,656

At 31 August 2022

31,381

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2022

and 31 August 2023

50

NET BOOK VALUE

At 31 August 2023

50

At 31 August 2022

50

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2022

and 31 August 2023

805,000

NET BOOK VALUE

At 31 August 2023

805,000

At 31 August 2022

805,000

Fair value at 31 August 2023 is represented by:

£

Valuation in 2016

18,765

Valuation in 2020

89,570

Valuation in 2022

115,000

Cost

581,665

805,000

If investment property had not been revalued it would have been included at the following historical cost:

31.8.23

31.8.22

£

£

Cost

581,665

581,665

Investment Property was valued on an open market basis on 31 August 2022 by Hobbs & Parker .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Trade debtors

115,617

59,349

Other debtors

47,982

34,241

163,599

93,590

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Bank loans and overdrafts

80,950

138,123

Hire purchase contracts

5,395

10,790

Trade creditors

40,555

43,511

Taxation and social security

19,415

(23,391

)

Other creditors

268,429

258,171

414,744

427,204

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.23

31.8.22

£

£

Bank loans

248,318

325,107

Hire purchase contracts

-

5,395

248,318

330,502

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.23

31.8.22

£

£

Hire purchase contracts

5,395

16,185

11.

RESERVES

Revaluation

reserve

£

At 1 September 2022

and 31 August 2023

872,308

The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director 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 Mole End Farms Limited for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet 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 director of Mole End Farms Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mole End Farms Limited and state those matters that we have agreed to state to the director of Mole End Farms Limited 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 Mole End Farms Limited and its director for our work or for this report.

It is your duty to ensure that Mole End Farms 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 Mole End Farms Limited. You consider that Mole End Farms 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 Mole End Farms 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.

Stephen Hill Mid Kent Limited

31-33 Albion Place

Sittingbourne Road

Maidstone

Kent

ME14 5DZ

1 November 2023