Kavells Mushroom Company Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00715604 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Kavells Mushroom Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Mehigan

REGISTERED OFFICE:

Bottesford Lane

Orston

Nottingham

Nottinghamshire

NG13 9NX

REGISTERED NUMBER:

00715604 (England and Wales)

ACCOUNTANTS:

Bostockwhite Limited

Cabourn House

Station Street

Bingham

Nottinghamshire

NG13 8AQ

BANKERS:

National Westminster Bank plc

Nottingham City Branch

148-149 Victoria Centre

Nottingham

NG1 3QT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

94,955

26,114

Investment property

6

3,598,109

3,598,109

3,693,064

3,624,223

CURRENT ASSETS

Debtors

7

72,784

60,851

Cash at bank

139,416

72,272

212,200

133,123

CREDITORS

Amounts falling due within one year

8

2,089,243

2,051,275

NET CURRENT LIABILITIES

(1,877,043

)

(1,918,152

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,816,021

1,706,071

CREDITORS

Amounts falling due after more than one year

9

(337,635

)

(346,933

)

PROVISIONS FOR LIABILITIES

(23,550

)

(4,786

)

NET ASSETS

1,454,836

1,354,352

CAPITAL AND RESERVES

Called up share capital

3,500

3,500

Investment Property

Revaluation

11

454,819

454,819

Retained earnings

996,517

896,033

SHAREHOLDERS' FUNDS

1,454,836

1,354,352

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 20 December 2023 and were signed by:

D Mehigan - Director

1.	STATUTORY INFORMATION

Kavells Mushroom Company 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 represents net invoiced rental income, excluding value added tax.

Where the rental period straddles the financial year end, the proportion that relates to the following year is deferred.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses.

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these gains or losses, to the extent that they are recoverable, at the rate expected to apply when the property is sold.

Movements in these fair values are transferred to the revaluation reserve for a clear separation of realised and unrealised gains and losses.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2022

and 31 March 2023

7,713

AMORTISATION

At 1 April 2022

and 31 March 2023

7,713

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2022

171,634

13,971

185,605

Additions

77,417

-

77,417

At 31 March 2023

249,051

13,971

263,022

DEPRECIATION

At 1 April 2022

145,520

13,971

159,491

Charge for year

8,576

-

8,576

At 31 March 2023

154,096

13,971

168,067

NET BOOK VALUE

At 31 March 2023

94,955

-

94,955

At 31 March 2022

26,114

-

26,114

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

3,598,109

NET BOOK VALUE

At 31 March 2023

3,598,109

At 31 March 2022

3,598,109

Fair value at 31 March 2023 is represented by:

£

Valuation in 2014

2,100,000

Cost

1,498,109

3,598,109

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.23

31.3.22

£

£

Cost

1,884,283

1,884,283

Investment properties were valued on open market basis on 29 April 2014 by Innes England Limited .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

72,784

60,744

Other debtors

-

107

72,784

60,851

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

16,080

2,500

Trade creditors

15,221

11,140

Taxation and social security

31,493

58,996

Other creditors

2,016,449

1,968,639

2,089,243

2,051,275

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

22,861

32,861

Hire purchase contracts

16,080

-

Other creditors

298,694

314,072

337,635

346,933

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

238,514

256,223

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Other loans

313,739

328,534

The bank loan is secured by a legal mortgage dated 04/02/01 over the land at Bottesford and also an unscheduled mortgage debenture dated 04/02/01 incorporating a fixed and floating charge over all current and future assets of the company.

The other loans are mortgages secured over the properties to which they relate.

11.

RESERVES

Investment

Property

Revaluation

£

At 1 April 2022

and 31 March 2023

454,819