ACCOUNTS - Final Accounts

MOULTON MANOR FARM - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueThe principal activity of the company in the year under review was that of farming.false2016-04-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 755440 2016-04-01 2017-03-31 755440 2015-04-01 2016-03-31 755440 2017-03-31 755440 2016-03-31 755440 2015-04-01 755440 c:PriorPeriodIncreaseDecrease 2016-04-01 2017-03-31 755440 c:RestatedAmount 2016-03-31 755440 d:Director1 2016-04-01 2017-03-31 755440 c:Buildings 2017-03-31 755440 c:Buildings 2016-03-31 755440 c:Buildings c:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 755440 c:Buildings c:LongLeaseholdAssets 2016-04-01 2017-03-31 755440 c:LandBuildings 2017-03-31 755440 c:LandBuildings 2016-03-31 755440 c:PlantMachinery 2016-04-01 2017-03-31 755440 c:PlantMachinery 2017-03-31 755440 c:PlantMachinery 2016-03-31 755440 c:PlantMachinery c:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 755440 c:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 755440 c:CurrentFinancialInstruments 2017-03-31 755440 c:CurrentFinancialInstruments 2016-03-31 755440 c:Non-currentFinancialInstruments 2017-03-31 755440 c:Non-currentFinancialInstruments 2016-03-31 755440 c:CurrentFinancialInstruments c:WithinOneYear 2017-03-31 755440 c:CurrentFinancialInstruments c:WithinOneYear 2016-03-31 755440 c:Non-currentFinancialInstruments c:AfterOneYear 2017-03-31 755440 c:Non-currentFinancialInstruments c:AfterOneYear 2016-03-31 755440 c:ShareCapital 2017-03-31 755440 c:ShareCapital 2016-03-31 755440 c:ShareCapital 2015-04-01 755440 c:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 755440 c:RetainedEarningsAccumulatedLosses 2017-03-31 755440 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2016-04-01 2017-03-31 755440 c:RetainedEarningsAccumulatedLosses 2015-04-01 2016-03-31 755440 c:RetainedEarningsAccumulatedLosses 2016-03-31 755440 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2016-03-31 755440 c:RetainedEarningsAccumulatedLosses 2015-04-01 755440 c:AcceleratedTaxDepreciationDeferredTax 2017-03-31 755440 c:AcceleratedTaxDepreciationDeferredTax 2016-03-31 755440 c:OtherDeferredTax 2016-03-31 755440 d:FRS102 2016-04-01 2017-03-31 755440 d:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 755440 d:FullAccounts 2016-04-01 2017-03-31 755440 d:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 755440

MOULTON MANOR FARM

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

MOULTON MANOR FARM

REGISTERED NUMBER: 755440

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016 as restated
Note		£		£

Fixed assets
Tangible assets	4		2,786,734		2,878,630
			2,786,734		2,878,630
Current assets
Stocks	5	372,759		433,772
Debtors: amounts falling due within one year	6	362,187		517,243
Current asset investments	7	750,000		50,000
Cash at bank and in hand		203,034		810,205
		1,687,980		1,811,220
Creditors: amounts falling due within one year	8	(414,161)		(647,533)
Net current assets			1,273,819		1,163,687
Total assets less current liabilities			4,060,553		4,042,317
Creditors: amounts falling due after more than one year	9		(3,990,544)		(3,990,544)
Provisions for liabilities
Deferred tax	10	(78,852)		(81,256)
			(78,852)		(81,256)
Net liabilities			(8,843)		(29,483)

Capital and reserves
Called up share capital	50,000	50,000
Profit and loss account	(58,843)	(79,483)
	(8,843)	(29,483)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on

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MOULTON MANOR FARM

REGISTERED NUMBER: 755440

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2017

15 December 2017.

J G Barron

Director

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MOULTON MANOR FARM

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2017

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2015	50,000	304,414	354,414
Comprehensive income for the year
Loss for the year	-	(383,897)	(383,897)
Total comprehensive income for the year	-	(383,897)	(383,897)

At 1 April 2016 (as previously stated)	50,000	53,687	103,687
Prior year adjustment	-	(133,170)	(133,170)
At 1 April 2016 (as previously stated)	50,000	(79,483)	(29,483)
Comprehensive income for the year
Profit for the year	-	20,640	20,640
Total comprehensive income for the year	-	20,640	20,640
At 31 March 2017	50,000	(58,843)	(8,843)

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

The company is an unlimited company incorporated in England. Its registered office is Moulton Manor, Moulton, Newmarket, Suffolk, CB8 8SB. The principal activity during the year was that of farming.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Buildings and improvements	-	20% on cost
				Plant and machinery	-	10% - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

∙at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.5

Financial instruments (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

3.	Employees
	Staff costs, including directors' remuneration, were as follows:

The average monthly number of employees, including directors, during the year was 8 (2016 - 7).

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.	Tangible fixed assets

	Freehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 April 2016	2,926,424	2,436,676	5,363,100
Additions	-	29,895	29,895
Disposals	-	(14,317)	(14,317)
At 31 March 2017	2,926,424	2,452,254	5,378,678
Depreciation
At 1 April 2016	677,260	1,807,210	2,484,470
Charge for the year on owned assets	16,876	102,747	119,623
Disposals	-	(12,149)	(12,149)
At 31 March 2017	694,136	1,897,808	2,591,944
Net book value
At 31 March 2017	2,232,288	554,446	2,786,734
At 31 March 2016	2,249,164	629,466	2,878,630

The net book value of land and buildings may be further analysed as follows:
	2017	2016
	£	£

Freehold	2,232,288	2,249,165
	2,232,288	2,249,165

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

5.	Stocks
		2017	2016 as restated
		£	£

Raw materials and consumables	101,332	198,223
Work in progress (goods to be sold)	247,682	213,107
Finished goods and goods for resale	23,745	22,442
	372,759	433,772

Debtors

					2017	2016
					£	£


Trade debtors	229,113	215,155
Other debtors	16,809	47,796
Prepayments and accrued income	116,265	254,292
	362,187	517,243

7.	Current asset investments
		2017	2016
		£	£

Unlisted investments (liquid)	750,000	50,000
	750,000	50,000

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	200,139	192,563
Amounts owed to other participating interests	131,509	236,311
Corporation tax	-	91,281
Accruals and deferred income	82,513	127,378
	414,161	647,533

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Amounts owed to group undertakings	3,990,544	3,990,544
	3,990,544	3,990,544

10.	Deferred taxation

		2017
		£

	At beginning of year (as restated)	(81,256)
	Charged to profit or loss	2,404
	At end of year	(78,852)

The provision for deferred taxation is made up as follows:
	2017	2016 as restated
	£	£

Accelerated capital allowances	(78,852)	(114,548)
Other adjustments	-	33,292
	(78,852)	(81,256)

11.	Prior year adjustment

Stocks of potatoes were overstated in the prior year accounts, and this also resulted in an overprovision for corporation tax. The profit for the year ended 31 March 2016 and the reserves at that date have been reduced by £133,170. Stock at 31 March 2016 has been reduced by £166,462 and the corporation tax creditor by £33,292.

12.	Pension commitments

The company operates defined contribution pension schemes for directors and staff. The assets of the schemes are held seperately from those of the company in independently administered funds.

13.	Controlling party

The immediate parent undertaking is Moulton Manor Farm (Holdings) Ltd. The ultimate controlling party is the John Barron 1994 Settlement

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MOULTON MANOR FARM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

14.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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MOULTON MANOR FARM

SCHEDULE TO THE DETAILED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2017

TRADING PROFIT AND LOSS ACCOUNT
	2017	2016
	£	£

TURNOVER
Gross margin on arable trading account (see below)		993,005		877,034
Bank interest receivable		1,668		2,451
Rental income		57,107		65,765
Crop license income		10,990		17,242
Potato storage		104,156		117,357
Contracting and management services		13,105		31,647
Income from Chippenham Park Farm		168,934		270,224
Income from Freckenham Estate		80,404		102,328
Single Farm Payment		86,596		70,319
Sundry income		34,819		54,683
		1,550,784		1,609,050
LESS: EXPENSES
Directors salaries	205,714		21,714
Directors pension costs	50,000		41,500
Staff salaries	238,960		261,499
Staff private health insurance	15,640		18,790
Staff national insurance	47,974		12,841
Staff training and welfare	4,935		2,399
Telephone and fax	8,016		9,581
Trade subscriptions	5,181		5,518
Legal and professional	20,050		47,152
Bank charges	566		601
Sundry expenses	3,450		3,571
General office expenses	6,124		5,075
Insurances	22,933		17,758
Depreciation - plant and machinery	119,623		132,630
Profit/loss on sale of tangible assets	218		(7,124)
Plant hire	192,633		216,761
Andercourt fees	66,500		60,989
Velcourt farm management fees	59,608		70,323
Fuel and oil	93,838		126,623
Machinery repairs	91,356		52,397
Contracting work	79,178		97,301
Land rent	59,603		86,555
Secretarial and admin	20,030		19,094
Irrigation	9,313		13,752

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MOULTON MANOR FARM

SCHEDULE TO THE DETAILED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2017

Vehicle tax and insurance	9,722		8,929
Rates and water	10,223		10,565
Light and heat	55,797		54,882
Property repairs	50,116		63,959
Loan write-off	-		500,000
		1,547,301		1,955,635
NET PROFIT (LOSS)		3,483		(346,585)

15.	ARABLE TRADING ACCOUNT
		2017	2016
		£	£


WHEAT
Sales	114,068	86,280
Opening valuation	(85,551)	(64,710)
Closing valuation	84,040	85,551
WHEAT OUTPUT	112,557	107,121
POTATOES
Sales	1,152,897	1,087,241
Opening valuation	(49,045)	(118,512)
Closing valuation	1,792	49,045
POTATO OUTPUT	1,105,644	1,017,774
SUGAR BEET
Sales	175,615	129,961
RYE
Sales	61,676	113,811
Opening valuation	(63,627)	(43,732)
Closing valuation	15,501	63,627
RYE OUTPUT	13,550	133,706
BARLEY
Sales	28,946	31,078
TOTAL OUTPUT	1,436,312	1,419,640

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MOULTON MANOR FARM

SCHEDULE TO THE DETAILED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2017


VARIABLE COSTS
Opening value of cultivations	18,936	67,913
Seed	171,320	180,872
Fertiliser	113,203	165,191
Sprays	147,210	115,748
PMB levy	5,929	5,481
Crop sundries	32,449	26,327
Closing valuation of cultivatiosn	(45,741)	(18,926)
	443,306	542,606

					2017	2016
					£	£


GROSS MARGIN	993,005	877,034

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