Mudchute Park and Farm Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02713933 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

MUDCHUTE PARK AND FARM LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

Mrs L Cavanagh

K B Woeste

SECRETARY:

K B Woeste

REGISTERED OFFICE:

Harlow Enterprise Hub

Edinburgh Way

Harlow

Essex

CM20 2NQ

REGISTERED NUMBER:

02713933 (England and Wales)

ACCOUNTANTS:

Hewitt Warin Ltd

Harlow Enterprise Hub

Edinburgh Way

Harlow

Essex

CM20 2NQ

The directors present their report with the financial statements of the company for the year ended 31 March 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of supporting and enhancing the charitable work

of the parent company, The Mudchute Association. However the prime objective is to generate revenue for the

Association's charitable work. This does not negate its ability to act in charitable ways nor to be supported by external

agencies. Indeed all sectors operating under the Limited Company have benefited in different ways from external

funding in recent years.

DIRECTORS

K B Woeste has held office during the whole of the period from 1 April 2017 to the date of this report.

Other changes in directors holding office are as follows:

J Abbott - resigned 1 July 2017

Mrs L Cavanagh - appointed 1 July 2017

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs L Cavanagh - Director

11 December 2018

TURNOVER

196,929

164,827

Cost of sales

172,384

157,602

GROSS PROFIT

24,545

7,225

Administrative expenses

40,712

40,292

(16,167

)

(33,067

)

Other operating income

215

69

OPERATING LOSS and

LOSS BEFORE TAXATION

4

(15,952

)

(32,998

)

Tax on loss

5

-

-

LOSS FOR THE FINANCIAL YEAR

(15,952

)

(32,998

)

LOSS FOR THE YEAR

(15,952

)

(32,998

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(15,952

)

(32,998

)

FIXED ASSETS

Tangible assets

6

5,510

7,347

CURRENT ASSETS

Stocks

1,926

2,724

Debtors

7

2,977

609

Cash at bank

14,151

8,328

19,054

11,661

CREDITORS

Amounts falling due within one year

8

108,065

86,557

NET CURRENT LIABILITIES

(89,011

)

(74,896

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(83,501

)

(67,549

)

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

(83,503

)

(67,551

)

SHAREHOLDERS' FUNDS

(83,501

)

(67,549

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 December 2018 and were signed on its behalf by:

Mrs L Cavanagh - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2016

2

(34,553

)

(34,551

)

Changes in equity

Total comprehensive income

-

(32,998

)

(32,998

)

Balance at 31 March 2017

2

(67,551

)

(67,549

)

Changes in equity

Total comprehensive income

-

(15,952

)

(15,952

)

Balance at 31 March 2018

2

(83,503

)

(83,501

)

1.	STATUTORY INFORMATION

Mudchute Park and Farm 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 preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements,

as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements;

•

the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;

•

the requirements of IAS 7 Statement of Cash Flows;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax

rules, using tax rates enacted or substantially enacted by the balance sheet date.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.3.18

31.3.17

£

£

Wages and salaries

112,699

109,235

Social security costs

7,811

8,013

Other pension costs

661

625

121,171

117,873

The average number of employees during the year was as follows:

31.3.18

31.3.17

6

6

31.3.18

31.3.17

£

£

Directors' remuneration

-

-

4.	LOSS BEFORE TAXATION

The loss before taxation is stated after charging:

31.3.18

31.3.17

£

£

Cost of inventories recognised as expense

172,384

157,602

Depreciation - owned assets

1,837

2,449

5.

TAXATION

Analysis of tax expense

No liability to UK corporation tax arose for the year ended 31 March 2018 nor for the year ended

31 March 2017.

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2017

and 31 March 2018

29,327

11,562

703

41,592

DEPRECIATION

At 1 April 2017

24,423

9,119

703

34,245

Charge for year

1,226

611

-

1,837

At 31 March 2018

25,649

9,730

703

36,082

NET BOOK VALUE

At 31 March 2018

3,678

1,832

-

5,510

At 31 March 2017

4,904

2,443

-

7,347

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

1,618

230

Other debtors

1,000

-

Prepayments

359

379

2,977

609

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

4,733

1,053

Social security and other taxes

1,950

2,240

Other creditors

11,152

10,173

Due to parent undertaking

87,951

70,561

Accrued expenses

2,279

2,530

108,065

86,557

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

2

Share Capital 1

£1

2

2

11.	ULTIMATE PARENT COMPANY

The shares of the company are held 100% by The Mudchute Association (Company no. 1613085) and is

controlled by their board.

12.	CONTINGENT LIABILITIES

The Company does not have any contingent liabilities as at 31 March 2018.

13.	CAPITAL COMMITMENTS

The Company does not have any capital commitments as at 31 March 2018.

14.	RELATED PARTY DISCLOSURES

15.	ULTIMATE PARENT UNDERTAKING

16.

DEBENTURE

By a debenture created on 8 December 1992, the whole undertaking has been charged in favour of The

Mudchute Association, a registered charity.