Company Registration No. 03195929 (England and Wales)
M.H.S. FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
M.H.S. FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
M.H.S. FARMS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
13,669,251
5,360,741
Investment properties
3
391,670
391,670
Investments
4
1,000
1,000
14,061,921
5,753,411
Current assets
Stocks
477,412
427,207
Debtors
6
869,798
831,451
Cash at bank and in hand
588,866
296,329
1,936,076
1,554,987
Creditors: amounts falling due within one year
7
(1,517,948)
(1,071,023)
Net current assets
418,128
483,964
Total assets less current liabilities
14,480,049
6,237,375
Creditors: amounts falling due after more than one year
8
(9,462,963)
(868,519)
Provisions for liabilities
-
(35,701)
Net assets
5,017,086
5,333,155
Capital and reserves
Called up share capital
9
4,038,000
4,038,000
Profit and loss reserves
979,086
1,295,155
Total equity
5,017,086
5,333,155
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
M.H.S. FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 December 2019 and are signed on its behalf by:
Mr M H S Sly
Mrs P M Sly
Director
Director
Company Registration No. 03195929
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
M.H.S. Farms Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Park Farm, Sandpit Road, Thorney, Peterborough, PE6 0SY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings/farm improvements
nil/2% to 10% per annum of cost
Plant and equipment
15% per annum of cost
Grainstore
15% per annum of cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of
cost or net realisable value.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets and liabilities
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are subsequently at amortised cost using the effective interest rate.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 6 -
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2018
5,020,171
1,116,633
6,136,804
Additions
7,880,936
639,480
8,520,416
Disposals
-
(5,892)
(5,892)
At 30 June 2019
12,901,107
1,750,221
14,651,328
Depreciation and impairment
At 1 July 2018
143,755
632,308
776,063
Depreciation charged in the year
29,451
180,205
209,656
Eliminated in respect of disposals
-
(3,642)
(3,642)
At 30 June 2019
173,206
808,871
982,077
Carrying amount
At 30 June 2019
12,727,901
941,350
13,669,251
At 30 June 2018
4,876,416
484,325
5,360,741
3
Investment property
2019
£
Fair value
At 1 July 2018 and 30 June 2019
391,670
Investment property comprises two freehold properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2019
2018
£
£
Investments
1,000
1,000
In the opinion of the directors, aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2018 & 30 June 2019
1,000
Carrying amount
At 30 June 2019
1,000
At 30 June 2018
1,000
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 8 -
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2019 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sly Property Developments Limited
7 Park Farm, Sandpit Road, Thorney, Peterborough, PE6 0SY
Ordinary
100.00
0
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 9 -
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
40,518
84,802
Amounts owed by group undertakings
671,039
644,117
Other debtors
135,283
91,653
Prepayments and accrued income
22,958
10,879
869,798
831,451
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
55,556
55,556
Other borrowings
1,534
1,534
Trade creditors
171,446
245,256
Other creditors
1,282,628
702,660
Accruals and deferred income
6,784
66,017
1,517,948
1,071,023
The loans are secured on company freehold land.
8
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
8,337,963
393,519
Other borrowings
1,125,000
475,000
9,462,963
868,519
The long-term loans are secured on company freehold land.
125,000 preference shares of £1 each are allotted and fully paid at par. At 30 June 201
9
these shares were redeemable at par, at the option of the holder on giving 6 months notice to the company. These preference shares are classified as financial liabilities and included within creditors falling due after more than one year.
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
4,038,000 Ordinary of £1 each
4,038,000
4,038,000
M.H.S. FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 10 -
10
Financial commitments, guarantees and contingent liabilities
There is a cross guarantee between the company and Griffin & Speed Farms Limited, a company under common control.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
16,800
18,000
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Other related parties
2,282,628
1,170,911
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
671,039
644,117
13
Directors' transactions
Dividends totalling £5,000 (2018 - £5,000) were paid in the year in respect of preference shares held by the company's directors.
2019-06-30
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false
18 December 2019
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
Mr M Sly
Mrs P Sly
Mrs P M Sly
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