Company registration number 07087356 (England and Wales)
MEREWORTH FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
MEREWORTH FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MEREWORTH FARMS LIMITED (REGISTERED NUMBER: 07087356)
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
368,612
290,193
Current assets
Stocks
125,200
144,000
Debtors
4
331,829
11,019
Cash at bank and in hand
28,040
43,274
485,069
198,293
Creditors: amounts falling due within one year
5
(82,588)
(411,816)
Net current assets/(liabilities)
402,481
(213,523)
Total assets less current liabilities
771,093
76,670
Creditors: amounts falling due after more than one year
6
(3,862,459)
(2,750,786)
Net liabilities
(3,091,366)
(2,674,116)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(3,091,367)
(2,674,117)
Total equity
(3,091,366)
(2,674,116)
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 31 December 2021 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.
MEREWORTH FARMS LIMITED (REGISTERED NUMBER: 07087356)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 March 2023 and are signed on its behalf by:
Mr K M M Al Tajir
Director
MEREWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Mereworth Farms Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 New Street Square, London, EC4A 3TW.
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 £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT
.
1.4
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:
Improvements to Leasehold
No depreciation provided
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
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
.
MEREWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
15
16
MEREWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Tangible fixed assets
Improvements to Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
176,525
343,698
20,739
212,402
753,364
Additions
113,992
13,846
127,838
Disposals
(15,000)
(15,000)
At 31 December 2021
176,525
457,690
34,585
197,402
866,202
Depreciation and impairment
At 1 January 2021
264,203
12,163
186,805
463,171
Depreciation charged in the year
35,597
4,423
5,399
45,419
Eliminated in respect of disposals
(11,000)
(11,000)
At 31 December 2021
299,800
16,586
181,204
497,590
Carrying amount
At 31 December 2021
176,525
157,890
17,999
16,198
368,612
At 31 December 2020
176,525
79,495
8,576
25,597
290,193
Included within this summary are assets with a net book value of £175,304 (2020: £103,694) being held under hire purchase agreements.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
331,829
11,019
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
27,216
74,048
Other creditors
55,372
337,768
82,588
411,816
MEREWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
3,862,459
2,750,786
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Parent company
The shares in the company are owned by Park Tower Holdings (BVI) Limited. The company is controlled by His Excellency Mohammed Mahdi Al Tajir. At the year end Mereworth Farms Limited owed Park Tower Holdings (BVI) Limited £1,638,190 (2020: £1,638,190).