Mundford Poultry Limited - Period Ending 2020-03-31
Mundford Poultry Limited - Period Ending 2020-03-31
Registration number:
Mundford Poultry Limited
for the Year Ended 31 March 2020
Mundford Poultry Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mundford Poultry Limited
(Registration number: 01602359)
Balance Sheet as at 31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Mundford Poultry Limited
(Registration number: 01602359)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Other financial assets |
3,194 |
14,516 |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Mundford Poultry Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling, which is the functional currency of the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Mundford Poultry Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Property |
Straight line over life of lease |
Plant & Machinery |
Straight line over 10-15 years and 25% reducing balance |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
All borrowing costs are recognised in the profit or loss in the period in which they are incurred.
Mundford Poultry Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Other tangible assets |
Total |
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Cost |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Included within the net book value of land and buildings above is £2,975,462 (2019 - £1,966,462) in respect of long leasehold land and buildings.
Mundford Poultry Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost |
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At 1 April 2019 |
113,814 |
113,814 |
At 31 March 2020 |
113,814 |
113,814 |
Fair value adjustment |
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At 1 April 2019 |
99,298 |
99,298 |
Fair value adjustment in the period |
11,322 |
11,322 |
At 31 March 2020 |
110,620 |
110,620 |
Carrying amount |
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At 31 March 2020 |
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3,194 |
At 31 March 2019 |
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14,516 |
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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- |
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Mundford Poultry Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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After more than five years by instalments |
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2,141,458 |
1,173,733 |
Mundford Poultry Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Bank borrowings
Each bank loan is secured by a first legal charge over the Mundford Poultry land and buildings, by a fixed and floating charge over all the other assets of the company and by personal guarantees of £60,000 by each of AR Boyce and DR Parker. |
Other borrowings
The carrying amount of the hire purchase contract at year end is £700 (2019 - £4,900). The hire purchase contract is secured against the asset concerned. |
Related party transactions |
Loans to related parties
2020 |
Entities with joint control or significant influence |
At start of period |
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Repaid |
( |
At end of period |
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Mundford Poultry Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
2019 |
Entities with joint control or significant influence |
At start of period |
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At end of period |
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Terms of loans to related parties
Financial instruments |
Categorisation of financial instruments
2020 |
2019 |
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Financial assets measured at fair value through profit or loss |
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Financial assets measured at fair value
Interest rate cap
A valuation has been obtained from the bank providing the derivative.
The fair value is £3,194 (2019 - £14,516) and the change in value included in profit or loss is £(11,323) (2019 - £(18,074)).