Company Registration No. 00716250 (England and Wales)
The Manydown Company Limited
Unaudited financial statements
for the year ended 31 March 2022
Pages for filing with the Registrar
The Manydown Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
The Manydown Company Limited
Balance sheet
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
Tangible assets
5
23,186,230
22,508,292
Investment properties
6
8,597,577
6,985,000
Investments
7
140,420
31,783,807
29,633,712
Current assets
Stocks
766,233
350,597
Biological assets
8
294,789
319,694
Debtors
9
1,828,865
1,310,151
Investments
10
2,115,206
2,032,289
Cash at bank and in hand
1,280,555
2,289,114
6,285,648
6,301,845
Creditors: amounts falling due within one year
11
(1,180,601)
(1,018,333)
Net current assets
5,105,047
5,283,512
Total assets less current liabilities
36,888,854
34,917,224
Creditors: amounts falling due after more than one year
12
(1,000,000)
(1,000,000)
Provisions for liabilities
(7,108,777)
(6,954,712)
Net assets
28,780,077
26,962,512
Capital and reserves
Called up share capital
13
300,400
300,400
Revaluation reserve
16,211,129
16,246,123
Other reserves
6,242,747
5,163,014
Profit and loss reserves
6,025,801
5,252,975
Total equity
28,780,077
26,962,512
The Manydown Company Limited
Balance sheet (continued)
As at 31 March 2022
Page 2
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 March 2022 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.
The financial statements were approved by the board of directors and authorised for issue on 24 November 2022 and are signed on its behalf by:
R A Dickinson
Director
Company Registration No. 00716250
The Manydown Company Limited
Notes to the financial statements
For the year ended 31 March 2022
Page 3
1
Accounting policies
Company information
The Manydown Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
C/O Womble Bond Dickinson (Uk) Llp The Spark, Drayman's Way, Newcastle Helix, Newcastle Upon Tyne, United Kingdom, NE4 5DE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
farm produce, property rental
and
associated property services and returns on investment
achieved
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Farm produce includes wheat, barley and oilseed rape sales which follow the harvest year cycle.
Rental income is invoiced on a monthly basis, either in advance or in arrears. Wayleaves are received on a quarterly basis.
Returns on investments relate to dividend income for the portfolio held by the company. These are recognised at date of declaration.
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 4
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably
.
Amortisation 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:
Basic Payment Scheme entitlements
20% straight line
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.
Tangible fixed assets include investment properties valued
by
the Directors
on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
2% straight line on buildings and 7 years on improvements
Plant and machinery
10% and 15% straight line
Motor vehicles
20% straight line
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
.
1.5
Biological assets
Biological assets held by the company relate to growing crops. Growing crops are measured at cost.
1.6
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.
Changes in fair value are recognised in profit or loss.
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 5
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
The cost of crops and produce in store is determined by cost of production. The cost of purchased fertilisers, sprays, seeds, feed, oil and stores is based on purchase price. Cultivations are calculated by reference to purchased inputs and contract charges incurred in respect to growing crops at the year end.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 6
1.10
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.11
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.
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 7
1.12
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Government grants
The money receivable for the Basic Payment Scheme is recognised only when there is both compliance with relevant conditions for receipt of the Basic Payment Scheme and reasonable assurance as to its receipt.
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 8
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
6
4
Intangible fixed assets
Basic Payment Scheme entitlements
£
Cost
At 1 April 2021 and 31 March 2022
16,832
Amortisation and impairment
At 1 April 2021 and 31 March 2022
16,832
Carrying amount
At 31 March 2022
At 31 March 2021
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 9
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
22,718,680
549,368
23,268,048
Additions
836,839
836,839
Disposals
(45,658)
(45,658)
Transfers
(76,286)
76,286
At 31 March 2022
22,596,736
1,462,493
24,059,229
Depreciation and impairment
At 1 April 2021
236,027
523,729
759,756
Depreciation charged in the year
52,802
60,441
113,243
At 31 March 2022
288,829
584,170
872,999
Carrying amount
At 31 March 2022
22,307,907
878,323
23,186,230
At 31 March 2021
22,482,653
25,639
22,508,292
6
Investment property
2022
£
Fair value
At 1 April 2021
6,985,000
Additions
287,577
Disposals
(66,500)
Revaluations
1,391,500
At 31 March 2022
8,597,577
7
Fixed asset investments
2022
2021
£
£
Other investments other than loans
140,420
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
7
Fixed asset investments (continued)
Page 10
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2021
140,420
Disposals
(140,420)
At 31 March 2022
-
Carrying amount
At 31 March 2022
-
At 31 March 2021
140,420
8
Biological assets
Growing Crops
£
Cost
At 1 April 2021
319,694
Additions - procreation or planting
294,789
Harvest
(319,694)
At 31 March 2022
294,789
9
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,091,766
841,081
Amounts owed by group undertakings
5,876
Other debtors
731,223
469,070
1,828,865
1,310,151
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 11
10
Current asset investments
2022
2021
£
£
Other investments
2,115,206
2,032,289
11
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
400,000
400,000
Trade creditors
437,861
270,443
Taxation and social security
180
Other creditors
342,560
347,890
1,180,601
1,018,333
12
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,000,000
1,000,000
Included in the bank loans is a short term loan of £400,000 (2021: £400,000) which is subject to a fixed rate of interest of 12% per annum. This loan was repaid in full on the 13 April 2022.
The balance of the loans, £1,000,000, is subject to a variable rate of interest of 2.75% per annum. This loan is repayable in full in 2045.
These bank loans are also secured over Whitedown Farm (approx. 360 acres) in addition to part of Lower Farm and Rookery Farm.
13
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,400
300,400
300,400
300,400
The Manydown Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 12
14
Parent company
The immediate parent company is Manydown 2007 Limited and the ultimate parent company is Manydown Holdings Limited, companies registered in England and Wales.
15
Related party transactions
As at 31 March 2022, The Manydown Company Limited was owed £200,000 (2021: £200,000) by a related company, Manydown 2018 Limited.
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