Great Melton Farms Limited
|
Registered number: |
00934008
|
Balance Sheet |
as at 30 April 2020
|
|
|
|
Notes |
|
2020 |
|
|
2019 |
£ |
£ |
Fixed assets |
Investments |
|
3 |
|
1,564,574 |
|
|
1,575,379 |
|
|
|
|
1,564,574 |
|
|
1,575,379 |
|
Current assets |
Debtors |
|
4 |
2,715 |
|
|
2,715 |
|
Creditors: amounts falling due within one year |
5 |
(20,276) |
|
|
(58,582) |
|
|
|
|
|
|
|
Net current liabilities |
|
|
|
(17,561) |
|
|
(55,867) |
|
|
|
|
|
|
|
|
Total assets less current liabilities |
|
|
1,547,013 |
|
|
1,519,512 |
|
Creditors: amounts falling due after more than one year |
|
|
- |
|
|
- |
|
|
Net assets |
|
|
|
1,547,013 |
|
|
1,519,512 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
37,010 |
|
|
37,010 |
Profit and loss account |
|
|
|
1,510,003 |
|
|
1,482,502 |
|
Shareholders' funds |
|
|
|
1,547,013 |
|
|
1,519,512 |
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
|
Sir Edward Christopher Evans-Lombe |
Director |
Approved by the board on 26 April 2021
|
|
Great Melton Farms Limited
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Notes to the Accounts |
for the year ended 30 April 2020
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration returned or returnable on the investments held as fixed assets by the company.
|
|
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
|
|
|
Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price), as are Director's loans made at non market rates. Other loans and financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
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Taxation |
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A current tax liability is recognised for any tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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|
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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2 |
Employees |
2020 |
|
2019 |
Number |
Number |
|
|
Average number of persons employed by the company including directors |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
Great Melton |
Unlisted |
Farms |
investments |
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 May 2019 |
1,575,338 |
|
41 |
|
1,575,379 |
|
Additions |
(10,805) |
|
- |
|
(10,805) |
|
Disposals |
- |
|
- |
|
- |
|
|
At 30 April 2020 |
1,564,533 |
|
41 |
|
1,564,574 |
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 May 2019 |
1,575,338 |
|
41 |
|
1,575,379 |
|
At 30 April 2020 |
1,564,533 |
|
41 |
|
1,564,574 |
|
|
|
|
|
|
|
|
|
|
|
|
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The company's interest in the Great Melton Farms partnership entitles it to a share of the profits and to bear a share of the losses. The amount above is equal to the balance on the company's partner current account as at 30 April. |
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|
Unlisted investments are recorded at Historical cost. |
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|
4 |
Debtors |
2020 |
|
2019 |
£ |
£ |
|
|
Trade debtors |
2 |
|
2 |
|
Other debtors |
2,713 |
|
2,713 |
|
|
|
|
|
|
|
|
2,715 |
|
2,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
£ |
£ |
|
|
Accruals |
1,950 |
|
1,950 |
|
Taxation |
18,251 |
|
56,557 |
|
Other creditors |
75 |
|
75 |
|
|
|
|
|
|
|
|
20,276 |
|
58,582 |
|
|
|
|
|
|
|
|
|
|
|
6 |
Related party transactions |
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The company is a partner in Great Melton Farms partnership as disclosed in note 3.
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The balance due to the company at 30 April 2020 amounted to £1,564,533 (2019 - £1,575,338), which represents the capital investment and accumulated profits less expenses paid to date. |
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7 |
Other information |
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Great Melton Farms Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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|
Hall Farm |
|
Pockthorpe Road |
|
Great Melton |
|
Norwich |
|
NR9 3BW |