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REGISTERED NUMBER: 01870434 (England and Wales)















LINCOLNSHIRE FIELD PRODUCTS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

31 JANUARY 2021 TO 29 JANUARY 2022






LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022




Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 9

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14 to 26


LINCOLNSHIRE FIELD PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022







DIRECTORS: A E Day
R Hancox
M J Tate





SECRETARY: A E Day





REGISTERED OFFICE: Wool Hall Farm
Cross Gate
Wykeham
Spalding
Lincolnshire
PE12 6HW





REGISTERED NUMBER: 01870434 (England and Wales)





AUDITORS: Duncan & Toplis Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STRATEGIC REPORT
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

The directors present their strategic report for the period 31 January 2021 to 29 January 2022.

REVIEW OF BUSINESS
Throughout the period under review the core business of the company remained the production, harvesting, procurement, packing and marketing of a wide range of arable crops grown on excess of 16,000 acres of land in South Lincolnshire whilst continuing to provide agricultural contracting services to our established client base.

Following three successive years of unpredictable weather that had a significant impact on the business, in 2021 we avoided any of the climatic extremes that adversely impacted on crop production as a result of which yields of our own crops were near to the long-term average.

In 2020 the Covid-19 lockdowns had led to an increased demand for our products, in 2021 as restrictions were lifted, we saw at first a levelling out and then a slight reduction in turnover in the period under review. Total turnover of £54,416,611 was 2.5% down on the previous period but remains 5.2% better than pre-covid levels.

Although overall turnover was slightly reduced year on year, we retained all our existing customers who continue to acknowledge that our business remains the supplier that can be relied upon to deliver the quantity and quality of product needed at all times in a timely manner no matter how challenging that might be.

During 2021 the business started to be affected by some significant cost price increases, particularly with regards to electricity and fuel for our fleet of agricultural vehicles, the former rising by 28% and the latter by 51% over the course of the year. This cost price inflation that the company had to absorb squeezed profit margins leading to a reduction in operating profit from £616,075 in the previous period to £242,611.

The company continues to be mindful that it has a significant presence in the locality given the area of land farmed and number of vehicles needed to conduct its operations and always endeavours to minimise the impact of its operations on the community and the environment.

Looking ahead, in 2022 we have successfully re-negotiated prices with all our retail customers to cover the continuing steep rise in input costs in addition to which selling prices for our combinable crops and sugar beet will also be well above 2021 levels. Accordingly, the directors remain confident of the future prospects for the business.

PRINCIPAL RISKS AND UNCERTAINTIES
Our primary risk is in relation to the impact that the weather can have on crop yields and costs of production. We have however operated subject to these risks for over 35 years but with experienced managers, the best possible equipment and a supporting network of growers have always been able to maximise our output of high quality product in order to meet the exacting standards of our customers.

The company is also subject to environmental and health and safety risks and mitigates these by its focus on employee training, equipment & facilities maintenance and a rolling equipment renewal programme.


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STRATEGIC REPORT
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

SECTION 172(1) STATEMENT
Lincolnshire Field Products Limited: Stakeholder Engagement

As the Board of Lincolnshire Field Products Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board manage this responsibility.

Promoting the company's success for its members

Lincolnshire Field Products Limited commenced trading in January 1985 and in November 1997 was acquired by Robin Hancox, Aubrey Day and Martin Tate. The company continues to be owned and controlled by these three, with Robin Hancox continuing to be the majority shareholder. We're proud of the ways in which, over the last 36 years, the company has continued to achieve consistent long-term growth and has provided employment, training and financial reward for in excess of 100 colleagues.

We aim to be the best-in-class supplier of fresh produce within all the marketplaces in which we trade and have demonstrated a strong history of customer service. In a competitive market we strive to continue to grow our business through further opportunities with our current customers and through new business based on our reputation for quality of service and product, accessibility to colleagues at all levels within our business, and personal relationships developed over time with our customer base.

We acknowledge that, in order to progress to the next phase in the company's future, it is likely that we will need to enhance our asset base. Our twin aims are to maximise the company's ability to grow profits and market share whilst returning the highest possible value to the shareholders.

We make strategic decisions based on long-term objectives. In particular, this has meant significant investment in our farm and packing equipment and our IT infrastructure. Investment will continue over the coming years to ensure we continue to offer top quality produce at a competitive price.

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees
Our operations rely heavily on a skilled team including tractor drivers, factory operatives, production staff and management on a 7 day a week basis, as well as a focused central team of marketing, finance, HR and IT professionals. We are renowned for our customer service, which requires us to adapt to the ever-changing impact of our variable climate on product availability.We cannot achieve this without our team.

Recruitment and retention of staff is therefore a critical business activity. We help to engage with team members by:

- setting remuneration at market-leading rates,

- providing training and career development support,


Our customers and suppliers
We invest heavily in our farm and packing equipment replacement programme ensuring that we have the most fuel efficient and environmentally beneficial vehicles, together with a robust driver training system, to ensure we can continue to offer customers the best quality produce in the marketplace. We liaise with key customers on a daily basis and meet regularly to review new opportunities.

Our business model prioritises quality and service. We believe we are competitive in our chosen marketplaces, but feel it is our consistently high levels of product quality and availability that differentiates us from our piers. Our customers value the high degree of interaction and expertise.

We have built and will maintain a reputation for transparency and fair dealing in our interaction with customers and suppliers.

Our community
We are a private company, and the three shareholders all continue to work within the businesses that operates within a 25-mile radius of Spalding, and we continue to be a significant employer in the local community. We provide fresh produce to several local charities and fund-raising groups throughout the year.




LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STRATEGIC REPORT
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022


Our planet
Our industry contributes to environmental pollution and we are working hard to minimise the impact of our operations. We operate the most modern low emissions equipment and our focus on driver behaviour also enables us to ensure our impact on the environment is minimised.

FINANCIAL KEY PERFORMANCE INDICATORS
1.There was a gross profit of £11,882,821 in the period which was a positive 21.8% margin compared to a positive 22.3% margin in the previous period.

2. Operating profit of £242,611 (2021 - £616,075) is stated after other income of £905,576 in the current year compared to £934,766 in the previous period.

OTHER KEY PERFORMANCE INDICATORS
The company measures its non-financial performance in several areas as follows:

1. The securing of new business is a critical area if the business is to continue to grow. The value of contracts won during the year is therefore closely monitored by directors.

2. The service delivery to key customers is measured and reported on a daily, weekly and monthly basis, in conjunction with those key customers in areas such as delivery on time, service availability and quality scores.

ON BEHALF OF THE BOARD:





A E Day - Director


9 August 2022

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

The directors present their report with the financial statements of the company for the period 31 January 2021 to 29 January 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of farming and its allied trades.

DIVIDENDS
No dividends will be distributed for the period ended 29 January 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 January 2021 to the date of this report.

A E Day
R Hancox
M J Tate

PRINCIPAL FINANCIAL RISKS AND UNCERTAINTIES
The company uses various financial instruments including loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments are market risk, interest rate risk, credit risk and liquidity risk.

MARKET RISK
Market risk encompasses three types of risk, being currency risk, fair value interest rate and price risk. The company's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below.

LIQUIDITY RISK
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by an asset backed bank lending facility.

INTEREST RATE RISK
The company finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The company's exposure to interest rate fluctuations or its borrowings is mitigated by the use of fixed interest hire purchase agreements.

CREDIT RISK
The company's principal financial assets are cash and trade debtors.
In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

DIRECTORS' RESPONSIBILITIES STATEMENT - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



A E Day - Secretary


9 August 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCOLNSHIRE FIELD PRODUCTS LIMITED

Opinion
We have audited the financial statements of Lincolnshire Field Products Limited (the 'company') for the period ended 29 January 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 January 2022 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCOLNSHIRE FIELD PRODUCTS LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards.

We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.

This included the identification and testing of unusual material journal entries and Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations, and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management, and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCOLNSHIRE FIELD PRODUCTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

9 August 2022

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

INCOME STATEMENT
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

Period Period
31.1.21 to 29.1.22 2.2.20 to 30.1.21
Notes £    £    £    £   

TURNOVER 3 54,416,611 55,818,728

Cost of sales 42,533,790 43,366,115
GROSS PROFIT 11,882,821 12,452,613

Distribution costs 6,186,095 6,747,298
Administrative expenses 6,359,691 6,024,006
12,545,786 12,771,304
(662,965 ) (318,691 )

Other income 905,576 934,766
OPERATING PROFIT 5 242,611 616,075

Exceptional items 6 - 86,687
242,611 702,762

Interest receivable and similar income - 8,757
242,611 711,519

Interest payable and similar expenses 7 213,919 244,767
Other finance costs 20 3,000 2,000
216,919 246,767
PROFIT BEFORE TAXATION 25,692 464,752

Tax on profit 8 (34 ) (118,834 )
PROFIT FOR THE FINANCIAL PERIOD 25,726 583,586

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
Notes £    £   

PROFIT FOR THE PERIOD 25,726 583,586


OTHER COMPREHENSIVE INCOME
Remeasurement gain/(loss) on defined
benefit pension scheme 492,000 (31,000 )
Movement on deferred tax relating to
defined benefit pension asset 60,630 3,990
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF INCOME TAX

552,630

(27,010

)
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

578,356

556,576

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STATEMENT OF FINANCIAL POSITION
29 JANUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 11,059,917 8,965,144

CURRENT ASSETS
Valuation 10 6,536,758 4,860,615
Debtors 11 20,308,177 20,982,242
Cash at bank and in hand 38,701 499
26,883,636 25,843,356
CREDITORS
Amounts falling due within one year 12 22,786,684 19,570,612
NET CURRENT ASSETS 4,096,952 6,272,744
TOTAL ASSETS LESS CURRENT LIABILITIES 15,156,869 15,237,888

CREDITORS
Amounts falling due after more than one year 13 (2,846,342 ) (2,962,717 )

PENSION ASSET/(LIABILITY) 20 390,000 (153,000 )
NET ASSETS 12,700,527 12,122,171

CAPITAL AND RESERVES
Called up share capital 18 5,285,000 5,285,000
Share premium 19 2,184,068 2,184,068
Revaluation reserve 19 2,162,565 2,162,565
Retained earnings 19 3,068,894 2,490,538
SHAREHOLDERS' FUNDS 12,700,527 12,122,171

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2022 and were signed on its behalf by:





A E Day - Director


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 2 February 2020 5,285,000 1,747,032 2,184,068 2,349,495 11,565,595

Changes in equity
Total comprehensive income - 556,576 - - 556,576
Realised on sale - 186,930 - (186,930 ) -
Balance at 30 January 2021 5,285,000 2,490,538 2,184,068 2,162,565 12,122,171

Changes in equity
Total comprehensive income - 578,356 - - 578,356
Balance at 29 January 2022 5,285,000 3,068,894 2,184,068 2,162,565 12,700,527

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

1. STATUTORY INFORMATION

Lincolnshire Field Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
As with all business there is a risk associated with the ongoing COVID-19 pandemic that is causing a shock to the global economy. It is unknown what final impact this will have on business and our industry and will largely be determined by the time taken to get it under control and how quickly people can return to normal lives.

As a business we are well aware of the risks and impact this may bring the business but having assessed our situation we believe that the strong position the agricultural industry is in and the financial restructuring of the company post year end, will enable the directors to mitigate the risks for the long term protection of the business.There is therefore no material uncertainty to going concern.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
Some of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on the director's prior experiences and using their best knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the financial statements. Information about such judgements and estimations is included in the accounting policies and/or notes to the accounts. The key areas are summarised below;

Judgements in applying accounting policies
- The directors must judge whether all of the conditions required for the turnover to be recognised in profit and loss for the financial year, as set out in revenue note, have been met.

Sources of estimation uncertainty
- Depreciation and amortisation rates are based on estimates of the useful economic lives and residual values of the assets involved.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the good sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful economic lives, using the straight-line method.

Depreciation is provided on the following basis;
Freehold property - 2% - 10%
Plant and machinery - 5% - 33%

The assets' residual values, useful economic lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive income.

Stocks
Stocks and growing crops are valued in accordance with Guidance Notes On Agricultural Stock Valuations for Tax Purposes and are stated at the lower of cost and net realisable value. Cost includes materials, direct labour and production overheads appropriate to the relevant stage of production. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing, selling and distribution costs.

Produce is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of produce.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Functional and presentation currency
The company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transactions and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive income.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital elements of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.

Pensions
Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined benefit pension plan

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using the market yields on high quality corporate bonds that are denominated in sterling and that have term approximating to the estimated period of the future payments.

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement gain/(loss) on defined benefit pension scheme'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

2. ACCOUNTING POLICIES - continued

Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measure initially at fair value, net of transaction costs, and are measured at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Statement of Comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issues costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Provisions for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive income in the year that the group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
United Kingdom 54,314,704 55,678,947
Europe 101,907 139,781
54,416,611 55,818,728

4. EMPLOYEES AND DIRECTORS
Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Wages and salaries 3,908,372 3,825,875
Social security costs 405,421 398,864
Other pension costs 93,066 89,704
4,406,859 4,314,443

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21

Production staff 90 89
Administration staff 7 8
Sales staff 6 6
103 103

Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Directors' remuneration 533,478 541,060

Information regarding the highest paid director is as follows:
Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Emoluments etc 199,111 199,092

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Hire of plant and machinery 21,403 288,654
Other operating leases 1,983,919 1,826,134
Depreciation - owned assets 255,396 506,902
Depreciation - assets on hire purchase contracts 647,349 865,751
Profit on disposal of fixed assets (215,514 ) (347,491 )
Auditors' remuneration 26,950 26,400
Auditors' remuneration for non audit work 3,200 -
Foreign exchange differences (161,050 ) 66,425

6. EXCEPTIONAL ITEMS
Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Exceptional items - 86,687

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Bank interest 137,227 140,412
Hire purchase 76,692 104,355
213,919 244,767

8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the period was as follows:
Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Current tax:
UK corporation tax (34 ) -
Adjustments to prior years - (118,834 )

Tax on profit (34 ) (118,834 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
31.1.21 2.2.20
to to
29.1.22 30.1.21
£    £   
Profit before tax 25,692 464,752
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 -
19%)

4,881

88,303

Effects of:
Expenses not deductible for tax purposes 5,186 -
Income not taxable for tax purposes (40,948 ) -
Capital allowances in excess of depreciation (378,346 ) -
Adjustments to tax charge in respect of previous periods (34 ) (118,834 )
Deferred tax not recognised - (88,303 )
Tax losses c/f 316,339 -
Group relief 92,888 -


Total tax credit (34 ) (118,834 )

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

31.1.21 to 29.1.22
Gross Tax Net
£    £    £   
Remeasurement gain/(loss) on defined
benefit pension scheme 492,000 - 492,000
Movement on deferred tax relating to
defined benefit pension asset 60,630 - 60,630
552,630 - 552,630

2.2.20 to 30.1.21
Gross Tax Net
£    £    £   
Remeasurement gain/(loss) on defined
benefit pension scheme (31,000 ) - (31,000 )
Movement on deferred tax relating to
defined benefit pension asset 3,990 - 3,990
(27,010 ) - (27,010 )

9. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 31 January 2021 3,410,000 15,929,629 19,339,629
Additions - 3,296,704 3,296,704
Disposals - (1,644,796 ) (1,644,796 )
At 29 January 2022 3,410,000 17,581,537 20,991,537
DEPRECIATION
At 31 January 2021 9,964 10,364,521 10,374,485
Charge for period 6,483 896,262 902,745
Eliminated on disposal - (1,345,610 ) (1,345,610 )
At 29 January 2022 16,447 9,915,173 9,931,620
NET BOOK VALUE
At 29 January 2022 3,393,553 7,666,364 11,059,917
At 30 January 2021 3,400,036 5,565,108 8,965,144

Included in cost or valuation of land and buildings is freehold land of £ 3,070,000 (2021 - £ 3,070,000 ) which is not depreciated.

Cost or valuation at 29 January 2022 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2015 1,185,178 - 1,185,178
Cost 2,224,822 17,581,537 19,806,359
3,410,000 17,581,537 20,991,537

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

9. TANGIBLE FIXED ASSETS - continued

Freehold property at Wool Hall Farm, Wykeham, was revalued in December 2015 by Messers Savills Land & Property Limited, Chartered Surveyors, in order to establish a deemed cost for bringing the property into the cost model on transition to FRS102. The basis of valuation used was open market value. The directors are of the view that the valuations remain unchanged.

The net book value of tangible fixed assets includes £ 4,887,150 (2021 - £ 2,804,243 ) in respect of assets held under hire purchase contracts.

10. VALUATION
2022 2021
£    £   
Raw materials 1,382,030 1,124,190
Work-in-progress 3,347,645 2,268,903
Finished goods 1,807,083 1,467,522
6,536,758 4,860,615

The difference between purchase price or production cost of stocks and their replacement cost is not material.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 8,256,645 9,064,524
Amounts owed by group undertakings 10,225,789 10,214,448
Other debtors - 118,964
VAT 716,564 693,423
Deferred tax asset 224,305 163,675
Prepayments and accrued income 884,874 727,208
20,308,177 20,982,242

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 14) 3,912,040 2,352,562
Hire purchase contracts (see note 15) 1,329,044 994,537
Trade creditors 8,136,656 7,784,472
Amounts owed to group undertakings 9,042,282 8,083,356
Social security and other taxes 106,520 107,991
Other creditors 40,935 38,251
Accruals and deferred income 219,207 209,443
22,786,684 19,570,612

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 14) 864,500 1,632,590
Hire purchase contracts (see note 15) 1,981,842 1,330,127
2,846,342 2,962,717

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

14. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 3,183,580 1,559,802
Bank loans 728,460 792,760
3,912,040 2,352,562

Amounts falling due between one and two years:
Bank loans due in 1 to 2 years 246,000 662,640

Amounts falling due between two and five years:
Bank loans - 2-5 years 618,500 969,950

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 1,329,044 994,537
Between one and five years 1,981,842 1,330,127
3,310,886 2,324,664

Non-cancellable operating leases
2022 2021
£    £   
Within one year 1,917,956 1,680,435
Between one and five years 1,073,135 1,018,874
2,991,091 2,699,309

16. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdrafts 3,183,580 1,559,802
Hire purchase contracts 3,310,886 2,324,664
6,494,466 3,884,466

Amounts due under finance lease and hire purchase are secured against the assets to which they relate.

The bank overdraft is secured by fixed and floating charges over all assets of the company.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

17. DEFERRED TAX
£   
Balance at 31 January 2021 (163,675 )
Credit to Income Statement during period (60,630 )
Charged to other comprehensive
income
Balance at 29 January 2022 (224,305 )

The deferred tax asset is made up as follows:

20222021
££

Accelerated capital allowances(128,074)(128,074)
Other timing differences82,31021,680
Losses and other deductions270,069270,069
224,305163,675

18. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
5,285,000 Ordinary £1 5,285,000 5,285,000

19. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 31 January 2021 2,490,538 2,184,068 2,162,565 6,837,171
Profit for the period 25,726 25,726
Adjustments to STRGL 552,630 - - 552,630
At 29 January 2022 3,068,894 2,184,068 2,162,565 7,415,527

Share premium account
The amount above the nominal value received for shares.

Revaluation reserve
The reserve is accumulated gains on revalued property.

Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

20. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution pension scheme

The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the schemes are administered by trustees in funds independent from those of the company.

Defined benefit pension scheme

The company operates a defined benefit scheme for the benefit of the employees and one director, however this scheme was closed to future accrual on 31 August 2010. On 1 September 2010 the company established a new group personal pension plan for the benefit of the employees and one director.

The assets of the defined benefit scheme are administered by trustees in funds independent from those of the company.

The costs and liabilities of the scheme are based on actuarial valuations. The most recent actuarial valuation was carried out at 30 June 2020, this was updated to 29 January 2022 by a qualified independent actuary.

Pension costs are assessed in accordance with the advice of a qualified actuary using the Minimum Funding Requirement method.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2022 2021
£    £   
Present value of funded obligations (2,311,000 ) (2,630,000 )
Fair value of plan assets 2,701,000 2,477,000
390,000 (153,000 )
Present value of unfunded obligations - -
Surplus/(Deficit) 390,000 (153,000 )
Net asset/(liability) 390,000 (153,000 )

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2022 2021
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

3,000

2,000
Past service cost - -
3,000 2,000

Actual return on plan assets 43,000 45,000

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2022 2021
£    £   
Opening defined benefit obligation 2,630,000 2,589,000
Interest cost 46,000 47,000
Benefits paid (37,000 ) (60,000 )
Actuarial (gains)/losses from changes in financial
assumptions

(328,000

)

54,000
2,311,000 2,630,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2022 2021
£    £   
Opening fair value of scheme assets 2,477,000 2,415,000
Contributions by employer 54,000 54,000
Expected return 43,000 45,000
Benefits paid (37,000 ) (60,000 )
Return on plan assets (excluding interest income) 164,000 23,000
2,701,000 2,477,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2022 2021
£    £   
Actuarial (gains)/losses from changes in financial
assumptions

328,000

(54,000

)
Return on plan assets (excluding interest income) 164,000 23,000
492,000 (31,000 )

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2022 2021
£    £   
Equities 1,778,000 1,562,000
Bonds 560,000 588,000
Cash/other 226,000 194,000
Real Return 137,000 133,000
2,701,000 2,477,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2022 2021
Discount rate 2.40% 1.75%

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

The company expects to contribute £54,000 to its defined benefit pension scheme in 2023.

21. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements 600,553 1,405,965

At 29 January 2022, the company had capital commitments of £600,553 relating to tangible fixed assets.

22. RELATED PARTY DISCLOSURES

As a wholly owned subsidiary of Fidelis Holdings Limited, the company is exempt from the requirements of FRS 102 to disclose transactions with other members of the group of companies headed by Fidelis Holdings Limited on the grounds that consolidated accounts are publicly available from Companies House.

During the year the company charged LFP Investments Limited a total of £6,000 (2021 - £9,497) in relation to management services. LFP Investments Limited is private limited company wholly owned by the directors of this company. The amount owed to LFP Investments Limited by the company at the year end was £nil (2021 - £nil).

23. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking of this company is Fidelis Holdings Limited.

Fidelis Holdings Limited is the company's controlling related party by virtue of its 100% shareholding in Keepstem Limited, which in turn owns 100% of the share capital in Lincolnshire Field Products Limited. The Board of Directors of Fidelis Holdings Limited are considered to be the company's ultimate controlling related party by virtue of of their directorships of and shareholdings in Fidelis Holdings Limited, the ultimate parent undertaking.