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REGISTERED NUMBER: 00642754 (England and Wales)















LATHAM FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023






LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


LATHAM FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2023







DIRECTORS: Miss D G Latham
Mrs T C A Rentoul
Mrs Z E Latham



SECRETARY: Miss D G Latham



REGISTERED OFFICE: 14 London Road
Newark
Nottinghamshire
NG24 1TW



REGISTERED NUMBER: 00642754 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW



SOLICITORS: Howes Percival Solicitors
Oxford House
Cliftonville
Northampton
NN1 5PN

LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 1,525,189 1,393,523
Investments 6 426,956 433,788
1,952,145 1,827,311

CURRENT ASSETS
Inventories 7 898,828 853,731
Debtors 8 366,818 406,189
Cash at bank and in hand 1,073,605 670,540
2,339,251 1,930,460
CREDITORS
Amounts falling due within one year 9 610,553 449,227
NET CURRENT ASSETS 1,728,698 1,481,233
TOTAL ASSETS LESS CURRENT LIABILITIES 3,680,843 3,308,544

PROVISIONS FOR LIABILITIES 103,912 78,054
NET ASSETS 3,576,931 3,230,490

CAPITAL AND RESERVES
Called up share capital 10 21,954 21,954
Capital redemption reserve 900 900
Retained earnings 3,554,077 3,207,636
SHAREHOLDERS' FUNDS 3,576,931 3,230,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:




Miss D G Latham - Director


LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1. STATUTORY INFORMATION

Latham Farms 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 15% on reducing balance and not provided
Plant and machinery etc - at variable rates on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

The dairy herd is held at fair value.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the year 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.


LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

2. ACCOUNTING POLICIES - continued
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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic payment
The Basic payment is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance.

Herd
The herd represents dairy cattle at cost price plus the cost of rearing to maturity. This follows an election for the herd basis under the provision of Schedule 5 of the Income and Corporation Taxes Act 1988.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 6 April 2022
and 5 April 2023 110,400
AMORTISATION
At 6 April 2022
and 5 April 2023 110,400
NET BOOK VALUE
At 5 April 2023 -
At 5 April 2022 -

LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2022 1,370,690 1,350,125 2,720,815
Additions - 198,655 198,655
At 5 April 2023 1,370,690 1,548,780 2,919,470
DEPRECIATION
At 6 April 2022 423,532 903,760 1,327,292
Charge for year 3,478 63,511 66,989
At 5 April 2023 427,010 967,271 1,394,281
NET BOOK VALUE
At 5 April 2023 943,680 581,509 1,525,189
At 5 April 2022 947,158 446,365 1,393,523

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 6 April 2022 433,788
Additions 100,271
Disposals (107,103 )
At 5 April 2023 426,956
NET BOOK VALUE
At 5 April 2023 426,956
At 5 April 2022 433,788

7. INVENTORIES
2023 2022
£    £   
Valuation 452,728 413,631
Herd valuation 446,100 440,100
898,828 853,731

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 218,939 227,257
Other debtors 147,879 178,932
366,818 406,189

LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 225,439 161,738
Taxation and social security 115,222 45,870
Other creditors 269,892 241,619
610,553 449,227

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
21,954 Ordinary £1 21,954 21,954