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Registration number: 00780614

Lower Almer Farm Limited

Annual Report and Unaudited Financial Statements Year Ended 31 March 2023

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Chartered Accountants

 

Lower Almer Farm Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Lower Almer Farm Limited

Company Information

Directors

Mr Richard Alexander Roe

Mr Clive Newton Tory

Miss Grace Alexandra Tory

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lower Almer Farm Limitedfor the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lower Almer Farm Limited for the year ended 31 March 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lower Almer Farm Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2012. Our work has been undertaken solely to prepare for your approval the accounts of Lower Almer Farm Limited and state those matters that we have agreed to state to the Board of Directors of Lower Almer Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lower Almer Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lower Almer Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lower Almer Farm Limited. You consider that Lower Almer Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lower Almer Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

23 November 2023

 

Lower Almer Farm Limited

(Registration number: 00780614)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

129,941

 

156,704

Current assets

   

 

Stocks

5

166,987

 

110,442

 

Debtors

6

474,328

 

125,737

 

Investments

7

437

 

437

 

Cash at bank and in hand

 

96,124

 

238,458

 

 

737,876

 

475,074

 

Creditors: Amounts falling due within one year

8

(410,306)

 

(275,878)

 

Net current assets

   

327,570

 

199,196

Total assets less current liabilities

   

457,511

 

355,900

Provisions for liabilities

 

(17,033)

 

(17,033)

Net assets

   

440,478

 

338,867

Capital and reserves

   

 

Called up share capital

9

35,001

 

35,001

 

Profit and loss account

405,477

 

303,866

 

Shareholders' funds

   

440,478

 

338,867

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 



Mr Clive Newton Tory
Director

 

Lower Almer Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

These financial statements were authorised for issue by the Board on 22 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Lower Almer Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold buildings and tenants improvements

10% straight line

Implements

12.5% straight line

Tractors

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lower Almer Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Tenants Improvements
£

Tractors
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2022

27,954

438,817

93,509

7,230

69,998

Additions

-

-

973

-

8,895

At 31 March 2023

27,954

438,817

94,482

7,230

78,893

Depreciation

At 1 April 2022

15,452

430,320

16,832

5,600

12,600

Charge for the year

-

5,055

16,832

526

14,218

At 31 March 2023

15,452

435,375

33,664

6,126

26,818

Carrying amount

At 31 March 2023

12,502

3,442

60,818

1,104

52,075

At 31 March 2022

12,502

8,497

76,677

1,630

57,398

Total
£

Cost or valuation

At 1 April 2022

637,508

Additions

9,868

At 31 March 2023

647,376

Depreciation

At 1 April 2022

480,804

Charge for the year

36,631

At 31 March 2023

517,435

Carrying amount

At 31 March 2023

129,941

At 31 March 2022

156,704

Included within the net book value of land and buildings above is £12,501 (2022 - £12,501) in respect of freehold land and buildings and £1 (2022 - £1) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

166,987

110,442

 

Lower Almer Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

468,954

118,404

Other debtors

5,374

7,333

 

474,328

125,737

7

Current asset investments

2023
£

2022
£

Other investments

437

437

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

10

315,625

202,166

Trade creditors

 

73,544

73,712

Other creditors

 

21,137

-

 

410,306

275,878

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

27,000

27,000

27,000

27,000

Preference shares of £1 each

8,000

8,000

8,000

8,000

Preferred voting share of £1 each

1

1

1

1

 

35,001

35,001

35,001

35,001

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Loans

315,625

202,166

 

Lower Almer Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

14,506

13,304

Summary of transactions with other related parties

M A Tory Ltd
(common control)

 All transactions between the parties relate to Farming activities and are carried out at normal market prices. At the year end, the amount owing to M A Tory Ltd is £315,625 (2022 - £202,166).