Lynchmead Farms Limited 05233789 false 2022-03-30 2023-03-29 2023-03-29 The principal activity of the company is general agriculture and property development Digita Accounts Production Advanced 6.30.9574.0 Software true false 05233789 2022-03-30 2023-03-29 05233789 2023-03-29 05233789 core:RetainedEarningsAccumulatedLosses 2023-03-29 05233789 core:ShareCapital 2023-03-29 05233789 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-29 05233789 core:CurrentFinancialInstruments 2023-03-29 05233789 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-29 05233789 bus:SmallEntities 2022-03-30 2023-03-29 05233789 bus:Audited 2022-03-30 2023-03-29 05233789 bus:FullAccounts 2022-03-30 2023-03-29 05233789 bus:SmallCompaniesRegimeForAccounts 2022-03-30 2023-03-29 05233789 bus:RegisteredOffice 2022-03-30 2023-03-29 05233789 bus:Director4 2022-03-30 2023-03-29 05233789 bus:PrivateLimitedCompanyLtd 2022-03-30 2023-03-29 05233789 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-30 2023-03-29 05233789 core:OtherRelatedParties 2022-03-30 2023-03-29 05233789 1 2022-03-30 2023-03-29 05233789 countries:England 2022-03-30 2023-03-29 05233789 2021-03-30 2022-03-29 05233789 2022-03-29 05233789 core:RetainedEarningsAccumulatedLosses 2022-03-29 05233789 core:ShareCapital 2022-03-29 05233789 core:CurrentFinancialInstruments 2022-03-29 05233789 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-29 iso4217:GBP xbrli:pure

Company registration number: 05233789

Lynchmead Farms Limited

Filleted Annual Report and Financial Statements

for the Year Ended 29 March 2023

 

Lynchmead Farms Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Lynchmead Farms Limited

(Registration number: 05233789)
Balance Sheet as at 29 March 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

2,359,741

2,182,397

Current assets

 

Debtors

5

560,730

560,730

Cash at bank and in hand

 

31

64

 

560,761

560,794

Creditors: Amounts falling due within one year

6

(1,687,157)

(1,653,468)

Net current liabilities

 

(1,126,396)

(1,092,674)

Net assets

 

1,233,345

1,089,723

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,233,344

1,089,722

Total equity

 

1,233,345

1,089,723

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 22 November 2023 .
 


A D D Mead
Director

   
 

Lynchmead Farms Limited

Notes to the Financial Statements
for the Year Ended 29 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:
Puxton Park
Cowslip Lane
Hewish
Weston-Super-Mare
North Somerset
BS24 6AH

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and then Companies Act 2006.

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.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for provision of management services and the profit share from investments in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Income from management charges and profit share is recognised when the company becomes irrecovably enitled to the income.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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 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.

Investments

Other financial assets are the company's investment in an unicorporated business. Investments are stated at historical cost less provision for diminution in value.

 

Lynchmead Farms Limited

Notes to the Financial Statements
for the Year Ended 29 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measure at amortised cost using the effective interest method less provision for impairment.

Creditors

Other financial liabilities, including loans, are measured initially at fair value net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 2).

 

Lynchmead Farms Limited

Notes to the Financial Statements
for the Year Ended 29 March 2023

4

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 30 March 2022

2,182,397

2,182,397

Additions

177,344

177,344

At 29 March 2023

2,359,741

2,359,741

Carrying amount

At 29 March 2023

2,359,741

2,359,741

5

Debtors

Current

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

560,730

560,730

6

Creditors

2023
£

2022
£

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,650,968

1,613,393

Corporation tax

33,689

37,574

Other creditors

2,500

2,501

1,687,157

1,653,468

 

Lynchmead Farms Limited

Notes to the Financial Statements
for the Year Ended 29 March 2023

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Guarantees

The company has provided financial guarantees to the bank in respect of other companies within the Mead Realisations Group totalling £9,674,959. At the year end there was no exposure to these amounts.

 

Lynchmead Farms Limited

Notes to the Financial Statements
for the Year Ended 29 March 2023

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company maintains an interest free loan accounts which are repayable on demand with entities under joint control or significant interest. At the balance sheet date the company was owed £242,243 (2022 - £242,243).
 

Summary of transactions with other related parties

During the year the company received a profit share of £218,240 (2022 - £198,400) from its interest in a partnership in which the directors are also members. At the balance sheet date the company was owed £318,487 (2022 - £318,487). The balance is payable on demand.

The company has taken advantage of the exemption provided from disclosing transactions with other group companies on the grounds it is a wholly owned subsidiary.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Mead Realisations Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Mead Realisations Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ

 The ultimate controlling party is A Mead.

10

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 November 2023 was Joseph Doggrell BSc (Hons) FCA, who signed for and on behalf of Albert Goodman LLP.