Silverfin false 31/08/2022 01/09/2021 31/08/2022 L K Bennett 04/09/2012 L C Bennett 04/09/2012 01 February 2024 The principle activity of the Company during the financial year was that of dairy farming. 08187790 2022-08-31 08187790 bus:Director1 2022-08-31 08187790 bus:Director2 2022-08-31 08187790 2021-08-31 08187790 core:CurrentFinancialInstruments 2022-08-31 08187790 core:CurrentFinancialInstruments 2021-08-31 08187790 core:Non-currentFinancialInstruments 2022-08-31 08187790 core:Non-currentFinancialInstruments 2021-08-31 08187790 core:ShareCapital 2022-08-31 08187790 core:ShareCapital 2021-08-31 08187790 core:RetainedEarningsAccumulatedLosses 2022-08-31 08187790 core:RetainedEarningsAccumulatedLosses 2021-08-31 08187790 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2021-08-31 08187790 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-08-31 08187790 core:LandBuildings 2021-08-31 08187790 core:PlantMachinery 2021-08-31 08187790 core:LandBuildings 2022-08-31 08187790 core:PlantMachinery 2022-08-31 08187790 core:ConsumableBiologicalAssetClass1 2021-08-31 08187790 core:ConsumableBiologicalAssetClass1 2022-08-31 08187790 5 2022-08-31 08187790 5 2021-08-31 08187790 6 2022-08-31 08187790 6 2021-08-31 08187790 2021-09-01 2022-08-31 08187790 bus:FullAccounts 2021-09-01 2022-08-31 08187790 bus:SmallEntities 2021-09-01 2022-08-31 08187790 bus:AuditExemptWithAccountantsReport 2021-09-01 2022-08-31 08187790 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31 08187790 bus:Director1 2021-09-01 2022-08-31 08187790 bus:Director2 2021-09-01 2022-08-31 08187790 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2021-09-01 2022-08-31 08187790 core:PlantMachinery 2021-09-01 2022-08-31 08187790 2020-09-01 2021-08-31 08187790 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2021-09-01 2022-08-31 08187790 core:LandBuildings 2021-09-01 2022-08-31 08187790 core:ConsumableBiologicalAssetClass1 2021-09-01 2022-08-31 08187790 core:Non-currentFinancialInstruments 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure

Company No: 08187790 (England and Wales)

LILYLANE FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2022
Pages for filing with the registrar

LILYLANE FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2022

Contents

LILYLANE FARMS LIMITED

BALANCE SHEET

As at 31 August 2022
LILYLANE FARMS LIMITED

BALANCE SHEET (continued)

As at 31 August 2022
Note 2022 2021
£ £
Restated - note 2
Fixed assets
Intangible assets 4 2,235 4,471
Tangible assets 5 380,861 384,748
Biological assets 6 220,810 245,810
603,906 635,029
Current assets
Stocks 7 119,680 105,490
Debtors 8 54,219 66,048
Cash at bank and in hand 5 607
173,904 172,145
Creditors: amounts falling due within one year 9 ( 444,716) ( 435,253)
Net current liabilities (270,812) (263,108)
Total assets less current liabilities 333,094 371,921
Creditors: amounts falling due after more than one year 10 ( 419,450) ( 483,852)
Provision for liabilities ( 38,575) 0
Net liabilities ( 124,931) ( 111,931)
Capital and reserves
Called-up share capital 3,000 3,000
Profit and loss account ( 127,931 ) ( 114,931 )
Total shareholders' deficit ( 124,931) ( 111,931)

For the financial year ending 31 August 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Lilylane Farms Limited (registered number: 08187790) were approved and authorised for issue by the Director on 01 February 2024. They were signed on its behalf by:

L K Bennett
Director
LILYLANE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2022
LILYLANE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lilylane Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

Prior period errors are accounted for retrospectively by restating the comparative amounts for the prior period. Further information in regards to the restatement is disclosed in an additional note within the accounts.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock, crops and the receipt of government grants. Turnover is shown net of value added tax and is recognised at the point of dispatch for the sale of milk and livestock and in the period to which the government grant relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Included within intangible assets are Basic Payment Scheme (BPS) entitlements. Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate at which the intangible asset is amortised. Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Entitlements 8 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological assets

Biological current assets not held for continuing use within the business are classified as current assets, within stock. Such assets are measured at cost less accumulated impairment. Assets within this classification are comprised of tillages and dairy followers which are held as crops and livestock under note 5 of the accounts.

Biological non-current assets

Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks comprising agricultural produce (i.e crops in store) and deadstock such as feed and fuel are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Government grants

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received. Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

Prior year errors are accounted for retrospectively by restating the comparative amounts for the prior period. In the prior period a finance loan was incorrectly recognised as an operating lease. The assets that were held as security for the loan were disposed of in the prior year accounts and no liability was recognised, the assets involved were cattle and machinery.

Non-current biological assets
Previously, a number of cattle were disposed of incorrectly. Therefore cost in relation to the cattle was incorrectly disclosed as £230,400 and the accumulated depreciation was £48,620, therefore the net book value was £181,780. After annual depreciation charges, the restated net book value as at 31st August 2021 and 31st August 2022 is £245,810 and £220,810 respectfully. The depreciation has been altered in the profit and loss account to reflect the changes.

Non-current tangible assets
Previously, a number of plant and machinery was disposed of incorrectly. Therefore cost in relation to tangible fixed assets was incorrectly disclosed as £137,738 and the accumulated depreciation was £30,670. After annual depreciation charges, the restated net book value as at 31st August 2021 and 31st August 2022 is £384,748 and £380,861 respectfully. The depreciation has been altered in the profit and loss account to reflect the changes.

Current liabilities
Previously, the finance loan was incorrectly recognised as an operating lease. Therefore cost in relation to current liabilities was incorrectly disclosed as £413,712. The restated current liabilities value as at 31st August 2021 and 31st August 2022 is £435,253 and £450,358 respectfully. The operating lease payments and finance interest have been altered in the profit and loss account to reflect the changes.

Non-current liabilities
Previously, the finance loan was incorrectly recognised as an operating lease. Therefore cost in relation to non-current liabilities was incorrectly disclosed as £430,518. The restated non-current liabilities value as at 31st August 2021 and 31st August 2022 is £435,253 and £450,358 respectfully. The operating lease payments and finance interest have been altered in the profit and loss account to reflect the changes.

Retained earnings
Previously, the retained earnings were incorrectly recognised due to the finance loan as £200,569. The restated retained earnings value as at 31st August 2021 and 31st August 2022 is £114,931 and £126,899 respectfully. The alteration of retained earnings is due to the changes to profit and loss on disposal, depreciation charge, the operating lease payments and finance interest charged on the loans.

As previously reported Adjustment As restated
Year ended 31 August 2021 £ £ £
Non-current biological assets 230,400 15,410 245,810
Non-current tangible assets 376,595 8,153 384,748
Current liabilities 413,712 21,541 435,253
Non-current liabilities 430,518 53,334 483,852
Retained earnings 200,569 (85,638) 114,931
0 0 0
0 0 0
0 0 0

3. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

4. Intangible assets

Entitlements Total
£ £
Cost
At 01 September 2021 17,884 17,884
At 31 August 2022 17,884 17,884
Accumulated amortisation
At 01 September 2021 13,413 13,413
Charge for the financial year 2,236 2,236
At 31 August 2022 15,649 15,649
Net book value
At 31 August 2022 2,235 2,235
At 31 August 2021 4,471 4,471

5. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 September 2021 129,262 394,601 523,863
Additions 0 55,000 55,000
Disposals 0 ( 35,500) ( 35,500)
At 31 August 2022 129,262 414,101 543,363
Accumulated depreciation
At 01 September 2021 0 139,115 139,115
Charge for the financial year 0 41,514 41,514
Disposals 0 ( 18,127) ( 18,127)
At 31 August 2022 0 162,502 162,502
Net book value
At 31 August 2022 129,262 251,599 380,861
At 31 August 2021 129,262 255,486 384,748

6. Biological assets

2022
£
Biological assets at cost 220,810

Assets held at cost:

Dairy Total
£ £
Cost
At 01 September 2021 372,175 372,175
Decrease attributable to sales/ transfers out ( 81,600) ( 81,600)
At 31 August 2022 290,575 290,575
Accumulated depreciation
At 01 September 2021 126,365 126,365
Decrease attributable to sales/ transfers out ( 56,600) ( 56,600)
At 31 August 2022 69,765 69,765
Net book value
At 31 August 2022 220,810 220,810
At 31 August 2021 245,810 245,810

7. Stocks

2022 2021
£ £
Livestock (secured) 61,550 105,490
Crops 58,130 0
119,680 105,490

8. Debtors

2022 2021
£ £
Trade debtors 54,219 66,048

9. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 34,650 14,175
Trade creditors 138,588 169,031
Other taxation and social security 8,545 ( 6,328)
Obligations under finance leases and hire purchase contracts 34,619 21,355
Other creditors 228,314 237,020
444,716 435,253

10. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 314,762 358,890
Obligations under finance leases and hire purchase contracts 65,188 65,129
Other creditors 39,500 59,833
419,450 483,852

Bank loans and hire purchase contracts are secured by a charge over the assets to which they relate.

11. Related party transactions

Transactions with the entity's directors

Advances

L C & L K Bennett are directors of the company. During the year the directors maintained a current account with the company. At the balance sheet date the amount due to L C & L K Bennett was £198,874 (2021: £197,644)