Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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Biological assets | 6 | 220,810 | 245,810 | |
603,906 | 635,029 | |||
Current assets | ||||
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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173,904 | 172,145 | |||
Creditors: amounts falling due within one year | 9 | (
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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 | (
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Provision for liabilities | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Lilylane Farms Limited (registered number:
L K Bennett
Director |
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.
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 £.
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 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.
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.
Entitlements |
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Land and buildings | not depreciated |
Plant and machinery |
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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 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.
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
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.
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.
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.
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 |
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Entitlements | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2021 |
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At 31 August 2022 |
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Accumulated amortisation | |||
At 01 September 2021 |
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Charge for the financial year |
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At 31 August 2022 |
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Net book value | |||
At 31 August 2022 |
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At 31 August 2021 |
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Land and buildings | Plant and machinery | Total | |||
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Cost | |||||
At 01 September 2021 |
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Additions |
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Disposals |
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At 31 August 2022 |
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Accumulated depreciation | |||||
At 01 September 2021 |
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Charge for the financial year |
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Disposals |
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At 31 August 2022 |
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Net book value | |||||
At 31 August 2022 |
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At 31 August 2021 |
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2022 | |
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Biological assets at cost |
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Assets held at cost:
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Total | ||
£ | £ | ||
Cost | |||
At 01 September 2021 |
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Decrease attributable to sales/ transfers out | (
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At 31 August 2022 |
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Accumulated depreciation | |||
At 01 September 2021 |
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Decrease attributable to sales/ transfers out | (
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At 31 August 2022 |
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Net book value | |||
At 31 August 2022 |
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At 31 August 2021 |
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2022 | 2021 | ||
£ | £ | ||
Livestock (secured) |
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Crops |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Transactions with the entity's directors
Advances