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REGISTERED NUMBER: 00673545 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

L NETTLETON & SON LIMITED

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


L NETTLETON & SON LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: W G Nettleton
Mrs S M Nettleton
J A Nettleton





REGISTERED OFFICE: Frodingham Hall
Winestead
Hull
HU12 0NR





REGISTERED NUMBER: 00673545 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

STATEMENT OF FINANCIAL POSITION
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 23,007 30,675
Tangible assets 5 20,094,025 19,850,783
20,117,032 19,881,458

CURRENT ASSETS
Stocks 733,790 629,985
Debtors 6 130,634 274,054
Cash at bank and in hand 72,598 1,513
937,022 905,552
CREDITORS
Amounts falling due within one year 7 1,091,399 1,041,204
NET CURRENT LIABILITIES (154,377 ) (135,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,962,655

19,745,806

CREDITORS
Amounts falling due after more than one year 8 (6,499,819 ) (7,117,695 )

PROVISIONS FOR LIABILITIES (1,154,242 ) (1,139,521 )
NET ASSETS 12,308,594 11,488,590

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Other reserves 875 875
Retained earnings 12,287,719 11,467,715
SHAREHOLDERS' FUNDS 12,308,594 11,488,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

STATEMENT OF FINANCIAL POSITION - continued
30 June 2023


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:





W G Nettleton - Director


L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

L Nettleton & Son Limited is a private company, limited by shares, incorporated and domiciled in England. It has its registered office and principal place of business at Frodingham Hall, Winestead, Hull.

The principal activity of the company is farming.

The presentational currency of the financial statements is Pound Sterling (£).

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Land entitlements are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 10% on cost

Freehold land is not depreciated.

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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 the profit and loss account on a straight line basis over the period of the lease.

Government assistance
Government subsidies are released to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022
and 30 June 2023 76,683
AMORTISATION
At 1 July 2022 46,008
Charge for year 7,668
At 30 June 2023 53,676
NET BOOK VALUE
At 30 June 2023 23,007
At 30 June 2022 30,675

5. TANGIBLE FIXED ASSETS
Plant,
machinery
Freehold and Motor
land vehicles vehicles Totals
£    £    £    £   
COST
At 1 July 2022 18,116,096 4,122,748 58,899 22,297,743
Additions 152,817 589,659 - 742,476
Disposals - (352,291 ) - (352,291 )
At 30 June 2023 18,268,913 4,360,116 58,899 22,687,928
DEPRECIATION
At 1 July 2022 134,643 2,256,884 55,433 2,446,960
Charge for year 7,957 264,823 1,260 274,040
Eliminated on disposal - (127,097 ) - (127,097 )
At 30 June 2023 142,600 2,394,610 56,693 2,593,903
NET BOOK VALUE
At 30 June 2023 18,126,313 1,965,506 2,206 20,094,025
At 30 June 2022 17,981,453 1,865,864 3,466 19,850,783

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant,
machinery
and
vehicles
£   
COST
At 1 July 2022
and 30 June 2023 911,500
DEPRECIATION
At 1 July 2022 64,642
Charge for year 91,150
At 30 June 2023 155,792
NET BOOK VALUE
At 30 June 2023 755,708
At 30 June 2022 846,858

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 29,636 74,900
VAT 70,350 70,505
Prepayments 30,648 128,649
130,634 274,054

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 73,843 234,669
Agricultural mortgage 124,979 126,516
Hire purchase contracts (see note 9) 136,146 183,544
Trade creditors 249,949 156,948
Amounts owed to related parties 35,044 7,386
Tax 197,105 15,459
Social security and other taxes 4,174 7,027
Other creditors 2,370 281
Directors' current accounts 162,415 214,490
Accruals and deferred income 105,374 94,884
1,091,399 1,041,204

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 74,843 92,957
Bank loans - 2-5 years 227,528 284,071
Bank loans over 5 years 674,452 950,728
Ag mortgage - 1-2 years 129,263 130,367
Ag mortgage - 2-5 years 481,531 453,450
Agricultural mortgage 3,833,536 3,991,310
Hire purchase contracts (see note 9) 128,666 264,812
Other creditors 950,000 950,000
6,499,819 7,117,695

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 674,452 950,728
Agricultural mortgage 3,833,536 3,991,310
4,507,988 4,942,038

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 136,146 183,544
Between one and five years 128,666 264,812
264,812 448,356

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 143,512
Bank loans 1,050,666 1,418,913
Agricultural mortgage 4,569,309 4,701,643
Hire purchase contracts 264,812 448,356
5,884,787 6,712,424

The hire purchase liabilities are secured on the assets to which they relate.

Bank loans are secured by a legal charge which is held over freehold land known as Barton Field Farm, North Lincolnshire.

11. RELATED PARTY DISCLOSURES

At the year end the company owed its directors £1,112,415 (2022: £1,164,490).

Of the balance above £950,000 is repayable after more than one year with the remainder repayable on demand.