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REGISTERED NUMBER: 00684876 (England and Wales)

















Lutton Farms (Steeple) Limited

Financial Statements

for the Year Ended 31 October 2023






Lutton Farms (Steeple) Limited (Registered number: 00684876)

Contents of the Financial Statements
for the year ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lutton Farms (Steeple) Limited

Company Information
for the year ended 31 October 2023







DIRECTORS: J J R Cranton
N J R Cranton





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 00684876 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

Lutton Farms (Steeple) Limited (Registered number: 00684876)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 483,401 461,266

CURRENT ASSETS
Stocks 451,032 450,875
Debtors 5 123,852 112,198
Investments 6 8,736 9,798
Cash at bank 468,187 620,509
1,051,807 1,193,380
CREDITORS
Amounts falling due within one year 7 360,864 371,525
NET CURRENT ASSETS 690,943 821,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,174,344

1,283,121

CREDITORS
Amounts falling due after more than one
year

8

(1,979

)

(27,476

)

PROVISIONS FOR LIABILITIES 10 (74,893 ) (72,185 )
NET ASSETS 1,097,472 1,183,460

CAPITAL AND RESERVES
Called up share capital 6,502 6,502
Retained earnings 1,090,970 1,176,958
SHAREHOLDERS' FUNDS 1,097,472 1,183,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





J J R Cranton - Director


Lutton Farms (Steeple) Limited (Registered number: 00684876)

Notes to the Financial Statements
for the year ended 31 October 2023


1. STATUTORY INFORMATION

Lutton Farms (Steeple) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Freehold land - not provided
Agricultural buildings - 5% on cost
Plant and machinery - 15% on reducing balance
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Tractors - 25% on reducing balance

Freehold land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

Lutton Farms (Steeple) Limited (Registered number: 00684876)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


4. TANGIBLE FIXED ASSETS
Freehold Agricultural Plant and
land buildings machinery
£    £    £   
COST
At 1 November 2022 38,027 72,706 366,374
Additions - - 116,780
Disposals - - (36,305 )
At 31 October 2023 38,027 72,706 446,849
DEPRECIATION
At 1 November 2022 - 29,385 183,447
Charge for year - 3,635 34,722
Eliminated on disposal - - (14,361 )
At 31 October 2023 - 33,020 203,808
NET BOOK VALUE
At 31 October 2023 38,027 39,686 243,041
At 31 October 2022 38,027 43,321 182,927

Office Motor
equipment vehicles Tractors Totals
£    £    £    £   
COST
At 1 November 2022 1,149 45,448 348,958 872,662
Additions - 15,445 - 132,225
Disposals - - - (36,305 )
At 31 October 2023 1,149 60,893 348,958 968,582
DEPRECIATION
At 1 November 2022 14 32,106 166,444 411,396
Charge for year 171 3,990 45,628 88,146
Eliminated on disposal - - - (14,361 )
At 31 October 2023 185 36,096 212,072 485,181
NET BOOK VALUE
At 31 October 2023 964 24,797 136,886 483,401
At 31 October 2022 1,135 13,342 182,514 461,266

Included in cost of land and buildings is freehold land of £ 38,027 (2022 - £ 38,027 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery Tractors Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 12,500 173,000 185,500
DEPRECIATION
At 1 November 2022 1,094 34,167 35,261
Charge for year 1,711 34,708 36,419
At 31 October 2023 2,805 68,875 71,680
NET BOOK VALUE
At 31 October 2023 9,695 104,125 113,820
At 31 October 2022 11,406 138,833 150,239

Lutton Farms (Steeple) Limited (Registered number: 00684876)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 70,704 75,193
Other debtors 14,287 8,233
Corporation tax recoverable 15,460 -
Prepayments and accrued income 13,401 18,772
Loans 10,000 10,000
123,852 112,198

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 8,736 9,798

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 25,497 28,517
Trade creditors 65,272 73,126
UK corporation tax - 25,217
Tax and social security costs 45 45
Directors' current accounts 267,049 240,540
Accruals and deferred income 3,001 4,080
360,864 371,525

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,979 27,476

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 27,476 55,993

Hire purchase liabilities are secured on the assets concerned.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 74,893 72,185

Deferred
tax
£   
Balance at 1 November 2022 72,185
Charge to Income Statement during year 2,708
Balance at 31 October 2023 74,893