Company registration number 04644716 (England and Wales)
LCJ MOUNTAIN FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LCJ MOUNTAIN FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
LCJ MOUNTAIN FARMS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,944
4,050
Tangible assets
4
5,009,810
4,828,964
5,017,754
4,833,014
Current assets
Stocks
720,419
516,516
Debtors
5
159,344
108,562
Cash at bank and in hand
417
198
880,180
625,276
Creditors: amounts falling due within one year
6
(1,573,918)
(1,004,461)
Net current liabilities
(693,738)
(379,185)
Total assets less current liabilities
4,324,016
4,453,829
Creditors: amounts falling due after more than one year
7
(2,073,747)
(2,107,338)
Net assets
2,250,269
2,346,491
Capital and reserves
Called up share capital
999
999
Share premium account
2,062,809
2,062,809
Profit and loss reserves
186,461
282,683
Total equity
2,250,269
2,346,491
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LCJ MOUNTAIN FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr L C J Mountain
Director
Company Registration No. 04644716
LCJ MOUNTAIN FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
LCJ Mountain Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Home Farm, Abbots Ripton, Huntingdon, PE28 2LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Water Licence
5% Straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil depreciation - 2% Straight line
Plant and equipment
15 - 25% Reducing balance
Tractors
15% Reducing balance
Combine
20% Reducing balance
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LCJ MOUNTAIN FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.
1.7
Cash at bank and in hand
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
LCJ MOUNTAIN FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
LCJ MOUNTAIN FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Water Licence
£
Cost
At 1 April 2023
9,000
Additions
4,573
At 31 March 2024
13,573
Amortisation and impairment
At 1 April 2023
4,950
Amortisation charged for the year
679
At 31 March 2024
5,629
Carrying amount
At 31 March 2024
7,944
At 31 March 2023
4,050
LCJ MOUNTAIN FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Tractors & Combines
Total
£
£
£
£
Cost
At 1 April 2023
3,953,593
1,817,958
615,982
6,387,533
Additions
8,065
546
325,000
333,611
Disposals
(41,798)
(180,000)
(221,798)
Transfers
786,734
(950,017)
163,283
At 31 March 2024
4,748,392
826,689
924,265
6,499,346
Depreciation and impairment
At 1 April 2023
207,997
915,423
435,149
1,558,569
Depreciation charged in the year
58,197
35,865
37,631
131,693
Eliminated in respect of disposals
(36,188)
(164,538)
(200,726)
Transfers
122,989
(267,458)
144,469
At 31 March 2024
389,183
647,642
452,711
1,489,536
Carrying amount
At 31 March 2024
4,359,209
179,047
471,554
5,009,810
At 31 March 2023
3,745,596
902,535
180,833
4,828,964
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
87,917
60,201
Other debtors
71,427
48,361
159,344
108,562
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,326,896
843,716
Obligations under finance leases
102,657
19,990
Directors loan accounts
9,146
2,047
Trade creditors
125,436
133,208
Other taxation and social security
3,718
Accruals and deferred income
6,065
5,500
1,573,918
1,004,461
LCJ MOUNTAIN FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,989,639
2,087,348
Hire Purchase
84,108
19,990
2,073,747
2,107,338
The long-term loans are secured by fixed charges over the freehold land and property of the company.
- 9 -
LCJ MOUNTAIN FARMS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
8
Arable detail
2024
2023
£
£
Wheat
Closing valuation
786,780
454,108
Sales
152,057
307,942
938,837
762,050
Peas
Sales
147,381
103,391
147,381
103,391
Linseed
Sales
-
125,358
-
125,358
Potatoes
Sales
130,681
140,330
130,681
140,330
9
Surplus/(Deficit) on previous harvest
Previous
Opening
Surplus/
Year Sales
Valuation
(Deficit)
£
£
£
Wheat
411,820
454,108
(42,288)
(42,288)
- 11 -
10
Unrealised profit - adjustment
Estimated
realisable
Unrealised
At cost
values
profit
£
£
£
Opening valuation
Wheat
192,574
454,108
261,534
192,574
454,108
261,534
Closing valuation
Wheat
428,296
786,780
358,484
428,296
786,780
358,484
Unrealised profit movement
(96,950)
For management purposes certain stocks, as above, are included at market values. The above note shows the difference between market values and cost of production, such unrealised profit having been adjusted to reflect the financial profit.
2024-03-312023-04-01false08 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr L C J MountainMr M J MountainMrs P L MountainMrs P L Mountainfalsefalse046447162023-04-012024-03-31046447162024-03-31046447162023-03-3104644716core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3104644716core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3104644716core:LandBuildings2024-03-3104644716core:OtherPropertyPlantEquipment2024-03-3104644716core:LandBuildings2023-03-3104644716core:OtherPropertyPlantEquipment2023-03-3104644716core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104644716core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104644716core:CurrentFinancialInstruments2024-03-3104644716core:CurrentFinancialInstruments2023-03-3104644716core:Non-currentFinancialInstruments2024-03-3104644716core:Non-currentFinancialInstruments2023-03-3104644716core:ShareCapital2024-03-3104644716core:ShareCapital2023-03-3104644716core:SharePremium2024-03-3104644716core:SharePremium2023-03-3104644716core:RetainedEarningsAccumulatedLosses2024-03-3104644716core:RetainedEarningsAccumulatedLosses2023-03-3104644716core:SharePremium2022-03-3104644716core:OtherMiscellaneousReserve2022-03-3104644716bus:Director12023-04-012024-03-3104644716core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3104644716core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3104644716core:PlantMachinery2023-04-012024-03-31046447162022-04-012023-03-3104644716core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3104644716core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3104644716core:LandBuildings2023-03-3104644716core:OtherPropertyPlantEquipment2023-03-31046447162023-03-3104644716core:LandBuildings2023-04-012024-03-3104644716core:OtherPropertyPlantEquipment2023-04-012024-03-3104644716core:WithinOneYear2024-03-3104644716core:WithinOneYear2023-03-3104644716bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104644716bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104644716bus:FRS1022023-04-012024-03-3104644716bus:AuditExemptWithAccountantsReport2023-04-012024-03-3104644716bus:Director22023-04-012024-03-3104644716bus:Director32023-04-012024-03-3104644716bus:CompanySecretary12023-04-012024-03-3104644716bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP