2023-04-012024-03-312024-03-31false07561029NEW HOUSE FARM (LORTON) 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NEW HOUSE FARM (LORTON) LIMITED

Registered Number
07561029
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

NEW HOUSE FARM (LORTON) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

THOMPSON, Hazel Ann

Company Secretary

THOMPSON, Joshua James Grant

Registered Address

New House Farm
Lorton
Cockermouth
CA13 9UU

Registered Number

07561029 (England and Wales)
NEW HOUSE FARM (LORTON) LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4735,221653,774
735,221653,774
Current assets
Stocks55,2505,250
Debtors6,716,1912,385
Cash at bank and on hand-172
21,4417,807
Creditors amounts falling due within one year8(355,644)(387,959)
Net current assets (liabilities)(334,203)(380,152)
Total assets less current liabilities401,018273,622
Creditors amounts falling due after one year9(219,899)(37,271)
Provisions for liabilities10(31,100)(25,604)
Net assets150,019210,747
Capital and reserves
Called up share capital11
Profit and loss account150,018210,746
Shareholders' funds150,019210,747
The financial statements were approved and authorised for issue by the Director on 14 August 2024, and are signed on its behalf by:
THOMPSON, Hazel Ann
Director
Registered Company No. 07561029
NEW HOUSE FARM (LORTON) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-20
Plant and machinery15-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
2.Average number of employees

20242023
Average number of employees during the year1313
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2311,00011,000
At 31 March 2411,00011,000
Amortisation and impairment
At 01 April 2311,00011,000
At 31 March 2411,00011,000
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 April 23584,377234,302818,679
Additions86,26945,677131,946
At 31 March 24670,646279,979950,625
Depreciation and impairment
At 01 April 2330,685134,220164,905
Charge for year31,11119,38850,499
At 31 March 2461,796153,608215,404
Net book value
At 31 March 24608,850126,371735,221
At 31 March 23553,692100,082653,774
5.Stocks

2024

2023

££
Raw materials and consumables5,2505,250
Total5,2505,250
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2,884-
Other debtors11,151-
Prepayments and accrued income725477
Total14,760477
7.Debtors: amounts due after one year

2024

2023

££
Prepayments and accrued income1,4311,908
Total1,4311,908
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,6755,468
Bank borrowings and overdrafts40,08919,166
Taxation and social security11,48937,111
Other creditors107,319122,034
Accrued liabilities and deferred income194,072204,180
Total355,644387,959
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured on the personal assets of the director.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts31,56637,271
Other creditors188,333-
Total219,89937,271
Bank borrowings are secured on the personal assets of the director.
10.Provisions for liabilities
The provision for deferred tax arises from accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)31,10025,604
Total31,10025,604
11.Related party transactions
During the year a director had a loan account with the company. At the balance sheet date the company owed the director £103,895 (2023 - £121,824). The loan is unsecured, interest free and repayable on demand. During the year, a director rented the building located at New House Farm, Lorton, Cockermouth, Cumberland, CA13 9UU to the business. The annual rent charged is £75,000. All amounts were paid during the year.