LCS AGRICULTURE LIMITED

Company Registration Number:
04964425 (England and Wales)

Unaudited abridged accounts for the year ended 30 November 2023

Period of accounts

Start date: 01 December 2022

End date: 30 November 2023

LCS AGRICULTURE LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2023

Balance sheet
Notes

LCS AGRICULTURE LIMITED

Balance sheet

As at 30 November 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 977,215 1,038,976
Total fixed assets: 977,215 1,038,976
Current assets
Stocks: 84,520 88,712
Debtors:   82,135 21,424
Cash at bank and in hand: 1,661 0
Total current assets: 168,316 110,136
Creditors: amounts falling due within one year: 4 (360,037) (578,109)
Net current assets (liabilities): (191,721) (467,973)
Total assets less current liabilities: 785,494 571,003
Creditors: amounts falling due after more than one year: 5 (441,458) (540,343)
Provision for liabilities: (43,000) (36,000)
Total net assets (liabilities): 301,036 (5,340)
Capital and reserves
Called up share capital: 10 10
Profit and loss account: 301,026 (5,350)
Shareholders funds: 301,036 (5,340)

The notes form part of these financial statements

LCS AGRICULTURE LIMITED

Balance sheet statements

For the year ending 30 November 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 12 August 2024
and signed on behalf of the board by:

Name: D Page
Status: Director

The notes form part of these financial statements

LCS AGRICULTURE LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets and depreciation policy

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at the following rates in order to write off each asset over its estimated useful life. Buildings 4% straight line Plant & Machinery 17.5% & 20% on reducing balance

Valuation and information policy

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

Other accounting policies

Going Concern The director believes the company is well placed to manage its business risks successfully. Accordingly the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus she continues to adopt the going concern basis of accounting in preparing the financial statements. Leasing and hire purchase contracts Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets obtained under hire purchase contracts are depreciated over their useful life. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially of the benefits and risks of ownership remains with the lessor are charged against profits on a straight line basis. Taxation Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

LCS AGRICULTURE LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

2. Employees

2023 2022
Average number of employees during the period 3 3

LCS AGRICULTURE LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Tangible Assets

Total
Cost £
At 01 December 2022 1,896,159
At 30 November 2023 1,896,159
Depreciation
At 01 December 2022 857,183
Charge for year 61,761
At 30 November 2023 918,944
Net book value
At 30 November 2023 977,215
At 30 November 2022 1,038,976

LCS AGRICULTURE LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Creditors: amounts falling due within one year note

Creditors falling due within one year include hire purchase contracts which are secured of £24,384 (2022 £24.384) and a bank overdraft and loans which are secured of £64,413 (2022 £313,707).

LCS AGRICULTURE LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

5. Creditors: amounts falling due after more than one year note

Creditors falling due after more than one year include hire purchase contracts which are secured of £46,748 (2022 £71,132) and a bank overdraft and loans which are secured of £379,710 (2022 £444,221). Creditors include bank loans repayable by instalments of which £267,611 (2022:£286,989 is due after 5 years).

LCS AGRICULTURE LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

6. Related party transactions

Name of the related party: D Page & L Stott
Relationship:
The director and her partner
Description of the Transaction: Interest free loan from the director and her partner.
£
Balance at 01 December 2022 110,386
Balance at 30 November 2023 46,417
Name of the related party: LCS Crane Hire ltd
Relationship:
A company controlled by the director's partner.
Description of the Transaction: An interest free loan from a company controlled by the director's partner.
£
Balance at 01 December 2022 54,330
Balance at 30 November 2023 42,222