Company registration number 12318629 (England and Wales)
LEGGAT FARMING LIMITED
Unaudited Financial Statements
For The Year Ended 30 November 2023
Pages For Filing With Registrar
Leggat Farming Limited
LEGGAT FARMING LIMITED
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Leggat Farming Limited
LEGGAT FARMING LIMITED
Balance Sheet
As At 30 November 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
286,242
306,359
Current assets
Stocks
4
216,687
195,966
Debtors
5
71,561
73,584
Cash at bank and in hand
4,429
62,750
292,677
332,300
Creditors: amounts falling due within one year
6
(676,954)
(740,226)
Net current liabilities
(384,277)
(407,926)
Net liabilities
(98,035)
(101,567)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(98,135)
(101,667)
Total equity
(98,035)
(101,567)
The notes on pages 2 to 5 form part of these financial statements.
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 30 November 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
C R Leggat
Director
Company Registration No. 12318629
Leggat Farming Limited
LEGGAT FARMING LIMITED
Notes To The Financial Statements
For The Year Ended 30 November 2023
- 2 -
1
Accounting policies
Company information
Leggat Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Farm Office, Court Farm, Thurnham, Maidstone, Kent, England, ME14 3LH.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Turnover is recognised when services are provided and when goods are dispatched.
1.3
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:
Leasehold land and buildings
5% Straight Line
Plant and equipment
15% Reducing Balance
Tractors and combine
25% 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.
1.4
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Leggat Farming Limited
LEGGAT FARMING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Government grants
Payments received under agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
Amounts received under the Basic Payment Scheme are recognised on 31 December in the year of claim.
No provision has been made for penalties arising from the failure to comply with ‘cross compliance’ conditions, as defined by the RPA, except for where notification has been received.
1.6
Biological assets are living plants and animals controlled by the company from which it expects to derive future economic benefit. These are measured at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Tractors and combine
Total
£
£
£
£
Cost
At 1 December 2022
205,700
80,585
117,590
403,875
Additions
11,749
11,749
At 30 November 2023
217,449
80,585
117,590
415,624
Depreciation and impairment
At 1 December 2022
14,172
23,412
59,932
97,516
Depreciation charged in the year
10,873
6,958
14,035
31,866
At 30 November 2023
25,045
30,370
73,967
129,382
Carrying amount
At 30 November 2023
192,404
50,215
43,623
286,242
At 30 November 2022
191,528
57,173
57,658
306,359
Leggat Farming Limited
LEGGAT FARMING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
- 4 -
4
Stocks
2023
2022
£
£
Livestock
30,800
36,472
Growing crop
14,086
10,739
Crop in store
136,930
119,472
Goods in store
34,871
29,283
216,687
195,966
Biological assets included within stock are as follows:
Biological assets - livestock
2023
2022
£
£
As at 1 December
36,472
81,713
Net movement from births, deaths, sales, purchases and transfers
(5,672)
(45,241)
As at 30 November
30,800
36,472
Biological assets - growing crop
2023
2022
£
£
As at 1 December
10,739
20,076
Net movement on cultivations
3,347
(9,337)
As at 30 November
14,086
10,739
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
47,018
39,764
Other debtors
4,772
6,576
Prepayments and accrued income
19,771
27,244
71,561
73,584
Leggat Farming Limited
LEGGAT FARMING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
9,169
Trade creditors
31,633
48,244
Other creditors
608,617
577,381
Accruals and deferred income
36,704
105,432
676,954
740,226
Other creditors includes £608,617 that is due to the Directors (2022 - £577,381).