Lullington Court Farm Limited 09905633 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Mixed farming Digita Accounts Production Advanced 6.30.9574.0 true true 09905633 2023-01-01 2023-12-31 09905633 2023-12-31 09905633 core:RetainedEarningsAccumulatedLosses 2023-12-31 09905633 core:ShareCapital 2023-12-31 09905633 core:CurrentFinancialInstruments 2023-12-31 09905633 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09905633 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 09905633 core:MotorVehicles 2023-12-31 09905633 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 09905633 core:OtherRelatedParties 2023-12-31 09905633 bus:SmallEntities 2023-01-01 2023-12-31 09905633 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09905633 bus:FilletedAccounts 2023-01-01 2023-12-31 09905633 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09905633 bus:RegisteredOffice 2023-01-01 2023-12-31 09905633 bus:Director1 2023-01-01 2023-12-31 09905633 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09905633 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09905633 core:MotorVehicles 2023-01-01 2023-12-31 09905633 core:KeyManagementPersonnel 2023-01-01 2023-12-31 09905633 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 09905633 core:OtherRelatedParties 2023-01-01 2023-12-31 09905633 countries:AllCountries 2023-01-01 2023-12-31 09905633 2022-12-31 09905633 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 09905633 core:MotorVehicles 2022-12-31 09905633 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 09905633 core:OtherRelatedParties 2022-12-31 09905633 2022-01-01 2022-12-31 09905633 2022-12-31 09905633 core:RetainedEarningsAccumulatedLosses 2022-12-31 09905633 core:ShareCapital 2022-12-31 09905633 core:CurrentFinancialInstruments 2022-12-31 09905633 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09905633 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 09905633 core:MotorVehicles 2022-12-31 09905633 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 09905633 core:OtherRelatedParties 2022-12-31 09905633 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-01-01 2022-12-31 09905633 core:OtherRelatedParties 2022-01-01 2022-12-31 09905633 2021-12-31 09905633 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-12-31 09905633 core:OtherRelatedParties 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 09905633

Lullington Court Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Lullington Court Farm Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Lullington Court Farm Limited

(Registration number: 09905633)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,245

28,808

Current assets

 

Stocks

5

1,200

3,000

Debtors

6

9,405

-

Cash at bank and in hand

 

279

5,015

 

10,884

8,015

Creditors: Amounts falling due within one year

7

(41,403)

(36,525)

Net current liabilities

 

(30,519)

(28,510)

Net (liabilities)/assets

 

(2,274)

298

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(2,374)

198

Shareholders' (deficit)/funds

 

(2,274)

298

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

Mr G Colquhoun
Director

   
     
 

Lullington Court Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 13 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company's balance sheet at 31 December 2023 shows liabilities exceed assets by £2,281 (2022 assets exceeded liabilities by £298). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors will continue to support the company and adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods
and provision of services in the ordinary course of the company’s activities. Turnover is shown net of
sales, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

 

Lullington Court Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Government grants

Government grants comprise the fair value of consideration received or receivable in respect to
government provided funding to the entity.
Government grants have been recognised in line with the Accruals model where grants relating to
revenue have been recognised as other income on a systematic basis over the periods in which the
entity has recognised related costs for which the grant is intended to compensate.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lullington Court Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

4

Tangible assets

Freehold land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

26,558

3,000

29,558

At 31 December 2023

26,558

3,000

29,558

Depreciation

At 1 January 2023

-

750

750

Charge for the year

-

563

563

At 31 December 2023

-

1,313

1,313

Carrying amount

At 31 December 2023

26,558

1,687

28,245

At 31 December 2022

26,558

2,250

28,808

Included within the net book value of land and buildings above is £26,558 (2022 - £26,558) in respect of freehold land and buildings.
 

 

Lullington Court Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

1,200

3,000

6

Debtors

2023
£

2022
£

Other debtors

4,605

-

Prepayments

2,800

-

Accrued income

2,000

-

9,405

-

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

3,091

-

Amounts due to related parties

8

38,312

17,000

Accruals

 

-

19,525

 

41,403

36,525

8

Related party transactions

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

12,903

4,097

17,000

Advanced

312

21,000

21,312

At end of period

13,215

25,097

38,312

 

Lullington Court Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

Key management
£

Other related parties
£

Total
£

At start of period

524

4,097

4,621

Advanced

12,379

18,536

30,915

Repaid

-

(18,536)

(18,536)

At end of period

12,903

4,097

17,000

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.
 Loans from other related parties are interest free and repayable on demand.