Company registration number 06899606 (England and Wales)
LAKE DISTRICT FARMERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LAKE DISTRICT FARMERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LAKE DISTRICT FARMERS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
14,744
19,400
Tangible assets
4
3,170,054
3,070,043
3,184,798
3,089,443
Current assets
Stocks
284,375
182,229
Debtors
5
1,805,219
1,481,360
Cash at bank and in hand
413,582
719,427
2,503,176
2,383,016
Creditors: amounts falling due within one year
6
(1,339,759)
(1,089,045)
Net current assets
1,163,417
1,293,971
Total assets less current liabilities
4,348,215
4,383,414
Creditors: amounts falling due after more than one year
7
(367,618)
(946,380)
Provisions for liabilities
(503,370)
(403,477)
Net assets
3,477,227
3,033,557
Capital and reserves
Called up share capital
8
76
76
Capital redemption reserve
24
24
Profit and loss reserves
3,477,127
3,033,457
Total equity
3,477,227
3,033,557

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 December 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.

LAKE DISTRICT FARMERS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr H R Armstrong
Mr D D Austin
Director
Director
Company registration number 06899606 (England and Wales)
LAKE DISTRICT FARMERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Lake District Farmers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Beehive Business Park, Thomas Way, Ulverston, LA12 7TW.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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 continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Website
20% straight line
1.5
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.

LAKE DISTRICT FARMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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
2% straight line
Plant and equipment
15% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
20% straight line

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.

1.6
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.

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.

1.7
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

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.

LAKE DISTRICT FARMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents

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.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LAKE DISTRICT FARMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.13
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.

1.14
Government grants

Government grants are recognised as income over the periods when the related costs are incurred.

1.15
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:

2023
2022
Number
Number
Total
44
36
3
Intangible fixed assets
Website
£
Cost
At 1 January 2023 and 31 December 2023
23,280
Amortisation and impairment
At 1 January 2023
3,880
Amortisation charged for the year
4,656
At 31 December 2023
8,536
Carrying amount
At 31 December 2023
14,744
At 31 December 2022
19,400
LAKE DISTRICT FARMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
2,550,530
595,349
7,412
31,062
232,613
3,416,967
Additions
5,217
104,625
973
16,188
180,034
307,037
Disposals
-
0
-
0
-
0
-
0
(53,145)
(53,145)
At 31 December 2023
2,555,747
699,974
8,385
47,251
359,502
3,670,859
Depreciation and impairment
At 1 January 2023
60,536
154,907
2,243
22,331
106,906
346,924
Depreciation charged in the year
38,557
79,700
1,397
6,994
41,155
167,803
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(13,922)
(13,922)
At 31 December 2023
99,093
234,607
3,641
29,325
134,139
500,805
Carrying amount
At 31 December 2023
2,456,654
465,367
4,744
17,926
225,363
3,170,054
At 31 December 2022
2,489,994
440,442
5,169
8,731
125,707
3,070,043
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,477,731
1,082,102
Other debtors
327,488
399,258
1,805,219
1,481,360
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
59,800
67,187
Trade creditors
883,158
755,574
Taxation and social security
161,457
35,436
Other creditors
235,344
230,848
1,339,759
1,089,045
LAKE DISTRICT FARMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
367,618
918,572
Other creditors
-
0
27,808
367,618
946,380
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
24
24
24
24
Ordinary 'A' of £1 each
52
52
52
52
76
76
76
76

All classes of shares rank pari passu in all respects and the directors may declare a dividend on one class of share and not another class.

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
2022
Amounts due to related parties
£
£
Key management personnel
20,627
22,141

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
238,265
244,261
2023-12-312023-01-01false07 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr H R ArmstrongMr D D AustinMr D A Dolefalsefalse068996062023-01-012023-12-31068996062023-12-31068996062022-12-3106899606core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3106899606core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3106899606core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3106899606core:PlantMachinery2023-12-3106899606core:FurnitureFittings2023-12-3106899606core:ComputerEquipment2023-12-3106899606core:MotorVehicles2023-12-3106899606core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3106899606core:PlantMachinery2022-12-3106899606core:FurnitureFittings2022-12-3106899606core:ComputerEquipment2022-12-3106899606core:MotorVehicles2022-12-3106899606core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106899606core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106899606core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3106899606core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3106899606core:CurrentFinancialInstruments2023-12-3106899606core:CurrentFinancialInstruments2022-12-3106899606core:Non-currentFinancialInstruments2023-12-3106899606core:Non-currentFinancialInstruments2022-12-3106899606core:ShareCapital2023-12-3106899606core:ShareCapital2022-12-3106899606core:CapitalRedemptionReserve2023-12-3106899606core:CapitalRedemptionReserve2022-12-3106899606core:RetainedEarningsAccumulatedLosses2023-12-3106899606core:RetainedEarningsAccumulatedLosses2022-12-3106899606core:ShareCapitalOrdinaryShares2023-12-3106899606core:ShareCapitalOrdinaryShares2022-12-3106899606bus:Director12023-01-012023-12-3106899606bus:Director22023-01-012023-12-3106899606core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3106899606core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3106899606core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3106899606core:PlantMachinery2023-01-012023-12-3106899606core:FurnitureFittings2023-01-012023-12-3106899606core:ComputerEquipment2023-01-012023-12-3106899606core:MotorVehicles2023-01-012023-12-31068996062022-01-012022-12-3106899606core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3106899606core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3106899606core:PlantMachinery2022-12-3106899606core:FurnitureFittings2022-12-3106899606core:MotorVehicles2022-12-31068996062022-12-3106899606core:ComputerEquipment2022-12-3106899606core:WithinOneYear2023-12-3106899606core:WithinOneYear2022-12-3106899606bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106899606bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106899606bus:FRS1022023-01-012023-12-3106899606bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106899606bus:Director32023-01-012023-12-3106899606bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP