Company registration number 12304057 (England and Wales)
LINTON GROWING LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Linton Growing Limited
LINTON GROWING LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
Linton Growing Limited
LINTON GROWING LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Linton Growing Limited For The Year Ended 31 December 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Linton Growing Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Linton Growing Limited, as a body, in accordance with the terms of our engagement letter dated 28 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Linton Growing Limited and state those matters that we have agreed to state to the board of directors of Linton Growing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Linton Growing Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Linton Growing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Linton Growing Limited. You consider that Linton Growing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Linton Growing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
20 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Linton Growing Limited
LINTON GROWING LIMITED
Balance Sheet
As At 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,276
1,701
Tangible assets
5
1,328,593
1,378,835
1,329,869
1,380,536
Current assets
Stocks
39,335
39,335
Debtors
6
1,480,558
1,856,547
1,519,893
1,895,882
Creditors: amounts falling due within one year
7
(920,816)
(1,543,841)
Net current assets
599,077
352,041
Total assets less current liabilities
1,928,946
1,732,577
Creditors: amounts falling due after more than one year
8
(648,835)
(770,396)
Provisions for liabilities
(54,568)
(61,959)
Net assets
1,225,543
900,222
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,225,443
900,122
Total equity
1,225,543
900,222
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.
Linton Growing Limited
LINTON GROWING LIMITED
Balance Sheet (Continued)
As At 31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr RK Pascall
Director
Company registration number 12304057 (England and Wales)
Linton Growing Limited
LINTON GROWING LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 4 -
1
Accounting policies
Company information
Linton Growing Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Farm Office Clock House Farm, Heath Road, Coxheath, Maidstone, Kent, England, ME17 4PG.
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 £.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
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.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Basic Payment Scheme entitlements have been stated at cost less amortisation. Amortisation is provided at a rate calculated to write off the cost on a straight line basis over their expected useful life, to the end of the 2027 claim season, in line with UK government policy on ‘Farming for the Future’, as published by DEFRA in February 2020.
BPS Entitlements
Straight Line deprecation over 7 years
1.4
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Freehold land and buildings
not depreciated
Property improvements
15%
Plant and machinery
15%
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Linton Growing Limited
LINTON GROWING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
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.
1.7
Financial instruments
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
Linton Growing Limited
LINTON GROWING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
1.9
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
109,986
52,748
Adjustments in respect of prior periods
(50,659)
Total current tax
109,986
2,089
Deferred tax
Origination and reversal of timing differences
(7,391)
(6,948)
Total tax charge/(credit)
102,595
(4,859)
Linton Growing Limited
LINTON GROWING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 7 -
4
Intangible fixed assets
BPS Entitlements
£
Cost
At 1 January 2023 and 31 December 2023
2,976
Amortisation and impairment
At 1 January 2023
1,275
Amortisation charged for the year
425
At 31 December 2023
1,700
Carrying amount
At 31 December 2023
1,276
At 31 December 2022
1,701
5
Tangible fixed assets
Freehold land and buildings
Property improvements
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2023
1,016,140
288,811
180,592
1,485,543
Additions
4,500
4,500
At 31 December 2023
1,016,140
288,811
185,092
1,490,043
Depreciation and impairment
At 1 January 2023
70,825
35,883
106,708
Depreciation charged in the year
32,698
22,044
54,742
At 31 December 2023
103,523
57,927
161,450
Carrying amount
At 31 December 2023
1,016,140
185,288
127,165
1,328,593
At 31 December 2022
1,016,140
217,986
144,709
1,378,835
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
91,001
5,880
Other debtors
1,381,375
1,842,442
Prepayments and accrued income
8,182
8,225
1,480,558
1,856,547
Linton Growing Limited
LINTON GROWING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
514,186
1,385,126
Obligations under finance leases
19,330
28,995
Trade creditors
68,354
6,534
Corporation tax
179,734
69,748
Accruals and deferred income
139,212
53,438
920,816
1,543,841
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
648,835
751,066
Obligations under finance leases
19,330
648,835
770,396
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
54,568
61,959
2023
Movements in the year:
£
Liability at 1 January 2023
61,959
Credit to profit or loss
(7,391)
Liability at 31 December 2023
54,568
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.