Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Andrew Peter Luscombe 05/02/2014 Scott Matthew Luscombe 05/02/2014 Wenda Helen Luscombe 05/02/2014 05 September 2024 The principal activity of the Company during the financial year was dairy farming. 08877919 2024-03-31 08877919 bus:Director1 2024-03-31 08877919 bus:Director2 2024-03-31 08877919 bus:Director3 2024-03-31 08877919 2023-03-31 08877919 core:CurrentFinancialInstruments 2024-03-31 08877919 core:CurrentFinancialInstruments 2023-03-31 08877919 core:Non-currentFinancialInstruments 2024-03-31 08877919 core:Non-currentFinancialInstruments 2023-03-31 08877919 core:ShareCapital 2024-03-31 08877919 core:ShareCapital 2023-03-31 08877919 core:RetainedEarningsAccumulatedLosses 2024-03-31 08877919 core:RetainedEarningsAccumulatedLosses 2023-03-31 08877919 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 08877919 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 08877919 core:LandBuildings 2023-03-31 08877919 core:PlantMachinery 2023-03-31 08877919 core:Vehicles 2023-03-31 08877919 core:LandBuildings 2024-03-31 08877919 core:PlantMachinery 2024-03-31 08877919 core:Vehicles 2024-03-31 08877919 core:ConsumableBiologicalAssetClass1 2023-03-31 08877919 core:ConsumableBiologicalAssetClass1 2024-03-31 08877919 5 2024-03-31 08877919 5 2023-03-31 08877919 core:Non-currentFinancialInstruments core:Secured 2024-03-31 08877919 core:MoreThanFiveYears 2024-03-31 08877919 core:MoreThanFiveYears 2023-03-31 08877919 2023-04-01 2024-03-31 08877919 bus:FilletedAccounts 2023-04-01 2024-03-31 08877919 bus:SmallEntities 2023-04-01 2024-03-31 08877919 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08877919 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08877919 bus:Director1 2023-04-01 2024-03-31 08877919 bus:Director2 2023-04-01 2024-03-31 08877919 bus:Director3 2023-04-01 2024-03-31 08877919 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 08877919 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 08877919 core:LandBuildings 2023-04-01 2024-03-31 08877919 core:PlantMachinery 2023-04-01 2024-03-31 08877919 core:Vehicles 2023-04-01 2024-03-31 08877919 2022-04-01 2023-03-31 08877919 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 08877919 core:ConsumableBiologicalAssetClass1 2023-04-01 2024-03-31 08877919 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 08877919 (England and Wales)

LUSCOMBE FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LUSCOMBE FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LUSCOMBE FARMS LIMITED

BALANCE SHEET

As at 31 March 2024
LUSCOMBE FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 3,259,506 1,748,338
Biological assets 5 589,280 582,300
3,848,786 2,330,638
Current assets
Stocks 6 338,276 251,617
Debtors 7 185,745 227,356
Cash at bank and in hand 501,838 803,289
1,025,859 1,282,262
Creditors: amounts falling due within one year 8 ( 467,626) ( 499,229)
Net current assets 558,233 783,033
Total assets less current liabilities 4,407,019 3,113,671
Creditors: amounts falling due after more than one year 9 ( 1,065,338) ( 141,822)
Provision for liabilities ( 167,185) ( 168,888)
Net assets 3,174,496 2,802,961
Capital and reserves
Called-up share capital 99 99
Profit and loss account 3,174,397 2,802,862
Total shareholders' funds 3,174,496 2,802,961

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Luscombe Farms Limited (registered number: 08877919) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

Andrew Peter Luscombe
Director
LUSCOMBE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LUSCOMBE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Luscombe Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock and receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk and livestock and in the period in which the government grant relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 7 years straight line
Other intangible assets

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. The intangible assets relate to Basic Payment Scheme Entitlements.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 5 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 15 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Biological assets

Non-current
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd.

Current
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and recognised within stock.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on the same basis.

Stocks

Stocks comprising agricultural produce (i.e. crops in store) and deadstock such as feed, fertiliser and semen are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e. crops in store) harvested from biological assets are measured at the point of harvest. Current biological assets of dairy followers are recognised within stock.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at cost. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Profit and Loss reserve

Profit and loss account includes all current and prior period profits and losses, less any distributed dividend.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2023 72,304 72,304
Disposals ( 72,304) ( 72,304)
At 31 March 2024 0 0
Accumulated amortisation
At 01 April 2023 72,304 72,304
Disposals ( 72,304) ( 72,304)
At 31 March 2024 0 0
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 1,478,730 377,203 292,050 2,147,983
Additions 1,535,786 44,195 95,494 1,675,475
Disposals 0 ( 3,956) ( 62,000) ( 65,956)
At 31 March 2024 3,014,516 417,442 325,544 3,757,502
Accumulated depreciation
At 01 April 2023 154,620 171,977 73,048 399,645
Charge for the financial year 39,331 35,478 33,945 108,754
Disposals 0 ( 2,856) ( 7,547) ( 10,403)
At 31 March 2024 193,951 204,599 99,446 497,996
Net book value
At 31 March 2024 2,820,565 212,843 226,098 3,259,506
At 31 March 2023 1,324,110 205,226 219,002 1,748,338
Leased assets included above:
Net book value
At 31 March 2024 0 0 63,941 63,941
At 31 March 2023 0 0 75,225 75,225

5. Biological assets

2024
£
Biological assets at cost 589,280

Assets held at cost:

Dairy Total
£ £
Cost
At 01 April 2023 817,237 817,237
Increase due to purchases/ transfers in 6,980 6,980
At 31 March 2024 824,217 824,217
Accumulated depreciation
At 01 April 2023 234,937 234,937
At 31 March 2024 234,937 234,937
Net book value
At 31 March 2024 589,280 589,280
At 31 March 2023 582,300 582,300

6. Stocks

2024 2023
£ £
Livestock 225,022 163,590
Other stock 113,254 88,027
338,276 251,617

Included in stock is £163,590 worth of current biological assets comprising dairy followers (2022: £140,970).

7. Debtors

2024 2023
£ £
Trade debtors 180,390 198,885
Other debtors 5,355 28,471
185,745 227,356

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 35,990 21,182
Trade creditors 93,468 38,847
Taxation and social security 122,416 160,705
Other creditors 215,752 278,495
467,626 499,229

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 960,443) 1,065,338 141,822

The bank loans are secured on freehold properties of the Company with a carrying value of £1,365,904 . Interest is payable on the 2024 year bank loan at a variable rate on the principal amount.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 921,379 0

10. Related party transactions

A & W Luscombe are directors of the company. During the year the directors maintained a current account with the company on which was interest free and repayable on demand. At the balance sheet date the amount due to A & W Luscombe was £176,897 (2023: £139,955).

S Luscombe is a director of the company. During the year. During the year the directors maintained a current account with the company on which was interest free and repayable on demand. At the balance sheet date the amount due from S Luscombe was (£15333) (2023: £134015).