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REGISTERED NUMBER: 01870434 (England and Wales)















LINCOLNSHIRE FIELD PRODUCTS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

29 JANUARY 2023 TO 3 FEBRUARY 2024






LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 9

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14 to 27


LINCOLNSHIRE FIELD PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024







DIRECTORS: A E Day
R Hancox
M J Tate





SECRETARY: A E Day





REGISTERED OFFICE: Wool Hall Farm
Cross Gate
Wykeham
Spalding
Lincolnshire
PE12 6HW





REGISTERED NUMBER: 01870434 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

The directors present their strategic report for the period 29 January 2023 to 3 February 2024.

REVIEW OF BUSINESS
The core business activities of the company remain the production, harvesting, packing and marketing of a wide range of arable crops grown on our extensive land bank in South Lincolnshire, the procurement and marketing of imported fresh vegetables and the provision of agricultural contracting and contract vegetable packing services to our established client base.

Upward price pressure continued in 2023, albeit at a lower rate than in 2022, particularly with regard to staff, fertiliser, transport and energy costs. The factor that had the most significant impact on the results in the year though was the climate. Firstly, an eight-day period in December 2022, when average daily temperatures were below freezing point, severely affected the over-wintered cauliflower crop that was harvested in the spring of 2023 while later in the year, the autumn of 2023 turned out to be one of the wettest on record and this adversely impacted both crop yields but also significantly increased operating costs, particularly the costs associated with the harvesting of crops. The increases in input cost prices were able to be passed on to our customers but the reduced crop yields and higher operating costs did impact adversely on results. Total turnover in the period of £68,554,640 was 8.4% up on the previous financial period. Other income was reduced in large part due to a decrease in rent receivable as we took back property in hand. The above factors combined to squeeze the operating margin that was negative by 0.78% at the year-end compared to the positive figure of 0.39% that was reported last year. Over the period under review bank base rates rose by 1.75% and this increase along with increased borrowings to finance capital expenditure, some of which was brought forward from 2024 in order to make sure that we maximised our ability to harvest our potato crop in such difficult conditions, combined to increase interest payable by £397,649 year on year. The narrowing of the operating margin and increased interest charges resulted in a loss before taxation of £1,271,288 in the year.

Once again we successfully retained all of our main customers during the period who continue to support our business knowing that we remain the supplier that can be relied upon to deliver the quantity and quality of product needed at all times in a timely manner no matter how challenging that might be which was especially the case in the autumn of 2023.

The company continues to be mindful that it has a significant presence in the local area given the acreage of land farmed and number of vehicles needed to conduct its operations and always endeavours to minimise the impact of its operations on the community and the environment.

Although much wetter than average, the winter of 2023/24 was milder than the previous winter and no crops were lost to frost damage although some were lost to water damage but better prices for our crops resulted in a further increase in turnover in the first half of 2024 and an improved operating margin over that period. We were once again successful in re-negotiating prices with all our key retail customers that will help to cover the continuing rise in staff and input costs. Taking all matters into consideration the directors remain confident of the prospects for the business given its customer base and access to some of the best grade one land in the country, worked by modern equipment that is operated by our own skilled workforce.

PRINCIPAL RISKS AND UNCERTAINTIES
Our primary risk is in relation to the impact that the weather can have on crop yields and costs of production. We have however operated subject to these risks for over 38 years but with experienced managers, the best possible equipment and a supporting network of growers have always been able to maximise our output of high quality product in order to meet the exacting standards of our customers.

The company is also subject to environmental and health and safety risks and mitigates these by its focus on employee training, equipment & facilities maintenance and a rolling equipment renewal programme.


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

SECTION 172(1) STATEMENT
Lincolnshire Field Products Limited: Stakeholder Engagement

As the Board of Lincolnshire Field Products Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board manage this responsibility.

Promoting the company's success for its members

Lincolnshire Field Products Limited commenced trading in January 1985 and in November 1997 was acquired by Robin Hancox, Aubrey Day and Martin Tate. The company continues to be owned and controlled by these three, with Robin Hancox continuing to be the majority shareholder. We're proud of the ways in which, over the last 38 years, the company has continued to achieve consistent long-term growth and has provided employment, training and financial reward for in excess of 100 colleagues.

We aim to be the best-in-class supplier of fresh produce within all the marketplaces in which we trade and have demonstrated a strong history of customer service. In a competitive market we strive to continue to grow our business through further opportunities with our current customers and through new business based on our reputation for quality of service and product, accessibility to colleagues at all levels within our business, and personal relationships developed over time with our customer base.

We acknowledge that, in order to progress to the next phase in the company's future, it is likely that we will need to enhance our asset base. Our twin aims are to maximise the company's ability to grow profits and market share whilst returning the highest possible value to the shareholders.

We make strategic decisions based on long-term objectives. In particular, this has meant significant investment in our farm and packing equipment and our IT infrastructure. Investment will continue over the coming years to ensure we continue to offer top quality produce at a competitive price.

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees
Our operations rely heavily on a skilled team including tractor drivers, factory operatives, production staff and management on a 7 day a week basis, as well as a focused central team of marketing, finance, HR and IT professionals. We are renowned for our customer service, which requires us to adapt to the ever-changing impact of our variable climate on product availability.We cannot achieve this without our team.

Recruitment and retention of staff is therefore a critical business activity. We help to engage with team members by:

- setting remuneration at market-leading rates,

- providing training and career development support,


Our customers and suppliers
We invest heavily in our farm and packing equipment replacement programme ensuring that we have the most fuel efficient and environmentally beneficial vehicles, together with a robust driver training system, to ensure we can continue to offer customers the best quality produce in the marketplace. We liaise with key customers on a daily basis and meet regularly to review new opportunities.

Our business model prioritises quality and service. We believe we are competitive in our chosen marketplaces, but feel it is our consistently high levels of product quality and availability that differentiates us from our piers. Our customers value the high degree of interaction and expertise.

We have built and will maintain a reputation for transparency and fair dealing in our interaction with customers and suppliers.

Our community
We are a private company, and the three shareholders all continue to work within the businesses that operates within a 25-mile radius of Spalding, and we continue to be a significant employer in the local community. We provide fresh produce to several local charities and fund-raising groups throughout the year.




LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STRATEGIC REPORT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024


Our planet
Our industry contributes to environmental pollution and we are working hard to minimise the impact of our operations. We operate the most modern low emissions equipment and our focus on driver behaviour also enables us to ensure our impact on the environment is minimised.

FINANCIAL KEY PERFORMANCE INDICATORS
1.There was a gross profit of £15,849,491 in the period which was a positive 23.1% margin compared to a positive 22.2% margin in the previous period.

2. Operating loss of £533,621 (2023 profit - £248,016) is stated after other income of £337,987 in the current year compared to £972,107 in the previous period.

OTHER KEY PERFORMANCE INDICATORS
The company measures its non-financial performance in several areas as follows:

1. The securing of new business is a critical area if the business is to continue to grow. The value of contracts won during the year is therefore closely monitored by directors.

2. The service delivery to key customers is measured and reported on a daily, weekly and monthly basis, in conjunction with those key customers in areas such as delivery on time, service availability and quality scores.

ON BEHALF OF THE BOARD:





Director


30 October 2024

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

The directors present their report with the financial statements of the company for the period 29 January 2023 to 3 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of farming and its allied trades.

DIVIDENDS
No dividends will be distributed for the period ended 3 February 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 29 January 2023 to the date of this report.

A E Day
R Hancox
M J Tate

PRINCIPAL FINANCIAL RISKS AND UNCERTAINTIES
The company uses various financial instruments including loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments are market risk, interest rate risk, credit risk and liquidity risk.

MARKET RISK
Market risk encompasses three types of risk, being currency risk, fair value interest rate and price risk. The company's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below.

LIQUIDITY RISK
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by an asset backed bank lending facility.

INTEREST RATE RISK
The company finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The company's exposure to interest rate fluctuations or its borrowings is mitigated by the use of fixed interest hire purchase agreements.

CREDIT RISK
The company's principal financial assets are cash and trade debtors.

In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

REPORT OF THE DIRECTORS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

DIRECTORS' RESPONSIBILITIES STATEMENT - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A E Day - Director


30 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCOLNSHIRE FIELD PRODUCTS LIMITED

Opinion
We have audited the financial statements of Lincolnshire Field Products Limited (the 'company') for the period ended 3 February 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 3 February 2024 and of its loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCOLNSHIRE FIELD PRODUCTS LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards.

We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.

This included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations, and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management, and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCOLNSHIRE FIELD PRODUCTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

31 October 2024

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

INCOME STATEMENT
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Period Period
29.1.23 to 3.2.24 30.1.22 to 28.1.23
Notes £    £    £    £   

TURNOVER 3 68,554,640 63,229,554

Cost of sales 52,705,149 49,208,762
GROSS PROFIT 15,849,491 14,020,792

Distribution costs 8,023,752 7,762,492
Administrative expenses 8,697,347 6,982,391
16,721,099 14,744,883
(871,608 ) (724,091 )

Other income 337,987 972,107
OPERATING (LOSS)/PROFIT 5 (533,621 ) 248,016


Interest payable and similar expenses 6 737,667 340,018
LOSS BEFORE TAXATION (1,271,288 ) (92,002 )

Tax on loss 7 (234,221 ) (888,515 )
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD (1,037,067 ) 796,513

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
Notes £    £   

(LOSS)/PROFIT FOR THE PERIOD (1,037,067 ) 796,513


OTHER COMPREHENSIVE INCOME
Remeasurement gain/(loss) on defined
benefit pension scheme (149,000 ) 367,000
Movement on deferred tax relating to
defined benefit pension asset (28,250 ) 108,550
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF INCOME TAX

(177,250

)

475,550
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

(1,214,317

)

1,272,063

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STATEMENT OF FINANCIAL POSITION
3 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 14,481,505 11,799,287

CURRENT ASSETS
Valuation 9 9,016,603 6,618,233
Debtors 10 20,751,355 19,788,779
Cash at bank and in hand 17,471 21,585
29,785,429 26,428,597
CREDITORS
Amounts falling due within one year 11 27,033,476 22,278,815
NET CURRENT ASSETS 2,751,953 4,149,782
TOTAL ASSETS LESS CURRENT LIABILITIES 17,233,458 15,949,069

CREDITORS
Amounts falling due after more than one year 12 (5,155,185 ) (2,769,479 )

PENSION ASSET 19 680,000 793,000
NET ASSETS 12,758,273 13,972,590

CAPITAL AND RESERVES
Called up share capital 17 5,285,000 5,285,000
Share premium 18 2,184,068 2,184,068
Revaluation reserve 18 2,162,565 2,162,565
Retained earnings 18 3,126,640 4,340,957
SHAREHOLDERS' FUNDS 12,758,273 13,972,590

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





A E Day - Director


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 30 January 2022 5,285,000 3,068,894 2,184,068 2,162,565 12,700,527

Changes in equity
Total comprehensive income - 1,272,063 - - 1,272,063
Balance at 28 January 2023 5,285,000 4,340,957 2,184,068 2,162,565 13,972,590

Changes in equity
Total comprehensive income - (1,214,317 ) - - (1,214,317 )
Balance at 3 February 2024 5,285,000 3,126,640 2,184,068 2,162,565 12,758,273

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

1. STATUTORY INFORMATION

Lincolnshire Field Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The Directors have carried out a detailed and comprehensive review of the business, its future prospects and its ability to meet its obligations as they fall due. In the opinion of the Directors, the Company is expected to be able to continue trading within the current arrangements and consequently the financial statements have been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
Some of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on the director's prior experiences and using their best knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the financial statements. Information about such judgements and estimations is included in the accounting policies and/or notes to the accounts. The key areas are summarised below;

Judgements in applying accounting policies
- The directors must judge whether all of the conditions required for the turnover to be recognised in profit and loss for the financial year, as set out in revenue note, have been met.

Sources of estimation uncertainty
- Depreciation and amortisation rates are based on estimates of the useful economic lives and residual values of the assets involved.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the good sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model, other than investment properties, 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.

Land is not depreciated. Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful economic lives, using the straight-line method.

Depreciation is provided on the following basis;
Freehold property - 2% - 10%
Plant and machinery - 5% - 33%

The assets' residual values, useful economic 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive income.

Stocks
Stocks and growing crops are valued in accordance with Guidance Notes On Agricultural Stock Valuations for Tax Purposes and are stated at the lower of cost and net realisable value. Cost includes materials, direct labour and production overheads appropriate to the relevant stage of production. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing, selling and distribution costs.

Produce is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of produce.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Functional and presentation currency
The company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transactions and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive income.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital elements of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Pensions
Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined benefit pension plan

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using the market yields on high quality corporate bonds that are denominated in sterling and that have term approximating to the estimated period of the future payments.

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement gain/(loss) on defined benefit pension scheme'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measure initially at fair value, net of transaction costs, and are measured at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Statement of Comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issues costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Provisions for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive income in the year that the group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
United Kingdom 67,884,985 62,787,980
Europe 669,655 441,574
68,554,640 63,229,554

4. EMPLOYEES AND DIRECTORS
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Wages and salaries 4,267,718 4,128,495
Social security costs 449,011 454,588
Other pension costs 113,958 97,267
4,830,687 4,680,350

The average number of employees during the period was as follows:
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23

Production staff 87 89
Administration staff 8 7
Sales staff 6 6
101 102

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

4. EMPLOYEES AND DIRECTORS - continued

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Directors' remuneration 523,198 529,737

Information regarding the highest paid director is as follows:
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Emoluments etc 199,516 199,002

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Hire of plant and machinery 7,024 11,644
Other operating leases 3,141,827 1,774,941
Depreciation - owned assets 569,930 333,197
Depreciation - assets on hire purchase contracts 525,297 657,207
Profit on disposal of fixed assets (166,285 ) (98,661 )
Auditors' remuneration 33,076 33,134
Non audit remuneration 5,070 3,150

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Bank interest 569,372 235,759
Hire purchase 168,295 104,259
737,667 340,018

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the period was as follows:
Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Current tax:
Prior year tax adjustment (234,221 ) (88,515 )
Income for group loss relief - (800,000 )

Tax on loss (234,221 ) (888,515 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
29.1.23 30.1.22
to to
3.2.24 28.1.23
£    £   
Loss before tax (1,271,288 ) (92,002 )
Loss multiplied by the standard rate of corporation tax in the UK of 19% (2023 -
19%)

(241,545

)

(17,480

)

Effects of:
Expenses not deductible for tax purposes 11,266 9,746
Income not taxable for tax purposes (44,272 ) (105,465 )
Capital allowances in excess of depreciation (670,409 ) (543,887 )
Adjustments to tax charge in respect of previous periods 234,221 88,515

Income received for group loss relief - (800,000 )
Group relief 476,518 480,056
Total tax credit (234,221 ) (888,515 )

Tax effects relating to effects of other comprehensive income

29.1.23 to 3.2.24
Gross Tax Net
£    £    £   
Remeasurement gain/(loss) on defined
benefit pension scheme (149,000 ) - (149,000 )
Movement on deferred tax relating to
defined benefit pension asset (28,250 ) - (28,250 )
(177,250 ) - (177,250 )


LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

7. TAXATION - continued
30.1.22 to 28.1.23
Gross Tax Net
£    £    £   
Remeasurement gain/(loss) on defined
benefit pension scheme 367,000 - 367,000
Movement on deferred tax relating to
defined benefit pension asset 108,550 - 108,550
475,550 - 475,550

8. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 29 January 2023 3,410,000 18,561,176 21,971,176
Additions - 4,537,659 4,537,659
Disposals - (2,255,095 ) (2,255,095 )
At 3 February 2024 3,410,000 20,843,740 24,253,740
DEPRECIATION
At 29 January 2023 22,929 10,148,960 10,171,889
Charge for period 6,607 1,088,620 1,095,227
Eliminated on disposal - (1,494,881 ) (1,494,881 )
At 3 February 2024 29,536 9,742,699 9,772,235
NET BOOK VALUE
At 3 February 2024 3,380,464 11,101,041 14,481,505
At 28 January 2023 3,387,071 8,412,216 11,799,287

Included in cost or valuation of land and buildings is freehold land of £ 3,085,000 (2023 - £ 3,085,000 ) which is not depreciated.

Cost or valuation at 3 February 2024 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2015 1,185,178 - 1,185,178
Cost 2,224,822 20,843,740 23,068,562
3,410,000 20,843,740 24,253,740

Freehold property at Wool Hall Farm, Wykeham, was revalued in December 2015 by Messers Savills Land & Property Limited, Chartered Surveyors, in order to establish a deemed cost for bringing the property into the cost model on transition to FRS102. The basis of valuation used was open market value. The directors are of the view that the valuations remain unchanged.

The net book value of tangible fixed assets includes £5,867,443 (2023 - £4,897,162) in respect of assets held under hire purchase contracts.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

9. VALUATION
2024 2023
£    £   
Raw materials 1,794,111 1,696,255
Work-in-progress 4,359,586 3,031,064
Finished goods 2,862,906 1,890,914
9,016,603 6,618,233

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,425,319 7,572,440
Amounts owed by group undertakings 10,226,678 10,226,588
VAT 864,396 806,376
Deferred tax asset 304,605 332,855
Prepayments and accrued income 930,357 850,520
20,751,355 19,788,779

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 4,440,426 4,682,506
Hire purchase contracts (see note 14) 1,746,832 1,329,860
Trade creditors 9,932,309 9,072,879
Amounts owed to participating interests 10,352,657 6,752,024
Social security and other taxes 136,320 109,424
Other creditors 4,694 43,344
Accruals and deferred income 420,238 288,778
27,033,476 22,278,815

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 2,470,560 1,146,782
Hire purchase contracts (see note 14) 2,684,625 1,622,697
5,155,185 2,769,479

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 4,020,425 4,019,842
Bank loans 420,001 662,664
4,440,426 4,682,506

Amounts falling due between one and two years:
Bank loans due in 1 to 2 years 420,000 662,664

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

13. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,050,560 484,118

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,746,832 1,329,860
Between one and five years 2,684,625 1,622,697
4,431,457 2,952,557

Non-cancellable operating leases
2024 2023
£    £   
Within one year 2,020,834 1,796,937
Between one and five years 3,103,028 1,804,853
In more than five years 1,388,441 45,611
6,512,303 3,647,401

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 4,020,425 4,019,842
Hire purchase contracts 4,431,457 2,952,557
8,451,882 6,972,399

Amounts due under finance lease and hire purchase are secured against the assets to which they relate.

The bank overdraft is secured by fixed and floating charges over all assets of the company.

16. DEFERRED TAX
£   
Balance at 29 January 2023 (332,855 )
Charged to other comprehensive 28,250
income
Balance at 3 February 2024 (304,605 )

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

16. DEFERRED TAX - continued

The deferred tax asset is made up as follows:

20242023
££

Accelerated capital allowances(128,074)(128,074)
Other timing differences162,610190,860
Losses and other deductions270,069270,069
304,605332,855

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,285,000 Ordinary £1 5,285,000 5,285,000

18. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 29 January 2023 4,340,957 2,184,068 2,162,565 8,687,590
Deficit for the period (1,037,067 ) (1,037,067 )
Adjustments to STRGL (177,250 ) - - (177,250 )
At 3 February 2024 3,126,640 2,184,068 2,162,565 7,473,273

Share premium account
The amount above the nominal value received for shares.

Revaluation reserve
The reserve is accumulated gains on revalued property.

Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.

19. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution pension scheme

The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the schemes are administered by trustees in funds independent from those of the company.

Defined benefit pension scheme

The company operates a defined benefit scheme for the benefit of the employees and one director, however this scheme was closed to future accrual on 31 August 2010. On 1 September 2010 the company established a new group personal pension plan for the benefit of the employees and one director.

The assets of the defined benefit scheme are administered by trustees in funds independent from those of the company.

The costs and liabilities of the scheme are based on actuarial valuations. The most recent actuarial valuation was carried out at 30 June 2023, this was updated to 03 February 2024 by a qualified independent actuary.

Pension costs are assessed in accordance with the advice of a qualified actuary using the Minimum Funding Requirement method.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (1,666,000 ) (1,835,000 )
Fair value of plan assets 2,346,000 2,628,000
680,000 793,000
Present value of unfunded obligations - -
Surplus 680,000 793,000
Net asset 680,000 793,000

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(36,000

)

(9,000

)
Past service cost - -
(36,000 ) (9,000 )

Actual return on plan assets 118,000 64,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 1,835,000 2,311,000
Interest cost 82,000 55,000
Benefits paid (75,000 ) (52,000 )
Actuarial (gains)/losses from changes in financial
assumptions

(176,000

)

(479,000

)
1,666,000 1,835,000

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 2,628,000 2,701,000
Contributions by employer - 27,000
Expected return 118,000 64,000
Benefits paid (75,000 ) (52,000 )
Return on plan assets (excluding interest income) (325,000 ) (112,000 )
2,346,000 2,628,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial (gains)/losses from changes in financial
assumptions

176,000

479,000
Return on plan assets (excluding interest income) (325,000 ) (112,000 )
(149,000 ) 367,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Equities 131,000 124,000
Gilts 2,114,000 2,312,000
Cash/other 101,000 192,000
2,346,000 2,628,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 4.90% 4.50%

20. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 728,681 1,639,045

At 03 February 2024, the company had capital commitments of £728,681 relating to tangible fixed assets.

LINCOLNSHIRE FIELD PRODUCTS LIMITED (REGISTERED NUMBER: 01870434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024

21. RELATED PARTY DISCLOSURES

As a wholly owned subsidiary of Fidelis Holdings Limited, the company is exempt from the requirements of FRS 102 to disclose transactions with other members of the group of companies headed by Fidelis Holdings Limited on the grounds that consolidated accounts are publicly available from Companies House.

During the year the company charged LFP Investments Limited a total of £6,000 (2023 - £6,000) in relation to management services. LFP Investments Limited is private limited company wholly owned by the directors of this company.

22. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking of this company is Fidelis Holdings Limited.

Fidelis Holdings Limited is the company's controlling related party by virtue of its 100% shareholding in Keepstem Limited, which in turn owns 100% of the share capital in Lincolnshire Field Products Limited. The Board of Directors of Fidelis Holdings Limited are considered to be the company's ultimate controlling related party by virtue of of their directorships of and shareholdings in Fidelis Holdings Limited, the ultimate parent undertaking.