2023-04-012024-03-312024-03-31false05431274Lune Valley Pheasantries 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Lune Valley Pheasantries Limited

Registered Number
05431274
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Lune Valley Pheasantries Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Luke Hobson
Michael John Ladhams
James Paul Richardson

Company Secretary

Anne Dinsdale

Registered Address

36 Briarigg
Kendal
LA9 6FA

Registered Number

05431274 (England and Wales)
Lune Valley Pheasantries Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets410,00015,000
Tangible assets6509,056478,636
519,056493,636
Current assets
Debtors8517,827427,106
Cash at bank and on hand387,315262,456
905,142689,562
Creditors amounts falling due within one year9(470,834)(413,898)
Net current assets (liabilities)434,308275,664
Total assets less current liabilities953,364769,300
Creditors amounts falling due after one year10(27,007)(64,766)
Provisions for liabilities11(82,690)(75,085)
Net assets843,667629,449
Capital and reserves
Called up share capital300300
Profit and loss account843,367629,149
Shareholders' funds843,667629,449
The financial statements were approved and authorised for issue by the Board of Directors on 24 October 2024, and are signed on its behalf by:
James Paul Richardson
Director
Luke Hobson
Director
Michael John Ladhams
Director

Registered Company No. 05431274
Lune Valley Pheasantries Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year99
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 23100,000100,000
At 31 March 24100,000100,000
Amortisation and impairment
At 01 April 2385,00085,000
Charge for year5,0005,000
At 31 March 2490,00090,000
Net book value
At 31 March 2410,00010,000
At 31 March 2315,00015,000
5.Useful life of intangible assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2005 is being amortised evenly over its estimated useful life of 20 years.
6.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 April 23178,2961,049,3691,227,665
Additions-88,78988,789
Disposals-(30,000)(30,000)
At 31 March 24178,2961,108,1581,286,454
Depreciation and impairment
At 01 April 23-749,029749,029
Charge for year-58,36958,369
On disposals-(30,000)(30,000)
At 31 March 24-777,398777,398
Net book value
At 31 March 24178,296330,760509,056
At 31 March 23178,296300,340478,636
HSBC Bank PLC hold a fixed and floating charge over the undertaking and all property and assets of the company. They also hold a charge over the land Lady Ing Lane, Winton that contains a negative pledge.
7.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
8.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables504,690416,890
Other debtors13,13710,216
Total517,827427,106
9.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables20,76126,738
Bank borrowings and overdrafts35,70936,654
Taxation and social security108,204107,965
Finance lease and HP contracts-4,925
Other creditors245,986235,267
Accrued liabilities and deferred income60,1742,349
Total470,834413,898
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts27,00764,766
Total27,00764,766
11.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2024

2023

££
Net deferred tax liability (asset)82,69075,085
Total82,69075,085