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REGISTERED NUMBER: 10686968 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Lockwood Farms Limited

Lockwood Farms Limited (Registered number: 10686968)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lockwood Farms Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: T Lockwood





REGISTERED OFFICE: Manley Lodge
Manley Lane
Tiverton
Devon
EX16 4NJ





REGISTERED NUMBER: 10686968 (England and Wales)





ACCOUNTANTS: A C Mole LLP
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Lockwood Farms Limited (Registered number: 10686968)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,078,789 574,117

CURRENT ASSETS
Stocks 452,340 500,000
Debtors 5 196,129 230,714
648,469 730,714
CREDITORS
Amounts falling due within one year 6 429,895 443,599
NET CURRENT ASSETS 218,574 287,115
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,297,363

861,232

CREDITORS
Amounts falling due after more than one
year

7

(528,743

)

(454,715

)

PROVISIONS FOR LIABILITIES (70,775 ) (27,562 )
NET ASSETS 697,845 378,955

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 697,745 378,855
697,845 378,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 November 2024 and were signed by:





T Lockwood - Director


Lockwood Farms Limited (Registered number: 10686968)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Lockwood Farms 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

Lockwood Farms Limited (Registered number: 10686968)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 463,868 217,854 681,722
Additions - 625,943 625,943
At 30 April 2024 463,868 843,797 1,307,665
DEPRECIATION
At 1 May 2023 - 107,605 107,605
Charge for year - 121,271 121,271
At 30 April 2024 - 228,876 228,876
NET BOOK VALUE
At 30 April 2024 463,868 614,921 1,078,789
At 30 April 2023 463,868 110,249 574,117

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 147,314 153,464
Other debtors 48,815 77,250
196,129 230,714

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 199,249 184,122
Hire purchase contracts 33,536 6,417
Trade creditors 128,514 151,459
Taxation and social security - 29,672
Other creditors 68,596 71,929
429,895 443,599

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 402,971 454,715
Hire purchase contracts 125,772 -
528,743 454,715

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 324,639 332,980