Company registration number 03257212 (England and Wales)
LEMHILL FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LEMHILL FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LEMHILL FARMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
488,781
488,781
Investments
5
2
2
488,783
488,783
Current assets
Stocks
6
35,376
39,740
Debtors
7
3,332
32,029
Cash at bank and in hand
13,151
4,781
51,859
76,550
Creditors: amounts falling due within one year
8
(6,437)
(30,539)
Net current assets
45,422
46,011
Net assets
534,205
534,794
Capital and reserves
Called up share capital
9
465,000
465,000
Profit and loss reserves
69,205
69,794
Total equity
534,205
534,794
LEMHILL FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 20 November 2024
A. G. Ponsonby
Director
Company Registration No. 03257212
LEMHILL FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Lemhill Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial aspects at fair value. The principal accounting policies adopted are set out below.

2.2
Reporting period

The company's year end has changed moving from 31 December 2022 to 31 March 2023 in order to be aligned with the UK fiscal tax period. Therefore in the presented financial accounts the current years figures will be for a 15 month period running from 01 January 2022 to 31 March 2023 whereas the comparative figures will be for a 12 month period only running from 01 January 2021 31 December 2021.

2.3
Turnover

Turnover represents the invoiced value of arable farming and agricultural services, net of value added tax.

 

Turnover also includes grant income received from the Rural Payments Agency.

 

Turnover has been appropriately matched to the financial period it relates to. The company recognises income when it can be reliably measured, it is probable that future economic benefits will flow to the entity. Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods),

2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LEMHILL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Not depreciated
Plant and machinery
20% straight line (fully depreciated)

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.

2.5
Fixed asset investments

Fixed asset investments (unlisted) are stated at historical cost less provision for any diminution in value. The investments are initially measured at cost and then assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Farm stock such as crops in store are valued at deemed cost by taking 75% of the market value per unit.

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.

LEMHILL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 5 -
2.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.11
Taxation

The tax expense represents the sum of the tax currently payable only.

LEMHILL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
LEMHILL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
488,781
708
489,489
Depreciation and impairment
At 1 April 2023 and 31 March 2024
-
0
708
708
Carrying amount
At 31 March 2024
488,781
-
0
488,781
At 31 March 2023
488,781
-
0
488,781
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2
2

The historical cost of the unlisted investments was £2.

6
Stocks
2024
2023
£
£
Closing stock
35,376
39,740
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,157
30,732
Prepayments and accrued income
1,175
1,297
3,332
32,029
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,697
3,937
Other creditors
600
2,600
Accruals and deferred income
3,140
24,002
6,437
30,539
LEMHILL FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
465,000
465,000
465,000
465,000
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Other information

The total amount due to Lemhill Farms Limited from A G Ponsonby (including his Directors Loan Account) as at 31 March 2024 was £4,600 (2023 - £23,402). These loans are without security and are repayable on demand. Further details are below:

 

Ponsonby Farms

 

A G Ponsonby, director of Lemhill Farms Limited, is the sole proprietor of Ponsonby Farms.

 

Ponsonby Farms provided £4,000 (2023 - £66,438) worth of seeds, fertilisers, administration services and contract farming services to Lemhill Farms Limited during the period.

 

Loans were made from Lemhill Farms Limited to Ponsonby Farms totaling £nil (2023 - £25,000), and interest of 2% was charged on this loan. During the year, the loan had been fully repaid. The loan was without security and was repayable on demand.

 

At the balance sheet date the amount due to Ponsonby Farms to Lemhill Farms Limited was £4,000 (2023 - (£16,002)).

 

Little Faringdon Lake

 

A G Ponsonby, director of Lemhill Farms Limited, is a partner of Little Faringdon Lake.

 

Loans were made from Lemhill Farms Limited to Little Faringdon Lake totaling £nil (2023 - £10,000), and interest of 5% was charged on this loan. During the year, the loan had been fully repaid. The loan was without security and was repayable on demand.

 

At the balance sheet date the amount due from Little Faringdon Lake to Lemhill Farms Limited was £nil (2023 - £10,000).

2024-03-312023-04-01falsefalsefalse26 November 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityA. G. Ponsonby032572122023-04-012024-03-31032572122024-03-31032572122023-03-3103257212core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3103257212core:PlantMachinery2024-03-3103257212core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3103257212core:PlantMachinery2023-03-3103257212core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103257212core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103257212core:CurrentFinancialInstruments2024-03-3103257212core:CurrentFinancialInstruments2023-03-3103257212core:ShareCapital2024-03-3103257212core:ShareCapital2023-03-3103257212core:RetainedEarningsAccumulatedLosses2024-03-3103257212core:RetainedEarningsAccumulatedLosses2023-03-3103257212bus:Director12023-04-012024-03-3103257212core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3103257212core:PlantMachinery2023-04-012024-03-31032572122022-01-012023-03-3103257212core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3103257212core:PlantMachinery2023-03-31032572122023-03-3103257212bus:PrivateLimitedCompanyLtd2023-04-012024-03-3103257212bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103257212bus:FRS1022023-04-012024-03-3103257212bus:AuditExemptWithAccountantsReport2023-04-012024-03-3103257212bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP