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REGISTERED NUMBER: 00642754 (England and Wales)















LATHAM FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024






LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


LATHAM FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTORS: Miss D G Latham
Mrs T C A Rentoul
Mrs Z E Latham



SECRETARY: Miss D G Latham



REGISTERED OFFICE: 14 London Road
Newark
Nottinghamshire
NG24 1TW



REGISTERED NUMBER: 00642754 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW



SOLICITORS: Howes Percival Solicitors
Oxford House
Cliftonville
Northampton
NN1 5PN

LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 1,720,161 1,525,189
Investments 6 419,347 426,956
2,139,508 1,952,145

CURRENT ASSETS
Inventories 7 1,025,905 898,828
Debtors 8 322,250 366,818
Cash at bank and in hand 1,080,946 1,073,605
2,429,101 2,339,251
CREDITORS
Amounts falling due within one year 9 467,412 610,553
NET CURRENT ASSETS 1,961,689 1,728,698
TOTAL ASSETS LESS CURRENT LIABILITIES 4,101,197 3,680,843

PROVISIONS FOR LIABILITIES 171,232 103,912
NET ASSETS 3,929,965 3,576,931

CAPITAL AND RESERVES
Called up share capital 10 21,954 21,954
Capital redemption reserve 900 900
Retained earnings 3,907,111 3,554,077
SHAREHOLDERS' FUNDS 3,929,965 3,576,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:




Miss D G Latham - Director


LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1. STATUTORY INFORMATION

Latham 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.

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.

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

Intangible assets
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 15% on reducing balance and not provided
Plant and machinery etc - at variable rates on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

The dairy herd is held at fair value.

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 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 statement of financial position date.


LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic payment
The Basic payment is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance.

Herd
The herd represents dairy cattle at cost price plus the cost of rearing to maturity. This follows an election for the herd basis under the provision of Schedule 5 of the Income and Corporation Taxes Act 1988.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 6 April 2023
and 5 April 2024 110,400
AMORTISATION
At 6 April 2023
and 5 April 2024 110,400
NET BOOK VALUE
At 5 April 2024 -
At 5 April 2023 -

LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2023 1,370,690 1,548,780 2,919,470
Additions - 281,809 281,809
Disposals - (21,350 ) (21,350 )
At 5 April 2024 1,370,690 1,809,239 3,179,929
DEPRECIATION
At 6 April 2023 427,010 967,271 1,394,281
Charge for year 3,433 81,452 84,885
Eliminated on disposal - (19,398 ) (19,398 )
At 5 April 2024 430,443 1,029,325 1,459,768
NET BOOK VALUE
At 5 April 2024 940,247 779,914 1,720,161
At 5 April 2023 943,680 581,509 1,525,189

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 6 April 2023 426,956
Additions 67,573
Disposals (75,182 )
At 5 April 2024 419,347
NET BOOK VALUE
At 5 April 2024 419,347
At 5 April 2023 426,956

7. INVENTORIES
2024 2023
£    £   
Valuation 576,805 452,728
Herd valuation 449,100 446,100
1,025,905 898,828

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 196,668 218,939
Other debtors 125,582 147,879
322,250 366,818

LATHAM FARMS LIMITED (REGISTERED NUMBER: 00642754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 213,339 225,439
Taxation and social security 83,268 115,222
Other creditors 170,805 269,892
467,412 610,553

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
21,954 Ordinary £1 21,954 21,954