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COMPANY REGISTRATION NUMBER: 00530802
L. Symington (Farms) Limited
Filleted Unaudited Financial Statements
30 June 2024
L. Symington (Farms) Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
L. Symington (Farms) Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
37,191
Tangible assets
6
2,261,561
1,990,723
Investments
7
11,900
6,900
------------
------------
2,310,652
1,997,623
Current assets
Stocks
1,551,412
1,330,439
Debtors
8
2,900,423
3,032,245
Cash at bank and in hand
1,756,980
1,321,653
------------
------------
6,208,815
5,684,337
Creditors: amounts falling due within one year
9
1,885,124
2,076,713
------------
------------
Net current assets
4,323,691
3,607,624
------------
------------
Total assets less current liabilities
6,634,343
5,605,247
Creditors: amounts falling due after more than one year
10
1,148,707
1,187,478
Provisions
Taxation including deferred tax
342,001
204,881
------------
------------
Net assets
5,143,635
4,212,888
------------
------------
Capital and reserves
Called up share capital
11
27,856
27,856
Capital redemption reserve
8,400
8,400
Profit and loss account
5,107,379
4,176,632
------------
------------
Shareholders funds
5,143,635
4,212,888
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
L. Symington (Farms) Limited
Statement of Financial Position (continued)
30 June 2024
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr J L Symington
Director
Company registration number: 00530802
L. Symington (Farms) Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Balaclava Farm, Terrington St Clement, King's Lynn, Norfolk, PE34 4JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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 the 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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold land, farm buildings and estate improvements
-
Buildings 0% - 25% reducing balance, Land not depreciated
Office Equipment
-
25% reducing balance
Tractors, Machinery & Implements
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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.
Provisions
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).
5. Intangible assets
Goodwill
£
Cost
Additions
40,000
--------
At 30 June 2024
40,000
--------
Amortisation
Charge for the year
2,809
--------
At 30 June 2024
2,809
--------
Carrying amount
At 30 June 2024
37,191
--------
At 30 June 2023
--------
6. Tangible assets
Farm buildings and estate improvements
Office equipment
Tractors, machinery & implements
Motor vehicles
Freehold land
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
1,081,664
32,554
3,485,283
146,017
371,185
5,116,703
Additions
962
687,767
50,000
738,729
Disposals
( 372,422)
( 372,422)
------------
--------
------------
---------
---------
------------
At 30 Jun 2024
1,081,664
33,516
3,800,628
196,017
371,185
5,483,010
------------
--------
------------
---------
---------
------------
Depreciation
At 1 Jul 2023
586,967
31,852
2,429,485
77,676
3,125,980
Charge for the year
16,057
270
368,930
25,862
411,119
Disposals
( 315,650)
( 315,650)
------------
--------
------------
---------
---------
------------
At 30 Jun 2024
603,024
32,122
2,482,765
103,538
3,221,449
------------
--------
------------
---------
---------
------------
Carrying amount
At 30 Jun 2024
478,640
1,394
1,317,863
92,479
371,185
2,261,561
------------
--------
------------
---------
---------
------------
At 30 Jun 2023
494,697
702
1,055,798
68,341
371,185
1,990,723
------------
--------
------------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Tractors, machinery & implements
£
At 30 June 2024
823,527
---------
At 30 June 2023
620,686
---------
7. Investments
Other investments other than loans
£
Cost
At 1 July 2023
6,900
Additions
5,000
--------
At 30 June 2024
11,900
--------
Impairment
At 1 July 2023 and 30 June 2024
--------
Carrying amount
At 30 June 2024
11,900
--------
At 30 June 2023
6,900
--------
8. Debtors
2024
2023
£
£
Trade debtors
181,329
638,759
Prepayments and accrued income
282,137
354,179
Amounts owed by related undertakings
460,216
134,377
Other debtors
1,976,741
1,904,930
------------
------------
2,900,423
3,032,245
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
35,300
57,600
Trade creditors
382,292
426,238
Amounts owed to group undertakings
50,000
50,000
Accruals and deferred income
410,312
567,063
Corporation tax
217,457
217,058
Obligations under finance leases and hire purchase contracts
283,739
204,928
Director loan accounts
497,649
542,816
Taxation and social security
6,834
10,577
Other creditors
1,541
433
------------
------------
1,885,124
2,076,713
------------
------------
The loan balances outstanding are secured against assets of the company.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,020,762
1,032,068
Obligations under finance leases and hire purchase contracts
127,945
155,410
------------
------------
1,148,707
1,187,478
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £858,962 (2023: £801,668) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 1 each
6,992
6,992
6,992
6,992
B Ordinary shares of £ 1 each
628
628
628
628
C Ordinary shares of £ 1 each
5,059
5,059
5,059
5,059
D Ordinary shares of £ 1 each
5,059
5,059
5,059
5,059
E Ordinary shares of £ 1 each
5,059
5,059
5,059
5,059
F Ordinary shares of £1 each
5,059
5,059
5,059
5,059
--------
--------
--------
--------
27,856
27,856
27,856
27,856
--------
--------
--------
--------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
435,227
435,227
Later than 1 year and not later than 5 years
1,740,908
1,740,908
Later than 5 years
1,401,046
1,511,773
------------
------------
3,577,181
3,687,908
------------
------------
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Other Related Parties
2,027,966
1,639,310
Directors Loan Account
( 497,649)
( 542,816)
----
----
------------
------------