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REGISTERED NUMBER: 01917734 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

LUND COURT FARM LIMITED

LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LUND COURT FARM LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTORS: Mr H P Raines
Mrs J B Raines
Mrs H C Hubb
Mrs L J Swan
Mrs S M Macaulay





SECRETARY: Mrs J B Raines





REGISTERED OFFICE: Unit 7-8 Manor Court
Eastfield
Scarborough
North Yorkshire
YO11 3TU





REGISTERED NUMBER: 01917734 (England and Wales)

LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

STATEMENT OF FINANCIAL POSITION
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 3,996,295 3,675,119
Investment property 6 859,768 859,768
4,856,063 4,534,887

CURRENT ASSETS
Inventories 844,762 856,048
Debtors 7 460,964 568,456
1,305,726 1,424,504
CREDITORS
Amounts falling due within one year 8 972,693 1,096,143
NET CURRENT ASSETS 333,033 328,361
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,189,096

4,863,248

CREDITORS
Amounts falling due after more than one year 9 (992,395 ) (936,235 )

PROVISIONS FOR LIABILITIES (331,673 ) (257,413 )
NET ASSETS 3,865,028 3,669,600

CAPITAL AND RESERVES
Called up share capital 21 21
Revaluation reserve 202,762 202,762
Retained earnings 3,662,245 3,466,817
SHAREHOLDERS' FUNDS 3,865,028 3,669,600

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 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.

LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

STATEMENT OF FINANCIAL POSITION - continued
30 April 2024


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 19 January 2025 and were signed on its behalf by:





Mr H P Raines - Director


LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2024


1. STATUTORY INFORMATION

Lund Court Farm 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.

Going concern
The company has a net asset position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
No significant judgements have had to be made by management in preparing these financial statements.

Critical accounting estimates and assumptions
The directors do not consider that any estimates or assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of four years.

Property, plant and equipment
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold land comprises a previous revaluation as deemed cost on transition to FRS102.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset overs its estimated useful life.

Freehold land - not provided
Freehold buildings- 5% straight line basis
Long leasehold- 5% straight line basis
Improvements to property- 5% straight line basis
Plant and machinery- 20% reducing balance basis

LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are initially measured at cost, including transaction costs. After initial recognition investment properties whose fair value can be measured reliably are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Inventories
Biological assets, agricultural produce and other inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs 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.

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 acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on the sum of digits basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1 May 2023
and 30 April 2024 85,860
AMORTISATION
At 1 May 2023
and 30 April 2024 85,860
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Freehold Improvements
land and Long to Plant and
buildings leasehold property machinery Totals
£    £    £    £    £   
COST
At 1 May 2023 2,491,038 110,396 144,109 2,773,809 5,519,352
Additions - - - 669,948 669,948
Disposals - - - (439,800 ) (439,800 )
At 30 April 2024 2,491,038 110,396 144,109 3,003,957 5,749,500
DEPRECIATION
At 1 May 2023 21,713 44,158 38,740 1,739,622 1,844,233
Charge for year 1,560 5,520 7,205 265,435 279,720
Eliminated on disposal - - - (370,748 ) (370,748 )
At 30 April 2024 23,273 49,678 45,945 1,634,309 1,753,205
NET BOOK VALUE
At 30 April 2024 2,467,765 60,718 98,164 1,369,648 3,996,295
At 30 April 2023 2,469,325 66,238 105,369 1,034,187 3,675,119

Included in cost of land and buildings is freehold land of £ 2,459,833 (2023 - £ 2,459,833 ) which is not depreciated.

The net book value of property, plant and equipment includes £ 503,820 (2023 - £ 434,362 ) in respect of assets held under hire purchase contracts.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 859,768
NET BOOK VALUE
At 30 April 2024 859,768
At 30 April 2023 859,768

The fair value of investment property at each year end has been arrived at on the basis of valuations carried out by a director of the company..

LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 368,535 391,020
Other debtors 92,429 177,436
460,964 568,456

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 341,925 236,046
Hire purchase contracts 116,917 197,107
Trade creditors 351,405 332,851
Taxation and social security 3,217 41,570
Other creditors 159,229 288,569
972,693 1,096,143

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 86,077 29,917
Other creditors 906,318 906,318
992,395 936,235

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other creditors 906,318 906,318

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 341,925 236,046
Hire purchase contracts 202,994 227,024
Other loans 906,318 906,318
1,451,237 1,369,388

Bank loans and overdrafts are secured by way of legal mortgage on certain property owned by the company and by way of fixed charge on all plant and machinery etc and goodwill at the property.

Hire purchase liabilities are secured on the relevant underlying assets.

LUND COURT FARM LIMITED (REGISTERED NUMBER: 01917734)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors operate a loan account with the company which is repayable on demand. The following advances and credits subsisted during the years ended 30 April 2024 and 30 April 2023.

20242023
££

Balance outstanding at start of year22,377-
Amounts advanced153,712 34,171
Amounts repaid(176,089)(11,794)
Amounts written off--
Amounts waived--
Balance outstanding at end of year- 22,377

Interest has been charged at the HMRC beneficial loan rate whilst overdrawn.

12. RELATED PARTY DISCLOSURES

During the year the Directors received no remuneration (2023 - nil).