REGISTERED NUMBER: |
A.E. LENTON LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
A.E. LENTON LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 9 |
A.E. LENTON LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 Resolution Close |
Endeavour Park |
Boston |
Lincolnshire |
PE21 7TT |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Valuation |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
A.E. Lenton Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about A.E. Lenton Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents invoiced income accrued during the year, excluding value added tax, and is recognised upon despatch. |
Intangible assets |
Intangible assets consist of entitlements to the basic payment scheme. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019. |
Tangible fixed assets |
Fixed assets are valued at cost less depreciation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold land | - nil |
Freehold property | - 10% - 15% on reducing balance |
Long leasehold | - 10% on reducing balance |
Plant and machinery ,etc. | - 25% on reducing balance |
Pig breeding herd | - not provided |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Stocks and valuation |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. |
Tenantright, produce and growing crops are valued consistently with prior years by an independent qualified valuer on a cost of production basis. |
Biological assets, living plants are included at the lower of cost and estimated selling price less costs to sell. |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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 Statement of Income and Retained Earnings, 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 obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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 income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period 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 the income statement in the period to which they relate. |
Investments |
Fixed asset investments are stated at cost, unless in the opinion of the directors, there has been an impairment, in which case an appropriate adjustment has been made. |
Basic payment scheme |
The basic payment scheme is recognised in the financial statements in accordance with current HM Revenue and Customs guidance. |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included in cost of land and buildings is freehold land of £ 4,747,851 (2023 - £ 4,747,851 ) which is not depreciated. |
The net book value of tangible fixed assets includes £ 331,616 (2023 - £ 387,405 ) in respect of assets held under hire purchase contracts. |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in | Other |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 48,086 |
Additions | 6,190 |
At 30 April 2024 | 54,276 |
NET BOOK VALUE |
At 30 April 2024 | 54,276 |
At 30 April 2023 | 48,086 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
AMC loans |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
AMC loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
AMC loans |
Repayable by instalments |
AMC loans | - | 130,390 |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
AMC loans |
Hire purchase contracts | 104,475 | 207,591 |
Loans from Agricultural Mortgage Corporation plc (AMC) are secured by a legal charge over specific freehold property and assets. |
Hire purchase contracts are secured on the assets to which they relate. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 5,000 | 5,000 |
12. | CONTINGENT LIABILITIES |
The company has guaranteed the borrowing of a group undertaking which amounted to £979,968 (2023 - £1,335,207) and the company's assets are subject to a mortgage in favour of the lender. |
13. | CAPITAL COMMITMENTS |
At the year end date the company had total commitments of £nil. (2023- £65,600). |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loans made to directors are unsecured, interest free and repayable on demand. |
A.E. LENTON LIMITED (REGISTERED NUMBER: 00473649) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | ULTIMATE CONTROLLING PARTY |
The company is ultimately controlled by A.E. Lenton (Holdings) Limited, a company incorporated and registered in England and Wales. The registered office and principal place of business of A.E. Lenton (Holdings) Limited is: |
Church End |
Friskney |
Boston |
Lincolnshire |
PE22 8NE |