Lear Limited 03598342 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Turkey farming Digita Accounts Production Advanced 6.30.9574.0 true 03598342 2023-02-01 2024-01-31 03598342 2024-01-31 03598342 bus:OrdinaryShareClass1 2024-01-31 03598342 core:CurrentFinancialInstruments 2024-01-31 03598342 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 03598342 core:Non-currentFinancialInstruments 2024-01-31 03598342 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 03598342 core:LandBuildings 2024-01-31 03598342 core:OtherPropertyPlantEquipment 2024-01-31 03598342 bus:SmallEntities 2023-02-01 2024-01-31 03598342 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03598342 bus:FilletedAccounts 2023-02-01 2024-01-31 03598342 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 03598342 bus:RegisteredOffice 2023-02-01 2024-01-31 03598342 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 03598342 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 03598342 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03598342 bus:Agent1 2023-02-01 2024-01-31 03598342 core:Buildings 2023-02-01 2024-01-31 03598342 core:LandBuildings 2023-02-01 2024-01-31 03598342 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 03598342 core:PlantMachinery 2023-02-01 2024-01-31 03598342 countries:AllCountries 2023-02-01 2024-01-31 03598342 2023-01-31 03598342 core:LandBuildings 2023-01-31 03598342 core:OtherPropertyPlantEquipment 2023-01-31 03598342 2022-02-01 2023-01-31 03598342 2023-01-31 03598342 bus:OrdinaryShareClass1 2023-01-31 03598342 core:CurrentFinancialInstruments 2023-01-31 03598342 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 03598342 core:Non-currentFinancialInstruments 2023-01-31 03598342 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 03598342 core:LandBuildings 2023-01-31 03598342 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

File copy

Registration number: 03598342

Lear Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Lear Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lear Limited

Company Information

Directors

P A Kelly

Company secretary

P A Kelly

Registered office

Springate Farm
Bicknacre Road
Danbury
Essex
CM3 4EP

Bankers

Barclays Bank plc
High Street
Chelmsford
Essex
CM1 1BG

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Lear Limited

(Registration number: 03598342)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,583,519

1,556,057

Investments

5

5,470

5,470

 

1,588,989

1,561,527

Current assets

 

Stocks

6

14,735

-

Debtors

7

12,564

-

Cash at bank and in hand

 

35,817

4,672

 

63,116

4,672

Creditors: Amounts falling due within one year

8

(816,063)

(769,231)

Net current liabilities

 

(752,947)

(764,559)

Total assets less current liabilities

 

836,042

796,968

Creditors: Amounts falling due after more than one year

8

(763,919)

(776,449)

Provisions for liabilities

(442)

(448)

Net assets

 

71,681

20,071

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

71,679

20,069

Shareholders' funds

 

71,681

20,071

 

Lear Limited

(Registration number: 03598342)
Balance Sheet as at 31 January 2024

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 January 2025
 

P A Kelly
Company secretary and director

 

Lear Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Springate Farm, Bicknacre Road, Danbury, Essex, CM3 4EP.

The principal place of business is: Badgers Mead Farm, Five Ashes, Mayfield, Sussex, TN20 6JH.

These financial statements were authorised for issue by the director on 28 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Departures from Companies Act requirements

The director has chosen to depart from the Companies Act 2006 in respect of depreciation not being provided for on freehold property owned and operated by the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of turkeys in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary material differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Lear Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

0% & 5% Straight Line

Plant and machinery

20% Reducing balance method

No depreciation is provided in respect of Land and buildings and is revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the Company's freehold property may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, the Directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for turkey rearing or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

 

Lear Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

1,553,697

2,950

1,556,647

Additions

28,749

-

28,749

At 31 January 2024

1,582,446

2,950

1,585,396

Depreciation

At 1 February 2023

-

590

590

Charge for the year

697

590

1,287

At 31 January 2024

697

1,180

1,877

Carrying amount

At 31 January 2024

1,581,749

1,770

1,583,519

At 31 January 2023

1,553,697

2,360

1,556,057

Included within the net book value of land and buildings above is £1,553,697 (2023 - £1,553,697) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in associates

5,470

5,470

6

Stocks

2024
£

2023
£

Stocks

14,735

-

7

Debtors

2024
£

2023
£

Other debtors

10,898

-

Prepayments

1,666

-

12,564

-

 

Lear Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

17,089

9,379

Loans and borrowings

10

26,098

38,423

Taxation and social security

 

52,307

33,959

Other creditors

 

715,444

685,814

Accruals and deferred income

 

5,125

1,656

 

816,063

769,231


Creditors falling due within one year include bank loans which are secured of £26,098 (2023- £38,423).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

763,919

776,449


Creditors falling due after more than one year include bank loans which are secured of £763,919 (2023 - £776,449).

Creditors include bank loans repayable by instalments of £645,808 (2023 - £614,435 due after more than five years.

Bank borrowings

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Lear Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

26,098

38,423

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

763,919

776,449