Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mrs C A Lamb Mr P S Lamb 05 February 2025 The principal activity of the company is that of farming within the United Kingdom. 02326881 2024-09-30 02326881 2023-09-30 02326881 core:CurrentFinancialInstruments 2024-09-30 02326881 core:CurrentFinancialInstruments 2023-09-30 02326881 core:Non-currentFinancialInstruments 2024-09-30 02326881 core:Non-currentFinancialInstruments 2023-09-30 02326881 core:ShareCapital 2024-09-30 02326881 core:ShareCapital 2023-09-30 02326881 core:RetainedEarningsAccumulatedLosses 2024-09-30 02326881 core:RetainedEarningsAccumulatedLosses 2023-09-30 02326881 core:OtherResidualIntangibleAssets 2023-09-30 02326881 core:OtherResidualIntangibleAssets 2024-09-30 02326881 core:LandBuildings 2023-09-30 02326881 core:PlantMachinery 2023-09-30 02326881 core:LandBuildings 2024-09-30 02326881 core:PlantMachinery 2024-09-30 02326881 core:CostValuation 2023-09-30 02326881 core:DisposalsRepaymentsInvestments 2024-09-30 02326881 core:CostValuation 2024-09-30 02326881 2023-10-01 2024-09-30 02326881 bus:FilletedAccounts 2023-10-01 2024-09-30 02326881 bus:SmallEntities 2023-10-01 2024-09-30 02326881 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 02326881 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02326881 bus:Director1 2023-10-01 2024-09-30 02326881 bus:Director2 2023-10-01 2024-09-30 02326881 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-10-01 2024-09-30 02326881 core:LandBuildings core:TopRangeValue 2023-10-01 2024-09-30 02326881 core:PlantMachinery 2023-10-01 2024-09-30 02326881 2022-10-01 2023-09-30 02326881 core:OtherResidualIntangibleAssets 2023-10-01 2024-09-30 02326881 core:LandBuildings 2023-10-01 2024-09-30 02326881 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: 02326881 (England and Wales)

PETER LAMB LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

PETER LAMB LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PETER LAMB LIMITED

BALANCE SHEET

As at 30 September 2024
PETER LAMB LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,451 4,026
Tangible assets 4 2,001,828 2,285,872
Investments 5 90 91
2,005,369 2,289,989
Current assets
Stocks 6 514,358 593,969
Debtors 7 150,704 71,611
Investments 0 246,499
Cash at bank and in hand ( 30,554) 47,540
634,508 959,619
Creditors: amounts falling due within one year 8 ( 70,349) ( 641,870)
Net current assets 564,159 317,749
Total assets less current liabilities 2,569,528 2,607,738
Creditors: amounts falling due after more than one year 9 ( 10,000) ( 16,667)
Provision for liabilities 0 ( 4,937)
Net assets 2,559,528 2,586,134
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,559,428 2,586,034
Total shareholder's funds 2,559,528 2,586,134

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Peter Lamb Limited (registered number: 02326881) were approved and authorised for issue by the Board of Directors on 05 February 2025. They were signed on its behalf by:

Mr P S Lamb
Director
PETER LAMB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PETER LAMB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Peter Lamb Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Knighton Manor, Broadchalke, Salisbury, SP5 5EB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided.

Sales of arable crops are accounted for as turnover when the goods are collected from the farm. Agricultural subsidies receivable are accounted for when all obligations pursuant to the income have been met. Rental income from land and buildings is accrued for on a daily basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Separately aquired storage rights are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful live, as follows:

Land and buildings 10 years straight line
Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 October 2023 95,096 95,096
Disposals ( 6,945) ( 6,945)
At 30 September 2024 88,151 88,151
Accumulated amortisation
At 01 October 2023 91,070 91,070
Charge for the financial year 575 575
Disposals ( 6,945) ( 6,945)
At 30 September 2024 84,700 84,700
Net book value
At 30 September 2024 3,451 3,451
At 30 September 2023 4,026 4,026

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 October 2023 2,304,837 95,774 2,400,611
Disposals ( 281,082) 0 ( 281,082)
At 30 September 2024 2,023,755 95,774 2,119,529
Accumulated depreciation
At 01 October 2023 38,711 76,028 114,739
Charge for the financial year 0 2,962 2,962
At 30 September 2024 38,711 78,990 117,701
Net book value
At 30 September 2024 1,985,044 16,784 2,001,828
At 30 September 2023 2,266,126 19,746 2,285,872

Included within the net book value of land and buildings above is £1,985,044 (2023- £2,266,126) in respect of freehold land and buildings

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 91 91
Disposals ( 1) ( 1)
At 30 September 2024 90 90
Carrying value at 30 September 2024 90 90
Carrying value at 30 September 2023 91 91

6. Stocks

2024 2023
£ £
Stocks 514,358 593,969

7. Debtors

2024 2023
£ £
Trade debtors 2,118 20,163
Other debtors 148,586 51,448
150,704 71,611

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,667 189,994
Trade creditors 62,278 0
Taxation and social security ( 4,057) 138,514
Other creditors 5,461 313,362
70,349 641,870

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,000 16,667

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
At start of period 0 0
Advanced 590,514 0
Repaid (459,363) 0
At end of period 131,151 0

The loan is repayable upon demand. There is interest charged at the HMRC official rate of interest.