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REGISTERED NUMBER: 00673545 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

L NETTLETON & SON LIMITED

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


L NETTLETON & SON LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: W G Nettleton
Mrs S M Nettleton
J A Nettleton





REGISTERED OFFICE: Frodingham Hall
Winestead
Hull
HU12 0NR





REGISTERED NUMBER: 00673545 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

STATEMENT OF FINANCIAL POSITION
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,339 23,007
Tangible assets 5 20,137,298 20,034,025
20,152,637 20,057,032

CURRENT ASSETS
Stocks 598,418 733,790
Debtors 6 169,008 130,634
Cash at bank 118,112 72,598
885,538 937,022
CREDITORS
Amounts falling due within one year 7 1,122,808 1,031,399
NET CURRENT LIABILITIES (237,270 ) (94,377 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,915,367

19,962,655

CREDITORS
Amounts falling due after more than one year 8 (5,972,913 ) (6,499,819 )

PROVISIONS FOR LIABILITIES (1,182,594 ) (1,154,242 )
NET ASSETS 12,759,860 12,308,594

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Other reserves 875 875
Retained earnings 12,738,985 12,287,719
SHAREHOLDERS' FUNDS 12,759,860 12,308,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

STATEMENT OF FINANCIAL POSITION - continued
30 June 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





W G Nettleton - Director


L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

L Nettleton & Son Limited is a private company, limited by shares, incorporated and domiciled in England. It has its registered office and principal place of business at Frodingham Hall, Winestead, Hull.

The principal activity of the company is farming.

The presentational currency of the financial statements is 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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

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.

Land entitlements are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 10% on cost

Freehold land is not depreciated.

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet. 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 profit and loss account 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 profit and loss account on a straight line basis over the period of the lease.

Government assistance
Government subsidies are released to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 76,683
AMORTISATION
At 1 July 2023 53,676
Charge for year 7,668
At 30 June 2024 61,344
NET BOOK VALUE
At 30 June 2024 15,339
At 30 June 2023 23,007

5. TANGIBLE FIXED ASSETS
Plant,
machinery
Freehold and Motor
land vehicles vehicles Totals
£    £    £    £   
COST
At 1 July 2023 18,208,913 4,360,116 58,899 22,627,928
Additions - 427,366 27,596 454,962
Disposals - (945,364 ) - (945,364 )
At 30 June 2024 18,208,913 3,842,118 86,495 22,137,526
DEPRECIATION
At 1 July 2023 142,600 2,394,610 56,693 2,593,903
Charge for year 9,476 268,961 2,122 280,559
Eliminated on disposal - (874,234 ) - (874,234 )
At 30 June 2024 152,076 1,789,337 58,815 2,000,228
NET BOOK VALUE
At 30 June 2024 18,056,837 2,052,781 27,680 20,137,298
At 30 June 2023 18,066,313 1,965,506 2,206 20,034,025

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant,
machinery
and
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 911,500
DEPRECIATION
At 1 July 2023 155,792
Charge for year 58,150
At 30 June 2024 213,942
NET BOOK VALUE
At 30 June 2024 697,558
At 30 June 2023 755,708

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 32,088 29,636
Amounts owed by related parties 34,800 -
VAT 72,311 70,350
Prepayments 29,809 30,648
169,008 130,634

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 73,843 73,843
Agricultural mortgage 143,252 124,979
Hire purchase contracts (see note 9) 82,515 136,146
Trade creditors 393,701 189,949
Amounts owed to related parties 41,598 35,044
Tax 140,362 197,105
Social security and other taxes 4,459 4,174
Other creditors 303 2,370
Directors' current accounts 136,649 162,415
Accruals and deferred income 106,126 105,374
1,122,808 1,031,399

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 74,843 74,843
Bank loans - 2-5 years 227,528 227,528
Bank loans over 5 years 599,398 674,452
Ag mortgage - 1-2 years 148,560 129,263
Ag mortgage - 2-5 years 501,913 481,531
Agricultural mortgage 3,424,520 3,833,536
Hire purchase contracts (see note 9) 46,151 128,666
Other creditors 950,000 950,000
5,972,913 6,499,819

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 599,398 674,452
Agricultural mortgage 3,424,520 3,833,536
4,023,918 4,507,988

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 82,515 136,146
Between one and five years 46,151 128,666
128,666 264,812

L NETTLETON & SON LIMITED (REGISTERED NUMBER: 00673545)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 975,612 1,050,666
Agricultural mortgage 4,218,245 4,569,309
Hire purchase contracts 128,666 264,812
5,322,523 5,884,787

The hire purchase liabilities are secured on the assets to which they relate.

Bank loans are secured by a legal charge which is held over freehold land known as Barton Field Farm, North Lincolnshire.

11. RELATED PARTY DISCLOSURES

At the year end the company owed its directors £1,086,649 (2023: £1,112,415).

Of the balance above £950,000 is repayable after more than one year with the remainder repayable on demand.