REGISTERED NUMBER: |
LINCOLNSHIRE GAME LTD |
FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 27 MARCH 2024 |
REGISTERED NUMBER: |
LINCOLNSHIRE GAME LTD |
FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 27 MARCH 2024 |
LINCOLNSHIRE GAME LTD (REGISTERED NUMBER: 09520803) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 27 MARCH 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LINCOLNSHIRE GAME LTD |
COMPANY INFORMATION |
FOR THE PERIOD 29 MARCH 2023 TO 27 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
The Old Vicarage |
Church Close |
Boston |
Lincolnshire |
PE21 6NA |
LINCOLNSHIRE GAME LTD (REGISTERED NUMBER: 09520803) |
ABRIDGED BALANCE SHEET |
27 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
4 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
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. |
LINCOLNSHIRE GAME LTD (REGISTERED NUMBER: 09520803) |
ABRIDGED BALANCE SHEET - continued |
27 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LINCOLNSHIRE GAME LTD (REGISTERED NUMBER: 09520803) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 27 MARCH 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
LINCOLNSHIRE GAME LTD (REGISTERED NUMBER: 09520803) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2023 TO 27 MARCH 2024 |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
3. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 29 March 2023 |
Additions |
Disposals | ( |
) |
Transfer to ownership | 88,225 |
At 27 March 2024 |
DEPRECIATION |
At 29 March 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
Transfer to ownership | 88,225 |
At 27 March 2024 |
NET BOOK VALUE |
At 27 March 2024 |
At 28 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 29 March 2023 | 351,409 |
Transfer to ownership | (54,845 | ) |
At 27 March 2024 | 296,564 |
DEPRECIATION |
At 29 March 2023 | 165,050 |
Charge for period | 29,847 |
Transfer to ownership | (8,226 | ) |
At 27 March 2024 | 186,671 |
NET BOOK VALUE |
At 27 March 2024 | 109,893 |
At 28 March 2023 | 186,359 |
LINCOLNSHIRE GAME LTD (REGISTERED NUMBER: 09520803) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2023 TO 27 MARCH 2024 |
4. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 10,417 |
5. | GOING CONCERN |
As at the year end date the company had net liabilities of £404,824. |
The company has suffered greatly in the last financial year due to the unprecedented misfortune of spending two game seasons in the fully restricted Avian Influenza zone. During the last season, which these financials relate to, the business operated in a 10km restriction zone which was one of only two in the entire country. Unfortunately as the business only deals with dead poultry, it was not eligible for compensation and such losses cannot be insured against. Legislation restricts the business fully from exporting, which is a majority part of the game meat market. |
The company also struggled to supply, in adequate volume, the UK market. The game industry is slowly swapping from lead ammunition to non-toxic variants. UK retail will only stock non-toxic shot game. The supply of this is improving but it is frustratingly slow. |
These two unfortunate, desperately unlucky, circumstances have led to unexpected losses in the year. |
The company meets its working capital requirement via a directors loan that amounted to £521,177 as at the year end date (2023 £340,395)). The directors have confirmed that the loans will not be extracted until the balance sheet has recovered. On this basis the accounts have been prepared on a going concern basis. |