Silverfin false false 30/06/2024 01/07/2023 30/06/2024 C L Stopford Sackville 02/11/1993 I D Stopford Sackville 23/03/2019 L M Stopford Sackville 01/03/2012 17 March 2025 no description of principal activity 00656277 2024-06-30 00656277 bus:Director1 2024-06-30 00656277 bus:Director2 2024-06-30 00656277 bus:Director3 2024-06-30 00656277 2023-06-30 00656277 core:CurrentFinancialInstruments 2024-06-30 00656277 core:CurrentFinancialInstruments 2023-06-30 00656277 core:Non-currentFinancialInstruments 2024-06-30 00656277 core:Non-currentFinancialInstruments 2023-06-30 00656277 core:ShareCapital 2024-06-30 00656277 core:ShareCapital 2023-06-30 00656277 core:SharePremium 2024-06-30 00656277 core:SharePremium 2023-06-30 00656277 core:OtherCapitalReserve 2024-06-30 00656277 core:OtherCapitalReserve 2023-06-30 00656277 core:RetainedEarningsAccumulatedLosses 2024-06-30 00656277 core:RetainedEarningsAccumulatedLosses 2023-06-30 00656277 core:LandBuildings 2023-06-30 00656277 core:PlantMachinery 2023-06-30 00656277 core:FurnitureFittings 2023-06-30 00656277 core:OtherPropertyPlantEquipment 2023-06-30 00656277 core:LandBuildings 2024-06-30 00656277 core:PlantMachinery 2024-06-30 00656277 core:FurnitureFittings 2024-06-30 00656277 core:OtherPropertyPlantEquipment 2024-06-30 00656277 core:CostValuation 2023-06-30 00656277 core:CostValuation 2024-06-30 00656277 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-06-30 00656277 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 00656277 2022-06-30 00656277 2023-07-01 2024-06-30 00656277 bus:FilletedAccounts 2023-07-01 2024-06-30 00656277 bus:SmallEntities 2023-07-01 2024-06-30 00656277 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00656277 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00656277 bus:Director1 2023-07-01 2024-06-30 00656277 bus:Director2 2023-07-01 2024-06-30 00656277 bus:Director3 2023-07-01 2024-06-30 00656277 core:PlantMachinery 2023-07-01 2024-06-30 00656277 core:FurnitureFittings 2023-07-01 2024-06-30 00656277 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 00656277 2022-07-01 2023-06-30 00656277 core:LandBuildings 2023-07-01 2024-06-30 00656277 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 00656277 (England and Wales)

LOWICK MANOR FARMS LIMITED

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

LOWICK MANOR FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

LOWICK MANOR FARMS LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
LOWICK MANOR FARMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS C L Stopford Sackville
I D Stopford Sackville
L M Stopford Sackville
SECRETARY C L Stopford Sackville
REGISTERED OFFICE Drayton Estate Office Drayton Road
Lowick
Kettering
NN14 3BG
United Kingdom
COMPANY NUMBER 00656277 (England and Wales)
LOWICK MANOR FARMS LIMITED

BALANCE SHEET

As at 30 June 2024
LOWICK MANOR FARMS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,633,467 1,213,697
Investment property 4 3,705,175 3,705,175
Investments 5 20 20
5,338,662 4,918,892
Current assets
Debtors 6 718,881 848,616
718,881 848,616
Creditors: amounts falling due within one year 7 ( 925,852) ( 816,258)
Net current (liabilities)/assets (206,971) 32,358
Total assets less current liabilities 5,131,691 4,951,250
Creditors: amounts falling due after more than one year 8 0 ( 103,052)
Provision for liabilities 9 ( 1,136,036) ( 911,489)
Net assets 3,995,655 3,936,709
Capital and reserves
Called-up share capital 135 135
Share premium account 300,016 300,016
Other reserves 138,861 138,861
Profit and loss account 3,556,643 3,497,697
Total shareholders' funds 3,995,655 3,936,709

For the financial year ending 30 June 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 Lowick Manor Farms Limited (registered number: 00656277) were approved and authorised for issue by the Board of Directors on 17 March 2025. They were signed on its behalf by:

C L Stopford Sackville
Director
LOWICK MANOR FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
LOWICK MANOR FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

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

The address of its registered office is:
Drayton Estate Office
Drayton Road
Lowick
Kettering
Northamptonshire
NN14 3BG

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention, except for investment property which is shown at fair value.

Going concern

The balance sheet includes a large overdraft of £440,098 (2023 - £59,643), however an overdraft of up to £1,000,000 is secured personally by one of the directors with an available facility of £1,000,000. The director has confirmed that they will continue to support the overdraft facility for a further year from the date of signing the accounts. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers in respect of farming and greenwaste sales. It is recognised when the goods and services are provided.

Government grants

Grants and subsidies are recognised and accounted for when the company has entitlement to the funds, the amount can be quantified, and receipt is probable, inline with the policy for incoming resources. Any conditions attached to the grant and subsidies must be satisifed or reasonably expected to be satisifed at the time of recognition of the grant.

Other operating income

Other operating income relates predominantly to rental income. Rental income from operating leases (net of any incentives given to the lessees) is recognised in profit or loss on a straight-line basis over the lease term.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current 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 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not be recovered base on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated 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 provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a financial lease, over the lease term, whichever is the shorter. Depreciation is not charged on freehold land, and is not charged on freehold buildings as any charge would not be material.

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Other property, plant and equipment 5 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Investments

Investments related to shares in unlisted companies. Investments are measured at cost less provision for impairment.

Hire purchase and leasing

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 year. The capital element of the future payments is treated as a liability.

Rent paid under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

2. Employees

2024 2023
Number Number
The average number of persons employed by the company during the year was 9 7

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 July 2023 185,034 1,747,739 21,171 1,281,259 3,235,203
Additions 0 536,274 771 91,401 628,446
Disposals 0 ( 5,970) 0 ( 2,480) ( 8,450)
At 30 June 2024 185,034 2,278,043 21,942 1,370,180 3,855,199
Accumulated depreciation
At 01 July 2023 0 1,209,443 15,531 796,532 2,021,506
Charge for the financial year 0 181,706 952 25,608 208,266
Disposals 0 ( 5,835) 0 ( 2,205) ( 8,040)
At 30 June 2024 0 1,385,314 16,483 819,935 2,221,732
Net book value
At 30 June 2024 185,034 892,729 5,459 550,245 1,633,467
At 30 June 2023 185,034 538,296 5,640 484,727 1,213,697

Leased assets

Included within the net book value of tangible fixed assets is £292,102 (2023- £397,692) in respect of assets held under finance leases and similar hire purchase contracts.

Depreciation for the year on these assets was £97,090 (2023 - £135,324).

Freehold Land and Buildings

Freehold land and buildings are maintained to such a high standard of repair that their residual value is at least equal to the book value and have a useful economic life in excess of 50 years. Consequently, and depreciation would, in the opinion of the directors, be immaterial and no depreciation is provided. Freehold land and buildings are subject to annual impairment reviews.

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 3,705,175
As at 30 June 2024 3,705,175

This was valued by the Directors at 30 June 2023

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 20 20
At 30 June 2024 20 20
Carrying value at 30 June 2024 20 20
Carrying value at 30 June 2023 20 20

6. Debtors

2024 2023
£ £
Trade debtors 469,928 588,809
Amounts owed by related parties (note 10) 100,000 100,000
Other debtors 148,953 159,807
718,881 848,616

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 440,098 59,643
Trade creditors 174,628 322,433
Amounts owed to related parties (note 10) 48,461 48,456
Obligations under finance leases and hire purchase contracts 156,822 231,262
Other creditors 105,843 154,464
925,852 816,258

The company's bank overdraft is secured personally by one of the directors.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 103,052

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 911,489) ( 846,716)
Charged to the Profit and Loss Account ( 224,547) ( 64,773)
At the end of financial year ( 1,136,036) ( 911,489)

10. Related party transactions

Transactions with directors

At the year end, there were transactions totalling £124,322 (2023 - £347,923) with C L Stopford Sackville in relation to rent and other expenses due. The total owing from C L Stopford Sackville at the year end was £223,601 (2023 - £347,923).

Summary of transactions with other related parties

At the balance sheet date, £100,000 (2023 - £100,000) was owed from Securities Finance International Limited, a company with common directors. At the balance sheet date, £48,456 (2023 - £48,456) was owed to Lasershaw Limited, a company with common directors. The loans are unsecured, interest free and repayable on demand.