Company No:
Contents
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) |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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5,338,662 | 4,918,892 | |||
Current assets | ||||
Debtors | 6 |
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718,881 | 848,616 | |||
Creditors: amounts falling due within one year | 7 | (
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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 |
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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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:
C L Stopford Sackville
Director |
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.
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
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.
The financial statements have been prepared under the historical cost convention, except for investment property which is shown at fair value.
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.
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.
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 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.
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.
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.
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 |
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Fixtures and fittings |
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Other property, plant and equipment |
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The fair value is determined annually by the directors, on an open market value for existing use basis.
Investments related to shares in unlisted companies. Investments are measured at cost less provision for impairment.
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.
2024 | 2023 | ||
Number | Number | ||
The average number of persons employed by the company during the year was |
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Land and buildings | Plant and machinery | Fixtures and fittings | Other property, plant and equipment |
Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2023 |
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Additions |
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Disposals |
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At 30 June 2024 |
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Accumulated depreciation | |||||||||
At 01 July 2023 |
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Charge for the financial year |
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Disposals |
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At 30 June 2024 |
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Net book value | |||||||||
At 30 June 2024 |
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At 30 June 2023 |
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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.
Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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As at 30 June 2024 |
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This was valued by the Directors at 30 June 2023
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 July 2023 |
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At 30 June 2024 |
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Carrying value at 30 June 2024 |
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Carrying value at 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties (note 10) |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Amounts owed to related parties (note 10) |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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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.