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Registration number: 11546015

La Serra Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

La Serra Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

La Serra Limited

(Registration number: 11546015)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

176,712

19,919,272

Current assets

 

Stocks

5

1,016,442

587,303

Debtors

6

1,746,400

2,694,949

Cash at bank and in hand

 

363,043

347,301

 

3,125,885

3,629,553

Creditors: Amounts falling due within one year

7

(5,334,490)

(2,772,211)

Net current (liabilities)/assets

 

(2,208,605)

857,342

Total assets less current liabilities

 

(2,031,893)

20,776,614

Creditors: Amounts falling due after more than one year

7

(4,367,808)

(28,901,180)

Net liabilities

 

(6,399,701)

(8,124,566)

Capital and reserves

 

Called up share capital

8

75,000

75,000

Retained earnings

(6,474,701)

(8,199,566)

Shareholders' deficit

 

(6,399,701)

(8,124,566)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 

 

La Serra Limited

(Registration number: 11546015)
Balance Sheet as at 31 March 2024

.........................................
M A Bille
Director

 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Rotherdale Farm
Long Lane
Throckmorton
Worcestershire
WR10 2JH
United Kingdom

These financial statements were authorised for issue by the Board on 23 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis with the company being relient on the continuing support of its directors and its fellow group companies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the production and sale of tomatoes and the sale of excess electricity generated . Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Other grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible 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

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

Asset class

Depreciation method and rate

Buildings

2% straight line

Glasshouses - Structure

8.33% straight line

Plant and machinery

10% straight line

Office equipment

20% straight line

Glasshouses - Equipment

12.5% straight line

Computer equipment

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition
of financial assets and liabilities such as trade and other receivables and payables. Where these
assets and liabilities are expected to be settled within one year, they are measured at the
undiscounted amount of cash or other consideration that is expected to be paid or received.
Financial assets or liabilities that are expected to be settled beyond one year are initially and
subsequently measured at amortised cost using the effective interest rate method.

 Recognition and measurement
Debtors
Debtors are measured at transaction price, less any impairment.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without
penalty on notice if not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently
at amortised cost using the effective interest method.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 51 (2023 - 48).

 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Buildings
£

Glasshouse
 £

Office equipment
£

Plant and machinery
£

Cost or valuation

At 1 April 2023

542,381

27,704,817

24,360

271,420

Additions

-

-

-

24,318

Disposals

(542,381)

(27,704,817)

-

-

At 31 March 2024

-

-

24,360

295,738

Depreciation

At 1 April 2023

44,294

8,470,644

19,714

91,077

Charge for the year

-

-

4,481

28,966

Eliminated on disposal

(44,294)

(8,470,644)

-

-

At 31 March 2024

-

-

24,195

120,043

Carrying amount

At 31 March 2024

-

-

165

175,695

At 31 March 2023

498,087

19,234,173

4,646

180,343

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2023

7,387

28,550,365

Additions

-

24,318

Disposals

-

(28,247,198)

At 31 March 2024

7,387

327,485

Depreciation

At 1 April 2023

5,364

8,631,093

Charge for the year

1,171

34,618

Eliminated on disposal

-

(8,514,938)

At 31 March 2024

6,535

150,773

Carrying amount

At 31 March 2024

852

176,712

At 31 March 2023

2,023

19,919,272

 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

31 March
2024
£

31 March
2023
£

Raw materials and consumables

64,115

86,263

Work in progress

952,327

501,040

1,016,442

587,303

6

Debtors

Current

31 March
2024
£

31 March
2023
£

Trade debtors

78,790

111,212

Amounts owed by related parties

1,547,454

554,699

Prepayments

120,156

71,151

Other debtors

-

1,957,887

 

1,746,400

2,694,949

 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

31 March
2024
£

31 March
2023
£

Due within one year

Trade creditors

280,992

182,673

Amounts owed to group undertakings and undertakings in which the company has a participating interest

116,768

195,693

Taxation and social security

4,325,959

36,655

Accruals and deferred income

580,229

2,292,291

Other creditors

30,542

64,899

5,334,490

2,772,211

Creditors: amounts falling due after more than one year

Note

31 March
2024
£

31 March
2023
£

Due after one year

 

Loans and borrowings

9

4,367,808

13,759,346

Other non-current financial liabilities

 

-

15,141,834

 

4,367,808

28,901,180

8

Share capital

Allotted, called up and fully paid shares

31 March
2024

31 March
2023

No.

£

No.

£

Ordinary shares of £1 each

75,000

75,000

75,000

75,000

       
 

La Serra Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

31 March
2024
£

31 March
2023
£

Other borrowings

4,367,808

13,759,346

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 March
2024
£

31 March
2023
£

Not later than one year

1,200,000

-

A formal 10 year lease is under negotiation at the reporting date .

11

Parent and ultimate parent undertaking

The company's immediate parent is MAPP Holdings Limited, incorporated in England, UK.

  These financial statements are available upon request from Birmingham Road, Blackminster, Evesham, Worcestershire, WR11 7TD.