5 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10736603 2024-01-01 2024-12-31 10736603 2024-12-31 10736603 2023-12-31 10736603 2023-01-01 2023-12-31 10736603 2023-12-31 10736603 2022-12-31 10736603 core:FurnitureFittings 2024-01-01 2024-12-31 10736603 core:MotorVehicles 2024-01-01 2024-12-31 10736603 bus:Director1 2024-01-01 2024-12-31 10736603 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 10736603 core:PlantMachinery 2023-12-31 10736603 core:FurnitureFittings 2023-12-31 10736603 core:MotorVehicles 2023-12-31 10736603 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 10736603 core:PlantMachinery 2024-12-31 10736603 core:MotorVehicles 2024-12-31 10736603 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10736603 core:PlantMachinery 2024-01-01 2024-12-31 10736603 core:WithinOneYear 2024-12-31 10736603 core:WithinOneYear 2023-12-31 10736603 core:ShareCapital 2024-12-31 10736603 core:ShareCapital 2023-12-31 10736603 core:SharePremium 2024-12-31 10736603 core:SharePremium 2023-12-31 10736603 core:RevaluationReserve 2023-12-31 10736603 core:CapitalRedemptionReserve 2024-12-31 10736603 core:RetainedEarningsAccumulatedLosses 2024-12-31 10736603 core:RetainedEarningsAccumulatedLosses 2023-12-31 10736603 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 10736603 core:PlantMachinery 2023-12-31 10736603 core:FurnitureFittings 2023-12-31 10736603 core:MotorVehicles 2023-12-31 10736603 bus:SmallEntities 2024-01-01 2024-12-31 10736603 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 10736603 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10736603 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10736603 bus:FullAccounts 2024-01-01 2024-12-31
N Loates & Son Limited
Unaudited financial statements
31 December 2024
Company Registration Number 10736603
N Loates & Son Limited
Financial statements
year ended 31 December 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
N Loates & Son Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,806,356
2,633,403
Current assets
Stocks
107,666
150,808
Debtors
6
4,309
27,304
Investments
7
86,685
49,591
Cash at bank and in hand
208,702
195,986
---------
---------
407,362
423,689
Creditors: amounts falling due within one year
8
60,619
474,648
---------
---------
Net current assets/(liabilities)
346,743
( 50,959)
------------
------------
Total assets less current liabilities
2,153,099
2,582,444
Provisions
200,531
250,570
------------
------------
Net assets
1,952,568
2,331,874
------------
------------
Capital and reserves
Called up share capital
488
697
Share premium account
1,903,928
2,177,721
Revaluation reserve
77,799
Capital redemption reserve
209
Profit and loss account
47,943
75,657
------------
------------
Shareholders funds
1,952,568
2,331,874
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
N Loates & Son Limited
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Mr S Loates
Director
Company registration number: 10736603
N Loates & Son Limited
Notes to the financial statements
year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park House Farm, Park Lane, Laughton, Gainsborough, Lincolnshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15 and 40% reducing balance
Cafe assets
-
15% reducing balance
Tractors & combines
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 14 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Tractors & combines
Total
£
£
£
£
£
Cost
At 1 January 2024
2,467,562
119,062
14,345
143,529
2,744,498
Additions
36,115
9,741
7,915
53,771
Disposals
( 835,896)
( 280)
( 22,260)
( 858,436)
------------
---------
--------
---------
------------
At 31 December 2024
1,667,781
128,523
143,529
1,939,833
------------
---------
--------
---------
------------
Depreciation
At 1 January 2024
58,703
915
51,477
111,095
Charge for the year
9,676
13,808
23,484
Disposals
( 187)
( 915)
( 1,102)
------------
---------
--------
---------
------------
At 31 December 2024
68,192
65,285
133,477
------------
---------
--------
---------
------------
Carrying amount
At 31 December 2024
1,667,781
60,331
78,244
1,806,356
------------
---------
--------
---------
------------
At 31 December 2023
2,467,562
60,359
13,430
92,052
2,633,403
------------
---------
--------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
6,033
Other debtors
4,309
21,271
-------
--------
4,309
27,304
-------
--------
7. Investments
2024
2023
£
£
Other investments
86,685
49,591
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,393
6,295
Corporation tax
13,558
5,763
Social security and other taxes
58
375
Other creditors
31,610
462,215
--------
---------
60,619
474,648
--------
---------
9. Related party transactions
On 29 November 2023 there was a reclassification of shares to enable a cafe and homewares business with the related property be demerged, this was completed on 6 February 2024. The reclassification also enabled the farmhouse and Park Cottage to be sold at market value to the shareholders on 24 March 2024, this was paid predominantly from the directors loan account with the balance by way of a distribution. This was cleared and agreed with HMRC.