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Registration number: 06889217

Willow Lakes (Ashby Hill Top Farm) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Willow Lakes (Ashby Hill Top Farm) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Willow Lakes (Ashby Hill Top Farm) Ltd

(Registration number: 06889217)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,464,912

5,327,172

Current assets

 

Stocks

6

36,002

22,599

Debtors

7

34,870

37,047

Cash at bank and in hand

 

28,389

15,095

 

99,261

74,741

Creditors: Amounts falling due within one year

8

(630,099)

(373,638)

Net current liabilities

 

(530,838)

(298,897)

Total assets less current liabilities

 

4,934,074

5,028,275

Creditors: Amounts falling due after more than one year

8

(3,557,402)

(3,436,104)

Provisions for liabilities

(65,737)

(228,991)

Net assets

 

1,310,935

1,363,180

Capital and reserves

 

Called up share capital

8

8

Other reserves

1,434,005

1,505,825

Retained earnings

(123,078)

(142,653)

Shareholders' funds

 

1,310,935

1,363,180

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:

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 28 March 2025 and signed on its behalf by:
 

 

Willow Lakes (Ashby Hill Top Farm) Ltd

(Registration number: 06889217)
Balance Sheet as at 30 June 2024

.........................................
J T Collis
Director

.........................................
L P Marsh
Director

 

Willow Lakes (Ashby Hill Top Farm) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Willow Lakes
Barton Street
Ashby-Cum-Fenby
Grimsby
DN37 0RU

These financial statements were authorised for issue by the Board on 28 March 2025.

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.

The financial statements cover the individual entity, have been prepared in Pound Sterling and are rounded to the nearest pound.

Going concern

Not withstanding the negative profit and loss reserves at 30 June 2024 the financial statements have been prepared on a going concern basis which the directors consider to be appropriate as they have reviewed the forecasts for a period of 12 months from the date of approval of the financial statements and the directors believe the Company can return to profitability in the short to medium term and that the Company will have sufficient funds to meet its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, 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.

Government grants

Government grants which become receivable as compensation for expenses and losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable. Grants which become receivable for the purpose of capital expenditure are recognised against such costs.

 

Willow Lakes (Ashby Hill Top Farm) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

10% straight line basis

Fixtures and fittings

10% straight line basis

Office equipment

10% straight line basis

Motor vehicles

25% straight line basis

Freehold land and buildings

Fixed assets are measured at cost less depreciation, except for the case of freehold and buildings.

Freehold land and buildings are carried at fair value, this has been derived by the directors and any changes in fair value are recognised in profit or loss.

Buildings included in freehold land and buildings are maintained to a very high standard through regular maintanence and repair. Therefore depreciation has not been provided for as, in the directors' opinion, the residual value is at least equal to the carrying value disclosed in the accounts. This accounting treatment is a departure from FRS 102 Section 1A. However, the directors believe that to comply with this requirement, the financial statements would not show a true and fair view of the company's financial position.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

50% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

Willow Lakes (Ashby Hill Top Farm) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 48 (2023 - 21).

 

Willow Lakes (Ashby Hill Top Farm) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Entitlements
 £

Total
£

Cost or valuation

At 1 July 2023

4,220

4,220

Disposals

(4,220)

(4,220)

At 30 June 2024

-

-

Amortisation

At 1 July 2023

4,220

4,220

Amortisation eliminated on disposals

(4,220)

(4,220)

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

5,111,071

178,101

190,658

7,159

32,800

5,519,789

Additions

169,581

5,126

-

829

-

175,536

At 30 June 2024

5,280,652

183,227

190,658

7,988

32,800

5,695,325

Depreciation

At 1 July 2023

-

60,912

114,693

3,098

13,914

192,617

Charge for the year

-

13,826

15,185

585

8,200

37,796

At 30 June 2024

-

74,738

129,878

3,683

22,114

230,413

Carrying amount

At 30 June 2024

5,280,652

108,489

60,780

4,305

10,686

5,464,912

At 30 June 2023

5,111,071

117,189

75,965

4,061

18,886

5,327,172

Included within the net book value of land and buildings above is £5,280,652 (2023 - £5,111,071) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

36,002

22,599

 

Willow Lakes (Ashby Hill Top Farm) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

6,119

2,174

Prepayments

20,013

24,045

Other debtors

8,738

10,828

 

34,870

37,047

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

207,954

78,502

Trade creditors

 

255,521

141,773

Taxation and social security

 

95,251

67,291

Accruals and deferred income

 

27,363

36,502

Other creditors

 

44,010

49,570

 

630,099

373,638

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £80,412 (2023 - £78,502).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

3,557,402

3,436,104

2024
£

2023
£

Due after more than five years

After more than five years by instalments

1,299,598

1,366,664

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,656,160 (2023 - £1,734,612).

 

Willow Lakes (Ashby Hill Top Farm) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,636,196

1,703,474

Hire purchase contracts

19,964

31,138

Other borrowings

1,901,242

1,701,492

3,557,402

3,436,104

Current loans and borrowings

2024
£

2023
£

Bank borrowings

67,320

67,362

Bank overdrafts

1,951

-

Hire purchase contracts

11,140

11,140

Other borrowings

127,543

-

207,954

78,502

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £88,034 (2023 - £105,141).