Registration number:
Willow Lakes (Ashby Hill Top Farm) Ltd
for the Year Ended 30 June 2024
Willow Lakes (Ashby Hill Top Farm) Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Willow Lakes (Ashby Hill Top Farm) Ltd
(Registration number: 06889217)
Balance Sheet as at 30 June 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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:
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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
Willow Lakes (Ashby Hill Top Farm) Ltd
(Registration number: 06889217)
Balance Sheet as at 30 June 2024
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Willow Lakes (Ashby Hill Top Farm) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The Company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Willow Lakes (Ashby Hill Top Farm) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Entitlements |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Disposals |
( |
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At 30 June 2024 |
- |
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Amortisation |
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At 1 July 2023 |
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Amortisation eliminated on disposals |
( |
( |
At 30 June 2024 |
- |
- |
Carrying amount |
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At 30 June 2024 |
- |
- |
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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- |
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- |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
- |
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Charge for the year |
- |
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At 30 June 2024 |
- |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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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.
Stocks |
2024 |
2023 |
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Other inventories |
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Willow Lakes (Ashby Hill Top Farm) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years by instalments |
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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
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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- |
Hire purchase contracts |
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Other borrowings |
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- |
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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 £