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REGISTERED NUMBER: 00563690 (England and Wales)















LOATES BROS. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






LOATES BROS. LIMITED (REGISTERED NUMBER: 00563690)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


LOATES BROS. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: R Loates





SECRETARY: R Loates





REGISTERED OFFICE: Blackthorn House
Town Street
South Leverton
Retford
Nottinghamshire
DN22 0BT





REGISTERED NUMBER: 00563690 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

LOATES BROS. LIMITED (REGISTERED NUMBER: 00563690)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,056,177 2,078,375
Investments 5 1,048,010 940,245
3,104,187 3,018,620

CURRENT ASSETS
Valuation 94,580 115,670
Debtors 6 9,681 27,318
Cash at bank 174,773 140,676
279,034 283,664
CREDITORS
Amounts falling due within one year 7 380,812 406,700
NET CURRENT LIABILITIES (101,778 ) (123,036 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,002,409 2,895,584

CREDITORS
Amounts falling due after more than one year 8 (6,639 ) (15,934 )

PROVISIONS FOR LIABILITIES (318,939 ) (297,278 )
NET ASSETS 2,676,831 2,582,372

CAPITAL AND RESERVES
Called up share capital 9 743 743
Revaluation reserve 10 408,090 327,266
Capital redemption reserve 2,157 2,157
Retained earnings 2,265,841 2,252,206
SHAREHOLDERS' FUNDS 2,676,831 2,582,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LOATES BROS. LIMITED (REGISTERED NUMBER: 00563690)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 April 2025 and were signed by:





R Loates - Director


LOATES BROS. LIMITED (REGISTERED NUMBER: 00563690)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Loates Bros. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of farm crops, livestock and area aid excluding value added tax.

Sales of produce are recognised upon despatch.

The Basic Farm Payment is recognised in the financial statements in accordance with current H.M.Revenue & Customs guidance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost and 2% on cost
Plant and machinery etc - 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


LOATES BROS. LIMITED (REGISTERED NUMBER: 00563690)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Investments
Investments relate to bonds held in third parties and are held at market value in the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 1,926,247 330,195 2,256,442
Additions - 898 898
At 31 August 2024 1,926,247 331,093 2,257,340
DEPRECIATION
At 1 September 2023 449 177,618 178,067
Charge for year 75 23,021 23,096
At 31 August 2024 524 200,639 201,163
NET BOOK VALUE
At 31 August 2024 1,925,723 130,454 2,056,177
At 31 August 2023 1,925,798 152,577 2,078,375

Included in land and buildings is £1,924,383 of land that is not depreciated.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 September 2023 940,245
Revaluations 107,765
At 31 August 2024 1,048,010
NET BOOK VALUE
At 31 August 2024 1,048,010
At 31 August 2023 940,245

LOATES BROS. LIMITED (REGISTERED NUMBER: 00563690)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 August 2024 is represented by:

Other
investments
£   
Valuation in 2024 1,048,010

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 320,245 320,245

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,774 7,777
Other debtors 5,907 19,541
9,681 27,318

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,320 2,550
Trade creditors 9,817 43,527
Taxation and social security 8,147 -
Other creditors 359,528 360,623
380,812 406,700

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 6,639 15,934

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
743 Ordinary £1 743 743

10. RESERVES
Revaluation
reserve
£   
At 1 September 2023 327,266
Revaluation of assets 107,765
Deferred tax (26,941 )

At 31 August 2024 408,090