L&R FARMING LIMITED

Company Registration Number:
SC777285 (Scotland)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 28 July 2023

End date: 31 July 2024

L&R FARMING LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Balance sheet
Additional notes
Balance sheet notes

L&R FARMING LIMITED

Balance sheet

As at 31 July 2024

Notes 2024


£
Current assets
Debtors: 3 128,034
Total current assets: 128,034
Creditors: amounts falling due within one year: 4 ( 129,707 )
Net current assets (liabilities): (1,673)
Total assets less current liabilities: (1,673)
Total net assets (liabilities): (1,673)
Capital and reserves
Called up share capital: 1
Profit and loss account: (1,674 )
Total Shareholders' funds: ( 1,673 )

The notes form part of these financial statements

L&R FARMING LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 15 April 2025
and signed on behalf of the board by:

Name: Karol McElhinney
Status: Director

The notes form part of these financial statements

L&R FARMING LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    Company information L&R Farming Limited is a private company limited by shares incorporated in Scotland. The registered office is Atria One, 144 Morrison Street, Edinburgh, Scotland. Accounting convention These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Other financial assets Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 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. Amounts 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. Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

L&R FARMING LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024
    Average number of employees during the period 0

L&R FARMING LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Debtors

2024
£
Other debtors 128,034
Total 128,034

L&R FARMING LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Creditors: amounts falling due within one year note

2024
£
Trade creditors 128,507
Other creditors 1,200
Total 129,707

L&R FARMING LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Financial Commitments

The company had no material capital commitments at the financial year-ended 31 July 2024.