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Registered number: 00771568
Lower Farm (Bednall) Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00771568
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 130,578 131,066
Investments 5 10,187 13,293
140,765 144,359
CURRENT ASSETS
Stocks 6 32,219 5,687
Debtors 7 105,833 67,945
Cash at bank and in hand 495,368 315,917
633,420 389,549
Creditors: Amounts Falling Due Within One Year 8 (135,023 ) (68,901 )
NET CURRENT ASSETS (LIABILITIES) 498,397 320,648
TOTAL ASSETS LESS CURRENT LIABILITIES 639,162 465,007
PROVISIONS FOR LIABILITIES
Deferred Taxation (48,071 ) (49,208 )
NET ASSETS 591,091 415,799
CAPITAL AND RESERVES
Called up share capital 9 750 750
Capital redemption reserve 750 750
Fair value reserve 10,187 13,293
Profit and Loss Account 579,404 401,006
SHAREHOLDERS' FUNDS 591,091 415,799
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T R Rees
Director
6 May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lower Farm (Bednall) Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, the amount of turnover can be measured reliably, it is possible that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on point of sale.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Freehold 10% on cost / 15% reducing balance
Plant & Machinery 15% reducing balance
Motor Vehicles 20% on reducing balance
Property improvements 5% on straight line
2.4. Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measure reliably.
2.5. Stocks and Work in Progress
Stock and work in progress is valued in accordance with usual agricultural practices, and is stated at the lower of cost and estimated selling price less costs to sell.
2.6. 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 balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
...CONTINUED
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Page 4
2.6. Taxation - continued
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.
2.7. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Property improvements Total
£ £ £ £ £
Cost
As at 1 September 2023 61,783 1,243,550 37,300 14,492 1,357,125
Additions - - 26,000 - 26,000
Disposals - - (17,100 ) - (17,100 )
Transfers 568,053 (568,053 ) - - -
As at 31 August 2024 629,836 675,497 46,200 14,492 1,366,025
Depreciation
As at 1 September 2023 12,356 1,176,408 32,779 4,516 1,226,059
Provided during the period 9,946 6,304 5,208 547 22,005
Disposals - - (12,617 ) - (12,617 )
Transfers 542,936 (542,936 ) - - -
As at 31 August 2024 565,238 639,776 25,370 5,063 1,235,447
Net Book Value
As at 31 August 2024 64,598 35,721 20,830 9,429 130,578
As at 1 September 2023 49,427 67,142 4,521 9,976 131,066
5. Investments
Listed
£
Cost
As at 1 September 2023 13,293
Revaluations (3,106 )
As at 31 August 2024 10,187
Provision
As at 1 September 2023 -
As at 31 August 2024 -
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 August 2024 10,187
As at 1 September 2023 13,293
Investments in shares are included at fair value, the original cost of the shares amounted to £nil.
6. Stocks
2024 2023
£ £
Finished goods 32,219 5,687
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 68,567 42,483
Prepayments and accrued income 21,481 17,156
VAT 7,340 1,007
Directors' loan accounts 8,445 7,299
105,833 67,945
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 55,255 21,341
Corporation tax 60,820 36,358
Other taxes and social security 999 1,461
Other creditors 590 547
Accruals and deferred income 17,359 9,194
135,023 68,901
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
750 Ordinary Shares of £ 1.00 each 750 750
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Thomas Rees 7,299 10,146 (9,000 ) - 8,445
The above loan is provided interest free and repayable on demand.
Page 5