Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-312025-05-01743332023-09-01falseNo description of principal activity1617truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05206382 2023-09-01 2024-08-31 05206382 2022-09-01 2023-08-31 05206382 2024-08-31 05206382 2023-08-31 05206382 c:Director1 2023-09-01 2024-08-31 05206382 c:Director2 2023-09-01 2024-08-31 05206382 d:Buildings 2023-09-01 2024-08-31 05206382 d:Buildings 2024-08-31 05206382 d:Buildings 2023-08-31 05206382 d:Buildings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05206382 d:Buildings d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05206382 d:PlantMachinery 2023-09-01 2024-08-31 05206382 d:PlantMachinery 2024-08-31 05206382 d:PlantMachinery 2023-08-31 05206382 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05206382 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05206382 d:MotorVehicles 2023-09-01 2024-08-31 05206382 d:FurnitureFittings 2023-09-01 2024-08-31 05206382 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05206382 d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05206382 d:CurrentFinancialInstruments 2024-08-31 05206382 d:CurrentFinancialInstruments 2023-08-31 05206382 d:Non-currentFinancialInstruments 2024-08-31 05206382 d:Non-currentFinancialInstruments 2023-08-31 05206382 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05206382 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05206382 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 05206382 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 05206382 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 05206382 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 05206382 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 05206382 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 05206382 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-08-31 05206382 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-08-31 05206382 d:ShareCapital 2024-08-31 05206382 d:ShareCapital 2023-08-31 05206382 d:RetainedEarningsAccumulatedLosses 2024-08-31 05206382 d:RetainedEarningsAccumulatedLosses 2023-08-31 05206382 c:FRS102 2023-09-01 2024-08-31 05206382 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05206382 c:FullAccounts 2023-09-01 2024-08-31 05206382 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05206382 d:WithinOneYear 2024-08-31 05206382 d:WithinOneYear 2023-08-31 05206382 d:BetweenOneFiveYears 2024-08-31 05206382 d:BetweenOneFiveYears 2023-08-31 05206382 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 05206382 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 05206382 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 05206382 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 05206382 d:HirePurchaseContracts d:MoreThanFiveYears 2024-08-31 05206382 d:HirePurchaseContracts d:MoreThanFiveYears 2023-08-31 05206382 2 2023-09-01 2024-08-31 05206382 6 2023-09-01 2024-08-31 05206382 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 05206382 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 05206382 d:TaxLossesCarry-forwardsDeferredTax 2024-08-31 05206382 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 05206382 d:OtherDeferredTax 2024-08-31 05206382 d:OtherDeferredTax 2023-08-31 05206382 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-08-31 05206382 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-31 05206382 d:LeasedAssetsHeldAsLessee 2024-08-31 05206382 d:LeasedAssetsHeldAsLessee 2023-08-31 05206382 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure
Registered number:
05206382













L F PAPWORTH LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
L F PAPWORTH LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 13


 
L F PAPWORTH LIMITED
REGISTERED NUMBER:05206382

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,213,498
1,635,502

Investments
 5 
67,553
60,773

  
2,281,051
1,696,275

Current assets
  

Stocks
  
1,237,449
1,164,920

Debtors: amounts falling due within one year
 6 
822,622
920,671

Cash at bank and in hand
 7 
177
1,766

  
2,060,248
2,087,357

Creditors: amounts falling due within one year
 8 
(1,690,263)
(1,679,842)

Net current assets
  
 
 
369,985
 
 
407,515

Total assets less current liabilities
  
2,651,036
2,103,790

Creditors: amounts falling due after more than one year
 9 
(2,239,204)
(1,713,230)

  

Net assets
  
411,832
390,560


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
411,732
390,460

  
411,832
390,560


Page 1

 
L F PAPWORTH LIMITED
REGISTERED NUMBER:05206382
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C R Papworth
................................................
T F Papworth
Director
Director


Date: 1 May 2025


The notes on pages 3 -13 form part of these financial statements.

Page 2

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

L F Papworth Limited is a company limited by shares incorporated in England and Wales, registration number is 05206382. The registered office is Lodge Farm, Felmingham, North Walsham, Norfolk, NR28 0LL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 consistantly applied to all years presented unless otherwise stated. 

The following principal accounting policies have been applied:

Page 3

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets over their estimated useful lives as follows:

Depreciation is provided on the following basis:

Property improvements
-
10% reducing balance
Plant & machinery
-
15%-20% reducing balance
Motor vehicles
-
15% reducing balance
Fixtures, fittings & equipment
-
15% reducing balance

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Stocks

Stocks are stated at the lower of cost and expected selling price less costs to sell after making due allowance for obsolete and slow-moving stocks. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement.. 

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 7

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 17).


4.


Tangible fixed assets





Property improvements
Plant and machinery etc
Total

£
£
£



Cost or valuation


At 1 September 2023
30,600
3,816,186
3,846,786


Additions
-
949,003
949,003


Disposals
-
(414,213)
(414,213)



At 31 August 2024

30,600
4,350,976
4,381,576



Depreciation


At 1 September 2023
24,842
2,186,442
2,211,284


Charge for the year on owned assets
1,495
135,221
136,716


Charge for the year on financed assets
-
128,692
128,692


Disposals
-
(308,614)
(308,614)



At 31 August 2024

26,337
2,141,741
2,168,078



Net book value



At 31 August 2024
4,263
2,209,235
2,213,498



At 31 August 2023
5,758
1,629,744
1,635,502

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,326,760
662,774

1,326,760
662,774

Page 8

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 September 2023
60,773


Additions
6,780



At 31 August 2024
67,553




Investment in related partnership
The company has a 50% interest in a partnership with Crane & Sons Farms Limited, trading as Beccles Farms. 


6.


Debtors

2024
2023
£
£


Trade debtors
561,997
730,172

Amounts owed by joint ventures and associated undertakings
191,612
81,693

Other debtors
10,840
10,840

Prepayments and accrued income
21,159
34,168

Deferred taxation
37,014
63,798

822,622
920,671



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
177
1,766

Less: bank overdrafts
(443,772)
(482,579)

(443,595)
(480,813)


Page 9

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
443,772
482,579

Bank loans
28,000
28,000

Trade creditors
340,844
440,187

Amounts owed to other participating interests
400,000
425,000

Other taxation and social security
86,094
28,034

Obligations under finance lease and hire purchase contracts
276,940
134,772

Other creditors
39,682
60,838

Accruals and deferred income
74,931
80,432

1,690,263
1,679,842


The company has a bank overdraft facility of up to £750,000 which is secured by a guarantee provided by Tuttington Farms Limited.
The obligations under hire purchase contracts are secured on the assets concerned.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
373,806
399,538

Net obligations under finance leases and hire purchase contracts
765,398
213,692

Amounts owed to other participating interests
1,100,000
1,100,000

2,239,204
1,713,230


The bank loan of £381,807 (2023: £397,538) is secured by a guarantee provided by Tuttington Farms Limited and by a fixed and floating charge covering all the property or undertaking of the company.

Page 10

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
28,000
28,000


28,000
28,000

Amounts falling due 1-2 years

Bank loans
28,000
28,000


28,000
28,000

Amounts falling due 2-5 years

Bank loans
54,000
64,000


54,000
64,000

Amounts falling due after more than 5 years

Bank loans
291,806
307,538

291,806
307,538

401,806
427,538



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
276,940
134,772

Between 1-2 years
222,774
123,294

Between 2-5 years
437,624
90,398

Over 5 years
105,000
-

1,042,338
348,464

Page 11

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Deferred taxation




2024


£






At beginning of year
63,798


Charged to profit or loss
(26,784)



At end of year
37,014

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(537,026)
(392,634)

Tax losses carried forward
582,916
469,999

Short term timing difference
(8,876)
(13,567)

37,014
63,798


13.


Contingent liabilities

The company has a joint and several liability together with Crane & Sons Farms Limited in respect of the lliabilities of its partnership interest referred to in note 5.
The overdraft of Beccles Farms, the partnership in which L F Papworth Limited has a 50% interest, is secured on land owned by P & P Professional Farmers Limited. P & P Professional Farmers Limited own 50% of the share capital in L F Papworth Limited. 


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,433 (2023: £24,378). 

Page 12

 
L F PAPWORTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
8,100
8,100

Later than 1 year and not later than 5 years
-
48,000

8,100
56,100


16.


L F Papworth Limited Pension Trust

The L F Papworth Limited (LFP Ltd) Pension Trust is a small self administered scheme for the directors and former directors of the company. 
Employer contributions of £9,100 (2023: £9,100) have been made to the scheme during the year. 
The company pays certain administration fees on behalf of the Pension Scheme in accordance with scheme rules. The value of these expenses for the year amounts to £2,155 (2023: £1,740).
The company pays rent to the Pension Trust in respect of land owned by the Pension Trust, on normal commercial terms. The annual rental is £8,100 (2023: £8,100).


17.


Controlling party

The company is owned equally by P & P Professional Farmers Limited and Tuttington Farms Limited. The directors consider there is no overall controlling party. 


Page 13