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Registration number: 07494102

Lower Farm Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Lower Farm Limited

Contents

Balance Sheet

1 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lower Farm Limited

(Registration number: 07494102)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

125,091

145,577

Current assets

 

Debtors

5

31,435

22,990

Cash at bank and in hand

 

18,284

4,562

 

49,719

27,552

Creditors: Amounts falling due within one year

6

(27,077)

(27,117)

Net current assets

 

22,642

435

Total assets less current liabilities

 

147,733

146,012

Creditors: Amounts falling due after more than one year

6

(182,633)

(117,827)

Net (liabilities)/assets

 

(34,900)

28,185

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(35,000)

28,085

Shareholders' (deficit)/funds

 

(34,900)

28,185

 

Lower Farm Limited

(Registration number: 07494102)
Balance Sheet as at 31 May 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 and 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.

 

Lower Farm Limited

(Registration number: 07494102)
Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................

Mr J R V Dolleymore
Director

 

Lower Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

These financial statements were authorised for issue by the Board on 29 May 2025.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Lower Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Asset class

Depreciation method and rate

Other property, plant and equipment

5% Straight line

Fixtures, fittings and equipment

20% Straight line

Motor vehicles

20% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Lower Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Lower Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

47,056

222,533

5,257

25,950

300,796

Additions

666

-

-

-

666

Disposals

-

(4,000)

-

-

(4,000)

At 31 May 2024

47,722

218,533

5,257

25,950

297,462

Depreciation

At 1 June 2023

44,063

99,811

3,988

7,357

155,219

Charge for the year

2,190

10,927

616

4,219

17,952

Eliminated on disposal

-

(800)

-

-

(800)

At 31 May 2024

46,253

109,938

4,604

11,576

172,371

Carrying amount

At 31 May 2024

1,469

108,595

653

14,374

125,091

At 31 May 2023

2,993

122,722

1,269

18,593

145,577

 

Lower Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

2024
£

2023
£

Trade debtors

25,732

15,730

Prepayments

3,387

2,962

Other debtors

2,316

4,298

31,435

22,990

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,183

18,405

Taxation and social security

 

8,881

4,395

Accruals and deferred income

 

7,763

4,067

Other creditors

 

250

250

 

27,077

27,117

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

182,633

117,827

 

Lower Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,092

23,275

Other borrowings

169,541

94,552

182,633

117,827

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,183

18,405

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

7,211

-

Later than one year and not later than five years

9,615

-

16,826

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £7,111 (2023 - £7,402).

10

Related party transactions

Summary of transactions with other related parties

During the year the company paid rent totalling £48,000 (2023: £48,000) to the directors. At the balance sheet date, the company owed £170,441 (2023: £94,552) to the directors.