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COMPANY REGISTRATION NUMBER: 00614147
Laurence Kirkby (Farms) Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Laurence Kirkby (Farms) Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,864,230
2,957,171
Investments
6
749,997
499,998
-------------
-------------
3,614,227
3,457,169
Current assets
Stocks
1,202,986
1,252,397
Debtors
7
184,921
185,932
Cash at bank and in hand
3,108,364
3,086,959
-------------
-------------
4,496,271
4,525,288
Creditors: amounts falling due within one year
8
497,563
492,578
-------------
-------------
Net current assets
3,998,708
4,032,710
-------------
-------------
Total assets less current liabilities
7,612,935
7,489,879
Creditors: amounts falling due after more than one year
9
180,163
180,131
Provisions
Taxation including deferred tax
455,229
496,229
-------------
-------------
Net assets
6,977,543
6,813,519
-------------
-------------
Capital and reserves
Called up share capital
50,000
50,000
Revaluation reserve
30,459
30,459
Capital redemption reserve
10,000
10,000
Profit and loss account
6,887,084
6,723,060
-------------
-------------
Shareholders funds
6,977,543
6,813,519
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Laurence Kirkby (Farms) Limited
Statement of Financial Position (continued)
30 September 2024
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 June 2025 , and are signed on behalf of the board by:
R M Denton
Director
Company registration number: 00614147
Laurence Kirkby (Farms) Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Beaumontcote, Barton on Humber, North Lincolnshire, DN18 6EN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax as adjusted for unsold stocks of produce on hand at the year end date. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probably that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the sale of renewable energy is recognised when the amount of revenue can be measured reliably and it is probably that the associated economic benefits will flow to the entity. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Buildings
-
10& reducing balance
Plant & Machinery
-
15% to 25% reducing balance and straightline
Freehold agricultural land is purchased in order to facilitate the long term continuity of the company's farming business. Fluctuations in agricultural land values are therefore disregarded where they are considered to be of a temporary nature only and the cost of establishing the appropriate values would be out of proportion to the benefit to the members.
(g) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock of unsold farm produce on hand at the year end date are valued using the industry standard valuation method set out in H M Revenue & Customs help sheet IR232.
(j) Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
(k) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
(l) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(m) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(n) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 October 2023
2,341,632
2,378,343
4,719,975
Additions
248,629
248,629
Disposals
( 240,706)
( 240,706)
-------------
-------------
-------------
At 30 September 2024
2,341,632
2,386,266
4,727,898
-------------
-------------
-------------
Depreciation
At 1 October 2023
498,115
1,264,689
1,762,804
Charge for the year
66,935
179,118
246,053
Disposals
( 145,189)
( 145,189)
-------------
-------------
-------------
At 30 September 2024
565,050
1,298,618
1,863,668
-------------
-------------
-------------
Carrying amount
At 30 September 2024
1,776,582
1,087,648
2,864,230
-------------
-------------
-------------
At 30 September 2023
1,843,517
1,113,654
2,957,171
-------------
-------------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 September 2024
474,743
----------
At 30 September 2023
328,185
----------
6. Investments
Other investments
£
Cost
At 1 October 2023
499,998
Additions
249,999
----------
At 30 September 2024
749,997
----------
Impairment
At 1 October 2023 and 30 September 2024
----------
Carrying amount
At 30 September 2024
749,997
----------
At 30 September 2023
499,998
----------
Investments relate to unlisted investments.
7. Debtors
2024
2023
£
£
Trade debtors
137,756
123,944
Other debtors
47,165
61,988
----------
----------
184,921
185,932
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
96,376
180,031
Corporation tax
159,962
57,982
Social security and other taxes
3,200
2,985
Other creditors
238,025
251,580
----------
----------
497,563
492,578
----------
----------
Hire purchase liabilities are secured on the associated asset.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
180,163
180,131
----------
----------
Hire purchase liabilities are secured on the associated asset.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
48,705
48,705
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--------