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Registration number: 09475394

Lower Glyn Farm Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

Pages for filing with Registrar

 

Lower Glyn Farm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Lower Glyn Farm Limited

Company Information

Directors

M Pointing

M Gilson

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

09475394

Accountants

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

Lower Glyn Farm Limited

(Registration number: 09475394)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,800

9,500

Tangible assets

5

131,966

142,569

 

134,766

152,069

Current assets

 

Stocks

18,905

3,300

Debtors

6

2,529

1,994

Cash at bank and in hand

 

1,005

26,509

 

22,439

31,803

Creditors: Amounts falling due within one year

7

(334,539)

(352,866)

Net current liabilities

 

(312,100)

(321,063)

Total assets less current liabilities

 

(177,334)

(168,994)

Creditors: Amounts falling due after more than one year

7

(7,452)

(10,535)

Net liabilities

 

(184,786)

(179,529)

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

(194,786)

(189,529)

Total equity

 

(184,786)

(179,529)

 

Lower Glyn Farm Limited

(Registration number: 09475394)
Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 24 June 2025 and signed on its behalf by:
 

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

M Gilson
Director

 

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

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 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.

 

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed 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 over their estimated useful lives, as follows:

Improvements to property

10% on cost

Yurt structures

20% on cost

Tree House

25% on cost

Plant and machinery

20%- 33% on cost

Lake house

4% on cost

Goodwill

Goodwill arising on the acquisition of a business in 2015 represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Goodwill

10 years on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

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

 

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

4

Intangible fixed assets

Goodwill
 £

Cost or valuation

At 1 November 2023

67,000

At 31 October 2024

67,000

Amortisation

At 1 November 2023

57,500

Amortisation charge

6,700

At 31 October 2024

64,200

Carrying amount

At 31 October 2024

2,800

At 31 October 2023

9,500

 

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

5

Tangible assets

             

Improvements to property
£

Yurt structures
£

Tree house
£

Lake house
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2023

17,437

54,089

3,170

167,221

91,831

333,748

Additions

-

-

-

217

-

217

Disposals

-

-

-

(381)

(21,167)

(21,548)

At 31 October 2024

17,437

54,089

3,170

167,057

70,664

312,417

Depreciation

At 1 November 2023

11,151

53,084

2,541

38,279

86,124

191,179

Charge for the year

629

201

157

5,150

912

7,049

Eliminated on disposal

-

-

-

(86)

(17,691)

(17,777)

At 31 October 2024

11,780

53,285

2,698

43,343

69,345

180,451

Carrying amount

At 31 October 2024

5,657

804

472

123,714

1,319

131,966

At 31 October 2023

6,286

1,005

629

128,942

5,707

142,569

6

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

911

-

Prepayments

1,618

1,994

2,529

1,994

 

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

2024
£

2023
£

Bank loans and overdrafts

3,083

3,083

Trade creditors

1,220

426

VAT

-

3,248

Accruals and deferred income

5,830

7,651

Directors' loan accounts

324,406

338,458

334,539

352,866

Due after one year

Bank loan

7,452

10,535

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000