Registration number:
Lower Glyn Farm Limited
for the Year Ended 31 October 2024
Pages for filing with Registrar
Lower Glyn Farm Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Lower Glyn Farm Limited
Company Information
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Directors |
M Pointing M Gilson |
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Registered office |
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Registered number |
09475394 |
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Accountants |
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Lower Glyn Farm Limited
(Registration number: 09475394)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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9,500 |
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Tangible assets |
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142,569 |
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134,766 |
152,069 |
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Current assets |
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Stocks |
18,905 |
3,300 |
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Debtors |
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1,994 |
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Cash at bank and in hand |
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26,509 |
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22,439 |
31,803 |
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Creditors: Amounts falling due within one year |
(334,539) |
(352,866) |
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Net current liabilities |
( |
(321,063) |
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Total assets less current liabilities |
( |
(168,994) |
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Creditors: Amounts falling due after more than one year |
(7,452) |
(10,535) |
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Net liabilities |
( |
(179,529) |
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Capital and reserves |
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Called up share capital |
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10,000 |
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Profit and loss account |
( |
(189,529) |
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Total equity |
( |
(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:
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• |
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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
.........................................
Director
Lower Glyn Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
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Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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)
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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:
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Improvements to property |
10% on cost |
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Yurt structures |
20% on cost |
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Tree House |
25% on cost |
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Plant and machinery |
20%- 33% on cost |
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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:
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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)
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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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lower Glyn Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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Intangible fixed assets |
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Goodwill |
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Cost or valuation |
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At 1 November 2023 |
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At 31 October 2024 |
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Amortisation |
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At 1 November 2023 |
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Amortisation charge |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Lower Glyn Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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Tangible assets |
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Improvements to property |
Yurt structures |
Tree house |
Lake house |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
- |
- |
- |
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- |
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Disposals |
- |
- |
- |
( |
( |
( |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
( |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Debtors: amounts falling due within one year |
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2024 |
2023 |
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Trade debtors |
911 |
- |
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Prepayments |
1,618 |
1,994 |
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1,994 |
Lower Glyn Farm Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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Creditors |
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2024 |
2023 |
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Bank loans and overdrafts |
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3,083 |
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Trade creditors |
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426 |
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VAT |
- |
3,248 |
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Accruals and deferred income |
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7,651 |
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Directors' loan accounts |
324,406 |
338,458 |
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334,539 |
352,866 |
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Due after one year |
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Bank loan |
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10,535 |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |