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Registration number: 12807673

Lea's Farm Ltd
Unaudited Financial Statements
31 December 2024

Lea's Farm Ltd

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lea's Farm Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lea's Farm Ltd for the year ended 31 December 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lea's Farm Ltd, as a body, in accordance with the terms of our engagement letter dated 17 February 2025. Our work has been undertaken solely to prepare for your approval the accounts of Lea's Farm Ltd and state those matters that we have agreed to state to the Board of Directors of Lea's Farm Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lea's Farm Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lea's Farm Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lea's Farm Ltd. You consider that Lea's Farm Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lea's Farm Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

8 August 2025

Lea's Farm Ltd

(Registration number: 12807673)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 4 | 885 | 2,978
Tangible assets | 5 | 1,090,159 | 923,582
Other financial assets | 6 | 34,802 | 23,853
|  | 1,125,846 | 950,413
Current assets |  |  |
Stocks |  | 1,449,575 | 1,583,199
Debtors | 7 | 607,773 | 768,824
|  | 2,057,348 | 2,352,023
Creditors: Amounts falling due within one year | 8 | (1,034,495) | (1,034,400)
Net current assets |  | 1,022,853 | 1,317,623
Total assets less current liabilities |  | 2,148,699 | 2,268,036
Creditors: Amounts falling due after more than one year | 8 | (1,856,845) | (1,849,970)
Provisions for liabilities |  | (153,201) | (110,899)
Net assets |  | 138,653 | 307,167
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 1,000 | 1,000
Profit and loss account |  | 137,653 | 306,167
Total equity |  | 138,653 | 307,167

Lea's Farm Ltd

(Registration number: 12807673)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 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.

Approved and authorised by the Board on 8 August 2025 and signed on its behalf by:

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

R S Howarth

Director

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

J O Howarth

Director

Lea's Farm Ltd

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

1 | General information

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

The principal place of business is:
Leas Farm Cabin
Lendales Lane
PICKERING
YO18 8EE

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 - '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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Tax

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

Lea's Farm Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class | Depreciation method and rate
Land and buildings | 20 years straight line
Plant and equipment | 15% reducing balance
Motor vehicles | 25% reducing balance

Amortisation

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

Asset class | Amortisation method and rate
Basic payment scheme | 2 years straight line

Trade debtors

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

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Lea's Farm Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Lea's Farm Ltd

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

Financial instruments

Classification
Equity shares and debt securities
Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 10).

Lea's Farm Ltd

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

4 | Intangible assets

| Basic payment scheme £ | Total £
Cost or valuation
At 1 January 2024 | 97,625 | 97,625
At 31 December 2024 | 97,625 | 97,625
Amortisation
At 1 January 2024 | 94,647 | 94,647
Amortisation charge | 2,093 | 2,093
At 31 December 2024 | 96,740 | 96,740
Carrying amount
At 31 December 2024 | 885 | 885
At 31 December 2023 | 2,978 | 2,978

5 | Tangible assets

| Land and buildings £ | Plant and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2024 | 207,380 | 1,056,906 | 40,990 | 1,305,276
Additions | 153,888 | 145,086 | - | 298,974
Disposals | - | (1,308) | - | (1,308)
At 31 December 2024 | 361,268 | 1,200,684 | 40,990 | 1,602,942
Depreciation
At 1 January 2024 | 15,339 | 361,146 | 5,209 | 381,694
Charge for the year | 9,558 | 112,647 | 8,945 | 131,150
Eliminated on disposal | - | (61) | - | (61)
At 31 December 2024 | 24,897 | 473,732 | 14,154 | 512,783
Carrying amount
At 31 December 2024 | 336,371 | 726,952 | 26,836 | 1,090,159
At 31 December 2023 | 192,041 | 695,760 | 35,781 | 923,582

Lea's Farm Ltd

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

6 | Other financial assets (current and non-current)

| 2024 £ | 2023 £
Non-current financial assets
Financial assets at cost less impairment | 34,802 | 23,853

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 January 2024 | 23,853 | 23,853
Additions | 10,949 | 10,949
At 31 December 2024 | 34,802 | 34,802
Carrying amount
At 31 December 2024 | 34,802 | 34,802
At 31 December 2023 | 23,853 | 23,853

7 | Debtors

| 2024 £ | 2023 £
Trade debtors | 278,744 | 167,629
Other debtors | 329,029 | 601,195
| 607,773 | 768,824

Lea's Farm Ltd

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

8 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 9 | 398,258 | 577,733
Trade creditors |  | 481,291 | 308,983
Taxation and social security |  | 44,269 | 19,081
Corporation tax liability |  | - | 92,608
Other creditors |  | 110,677 | 35,995
|  | 1,034,495 | 1,034,400
Due after one year |  |  |
Loans and borrowings | 9 | 1,851,327 | 1,843,478
Other creditors |  | 5,518 | 6,492
|  | 1,856,845 | 1,849,970

Lea's Farm Ltd

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

9 | Loans and borrowings

| 2024 £ | 2023 £
Current loans and borrowings
Bank borrowings | 52,346 | 48,910
Bank overdrafts | 138,294 | 171,986
Finance lease liabilities | 46,764 | 47,321
Other borrowings | 160,854 | 309,516
| 398,258 | 577,733

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2024 £ | 2023 £
Bank borrowings | 52,346 | 48,910
Bank overdrafts | 138,294 | 171,986
Finance lease liabilities | 46,764 | 47,321
| 237,404 | 268,217

Bank borrowings are secured by fixed and floating charges over the company's assets.
Bank overdrafts are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

Lea's Farm Ltd

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

| 2024 £ | 2023 £
Non-current loans and borrowings
Bank borrowings | 1,763,276 | 1,815,772
Finance lease liabilities | 55,738 | 27,706
Other borrowings | 32,313 | -
| 1,851,327 | 1,843,478

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2024 £ | 2023 £
Bank borrowings | 1,763,276 | 1,815,772
Finance lease liabilities | 55,738 | 27,706
| 1,819,014 | 1,843,478

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

10 | Related party transactions

Transactions with directors

2024 | At 1 January 2024 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 31 December 2024 £
J O Howarth
Loan | 476,435 | 261,168 | (570,342) | - | (75,400) | 4,188 | 96,049

2023 | At 1 January 2023 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 31 December 2023 £
J O Howarth
Loan | 91,598 | 2,895,964 | (2,488,799) | - | (38,200) | 15,872 | 476,435

Directors' advances are repayable on demand.
Interest has been charged at a rate of 2% to 5 April 2023 and 2.25% thereafter on advances to directors.