Company No: 07003077 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	387,462		405,757
Biological assets	5	191,507		193,625
		578,969		599,382
Current assets
Stocks	6	258,500		267,875
Debtors	7	193,835		85,480
Cash at bank and in hand		120,255		101,681
		572,590		455,036
Creditors: amounts falling due within one year	8	( 114,739)		( 100,810)
Net current assets		457,851		354,226
Total assets less current liabilities		1,036,820		953,608
Creditors: amounts falling due after more than one year	9	( 23,806)		( 58,336)
Provision for liabilities	10	( 55,146)		( 47,403)
Net assets		957,868		847,869
Capital and reserves
Called-up share capital	11	100		100
Profit and loss account		957,768		847,769
Total shareholders' funds		957,868		847,869

For the financial 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Launceston Farm Limited (registered number: 07003077) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

Jim Collis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Launceston Farm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business ParK, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	50 years straight line
Plant and machinery	10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Biological assets

Biological assets held by the company relate to livestock. Livestock are measured at fair value less cost to sell. The fair value of the livestock is determined based on market prices of livestock of similar age, breed and genetic merit.

The Company measures biological assets at cost less accumulated depreciation and accumulated impairment losses as follows:

Dairy herd 10-20% straight line

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

		As previously reported		Adjustment		As restated
Year ended 30 September 2023		£		£		£
Profit and loss reserves		835,789		11,980		847,769
Tangible assets		358,777		46,980		405,757
Debtors		120,480		(35,000)		85,480

The prior year has been restated to recognise machinery that has been disposed of in error.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Total
	£		£		£
Cost
At 01 October 2023	171,450		308,435		479,885
Additions	0		8,500		8,500
Movement in valuation	0		0		0
At 30 September 2024	171,450		316,935		488,385
Accumulated depreciation
At 01 October 2023	2,286		71,842		74,128
Charge for the financial year	2,286		24,509		26,795
At 30 September 2024	4,572		96,351		100,923
Net book value
At 30 September 2024	166,878		220,584		387,462
At 30 September 2023	169,164		236,593		405,757

5. Biological assets

	2024
	£
Biological assets at cost	191,507

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 October 2023	193,625		193,625
Increase due to purchases/ transfers in	40,808		40,808
Decrease attributable to sales/ transfers out	( 37,850)		( 37,850)
At 30 September 2024	196,583		196,583
Accumulated depreciation
At 01 October 2023	0		0
Charge for the financial year	5,076		5,076
At 30 September 2024	5,076		5,076
Net book value
At 30 September 2024	191,507		191,507
At 30 September 2023	193,625		193,625

6. Stocks

	2024		2023
	£		£
Stocks	258,500		267,875

7. Debtors

	2024		2023
	£		£
Trade debtors	7,204		0
Amounts owed by directors	9,562		7,330
Prepayments	90,793		62,495
VAT recoverable	11,847		9,199
Other debtors	74,429		6,456
	193,835		85,480

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	10,000		10,000
Trade creditors	4,710		10,234
Amounts owed to directors	8,355		8,355
Accruals	10,495		12,527
Taxation and social security	35,649		15,891
Obligations under finance leases and hire purchase contracts	24,530		22,803
Other creditors	21,000		21,000
	114,739		100,810

9. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	10,833		20,833
Obligations under finance leases and hire purchase contracts (secured)	12,973		37,503
	23,806		58,336

10. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 47,403)		( 39,196)
Charged to the Statement of Income and Retained Earnings	( 7,743)		( 8,207)
At the end of financial year	( 55,146)		( 47,403)

11. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
49 A ordinary shares of £ 1.00 each	49		49
17 B ordinary shares of £ 1.00 each	17		17
17 C ordinary shares of £ 1.00 each	17		17
17 D ordinary shares of £ 1.00 each	17		17
	100		100

12. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Advances to directors	9,562		7,330

During the period, the company made advances to a director as outlined above. At the year end, the amount owed to the company by the director was £9,562 (2023: £7,330). Interest has been charged at the commercial rate.