REGISTERED NUMBER: 08433609 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LYMN BANK FARM LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Statement of Financial Position

8

Notes to the Financial Statements

9

DIRECTORS:

Mrs G L Sisson

M D Grinstead

M J Heler

G Heler

R W Lucas

REGISTERED OFFICE:

Lymn Bank Farmhouse

Lymn Bank East

Thorpe St Peter

Skegness

Lincolnshire

PE24 4PJ

REGISTERED NUMBER:

08433609 (England and Wales)

AUDITORS:

Afford Bond Holdings Limited

Chartered Accountants

Statutory Auditor

31 Wellington Road

Nantwich

Cheshire

CW5 7ED

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of cheese production.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mrs G L Sisson

M D Grinstead

M J Heler

G Heler

R W Lucas

Other changes in directors holding office are as follows:

S D Grinstead - resigned 25 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Afford Bond Holdings Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs G L Sisson - Director

26 September 2025

Opinion

We have audited the financial statements of Lymn Bank Farm Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organizations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we undertook procedures which included, but were not limited to:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other

adjustments for appropriateness

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Edwards FCCA CTA (Senior Statutory Auditor)

for and on behalf of Afford Bond Holdings Limited

Chartered Accountants

Statutory Auditor

31 Wellington Road

Nantwich

Cheshire

CW5 7ED

29 September 2025

TURNOVER

9,554,400

11,165,734

Cost of sales

6,854,081

8,371,410

GROSS PROFIT

2,700,319

2,794,324

Administrative expenses

1,314,324

1,388,240

OPERATING PROFIT

5

1,385,995

1,406,084

Interest receivable and similar income

28,683

49

1,414,678

1,406,133

Interest payable and similar expenses

-

63,390

PROFIT BEFORE TAXATION

1,414,678

1,342,743

Tax on profit

397,081

306,968

PROFIT FOR THE FINANCIAL YEAR

1,017,597

1,035,775

Retained earnings at beginning of year

3,920,297

2,884,522

Dividends

(1,151,679

)

-

RETAINED EARNINGS AT END OF YEAR

3,786,215

3,920,297

FIXED ASSETS

Intangible assets

6

29,167

39,167

Tangible assets

7

1,382,609

1,046,954

1,411,776

1,086,121

CURRENT ASSETS

Stocks

643,947

825,502

Debtors

8

3,023,181

3,329,647

Cash at bank and in hand

965,802

757,874

4,632,930

4,913,023

CREDITORS

Amounts falling due within one year

9

2,092,088

2,024,728

NET CURRENT ASSETS

2,540,842

2,888,295

TOTAL ASSETS LESS CURRENT LIABILITIES

3,952,618

3,974,416

PROVISIONS FOR LIABILITIES

166,303

54,019

NET ASSETS

3,786,315

3,920,397

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,786,215

3,920,297

SHAREHOLDERS' FUNDS

3,786,315

3,920,397

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Mrs G L Sisson - Director

1.	STATUTORY INFORMATION

Lymn Bank Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill is represented by the following:

-

the amount paid in connection with the acquisition of a business in 2013, has now been fully amortised evenly over its estimated useful life of five years;

-

an additional amount paid, in connection with the acquisition of a business, in 2022, which is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

10% on reducing balance

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 49 ) .

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

178,094

127,596

Goodwill amortisation

10,000

10,000

6.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

155,000

AMORTISATION

At 1 January 2024

115,833

Amortisation for year

10,000

At 31 December 2024

125,833

NET BOOK VALUE

At 31 December 2024

29,167

At 31 December 2023

39,167

7.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2024

599,331

-

1,167,846

Additions

91,493

9,888

405,717

At 31 December 2024

690,824

9,888

1,573,563

DEPRECIATION

At 1 January 2024

165,969

-

575,121

Charge for year

38,191

989

134,216

At 31 December 2024

204,160

989

709,337

NET BOOK VALUE

At 31 December 2024

486,664

8,899

864,226

At 31 December 2023

433,362

-

592,725

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

10,960

15,975

4,767

1,798,879

Additions

2,071

-

4,580

513,749

At 31 December 2024

13,031

15,975

9,347

2,312,628

DEPRECIATION

At 1 January 2024

1,062

9,039

734

751,925

Charge for year

1,215

1,735

1,748

178,094

At 31 December 2024

2,277

10,774

2,482

930,019

NET BOOK VALUE

At 31 December 2024

10,754

5,201

6,865

1,382,609

At 31 December 2023

9,898

6,936

4,033

1,046,954

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

1,481,613

2,500,091

Amounts owed by group undertakings

1,438,327

667,797

Other debtors

3,025

-

VAT

97,164

155,168

Prepayments

3,052

6,591

3,023,181

3,329,647

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,723,308

1,628,542

Tax

284,797

307,023

Social security and other taxes

4,512

4,512

Other creditors

-

4,286

Directors' current accounts

-

3,368

Accrued expenses

79,471

76,997

2,092,088

2,024,728

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is MGH Corporation Limited.