L. Symington (Farms) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00530802

L. Symington (Farms) Limited

Filleted Unaudited Financial Statements

30 June 2025

L. Symington (Farms) Limited

Financial Statements

Year ended 30 June 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

L. Symington (Farms) Limited

Statement of Financial Position

30 June 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	33,191	37,191
Tangible assets	6	2,239,908	2,261,561
Investments	7	14,900	11,900
		------------	------------
		2,287,999	2,310,652

Current assets

Stocks		1,455,083	1,551,412
Debtors	8	907,949	2,900,423
Cash at bank and in hand		1,409,955	1,756,980
		------------	------------
		3,772,987	6,208,815

Creditors: amounts falling due within one year	9	1,940,785		1,885,124
		------------		------------
Net current assets			1,832,202		4,323,691
			------------		------------
Total assets less current liabilities			4,120,201		6,634,343

Creditors: amounts falling due after more than one year	10		1,043,721		1,148,707

Provisions

Taxation including deferred tax	351,571	342,001
	------------	------------
Net assets	2,724,909	5,143,635
	------------	------------

Capital and reserves

Called up share capital	11	27,856	27,856
Capital redemption reserve		8,400	8,400
Profit and loss account		2,688,653	5,107,379
		------------	------------
Shareholders funds		2,724,909	5,143,635
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

L. Symington (Farms) Limited

Statement of Financial Position (continued)

30 June 2025

For the year ending 30 June 2025 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 4 December 2025 , and are signed on behalf of the board by:

Mr J L Symington

Director

Company registration number: 00530802

L. Symington (Farms) Limited

Notes to the Financial Statements

Year ended 30 June 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Balaclava Farm, Terrington St Clement, King's Lynn, Norfolk, PE34 4JQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold land, farm buildings and estate improvements	-	Buildings 0% - 25% reducing balance, Land not depreciated
Office Equipment	-	25% reducing balance
Tractors, Machinery & Implements	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2024: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2024 and 30 June 2025	40,000
	--------
Amortisation
At 1 July 2024	2,809
Charge for the year	4,000
	--------
At 30 June 2025	6,809
	--------
Carrying amount
At 30 June 2025	33,191
	--------
At 30 June 2024	37,191
	--------

6. Tangible assets

	Farm buildings and estate improvements	Office equipment	Tractors, machinery & implements	Motor vehicles	Freehold land	Total
	£	£	£	£	£	£
Cost
At 1 Jul 2024	1,081,664	33,516	3,800,628	196,017	371,185	5,483,010
Additions	–	1,410	386,324	76,193	–	463,927
Disposals	( 28,045)	–	( 541,024)	( 36,667)	–	( 605,736)
	------------	--------	------------	---------	---------	------------
At 30 Jun 2025	1,053,619	34,926	3,645,928	235,543	371,185	5,341,201
	------------	--------	------------	---------	---------	------------
Depreciation
At 1 Jul 2024	603,024	32,122	2,482,765	103,538	–	3,221,449
Charge for the year	14,452	613	383,374	26,284	–	424,723
Disposals	( 28,045)	–	( 486,558)	( 30,276)	–	( 544,879)
	------------	--------	------------	---------	---------	------------
At 30 Jun 2025	589,431	32,735	2,379,581	99,546	–	3,101,293
	------------	--------	------------	---------	---------	------------
Carrying amount
At 30 Jun 2025	464,188	2,191	1,266,347	135,997	371,185	2,239,908
	------------	--------	------------	---------	---------	------------
At 30 Jun 2024	478,640	1,394	1,317,863	92,479	371,185	2,261,561
	------------	--------	------------	---------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Tractors, machinery & implements
	£
At 30 June 2025	665,538
	---------
At 30 June 2024	823,527
	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 July 2024	11,900
Additions	3,000
	--------
At 30 June 2025	14,900
	--------
Impairment
At 1 July 2024 and 30 June 2025	–
	--------

Carrying amount
At 30 June 2025	14,900
	--------
At 30 June 2024	11,900
	--------

8. Debtors

	2025	2024
	£	£
Trade debtors	419,904	181,329
Prepayments and accrued income	373,720	282,137
Amounts owed by related undertakings	87,664	460,216
Other debtors	26,661	1,976,741
	---------	------------
	907,949	2,900,423
	---------	------------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	37,200	35,300
Trade creditors	508,230	382,292
Amounts owed to group undertakings	50,000	50,000
Accruals and deferred income	518,807	410,312
Corporation tax	149,749	217,457
Obligations under finance leases and hire purchase contracts	223,651	283,739
Director loan accounts	448,226	497,649
Taxation and social security	4,817	6,834
Other creditors	105	1,541
	------------	------------
	1,940,785	1,885,124
	------------	------------

The loan balances outstanding are secured against assets of the company.

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

	2025	2024
	£	£
Bank loans and overdrafts	983,210	1,020,762
Obligations under finance leases and hire purchase contracts	60,511	127,945
	------------	------------
	1,043,721	1,148,707
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £812,310 (2024: £858,962) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

11. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
A Ordinary shares of £ 1 each	6,992	6,992	6,992	6,992
B Ordinary shares of £ 1 each	628	628	628	628
C Ordinary shares of £ 1 each	5,059	5,059	5,059	5,059
D Ordinary shares of £ 1 each	5,059	5,059	5,059	5,059
E Ordinary shares of £ 1 each	5,059	5,059	5,059	5,059
F Ordinary shares of £1 each	5,059	5,059	5,059	5,059
	--------	--------	--------	--------
	27,856	27,856	27,856	27,856
	--------	--------	--------	--------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	435,227	435,227
Later than 1 year and not later than 5 years	1,740,908	1,740,908
Later than 5 years	1,290,319	1,401,046
	------------	------------
	3,466,454	3,577,181
	------------	------------

13. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Other Related Parties	–	–	( 531,931)	2,032,966
Directors Loan Account	–	–	( 448,226)	( 497,649)
	----	----	---------	------------