Lower Glyn Farm Limited

(Registration number: 09475394)
Balance Sheet as at 31 October 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Intangible assets	4	-	2,800
Tangible assets	5	124,069	131,966
		124,069	134,766
Current assets
Stocks		-	3,300
Debtors	6	3,077	2,529
Cash at bank and in hand		5,847	1,005
		8,924	6,834
Creditors: Amounts falling due within one year	7	(364,742)	(334,539)
Net current liabilities		(355,818)	(327,705)
Total assets less current liabilities		(231,749)	(192,939)
Creditors: Amounts falling due after more than one year	7	-	(7,452)
Net liabilities		(231,749)	(200,391)
Capital and reserves
Called up share capital		10,000	10,000
Profit and loss account		(241,749)	(210,391)
Total equity		(231,749)	(200,391)

Lower Glyn Farm Limited

(Registration number: 09475394)
Balance Sheet as at 31 October 2025 (continued)

For the financial year ending 31 October 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 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 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 Board on 3 July 2026 and signed on its behalf by:
 

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

M Gilson
Director

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2025

1	Statutory information

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

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB

2	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 directors have determined that the company will cease trading in the foreseeable future following the planned sale of its trade and assets. Accordingly, the financial statements have not been prepared on a going concern basis. Instead, the financial statements have been prepared on a basis appropriate for a company that is no longer considered a going concern, with assets stated at their estimated realisable values and liabilities recognised in full.


No provision has been made for costs associated with closure except where obligations existed at the balance sheet date.

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

Prior period adjustment

The results for the year ended 31 October 2024 have been restated from those previously reported following the identification of an error in the prior year financial statements. The error relates to the overstatement of closing stock by £15,605.

The correction of this error has resulted in an increase in cost of sales and a corresponding increase in loss of £15,605 for the year ended 31 October 2024. The comparative figures have been restated accordingly.

The impact of the prior period adjustment on the financial statements for the year ended 31 October 2024 is as follows:

• Decrease in stock: £15,605
• Increase in cost of sales: £15,605
• Decrease in capital and reserves: £15,605
 

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.

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:

Improvements to property	10% on cost
Yurt structures	20% on cost
Tree House	25% on cost
Plant and machinery	20% - 33% on cost
Lake house	4% on cost

Page 5

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

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:

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.

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.

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4	Intangible fixed assets

	Goodwill  £
Cost or valuation
At 1 November 2024	67,000
At 31 October 2025	67,000
Amortisation
At 1 November 2024	64,200
Amortisation charge	2,800
At 31 October 2025	67,000
Carrying amount
At 31 October 2025	-
At 31 October 2024	2,800

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)

5	Tangible assets

	Improvements to property £	Yurt structures £	Tree house £	Lake house £	Plant and machinery  £	Total £
Cost or valuation
At 1 November 2024	17,437	54,089	3,170	167,057	70,664	312,417
Additions	-	-	-	-	1,329	1,329
Disposals	-	-	-	-	(1,690)	(1,690)
At 31 October 2025	17,437	54,089	3,170	167,057	70,303	312,056
Depreciation
At 1 November 2024	11,780	53,285	2,698	43,343	69,345	180,451
Charge for the year	1,744	241	288	6,682	(125)	8,830
Eliminated on disposal	-	-	-	-	(1,294)	(1,294)
At 31 October 2025	13,524	53,526	2,986	50,025	67,926	187,987
Carrying amount
At 31 October 2025	3,913	563	184	117,032	2,377	124,069
At 31 October 2024	5,657	804	472	123,714	1,319	131,966

Impairment

All assets have been assessed against net realisable value and it is determined that realisable value is higher than carrying amount so no impairment is recognised.
 

6	Debtors: amounts falling due within one year

	2025 £	2024 £
Trade debtors	-	911
Prepayments	3,077	1,618
	3,077	2,529

Lower Glyn Farm Limited

Notes to the Financial Statements for the Year Ended 31 October 2025 (continued)

7

Creditors

	2025 £	2024 £
Bank loans and overdrafts	5,520	3,083
Trade creditors	164	1,220
Other creditors	2,972	2,830
Accruals	3,000	3,000
Directors' loan accounts	353,086	324,406
	364,742	334,539
Due after one year
Bank loan	-	7,452

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	10,000	10,000	10,000	10,000