S. Lamyman & Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06678074 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

S. LAMYMAN & SON LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

Mr S Lamyman

Secretary:

Mr S C Thorold

Registered office:

Field Farm

Walcott Road

Billinghay

Lincolnshire

LN4 4EP

Registered number:

06678074 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

23 Algitha Road

Skegness

United Kingdom

PE25 2AG

Fixed assets

Tangible assets

4

4,713,556

4,719,878

Current assets

Stocks

5

373,217

374,959

Debtors

6

681,936

654,898

Cash at bank and in hand

14,887

11,425

1,070,040

1,041,282

Creditors

Amounts falling due within one year

7

892,955

940,963

Net current assets

177,085

100,319

Total assets less current liabilities

4,890,641

4,820,197

Creditors

Amounts falling due after more than one year

8

(3,978,861

)

(3,955,023

)

Provisions for liabilities

(55,397

)

(54,530

)

Net assets

856,383

810,644

Capital and reserves

Called up share capital

1

1

Retained earnings

856,382

810,643

Shareholders' funds

856,383

810,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 13 September 2019 and were signed by:

Mr S Lamyman - Director

1.	Statutory information

S. Lamyman & Son 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.	Accounting policies

Basis of preparing the financial statements

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. 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold land & buildings

-

Farm land is not depreciated

Tenants fixtures

-

2% on cost

Plant and machinery

-

15% on reducing balance

Tractors

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

15% on reducing balance and Straight line over 3 years

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 Income Statement, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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.

3.	Employees and directors

The average number of employees during the year was 28 (2017 - 21 ) .

4.	Tangible fixed assets

Freehold

land &

Tenants

Plant and

buildings

fixtures

machinery

£

£

£

Cost

At 1 January 2018

3,940,074

502,356

574,272

Additions

-

-

22,221

At 31 December 2018

3,940,074

502,356

596,493

Depreciation

At 1 January 2018

-

31,188

297,436

Charge for year

-

10,047

44,467

Transfer to ownership

-

-

(35,632

)

Reclassification/transfer

-

-

35,632

At 31 December 2018

-

41,235

341,903

Net book value

At 31 December 2018

3,940,074

461,121

254,590

At 31 December 2017

3,940,074

471,168

276,836

Motor

Office

Tractors

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 January 2018

187,468

12,795

9,703

5,226,668

Additions

-

39,933

-

62,154

At 31 December 2018

187,468

52,728

9,703

5,288,822

Depreciation

At 1 January 2018

163,627

9,364

5,175

506,790

Charge for year

5,961

7,162

839

68,476

Transfer to ownership

-

-

-

(35,632

)

Reclassification/transfer

-

-

-

35,632

At 31 December 2018

169,588

16,526

6,014

575,266

Net book value

At 31 December 2018

17,880

36,202

3,689

4,713,556

At 31 December 2017

23,841

3,431

4,528

4,719,878

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Cost

At 1 January 2018

134,182

-

134,182

Additions

11,250

30,433

41,683

Transfer to ownership

(107,282

)

-

(107,282

)

At 31 December 2018

38,150

30,433

68,583

Depreciation

At 1 January 2018

39,667

-

39,667

Charge for year

4,701

5,107

9,808

Transfer to ownership

(35,632

)

-

(35,632

)

At 31 December 2018

8,736

5,107

13,843

Net book value

At 31 December 2018

29,414

25,326

54,740

At 31 December 2017

94,515

-

94,515

5.

Stocks

2018

2017

£

£

Valuation

373,217

374,959

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

421,878

350,943

Pegasus horse supplements ltd

71,135

156,062

Directors' current accounts

124,678

89,719

VAT

26,600

40,174

Prepayments

37,645

18,000

681,936

654,898

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Bank loans and overdrafts

441,112

487,636

Hire purchase contracts

14,737

23,285

Trade creditors

228,135

236,536

Lamyman farming co

168,258

168,258

Corporation tax

23,851

18,966

Social security and other taxes

12,579

4,699

Other creditors

4,283

1,583

892,955

940,963

8.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Bank loans more 5 yrs non-inst

3,950,000

3,950,000

Hire purchase contracts

28,861

5,023

3,978,861

3,955,023

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,950,000

3,950,000

9.	Secured debts

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

441,112

423,345

Bank loans

3,950,000

4,014,291

Hire purchase contracts

43,598

28,308

4,434,710

4,465,944

The hire purchase liability is secured on the asset financed.

The Clydesdale bank loan is secured by a debenture from S Lamyman and Son Ltd. An unsupported guarantee from Mr S

Lamyman (Company director) for £120,000. A guarantee from Mr S Lamyman (Company director) for £210,000, secured

by a legal charge over the freehold property and 37.80 acres of land at Billinghay Dales Lincolnshire. A guarantee from

Lamyman Farming Co Ltd (of which Mr S Lamyman is a director) for £476,000, secured by a legal charge over the freehold

property and 76.35 acres of land at Twenty Foot, Tattershall Bridge, Lincolnshire.

The Clydesdale loan is repayable over a period of 60 months at an annual interest rate of 2.710%.

The Clydesdale loan dated 30 June 2015 for 3,950,000 is secured over 538 acres of land,yard and cottages at South Kyme,

Billinghay,Sleaford, Lincs and a fixed and floating charge over the company's fixed assets.

The Clydesdale loan is interest only and is fully repayable on the 25 May 2025.

10.	Related party disclosures

Mr S Lamyman

Director

Directors current account

2018

2017

Balance at the start of the year

89,719

(26,486

)

Amounts advanced

127,338

116,205

Amounts repaid

(92,380

)

-

Balance at the end of the year

122,877

89,719

The company paid the director a dividend of £50,000 (2017 £nil) in the year.