ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

LILWALLS HOG ROASTS LIMITED - Company Information

Caseware UK (AP4) 2018.0.196 2018.0.196 2019-04-302019-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruePig farming and catering servicesfalse2018-05-01 06542426 2018-05-01 2019-04-30 06542426 2019-04-30 06542426 2018-04-30 06542426 c:CompanySecretary1 2018-05-01 2019-04-30 06542426 c:Director1 2018-05-01 2019-04-30 06542426 c:Director2 2018-05-01 2019-04-30 06542426 c:RegisteredOffice 2018-05-01 2019-04-30 06542426 d:Buildings 2018-05-01 2019-04-30 06542426 d:Buildings 2019-04-30 06542426 d:Buildings 2018-04-30 06542426 d:Buildings d:OwnedOrFreeholdAssets 2018-05-01 2019-04-30 06542426 d:LandBuildings 2019-04-30 06542426 d:LandBuildings 2018-04-30 06542426 d:PlantMachinery 2018-05-01 2019-04-30 06542426 d:PlantMachinery 2019-04-30 06542426 d:PlantMachinery 2018-04-30 06542426 d:PlantMachinery d:OwnedOrFreeholdAssets 2018-05-01 2019-04-30 06542426 d:MotorVehicles 2018-05-01 2019-04-30 06542426 d:MotorVehicles 2019-04-30 06542426 d:MotorVehicles 2018-04-30 06542426 d:MotorVehicles d:OwnedOrFreeholdAssets 2018-05-01 2019-04-30 06542426 d:OwnedOrFreeholdAssets 2018-05-01 2019-04-30 06542426 d:Goodwill 2019-04-30 06542426 d:Goodwill 2018-04-30 06542426 d:CurrentFinancialInstruments 2019-04-30 06542426 d:CurrentFinancialInstruments 2018-04-30 06542426 d:Non-currentFinancialInstruments 2019-04-30 06542426 d:Non-currentFinancialInstruments 2018-04-30 06542426 d:CurrentFinancialInstruments d:WithinOneYear 2019-04-30 06542426 d:CurrentFinancialInstruments d:WithinOneYear 2018-04-30 06542426 d:Non-currentFinancialInstruments d:AfterOneYear 2019-04-30 06542426 d:Non-currentFinancialInstruments d:AfterOneYear 2018-04-30 06542426 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2019-04-30 06542426 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2018-04-30 06542426 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2019-04-30 06542426 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2018-04-30 06542426 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2019-04-30 06542426 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2018-04-30 06542426 d:ShareCapital 2019-04-30 06542426 d:ShareCapital 2018-04-30 06542426 d:RetainedEarningsAccumulatedLosses 2019-04-30 06542426 d:RetainedEarningsAccumulatedLosses 2018-04-30 06542426 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-04-30 06542426 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-04-30 06542426 c:FRS102 2018-05-01 2019-04-30 06542426 c:AuditExemptWithAccountantsReport 2018-05-01 2019-04-30 06542426 c:FullAccounts 2018-05-01 2019-04-30 06542426 c:PrivateLimitedCompanyLtd 2018-05-01 2019-04-30 06542426 2 2018-05-01 2019-04-30 iso4217:GBP xbrli:pure

Registered number: 06542426

LILWALLS HOG ROASTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2019

LILWALLS HOG ROASTS LIMITED

COMPANY INFORMATION

Directors	Deborah Ann Louise Lilwall
	Richard John Lilwall


Company secretary	Deborah Ann Louise Lilwall


Registered number	06542426


Registered office	Orchard House
	Jordan Green Farm
	Whitwell
	Norwich
	NR10 4RQ


Accountants	MA Partners LLP
	Chartered Accountants
	12 Church Street
	Cromer
	Norfolk
	NR27 9ER

LILWALLS HOG ROASTS LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 14

LILWALLS HOG ROASTS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LILWALLS HOG ROASTS LIMITED
FOR THE YEAR ENDED 30 APRIL 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lilwalls Hog Roasts Limited for the year ended 30 April 2019 which comprise the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Lilwalls Hog Roasts Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lilwalls Hog Roasts Limited and state those matters that we have agreed to state to the board of directors of Lilwalls Hog Roasts Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lilwalls Hog Roasts Limited and its board of directors, as a body, for our work or for this report.

It is your duty to ensure that Lilwalls Hog Roasts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lilwalls Hog Roasts Limited. You consider that Lilwalls Hog Roasts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lilwalls Hog Roasts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER

30 January 2020

Page 1

LILWALLS HOG ROASTS LIMITED

REGISTERED NUMBER: 06542426

BALANCE SHEET

AS AT 30 APRIL 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	5		238,606		288,035
			238,606		288,035
Current assets
Stocks		155,110		164,752
Debtors: amounts falling due after more than one year	6	-		1,000
Debtors: amounts falling due within one year	6	54,171		62,645
Cash at bank and in hand	7	500		500
		209,781		228,897
Creditors: amounts falling due within one year	8	(211,791)		(201,865)
Net current (liabilities)/assets			(2,010)		27,032
Total assets less current liabilities			236,596		315,067
Creditors: amounts falling due after more than one year	9		(355,388)		(363,604)
Provisions for liabilities
Deferred tax		(6,552)		(8,211)
			(6,552)		(8,211)
Net liabilities			(125,344)		(56,748)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(125,444)	(56,848)
	(125,344)	(56,748)

Page 2

LILWALLS HOG ROASTS LIMITED

REGISTERED NUMBER: 06542426

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Deborah Ann Louise Lilwall	Richard John Lilwall
Director	Director

Date: 30 January 2020

The notes on pages 4 to 14 form part of these financial statements.

Page 3

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

1.	General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Orchard House, Jordan Green Farm, Whitwell, Norwich, NR10 4RQ.
The company's principal activity is that of pig farming and catering services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Interest income

Interest income is recognised in the statement of income and retained earnings using the effective interest method.

2.3

Finance costs

Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Borrowing costs

All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

Page 4

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

2.Accounting policies (continued)

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line method.

Depreciation is provided on the following basis:

Buildings	-	10%	straight line
Plant and equipment	-	25%	reducing balance
Motor vehicles	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

2.Accounting policies (continued)

2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

Employees

The average monthly number of employees, including directors, during the year was 4 (2018 - 5).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 May 2018	70,500
	At 30 April 2019	70,500
	Amortisation
	At 1 May 2018	70,500
	At 30 April 2019	70,500
	Net book value
	At 30 April 2019	-
	At 30 April 2018	-

Page 8

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

5.	Tangible fixed assets

	Freehold property	Plant & machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 May 2018	382,963	110,820	11,485	505,268
Additions	-	389	-	389
At 30 April 2019	382,963	111,209	11,485	505,657
Depreciation
At 1 May 2018	140,544	66,198	10,491	217,233
Charge for the year on owned assets	38,298	11,271	249	49,818
At 30 April 2019	178,842	77,469	10,740	267,051
Net book value
At 30 April 2019	204,121	33,740	745	238,606
At 30 April 2018	242,419	44,622	994	288,035

The net book value of land and buildings may be further analysed as follows:
	2019	2018
	£	£

Freehold	204,121	242,419
	204,121	242,419

Page 9

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

6.	Debtors
		2019	2018
		£	£

Due after more than one year
Other debtors	-	1,000
	-	1,000

					2019	2018
					£	£

Due within one year
Trade debtors	40,954	54,593
Other debtors	11,760	6,108
Prepayments and accrued income	1,457	1,944
	54,171	62,645

7.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	500	500
Less: bank overdrafts	(63,941)	(16,379)
	(63,441)	(15,879)

Page 10

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

8.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank overdrafts	63,941	16,379
Bank loans	9,631	9,631
Other loans	34,271	32,844
Trade creditors	25,789	44,798
Other taxation and social security	32	-
Other creditors	71,284	95,663
Accruals and deferred income	6,843	2,550
	211,791	201,865

The following liabilities were secured:
	2019	2018
	£	£


Bank loan	9,631	9,631
Other loan	34,271	32,844
	43,902	42,475

Details of security provided:

The bank loan, of which £9,631 is due within one year (2018 : £9,631) is secured by a fixed and floating charge over the undertaking and all property and assets present and future. The other loan, of which £34,271 is due within one year (2018 : £32,844) is secured on land and buildings at Jordan Green Farm, Whitwell.

Page 11

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

9.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Bank loans	161,055	170,001
Other loans	194,333	193,603
	355,388	363,604

The following liabilities were secured:
	2019	2018
	£	£


Bank loan	161,055	170,001
Other loan	194,333	193,603
	355,388	363,604

Details of security provided:

The bank loan, of which £161,055 is due after one year (2018 : £170,001) is secured by a fixed and floating charge over the undertaking and all property and assets present and future. The other loan, of which £194,333 is due after one year (2018 : £193,603) is secured on land and buildings at Jordan Green Farm, Whitwell.

Page 12

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

Amounts falling due within one year
Bank loans	9,631	9,631
Other loans	34,271	32,844
	43,902	42,475
Amounts falling due 1-2 years
Bank loans	9,631	9,631
Other loans	35,760	34,271
	45,391	43,902
Amounts falling due 2-5 years
Bank loans	31,892	31,892
Other loans	158,573	159,333
	190,465	191,225
Amounts falling due after more than 5 years
Bank loans	119,532	128,478
	119,532	128,478
	399,290	406,080

11.	Financial instruments
		2019	2018
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	500	500

Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

Page 13

LILWALLS HOG ROASTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

12.	Related party transactions
	At the year end the company owed its directors £71,284 (2018 : £95,515) in respect of an interest-free directors' loan account. The loan is unsecured and is repayable on demand.

Page 14