Lotherton Farm Limited Filleted accounts for Companies House (small and micro)

LOTHERTON FARM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05005101

Lotherton Farm Limited

Filleted Unaudited Financial Statements

For the year ended

31 January 2020

Lotherton Farm Limited

Statement of Financial Position

31 January 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		820,897		821,717

Current assets

Debtors	6	3,408	2,408
Cash at bank and in hand		–	2,500
		-------	-------
		3,408	4,908

Creditors: amounts falling due within one year	7	406,451		452,669
		----------		----------
Net current liabilities			403,043		447,761
			----------		----------
Total assets less current liabilities			417,854		373,956

Creditors: amounts falling due after more than one year	8		50		50

Provisions

Taxation including deferred tax	23,907	24,046
	----------	----------
Net assets	393,897	349,860
	----------	----------

Capital and reserves

Called up share capital	450	450
Capital redemption reserve	500	500
Non distributable reserves	110,601	110,601
Profit and loss account	282,346	238,309
	----------	----------
Shareholders funds	393,897	349,860
	----------	----------

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 income statement has not been delivered.

For the year ending 31 January 2020 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 .

Lotherton Farm Limited

Statement of Financial Position (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 13 October 2020 , and are signed on behalf of the board by:

Mr S B Burnhill	Mrs A B Brown
Director	Director

Company registration number: 05005101

Lotherton Farm Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lotherton Park Farm, Copley Lane, Aberford, Leeds, West Yorkshire, LS25 3ED.

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

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. as modified by 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.

(b) Revenue recognition

Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) 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 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.

(e) 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:

	Plant & Machinery	-	10% reducing balance

(f) Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

(g) 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.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2019: 2).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 February 2019 and 31 January 2020	813,521	21,814	835,335
	----------	--------	----------
Depreciation
At 1 February 2019	–	13,618	13,618
Charge for the year	–	820	820
	----------	--------	----------
At 31 January 2020	–	14,438	14,438
	----------	--------	----------
Carrying amount
At 31 January 2020	813,521	7,376	820,897
	----------	--------	----------
At 31 January 2019	813,521	8,196	821,717
	----------	--------	----------

Investment properties were valued in January 2020 by the directors who have experience in the location and category of the investment property being valued.

6. Debtors

	2020	2019
	£	£
Trade debtors	3,408	908
Other debtors	–	1,500
	-------	-------
	3,408	2,408
	-------	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	13,551	13,188
Corporation tax	10,841	10,113
Directors current account	15,223	10,069
Other creditors	366,836	419,299
	----------	----------
	406,451	452,669
	----------	----------

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

	2020	2019
	£	£
Other creditors	50	50
	----	----

9. Related party transactions

During the year, a company in which the directors are also directors and shareholders , provided Lotherton Farm Limited an unsecured loan. The loan is repayable on demand and interest is charged at a commercial rate. A right of offset exists between the company and Lotherton Farm Limited which allows surplus cash balances in one entity to be offset against the borrowings in the other entity. The balance owed to the company by Lotherton Farm Limited at the year end date totalled £ 366,836 (2019: £399,352).