Longthorp (Kilpin) Limited Filleted accounts for Companies House (small and micro)

LONGTHORP (KILPIN) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00547353

Longthorp (Kilpin) Limited

Filleted Unaudited Financial Statements

For the year ended

5 April 2020

Longthorp (Kilpin) Limited

Statement of Financial Position

5 April 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Intangible assets	5	353,500	353,500
Tangible assets	6	2,570,153	2,718,423
Investments	7	7	7
		-------------	-------------
		2,923,660	3,071,930

Current assets

Stocks		1,141,019	1,418,133
Debtors	8	2,292,603	2,119,611
Cash at bank and in hand		808,439	509,290
		-------------	-------------
		4,242,061	4,047,034

Creditors: amounts falling due within one year	9	1,591,062		1,434,325
		-------------		-------------
Net current assets			2,650,999		2,612,709
			-------------		-------------
Total assets less current liabilities			5,574,659		5,684,639

Creditors: amounts falling due after more than one year	10		1,094,017		1,380,802

Provisions

Taxation including deferred tax	202,505	203,679
	-------------	-------------
Net assets	4,278,137	4,100,158
	-------------	-------------

Capital and reserves

Called up share capital	8,000	8,000
Capital redemption reserve	2,000	2,000
Non-distributable reserves	–	130,187
Profit and loss account	4,268,137	3,959,971
	-------------	-------------
Shareholders funds	4,278,137	4,100,158
	-------------	-------------

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 comprehensive income has not been delivered.

Longthorp (Kilpin) Limited

Statement of Financial Position (continued)

5 April 2020

For the year ending 5 April 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 .

These financial statements were approved by the board of directors and authorised for issue on 22 January 2021 , and are signed on behalf of the board by:

J M Longthorp

Director

Company registration number: 00547353

Longthorp (Kilpin) Limited

Notes to the Financial Statements

Year ended 5 April 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 Burland, Holme Road, Howden, Goole, East Yorkshire, DN147LY.

2. Statement of compliance

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

3. Accounting policies

(a) 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.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax, as adjusted for stock. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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 from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.

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 be paid or recovered 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. Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may crystallise.

(d) Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

(e) Amortisation

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

Farmland tenancy 2% straight line

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) 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:

Buildings and property improvements	-	2% straightline and 10% reducing balance
Plant & Machinery	-	25% reducing balance

Freehold land is not depreciated.

(h) 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.

(i) Investments

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

(j) 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.

(k) 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. Stocks of unsold farm produce on hand at the year end date are valued using the industry standard valuation method set out in H M Revenue & Customs help sheet IR232.

(l) Finance leases and hire purchase contracts

Assets held under finance leases 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.

(m) 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.

(n) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

6. Tangible assets

	Freehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 6 April 2019	1,882,671	2,895,695	4,778,366
Additions	24,824	339,996	364,820
Disposals	–	( 469,772)	( 469,772)
Revaluations	( 160,000)	–	( 160,000)
	-------------	-------------	-------------
At 5 April 2020	1,747,495	2,765,919	4,513,414
	-------------	-------------	-------------
Depreciation
At 6 April 2019	154,301	1,905,642	2,059,943
Charge for the year	1,972	237,897	239,869
Disposals	–	( 356,551)	( 356,551)
	-------------	-------------	-------------
At 5 April 2020	156,273	1,786,988	1,943,261
	-------------	-------------	-------------
Carrying amount
At 5 April 2020	1,591,222	978,931	2,570,153
	-------------	-------------	-------------
At 5 April 2019	1,728,370	990,053	2,718,423
	-------------	-------------	-------------

Investment properties have been valued by an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors .

7. Investments

	Trade investments
	£
Cost
At 6 April 2019 and 5 April 2020	7
	----
Impairment
At 6 April 2019 and 5 April 2020	–
	----

Carrying amount
At 5 April 2020	7
	----
At 5 April 2019	7
	----

8. Debtors

	2020	2019
	£	£
Trade debtors	85,906	242,061
Other loans	2,110,585	1,797,265
Other debtors	96,112	80,285
	-------------	-------------
	2,292,603	2,119,611
	-------------	-------------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans	11,613	11,364
Trade creditors	414,358	560,412
Corporation tax	2,734	60,837
Social security and other taxes	7,826	10,639
Obligations under finance leases and hire purchase contracts	90,634	80,074
Director loan accounts	282,319	231,886
Loan from company's self-administered pension fund	260,000	260,000
Other loans	394,129	206,633
Other creditors	127,449	12,480
	-------------	-------------
	1,591,062	1,434,325
	-------------	-------------

The bank borrowings are secured by a fixed and floating charge over the assets of the company.

The hire purchase liabilities are secured on the associated asset.

The loan from the company's self-administered pension fund is secured on land and buildings.

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

	2020	2019
	£	£
Bank loans	150,367	160,404
Obligations under finance leases and hire purchase contracts	33,650	50,398
Loan from company's self-administered pension fund	260,000	520,000
Directors loan accounts	650,000	650,000
	-------------	-------------
	1,094,017	1,380,802
	-------------	-------------

The bank borrowings are secured by a fixed and floating charge over the assets of the company.

The bank loan outstanding at the year end includes instalments due after more than five years of £99,723 (2019 - £112,394)

The hire purchase liabilities are secured on the associated asset.

The loan from the company's self-administered pension fund is secured on land and buildings.

11. Events after the end of the reporting period

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. Despite all of this, the company has traded profitably in the period to date .

12. Related party transactions

During the year, the directors made loans to the company. Interest is charged on the loans at a commercial rate. £650,000 of the loan is repayable after more than one year from the balance sheet date (2019 - £650,000 ). At the year end date, the balance due to the directors totalled £ 932,319 (2019 - £ 881,886 ).