S. Lamyman & Son Limited - Accounts to registrar (filleted) - small 18.2
S. Lamyman & Son Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2021 |
| for |
| S. LAMYMAN & SON LIMITED |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Contents of the Financial Statements |
| for the year ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| S. LAMYMAN & SON LIMITED |
| Company Information |
| for the year ended 31 December 2021 |
| Director: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| 23 Algitha Road |
| Skegness |
| United Kingdom |
| PE25 2AG |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Statement of Financial Position |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks | 5 |
| Debtors | 6 |
| Cash in hand |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Retained earnings | 12 |
| Shareholders' funds |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Statement of Financial Position - continued |
| 31 December 2021 |
| 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. |
| 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 and authorised for issue on |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Notes to the Financial Statements |
| for the year ended 31 December 2021 |
| 1. | Statutory information |
| S. Lamyman & Son Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| 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 |
| Freehold land & buildings | - |
| Tenants fixtures | - |
| Plant and machinery | - |
| Tractors | - |
| Motor vehicles | - |
| Office equipment | - |
| 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. |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2021 |
| 2. | Accounting policies - continued |
| 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 |
| 4. | Tangible fixed assets |
| Freehold |
| land & | Tenants | Plant and |
| buildings | fixtures | machinery |
| £ | £ | £ |
| Cost |
| At 1 January 2021 |
| Additions |
| Disposals |
| At 31 December 2021 |
| Depreciation |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal |
| At 31 December 2021 |
| Net book value |
| At 31 December 2021 |
| At 31 December 2020 |
| Motor | Office |
| Tractors | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2021 |
| Depreciation |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2021 |
| Net book value |
| At 31 December 2021 |
| At 31 December 2020 |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2021 |
| 4. | Tangible fixed assets - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | Tractors | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2021 |
| Depreciation |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2021 |
| Net book value |
| At 31 December 2021 |
| At 31 December 2020 |
| 5. | Stocks |
| 2021 | 2020 |
| £ | £ |
| Valuation | 651,997 | 526,406 |
| 6. | Debtors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Pegasus horse supplements ltd |
| Other debtors |
| VAT |
| Prepayments |
| 7. | Creditors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Hire purchase contracts |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2021 |
| 8. | Creditors: amounts falling due after more than one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans (see note 9) |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst |
| 9. | Loans |
| An analysis of the maturity of loans is given below: |
| 2021 | 2020 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Clydesdale bank loan |
| Amounts falling due between one and two years: |
| Clydesdale bank loan |
| Amounts falling due between two and five years: |
| Clydesdale bank loan |
| Government bounce back loan | 50,000 | - |
| 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 |
| S. LAMYMAN & SON LIMITED (REGISTERED NUMBER: 06678074) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2021 |
| 10. | Secured debts |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 217,128 | 124,030 |
| 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. |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary shares | £1 | 1 | 1 |
| 12. | Reserves |
| Retained |
| earnings |
| £ |
| At 1 January 2021 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2021 |
| 13. | Related party disclosures |
| Mr S Lamyman |
| Director |
| Directors current account | 2021 | 2020 |
| Balance at the start of the year | (1,487 | ) | 3,376 |
| Amounts advanced | 142,005 | 173,137 |
| Amounts repaid | (142,000 | ) | (178,000 | ) |
| Balance at the end of the year | (1,482 | ) | (1,487 | ) |
| The company paid the director a dividend of £142,000 (2020 £178,000) in the year. |