Legmore Farms Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI071479 (Northern Ireland)

Financial Statements

for the Year Ended 31 March 2021

for

Legmore Farms Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Ronald Henry Wells

Mrs Helen Wells

SECRETARY:

Mrs Helen Wells

REGISTERED OFFICE:

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

REGISTERED NUMBER:

NI071479 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

Santander

Bridle Road

Bootle

Merseyside

L30 4GB

FIXED ASSETS

Tangible assets

4

664,290

686,919

CURRENT ASSETS

Stocks

7,378

-

Debtors

5

181,843

87,146

Cash at bank and in hand

66,864

20,860

256,085

108,006

CREDITORS

Amounts falling due within one year

6

(209,362

)

(57,741

)

NET CURRENT ASSETS

46,723

50,265

TOTAL ASSETS LESS CURRENT LIABILITIES

711,013

737,184

CREDITORS

Amounts falling due after more than one year

7

(544,719

)

(560,429

)

PROVISIONS FOR LIABILITIES

(30,923

)

(35,581

)

NET ASSETS

135,371

141,174

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

135,171

140,974

SHAREHOLDERS' FUNDS

135,371

141,174

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 2 November 2021 and were signed on its behalf by:

Mr Ronald Henry Wells - Director

1.	STATUTORY INFORMATION

Legmore Farms Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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 represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

499,979

628,710

1,128,689

Additions

1,557

17,984

19,541

Disposals

-

(13,800

)

(13,800

)

At 31 March 2021

501,536

632,894

1,134,430

DEPRECIATION

At 1 April 2020

-

441,770

441,770

Charge for year

-

40,688

40,688

Eliminated on disposal

-

(12,318

)

(12,318

)

At 31 March 2021

-

470,140

470,140

NET BOOK VALUE

At 31 March 2021

501,536

162,754

664,290

At 31 March 2020

499,979

186,940

686,919

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

165,377

35,827

Other debtors

16,466

51,319

181,843

87,146

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

22,105

27,105

Trade creditors

147,308

6,122

Taxation and social security

15,999

8,864

Other creditors

23,950

15,650

209,362

57,741

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

544,719

560,429

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

436,300

452,010

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank loans

566,824

587,534

Santander hold a fixed charge over the Company's freehold property and a floating charge over all assets and undertakings of the Company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

Mr Ronald Henry Wells and Mrs Helen Wells

Balance outstanding at start of year

46,514

65,159

Amounts advanced

14,613

122,255

Amounts repaid

(48,307

)

(140,900

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,820

46,514

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY