Lemhill Farms Limited - Period Ending 2017-12-31

Registration number: 03257212

Lemhill Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Critchleys LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP

Lemhill Farms Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Lemhill Farms Limited

Company Information

Director

A G Ponsonby

Registered office

Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

Accountants

Critchleys LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

Page 1

Lemhill Farms Limited

(Registration number: 03257212)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Tangible assets	3	489,205	489,347
Other financial assets	7	2	627
		489,207	489,974
Current assets
Stocks	8	54,255	35,763
Debtors	4	9,421	6,063
Cash at bank and in hand		45,603	24,141
		109,279	65,967
Creditors: Amounts falling due within one year	5	(69,083)	(13,499)
Net current assets		40,196	52,468
Net assets		529,403	542,442
Capital and reserves
Called up share capital	9	465,000	465,000
Profit and loss account		64,403	77,442
Total equity		529,403	542,442

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Lemhill Farms Limited

(Registration number: 03257212)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 September 2018
 

.........................................

A G Ponsonby
Director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Lemhill Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP

These financial statements were authorised for issue by the director on 26 September 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover represents the invoiced value of arable farming and agricultural services, net of value added tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Lemhill Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Other property, plant and equipment	20% Straight Line
Freehold land and buildings	Not depreciated

Fixed asset investments

Fixed asset investments are stated as follows:

Fixed asset investments (listed) are stated at fair value, based on stock exchange prices.

Fixed asset investments (unlisted) are stated at historical cost less provision for any diminution in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Farm stock is valued at the lower of cost and net realisable value, apart from crops in store which are valued at deemed cost (75% of market value). Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 5

Lemhill Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

3	Tangible assets

	Land and buildings £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2017	488,781	708	489,489
At 31 December 2017	488,781	708	489,489
Depreciation
At 1 January 2017	-	142	142
Charge for the year	-	142	142
At 31 December 2017	-	284	284
Carrying amount
At 31 December 2017	488,781	424	489,205
At 31 December 2016	488,781	566	489,347

4

Debtors

	2017 £	2016 £
Other debtors	9,421	6,063
Total current trade and other debtors	9,421	6,063

Other debtors consist of the following balances:
 

	2017  £	2016  £
VAT Control account	6,055	3,023
Director's loan account	2,340	-
Other prepayments	1,026	1,222
Corporation tax control	-	1,818
	9,421	6,063

Page 6

Lemhill Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

5

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Trade creditors		(507)	-
Other creditors		(68,576)	(13,499)
		69,083	13,499

Other creditors consist of the following balances:
 

	2017  £	2016  £
Other creditors
Accruals	(9,036)	(10,444)
Other creditors	(6,110)	(3,055)
	15,146	13,499

6	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 7

Lemhill Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

7	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 January 2017	625	-	625
Fair value adjustments	101	-	101
Disposals	(726)	-	(726)
Financial assets at cost less impairment	-	2	2
At 31 December 2017	-	2	2
Impairment
Carrying amount
At 31 December 2017	-	2	2

The historical cost of the investments were: Listed investment £643 and Unlisted investment £2.

8

Stocks

	2017 £	2016 £
Other inventories	54,255	35,763

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	465,000	465,000	465,000	465,000

10

Dividends

Interim dividends paid

		2017 £		2016 £
Interim dividend of £0.0108 (2016 - £Nil) per each Ordinary shares		5,000		-

Page 8

Lemhill Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

11	Related party transactions

Transactions with directors

2017	Advances to directors £	At 31 December 2017 £
A G Ponsonby
Director's loan account - interest free	2,340	2,340

2016	At 1 January 2016 £	Repayments by director £	At 31 December 2016 £
A G Ponsonby
Director's loan account - interest free	236	(236)	-

Summary of transactions with entities with joint control or significant interest

Ponsonby Farms
 A G Ponsonby, a director of the company, is also the sole proprietor of Ponsonby Farms.

 Purchases of seed, fertiliser, administration & bookkeeping services, and contract farming of £45,487 (2016 - £45,268) were made during the year. Loans were made to Ponsonby Farms totalling £80,000 (2016 - £30,000). No interest was charged on the balance due. At the balance sheet date the amount due to Ponsonby Farms was £6,110 (2016 - £3,055).
 

Page 9