Lymn Bank Farm Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 08433609 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

LYMN BANK FARM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S D Grinstead

Mrs G L Sisson

M D Grinstead

REGISTERED OFFICE:

Lymn Bank Farmhouse

Lymn Bank East

Thorpe St Peter

Skegness

Lincolnshire

PE24 4PJ

REGISTERED NUMBER:

08433609 (England and Wales)

ACCOUNTANTS:

Bradshaw Johnson

Chartered Accountants

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

FIXED ASSETS

Intangible assets

5

7,000

28,000

Tangible assets

6

583,110

410,188

590,110

438,188

CURRENT ASSETS

Stocks

50,783

79,049

Debtors

7

162,588

95,827

Cash at bank and in hand

331,960

286,014

545,331

460,890

CREDITORS

Amounts falling due within one year

8

401,839

286,073

NET CURRENT ASSETS

143,492

174,817

TOTAL ASSETS LESS CURRENT LIABILITIES

733,602

613,005

PROVISIONS FOR LIABILITIES

63,771

62,377

NET ASSETS

669,831

550,628

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

669,731

550,528

SHAREHOLDERS' FUNDS

669,831

550,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 September 2018 and were signed on its behalf by:

Mrs G L Sisson - Director

1.	STATUTORY INFORMATION

Lymn Bank Farm Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

10% on reducing balance

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% 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 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2016 - 14 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

105,000

AMORTISATION

At 1 January 2017

77,000

Amortisation for year

21,000

At 31 December 2017

98,000

NET BOOK VALUE

At 31 December 2017

7,000

At 31 December 2016

28,000

6.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2017

-

181,645

411,033

6,975

599,653

Additions

178,910

-

58,716

-

237,626

Reclassification/transfer

181,645

(181,645

)

-

-

-

At 31 December 2017

360,555

-

469,749

6,975

837,279

DEPRECIATION

At 1 January 2017

-

35,119

149,823

4,523

189,465

Charge for year

16,102

-

47,989

613

64,704

Reclassification/transfer

35,119

(35,119

)

-

-

-

At 31 December 2017

51,221

-

197,812

5,136

254,169

NET BOOK VALUE

At 31 December 2017

309,334

-

271,937

1,839

583,110

At 31 December 2016

-

146,526

261,210

2,452

410,188

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

135,637

57,021

Other debtors

-

2,000

VAT

25,541

24,666

Prepayments

1,410

12,140

162,588

95,827

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

75,258

100,474

Tax

59,957

63,080

Social security and other taxes

2,728

5,170

Directors' current accounts

256,935

115,259

Accrued expenses

6,961

2,090

401,839

286,073

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lymn Bank Farm Limited for the year ended 31 December 2017 which comprise the Income

Statement, Statement of Financial Position and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lymn Bank Farm Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lymn Bank Farm Limited and state those matters that we have agreed to state to the Board of Directors of Lymn Bank Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lymn Bank Farm Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lymn Bank Farm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lymn Bank Farm Limited. You consider that Lymn Bank Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lymn Bank Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bradshaw Johnson

Chartered Accountants

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

Date: .............................................