Company Registration No. 01711151 (England and Wales)
LILLIFARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
LILLIFARMS LIMITED
COMPANY INFORMATION
Directors
Mrs K M Astor
Mr P Baughen
Mr C Astor
Mr S Pallister
Secretary
Promenade Secretaries Limited
Company number
01711151
Registered office
Third Floor
95 The Promenade
Cheltenham
Gloucestershire
GL50 1HH
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
LILLIFARMS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
LILLIFARMS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LILLIFARMS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lillifarms Limited for the year ended 30 September 2019 which comprise, the balance sheet 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Lillifarms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lillifarms Limited
and state those matters that we have agreed to state to the Board of Directors of Lillifarms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lillifarms Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Lillifarms 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 Lillifarms Limited. You consider that Lillifarms 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 Lillifarms 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.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
22 June 2020
LILLIFARMS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2019
30 September 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
792,303
801,461
Investments
4
815
815
793,118
802,276
Current assets
Stocks
376,610
351,082
Debtors
5
856,318
767,982
Cash at bank and in hand
877,007
701,647
2,109,935
1,820,711
Creditors: amounts falling due within one year
6
(785,779)
(621,659)
Net current assets
1,324,156
1,199,052
Total assets less current liabilities
2,117,274
2,001,328
Provisions for liabilities
(89,958)
(79,529)
Net assets
2,027,316
1,921,799
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
2,027,314
1,921,797
Total equity
2,027,316
1,921,799
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LILLIFARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2019
30 September 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 June 2020 and are signed on its behalf by:
Mrs K M Astor
Mr P Baughen
Director
Director
Company Registration No. 01711151
LILLIFARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
1
Accounting policies
Company information
Lillifarms Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Third Floor, 95 The Promenade, Cheltenham, Gloucestershire, GL50 1HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
5% straight line and 5-25% reducing balance
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LILLIFARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
LILLIFARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2018 - 9).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2018
600,625
1,156,668
1,757,293
Additions
41,164
340,358
381,522
Disposals
-
(319,662)
(319,662)
At 30 September 2019
641,789
1,177,364
1,819,153
Depreciation and impairment
At 1 October 2018
267,339
688,493
955,832
Depreciation charged in the year
29,933
149,263
179,196
Eliminated in respect of disposals
-
(108,178)
(108,178)
At 30 September 2019
297,272
729,578
1,026,850
Carrying amount
At 30 September 2019
344,517
447,786
792,303
At 30 September 2018
333,286
468,175
801,461
4
Fixed asset investments
2019
2018
£
£
Investments
815
815
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2018 & 30 September 2019
815
Carrying amount
At 30 September 2019
815
At 30 September 2018
815
LILLIFARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
228,299
126,934
Other debtors
628,019
641,048
856,318
767,982
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
268,980
94,877
Taxation and social security
39,355
33,052
Other creditors
477,444
493,730
785,779
621,659
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
45,000
45,000
9
Related party transactions
As at 30 September 2019, the company was owed £444,526 from related undertakings (2018 - £444,526). The company charges interest at 5% per annum on the loan, which totalled £23,338 in 2019.
LILLIFARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
10
Parent company
The ultimate parent company is Riviera Holdings Limited, a company incorporated in the Commonwealth of the Bahamas. The registered office address is Third Floor, Shirley House, 253 Shirley Street, Nassau, Bahamas.