Company registration number 01205062 (England and Wales)
LINTZ HALL FARM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
LINTZ HALL FARM LIMITED
COMPANY INFORMATION
Directors
Mrs M E Boland
Mr K S Henderson
Mrs M Tulip
Mr S G Tulip
Mr G Tulip
Mr R S Tulip
Secretary
Mrs M Tulip
Company number
01205062
Registered office
Lintz Hall Farm
Burnopfield
Newcastle Upon Tyne
NE16 6AS
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Solicitors
Sintons LLP
Barrack Road
Newcastle upon Tyne
NE4 6DB
LINTZ HALL FARM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
LINTZ HALL FARM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The directors present the strategic report for the year ended 30 April 2023.
Review of the business
The business had a better year in 2023 than that of 2022. After suffering a pre-tax loss of £662,874 in 2022 the directors changed their target market, which resulted in a pre-tax profit of £1,106,295 in 2023.
The demand for eggs did increase in 2023 from that in 2022 and turnover increased by 36% in the year. This increase has also continued into the 2024 financial year.
The increase in our own “In House” egg production has also given the business a stronger position in dealing with the tougher market conditions.
Going concern
The directors consider that it is appropriate to prepare the financial statements on the going concern basis following due consideration of the company’s current and expected financial position.
Principal risks and uncertainties
The directors have considered the company's principal risks and uncertainties and have adopted policies to minimise such risks. The risks identified are summarised as follows:
Loss of key customers
There are significant customers whose sales greatly contribute to yearly turnover. In order to maintain and increase turnover levels the company needs to retain such customers. The company manages the risk of losing such customers by developing and maintaining strong relationships with them.
Loss of borrowing facilities
The company has significant borrowings with its bankers. The company reports to the bank on a monthly basis and repayment terms and covenants in place regarding such borrowings are adhered to at all times.
Loss of appropriate trade terms
Directors and management regularly review the terms and the relationships with suppliers and customers. There are credit rating procedures in place to minimise the risk of bad debts and strict controls to ensure that debtors monies are recovered promptly. Negotiations regularly take place with suppliers to ensure that the most advantageous payment terms are agreed. Should such terms negatively alter then this could have a significant impact on short term cash flow. As a consequence the company prepares regular forecasts of cash flow and liquidity to monitor the situation.
Bio-security
The company maintains a very high level of bio-security within each of its production units. This is essential in order to maintain very high levels of health in the production stock. If this were to be effected then production levels would reduce resulting in more eggs having to be purchased from third parties to fulfil sales contracts and therefore a subsequent drop in gross profit.
Key performance indicators
The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company. The company’s key performance indicators are
Gross profit percentage: 15.6%
Current ratio: 0.80
EBITDA £2,030,640
Other performance indicators
The KPI’s show a major change to the previous year and the work undertaken to improve profitability was shown in the results above.
LINTZ HALL FARM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Mrs M Tulip
Director
29 January 2024
LINTZ HALL FARM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2023.
Principal activities
The principal activity of the company continued to be that of egg farming.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £83,440. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs M E Boland
Mr K S Henderson
Mrs M Tulip
Mr S G Tulip
Mr G Tulip
Mr R S Tulip
Future developments
The Directors continue to build out our own "In House" egg production and consolidate the existing business.
Auditor
Greaves West & Ayre were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LINTZ HALL FARM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mrs M Tulip
Mr R S Tulip
Director
Director
29 January 2024
LINTZ HALL FARM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINTZ HALL FARM LIMITED
- 5 -
Qualified opinion on financial statements
We have audited the financial statements of Lintz Hall Farm Limited (the 'company') for the year ended 30 April 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We have been unable to obtain satisfactory audit evidence to verify the quantities of egg and packaging stocks as at 30th April 2023. We have been unable to satisfy ourselves by other means concerning the stock existence held at 30th April 2023, which are included in the balance sheet at £553,521, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £553,521 held at 30th April 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
LINTZ HALL FARM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINTZ HALL FARM LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
LINTZ HALL FARM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINTZ HALL FARM LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the poultry sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as food standards regulations, the Companies Act 2006, taxation legislation, employment legislation and data protection;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, contacting the entity’s solicitor for any details of non-compliance and inspecting current year legal expenditure; and
identified laws and regulations of particular relevance were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, including any fraud associated with revenue recognition, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
traced a sample of sales transactions from source documentation to nominal ledgers;
traced a sample of sales around the year-end from source documentation to invoice to ensure cut-off is operating correctly;
evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
reviewing correspondence, certifications and inspections in respect of food standards regulations;
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims against the company; and
reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
The laws and regulations which are considered to be significant to the entity relate to food standards and animal welfare. Testing has been completed to ensure compliance with regulatory authorities.
LINTZ HALL FARM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LINTZ HALL FARM LIMITED
- 8 -
Discussions are held with management to determine whether any breaches have occurred as well as legal
expenditure being scrutinised for any evidence on non-compliance.
The audit was considered capable of identifying irregularities only to the extent of the substantive testing performed
and from discussions with management.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stuart Millar CA
Senior Statutory Auditor
For and on behalf of Greaves West & Ayre
30 January 2024
Chartered Accountants
Statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
LINTZ HALL FARM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
19,072,854
14,022,252
Cost of sales
(16,088,294)
(12,824,481)
Gross profit
2,984,560
1,197,771
Administrative expenses
(1,771,279)
(1,795,146)
Other operating income
155,164
185,248
Operating profit/(loss)
4
1,368,445
(412,127)
Interest receivable and similar income
7
1
Interest payable and similar expenses
8
(262,150)
(250,748)
Profit/(loss) before taxation
1,106,295
(662,874)
Tax on profit/(loss)
9
(383,128)
141,284
Profit/(loss) for the financial year
723,167
(521,590)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
LINTZ HALL FARM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 10 -
2023
2022
£
£
Profit/(loss) for the year
723,167
(521,590)
Other comprehensive income
-
-
Total comprehensive income for the year
723,167
(521,590)
LINTZ HALL FARM LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
875
2,375
Tangible assets
12
8,808,698
7,931,062
8,809,573
7,933,437
Current assets
Biological assets
13
1,305,589
870,866
Stocks
14
596,256
514,849
Debtors
15
2,123,287
1,249,854
Cash at bank and in hand
287
369
4,025,419
2,635,938
Creditors: amounts falling due within one year
16
(5,040,752)
(3,205,699)
Net current liabilities
(1,015,333)
(569,761)
Total assets less current liabilities
7,794,240
7,363,676
Creditors: amounts falling due after more than one year
17
(5,825,906)
(6,418,197)
Provisions for liabilities
Deferred tax liability
20
751,783
368,655
Net assets
1,216,551
576,824
Capital and reserves
Called up share capital
22
22,000
22,000
Profit and loss reserves
1,194,551
554,824
Total equity
1,216,551
576,824
The financial statements were approved by the board of directors and authorised for issue on 29 January 2024 and are signed on its behalf by:
Mrs M Tulip
Mr R S Tulip
Director
Director
Company registration number 01205062 (England and Wales)
LINTZ HALL FARM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 April 2022:
Balance at 1 May 2021
22,000
1,139,854
1,161,854
Year ended 30 April 2022:
Loss and total comprehensive income
-
(521,590)
(521,590)
Dividends
10
-
(63,440)
(63,440)
Balance at 30 April 2022
22,000
554,824
576,824
Year ended 30 April 2023:
Profit and total comprehensive income
-
723,167
723,167
Dividends
10
-
(83,440)
(83,440)
Balance at 30 April 2023
22,000
1,194,551
1,216,551
LINTZ HALL FARM LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,191,913
423,983
Interest paid
(262,150)
(250,748)
Income taxes (paid)/refunded
(80,000)
26,072
Net cash inflow from operating activities
2,849,763
199,307
Investing activities
Purchase of tangible fixed assets
(1,600,436)
(936,975)
Proceeds from disposal of tangible fixed assets
18,313
5,483
Purchase of biological assets
(1,268,977)
(848,112)
Proceeds from disposal of biological assets
644,280
597,603
Interest received
1
Net cash used in investing activities
(2,206,820)
(1,182,000)
Financing activities
Repayment of borrowings
(236,443)
282,308
Repayment of bank loans
(478,447)
427,026
Payment of finance leases obligations
54,850
(36,526)
Dividends paid
(83,440)
(63,440)
Net cash (used in)/generated from financing activities
(743,480)
609,368
Net decrease in cash and cash equivalents
(100,537)
(373,325)
Cash and cash equivalents at beginning of year
(751,190)
(377,865)
Cash and cash equivalents at end of year
(851,727)
(751,190)
Relating to:
Cash at bank and in hand
287
369
Bank overdrafts included in creditors payable within one year
(852,014)
(751,559)
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 14 -
1
Accounting policies
Company information
Lintz Hall Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lintz Hall Farm, Burnopfield, Newcastle Upon Tyne, NE16 6AS.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years .
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
1.5
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:
Freehold land and buildings
Land not depreciated. Buildings 2%, 4% & 6.67% straight line
Plant and equipment
20% reducing balance and 15 years straight line
Fixtures and fittings
25% reducing balance
Computers
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.
1.6
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company measures biological assets at cost to purchase plus direct costs until pullet becomes a productive hen less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at lower of cost and estimated selling price less costs to complete and sell.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lifes on the following basis:
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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 cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 19 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Egg stock valuation
Egg stock is made up of both internally produced eggs and purchased eggs.
The cost of internally produced eggs are split between the relevant classes and costs which are directly attributable are applied. These include the cost of labour which is apportioned based on the number of eggs laid as an industry standard. Pullet costs plus a mortality rate which is divided by the number of eggs that bird will produce in its life cycle and feed which is calculated by the amount of grams a bird consumes per day divided by the number of eggs laid as an industry average. Indirect costs which are attributable include overheads. These are apportioned based on the total number of expected eggs produced from the industry average in relation to the number of birds in the flocks.
Purchased egg stock value is based on the average price paid to the producer for the closing stock at the year end.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sale of eggs and other goods
19,038,080
13,990,592
Farming subsidies and levies
34,774
31,660
19,072,854
14,022,252
2023
2022
£
£
Other revenue
Interest income
-
1
Grants received
-
2,126
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Government grants
-
(2,126)
Fees payable to the company's auditor for the audit of the company's financial statements
24,495
7,900
Depreciation of owned tangible fixed assets
688,289
621,583
Depreciation of tangible fixed assets held under finance leases
16,198
-
Amortisation of intangible assets
1,500
1,500
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production staff
21
27
Distribution staff
9
9
Administrative staff
3
5
Management staff
5
6
Farm workers
17
10
Total
55
57
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
5
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,336,814
1,225,049
Social security costs
104,535
82,036
Pension costs
20,583
18,754
1,461,932
1,325,839
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
104,609
130,615
Company pension contributions to defined contribution schemes
529
2,875
105,138
133,490
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
1
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
237,384
234,006
Other interest on financial liabilities
20,791
13,024
258,175
247,030
Other finance costs:
Interest on finance leases and hire purchase contracts
3,975
3,718
262,150
250,748
9
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(153,192)
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
9
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
383,128
11,908
Total tax charge/(credit)
383,128
(141,284)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
1,106,295
(662,874)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
210,196
(125,946)
Tax effect of expenses that are not deductible in determining taxable profit
1,357
115,868
Unutilised tax losses carried forward
23,488
97,177
Permanent capital allowances in excess of depreciation
(235,041)
(240,291)
Origination and reversal of timing differences
383,128
11,908
Taxation charge/(credit) for the year
383,128
(141,284)
10
Dividends
2023
2022
£
£
Final paid
83,440
63,440
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 23 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
7,500
Amortisation and impairment
At 1 May 2022
5,125
Amortisation charged for the year
1,500
At 30 April 2023
6,625
Carrying amount
At 30 April 2023
875
At 30 April 2022
2,375
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2022
6,994,072
5,720,478
56,451
70,472
688,813
13,530,286
Additions
1,507,268
25,580
22,838
44,750
1,600,436
Disposals
(133,487)
(133,487)
At 30 April 2023
6,994,072
7,094,259
82,031
93,310
733,563
14,997,235
Depreciation and impairment
At 1 May 2022
1,882,014
3,111,982
37,104
21,145
546,979
5,599,224
Depreciation charged in the year
180,477
462,178
7,957
13,858
40,017
704,487
Eliminated in respect of disposals
(115,174)
(115,174)
At 30 April 2023
2,062,491
3,458,986
45,061
35,003
586,996
6,188,537
Carrying amount
At 30 April 2023
4,931,581
3,635,273
36,970
58,307
146,567
8,808,698
At 30 April 2022
5,112,058
2,608,496
19,347
49,327
141,834
7,931,062
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
12
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
48,584
Motor vehicles
61,454
50,767
110,038
50,767
13
Biological assets
Poultry
£
Cost
At 1 May 2022
870,866
Additions
1,268,977
Disposals
(644,280)
At 30 April 2023
624,697
Depreciation and impairment
At 1 May 2022
-
Other changes
(189,974)
At 30 April 2023
189,974
Carrying amount
At 30 April 2023
1,305,589
At 30 April 2022
870,866
Biological assets are represented by bird flocks from which eggs are produced for sale.
14
Stocks
2023
2022
£
£
Feed, packaging and other raw materials
439,180
327,963
Eggs
157,076
186,886
596,256
514,849
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,870,011
1,128,153
Corporation tax recoverable
80,000
Other debtors
148,642
89,453
Prepayments and accrued income
24,634
32,248
2,123,287
1,249,854
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
1,347,001
1,234,418
Obligations under finance leases
19
36,919
18,514
Other borrowings
18
85,307
183,589
Trade creditors
3,400,341
1,652,310
Taxation and social security
31,937
3,361
Other creditors
62,099
72,099
Accruals and deferred income
77,148
41,408
5,040,752
3,205,699
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
5,747,392
6,237,967
Obligations under finance leases
19
53,031
16,586
Other borrowings
18
25,483
163,644
5,825,906
6,418,197
Amounts included above which fall due after five years are as follows:
Payable by instalments
(3,611,340)
(4,851,810)
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 26 -
18
Loans and overdrafts
2023
2022
£
£
Bank loans
6,242,379
6,720,826
Bank overdrafts
852,014
751,559
Other loans
110,790
347,233
7,205,183
7,819,618
Payable within one year
1,432,308
1,418,007
Payable after one year
5,772,875
6,401,611
The overdraft and long-term loans are secured by fixed charges over land owned by the company and its directors. Personal guarantees of up to £80,000 have been provided by the directors as security against the company bank overdraft facility. Hire purchase contracts, falling due within one year and more than one year, are secured against assets that are funded in this way.
Bank loans comprise five loans repayable on a monthly instalment basis with interest rates ranging between 2.5% and 4.02%.
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
42,398
18,514
In two to five years
63,353
16,586
105,751
35,100
Less: future finance charges
(15,801)
89,950
35,100
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 27 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
910,949
465,832
Tax losses
(159,166)
(97,177)
751,783
368,655
2023
Movements in the year:
£
Liability at 1 May 2022
368,655
Charge to profit or loss
383,128
Liability at 30 April 2023
751,783
The deferred tax liability set out above is not expected to reverse within 12 months and mainly relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,583
18,754
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
Ordinary A shares of £1 each
2,000
2,000
2,000
2,000
22,000
22,000
22,000
22,000
Holders of both classes of shares are entitled to attend and speak at all general meetings of the company and, in addition, shall be entitled to vote at any general meeting of the company.
Both classes of shares are entitled to participate in distributions made by the company.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 28 -
23
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
11,851
11,851
Between two and five years
7,901
19,751
19,752
31,602
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
120,997
103,527
2,219,967
2,313,323
Key management personnel
8,995
8,995
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
507,332
261,973
Key management personnel
69,256
89,256
The amounts outstanding due to and from related parties are unsecured and will be settled in cash. They are interest free and repayable on demand.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
51,225
45,000
Key management personnel
7,158
17,158
The amounts outstanding due to and from related parties are unsecured and will be settled in cash. They are interest free and repayable on demand.
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 29 -
25
Directors' transactions
Dividends totalling £83,440 (2022 - £63,440) were paid in the year in respect of shares held by the company's directors.
Interest free loans have been granted by the company to a director as follows:
This loan is unsecured, repayable on demand and interest free. The balance of the loan at 30th April 2023 was £7,158 (2022: £17,158)
26
Ultimate controlling party
During the current and previous year the company was under the ultimate control of G. C. Tulip
27
Cash generated from operations
As restated
2023
2022
£
£
Profit/(loss) for the year after tax
723,167
(521,590)
Adjustments for:
Taxation charged/(credited)
383,128
(141,284)
Finance costs
262,150
250,748
Investment income
(1)
Amortisation and impairment of intangible assets
1,500
1,500
Depreciation and impairment of tangible fixed assets
704,487
621,583
Depreciation and impairment of biological assets
189,974
(1,920)
Movements in working capital:
Increase in stocks
(81,407)
(5,259)
Increase in debtors
(793,433)
(371,336)
Increase in creditors
1,802,347
591,542
Cash generated from operations
3,191,913
423,983
28
Analysis of changes in net debt
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
369
(82)
287
Bank overdrafts
(751,559)
(100,455)
(852,014)
(751,190)
(100,537)
(851,727)
Borrowings excluding overdrafts
(7,068,059)
714,890
(6,353,169)
Obligations under finance leases
(35,100)
(54,850)
(89,950)
(7,854,349)
559,503
(7,294,846)
LINTZ HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 30 -
29
Prior period adjustment
Prior period adjustments relate to the correction in recognition of poultry from stock to Biological assets. The directors previously recognised poultry as stock, however after review this was the incorrect treatment and is now being recognised as Biological assets under the cost method.
The adjustment to correct the recognition has no effect on profit.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Apr 2022
£
£
£
Current assets
Biological assets
-
870,866
870,866
Stocks
1,385,715
(870,866)
514,849
Capital and reserves
Total equity
576,824
-
576,824
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2022
£
£
£
Loss for the financial period
(521,590)
-
(521,590)
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