Registered number: 09195229
DENHAM VICARAGE FARM LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2021
|
DENHAM VICARAGE FARM LIMITED
REGISTERED NUMBER: 09195229
BALANCE SHEET
AS AT 31 AUGUST 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENHAM VICARAGE FARM LIMITED
REGISTERED NUMBER: 09195229
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
|
DENHAM VICARAGE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
The Company is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Denham Vicarage Farm, Denham, Bury St Edmunds, Suffolk, IP29 5EF.
The functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
|
|
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company had net assets of £82,455 as at 31 August 2021 (2020: net liabilities of £41,343). The Financial Statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from its shareholder, to provide sufficient funds to enable it to meet its liabilites as the fall due.
Turnover comprises revenue recognised by the Company in respect of income from the sale of crops and related farming subsidies, income from contract work done and management services rendered during the year.
Income from the sale of crops and related goods is recognised on despatch of goods.
Income from the sale of services in respect of contract work done and management fees is recognised on the date the work was completed.
Income is respect of farming subsidies is recognised on payment.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|
DENHAM VICARAGE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.ACCOUNTING POLICIES (CONTINUED)
|
|
TANGIBLE FIXED ASSETS (CONTINUED)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
|
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stocks are valued in accordance with the Guidance Notes of the RICS/CAAV and the HMRC Business Economics Notes BEN 19.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
CASH AND CASH EQUIVALENTS
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
DENHAM VICARAGE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.ACCOUNTING POLICIES (CONTINUED)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
|
|
OPERATING LEASES: THE COMPANY AS LESSEE
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
|
The Company has no employees other than the directors, who did not receive any remuneration (2020 - £NIL).
|
|
DENHAM VICARAGE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENHAM VICARAGE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Included within other debtors is an amount due from the directors of £687,360. Interest was charged at 2.5% per annum and this balance has been repaid in full within 9 months of the year end.
|
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Included in bank loans is a Government backed 'bounce back' loan of £8,333 (2020 - £NIL), which was drawn down in October 2020. This loan is 100% guaranteed by the Government and there will be no fees or interest payable by the Company in the first 12 months. After this 12 month period, interest will be charged at 2.5% per annum. The first instalment is due in November 2021.
|
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in bank loans is a Government backed 'bounce back' loan of £41,667 (2020 - £NIL), which was drawn down in October 2020. This loan is 100% guaranteed by the Government and there will be no fees or interest payable by the Company in the first 12 months. After this 12 month period, interest will be charged at 2.5% per annum. The first instalment is due in November 2021.
|
|
DENHAM VICARAGE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
ALLOTTED, CALLED UP AND FULLY PAID
|
|
|
|
|
|
|
|
|
|
1 (2020 - 1) Ordinary share of £1.00
|
|
|
9.OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £60,000 (2020 - £68,772).
|