Company registration number 01247584 (England and Wales)
DARTHEAD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
DARTHEAD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DARTHEAD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
50,005
40,819
Current assets
Stocks
41,538
28,410
Debtors
4
7,455
6,676
Cash at bank and in hand
33,890
65,244
82,883
100,330
Creditors: amounts falling due within one year
5
(22,220)
(43,036)
Net current assets
60,663
57,294
Net assets
110,668
98,113
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
110,568
98,013
Total equity
110,668
98,113
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 31 March 2022 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 5 September 2022 and are signed on its behalf by:
Mrs B Hill
Director
Company Registration No. 01247584
DARTHEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Darthead Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Roundels, Meopham Bank Farm, Hildenborough, Tonbridge, Kent, TN11 9AQ.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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.
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.
Revenue from the provision of stabling and contracting services, respectively, is recognised in arrears, after the services have been provided.
Rental income is recognised on a straight line basis over the life of the rental period. Rental income is deferred where amounts have been received in advance of the following year.
Grant income is recognised when there is a reasonable assurance that the grant conditions will be met and the grants will be received.
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:
Farm property improvements
10% straight line
Plant and machinery
15% 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.
DARTHEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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.
Biological assets are included at the lower of cost and estimated selling price less costs to sell.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.6
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
DARTHEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
43,725
191,023
234,748
Additions
1,493
17,700
19,193
Disposals
(7,648)
(18,322)
(25,970)
At 31 March 2022
37,570
190,401
227,971
Depreciation and impairment
At 1 April 2021
34,255
159,674
193,929
Depreciation charged in the year
1,409
7,440
8,849
Eliminated in respect of disposals
(6,490)
(18,322)
(24,812)
At 31 March 2022
29,174
148,792
177,966
Carrying amount
At 31 March 2022
8,396
41,609
50,005
At 31 March 2021
9,470
31,349
40,819
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
7,455
6,676
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,541
5,484
Taxation and social security
711
1,010
Other creditors
18,968
36,542
22,220
43,036