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REGISTERED NUMBER: 01343050 (England and Wales)


















Northern Crop Driers Limited

Unaudited Financial Statements for the Year Ended 31st March 2022






Northern Crop Driers Limited (Registered number: 01343050)






Contents of the Financial Statements
for the year ended 31st March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Northern Crop Driers Limited

Company Information
for the year ended 31st March 2022







DIRECTORS: Mrs P F Dear
E J Rowbottom





SECRETARY: Mrs P F Dear





REGISTERED OFFICE: Melrose Farm
Melbourne
York
East Yorkshire
YO42 4SS





REGISTERED NUMBER: 01343050 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Northern Crop Driers Limited (Registered number: 01343050)

Balance Sheet
31st March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,119,050 1,041,542
Investment property 5 2,095,811 1,280,000
3,214,861 2,321,542

CURRENT ASSETS
Stocks 235,145 397,299
Debtors 6 396,798 462,054
Cash at bank and in hand 757,142 591,151
1,389,085 1,450,504
CREDITORS
Amounts falling due within one year 7 899,867 511,512
NET CURRENT ASSETS 489,218 938,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,704,079

3,260,534

CREDITORS
Amounts falling due after more than one
year

8

(41,250

)

-

PROVISIONS FOR LIABILITIES (179,020 ) (133,849 )
NET ASSETS 3,483,809 3,126,685

CAPITAL AND RESERVES
Called up share capital 480 480
Share premium 345,046 345,046
Revaluation reserve 10 444,568 380,568
Retained earnings 2,693,715 2,400,591
3,483,809 3,126,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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.

Northern Crop Driers Limited (Registered number: 01343050)

Balance Sheet - continued
31st March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 7th September 2022 and were signed on its behalf by:




Mrs P F Dear - Director



E J Rowbottom - Director


Northern Crop Driers Limited (Registered number: 01343050)

Notes to the Financial Statements
for the year ended 31st March 2022

1. STATUTORY INFORMATION

Northern Crop Driers 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Freehold landNil
Land and buildings10% on cost
Plant and machinery15% to 20% on cost
Motor vehicles25% on cost

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in statement of comprehensive income.

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.


Northern Crop Driers Limited (Registered number: 01343050)

Notes to the Financial Statements - continued
for the year ended 31st March 2022

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 11 ) .

Northern Crop Driers Limited (Registered number: 01343050)

Notes to the Financial Statements - continued
for the year ended 31st March 2022

4. TANGIBLE FIXED ASSETS
Freehold
Land & Plant and Motor
Buildings machinery vehicles Totals
£    £    £    £   
COST
At 1st April 2021 712,364 2,685,855 52,000 3,450,219
Additions - 199,978 123,132 323,110
Disposals - (126,250 ) (43,750 ) (170,000 )
At 31st March 2022 712,364 2,759,583 131,382 3,603,329
DEPRECIATION
At 1st April 2021 364,699 1,991,982 51,996 2,408,677
Charge for year 29,185 194,905 15,636 239,726
Eliminated on disposal - (120,375 ) (43,749 ) (164,124 )
At 31st March 2022 393,884 2,066,512 23,883 2,484,279
NET BOOK VALUE
At 31st March 2022 318,480 693,071 107,499 1,119,050
At 31st March 2021 347,665 693,873 4 1,041,542

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2021 1,280,000
Additions 751,811
Revaluations 64,000
At 31st March 2022 2,095,811
NET BOOK VALUE
At 31st March 2022 2,095,811
At 31st March 2021 1,280,000

Fair value at 31st March 2022 is represented by:
£   
Valuation in 2022 2,095,811

6. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 267,852 194,090
Other debtors 60,000 61,700
VAT 60,019 21,928
Prepayments and accrued income 8,927 124,336
396,798 402,054

Northern Crop Driers Limited (Registered number: 01343050)

Notes to the Financial Statements - continued
for the year ended 31st March 2022

6. DEBTORS - continued
2022 2021
£    £   
Amounts falling due after more than one year:
Other debtors - 60,000

Aggregate amounts 396,798 462,054

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts (see note 9) 20,625 66,727
Trade creditors 517,800 249,435
Tax 80,619 89,910
Social security and other taxes 4,292 4,080
Other creditors 183,350 68,186
Directors' current accounts 36,351 7,882
Accrued expenses and deferred income 56,830 25,292
899,867 511,512

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Hire purchase contracts (see note 9) 41,250 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 20,625 66,727
Between one and five years 41,250 -
61,875 66,727

Non-cancellable operating leases
2022 2021
£    £   
Within one year 53,490 53,407
Between one and five years 120,000 120,000
In more than five years 330,000 360,000
503,490 533,407

Northern Crop Driers Limited (Registered number: 01343050)

Notes to the Financial Statements - continued
for the year ended 31st March 2022

10. RESERVES
Revaluation
reserve
£   
At 1st April 2021 380,568
Transfer 64,000

At 31st March 2022 444,568