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COMPANY REGISTRATION NUMBER: 11694285
Desninghall Farms Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Desninghall Farms Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
725,791
776,363
Current assets
Stocks
25,000
9,400
Debtors
6
1,415,522
1,086,972
Cash at bank and in hand
429,790
299,328
------------
------------
1,870,312
1,395,700
Creditors: amounts falling due within one year
7
1,227,561
1,232,690
------------
------------
Net current assets
642,751
163,010
------------
---------
Total assets less current liabilities
1,368,542
939,373
Creditors: amounts falling due after more than one year
8
53,179
106,358
Provisions
181,448
140,311
------------
---------
Net assets
1,133,915
692,704
------------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,132,915
691,704
------------
---------
Shareholders funds
1,133,915
692,704
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Desninghall Farms Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 13 September 2022 , and are signed on behalf of the board by:
Mr M P Lake
Mr J Philipps
Director
Director
Company registration number: 11694285
Desninghall Farms Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is French Hall, Moulton, Newmarket, Suffolk, CB8 8RZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for farming contractor services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2020: 7 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2021
946,147
946,147
Additions
234,136
6,500
240,636
Disposals
( 105,550)
( 105,550)
------------
-------
------------
At 31 December 2021
1,074,733
6,500
1,081,233
------------
-------
------------
Depreciation
At 1 January 2021
169,784
169,784
Charge for the year
217,812
812
218,624
Disposals
( 32,966)
( 32,966)
------------
-------
------------
At 31 December 2021
354,630
812
355,442
------------
-------
------------
Carrying amount
At 31 December 2021
720,103
5,688
725,791
------------
-------
------------
At 31 December 2020
776,363
776,363
------------
-------
------------
6. Debtors
2021
2020
£
£
Trade debtors
55,393
84,663
Other debtors
1,360,129
1,002,309
------------
------------
1,415,522
1,086,972
------------
------------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
52,530
27,206
Amounts owed related undertakings
379,860
613,903
Social security and other taxes
176,354
3,448
Other creditors
618,817
588,133
------------
------------
1,227,561
1,232,690
------------
------------
Included within other creditors above is an amount of £53,179 (2020: £93,179) for which security over the assets to which the liability relates to has been given.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
53,179
106,358
--------
---------
Included within other creditors above is an amount of £53,179 (2020: £106,358) for which security over the assets to which the liability relates to has been given.