Company registration number 13099775 (England and Wales)
DART VALLEY FUNGI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
DART VALLEY FUNGI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DART VALLEY FUNGI LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,031
3,997
Current assets
Stocks
10,000
6,000
Debtors
5
32,388
15,485
Cash at bank and in hand
-
0
5,021
42,388
26,506
Creditors: amounts falling due within one year
6
(98,632)
(43,082)
Net current liabilities
(56,244)
(16,576)
Net liabilities
(48,213)
(12,579)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(48,313)
(12,679)
Total equity
(48,213)
(12,579)

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 December 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 29 September 2023 and are signed on its behalf by:
Mr M  Eaton
Director
Company Registration No. 13099775
DART VALLEY FUNGI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Dart Valley Fungi Limited is a private company limited by shares incorporated in England and Wales. The registered office is Apple Barn, Higher Week, Dartington, Devon, TQ9 6JP.

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 £.

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.

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:

Plant and equipment
20% 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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

DART VALLEY FUNGI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
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.

1.7
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.

1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

DART VALLEY FUNGI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
8
5
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2022
4,996
-
0
4,996
Additions
4,811
500
5,311
At 31 December 2022
9,807
500
10,307
Depreciation and impairment
At 1 January 2022
999
-
0
999
Depreciation charged in the year
1,256
21
1,277
At 31 December 2022
2,255
21
2,276
Carrying amount
At 31 December 2022
7,552
479
8,031
At 31 December 2021
3,997
-
0
3,997
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
29,112
14,201
Other debtors
3,276
1,284
32,388
15,485
DART VALLEY FUNGI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
1,238
-
0
Trade creditors
38,717
5,219
Taxation and social security
2,603
284
Other creditors
54,996
36,785
Accruals and deferred income
1,078
794
98,632
43,082
2022-12-312022-01-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr M EatonMr A L T WatsonMiss T BentleyMr M  Eaton130997752022-01-012022-12-31130997752022-12-31130997752021-12-3113099775core:PlantMachinery2022-12-3113099775core:MotorVehicles2022-12-3113099775core:PlantMachinery2021-12-3113099775core:MotorVehicles2021-12-3113099775core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113099775core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3113099775core:CurrentFinancialInstruments2022-12-3113099775core:CurrentFinancialInstruments2021-12-3113099775core:ShareCapital2022-12-3113099775core:ShareCapital2021-12-3113099775core:RetainedEarningsAccumulatedLosses2022-12-3113099775core:RetainedEarningsAccumulatedLosses2021-12-3113099775bus:CompanySecretaryDirector12022-01-012022-12-3113099775core:PlantMachinery2022-01-012022-12-3113099775core:MotorVehicles2022-01-012022-12-31130997752020-12-242021-12-3113099775core:PlantMachinery2021-12-3113099775core:MotorVehicles2021-12-31130997752021-12-3113099775bus:PrivateLimitedCompanyLtd2022-01-012022-12-3113099775bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3113099775bus:FRS1022022-01-012022-12-3113099775bus:AuditExemptWithAccountantsReport2022-01-012022-12-3113099775bus:Director12022-01-012022-12-3113099775bus:Director22022-01-012022-12-3113099775bus:Director32022-01-012022-12-3113099775bus:CompanySecretary12022-01-012022-12-3113099775bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP