Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr E A Darke 31/12/1991 Mr R C Darke 17/11/2005 18 August 2023 The principal activity of the Company during the year was mixed farming. 00462077 2023-03-31 00462077 bus:Director1 2023-03-31 00462077 bus:Director2 2023-03-31 00462077 2022-03-31 00462077 core:CurrentFinancialInstruments 2023-03-31 00462077 core:CurrentFinancialInstruments 2022-03-31 00462077 core:Non-currentFinancialInstruments 2023-03-31 00462077 core:Non-currentFinancialInstruments 2022-03-31 00462077 core:ShareCapital 2023-03-31 00462077 core:ShareCapital 2022-03-31 00462077 core:RevaluationReserve 2023-03-31 00462077 core:RevaluationReserve 2022-03-31 00462077 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00462077 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 00462077 core:CapitalRedemptionReserve 2023-03-31 00462077 core:CapitalRedemptionReserve 2022-03-31 00462077 core:RetainedEarningsAccumulatedLosses 2023-03-31 00462077 core:RetainedEarningsAccumulatedLosses 2022-03-31 00462077 core:OtherResidualIntangibleAssets 2022-03-31 00462077 core:OtherResidualIntangibleAssets 2023-03-31 00462077 core:LandBuildings 2022-03-31 00462077 core:PlantMachinery 2022-03-31 00462077 core:Vehicles 2022-03-31 00462077 core:LandBuildings 2023-03-31 00462077 core:PlantMachinery 2023-03-31 00462077 core:Vehicles 2023-03-31 00462077 core:CostValuation 2022-03-31 00462077 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 00462077 core:CostValuation 2023-03-31 00462077 core:ProvisionsForImpairmentInvestments 2022-03-31 00462077 core:ProvisionsForImpairmentInvestments 2023-03-31 00462077 bus:OrdinaryShareClass1 2023-03-31 00462077 2022-04-01 2023-03-31 00462077 bus:FullAccounts 2022-04-01 2023-03-31 00462077 bus:SmallEntities 2022-04-01 2023-03-31 00462077 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00462077 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00462077 bus:Director1 2022-04-01 2023-03-31 00462077 bus:Director2 2022-04-01 2023-03-31 00462077 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-04-01 2023-03-31 00462077 core:PlantMachinery 2022-04-01 2023-03-31 00462077 core:Vehicles 2022-04-01 2023-03-31 00462077 2021-04-01 2022-03-31 00462077 core:LandBuildings 2022-04-01 2023-03-31 00462077 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 00462077 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00462077 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00462077 (England and Wales)

J.A. DARKE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

J.A. DARKE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

J.A. DARKE LIMITED

BALANCE SHEET

As at 31 March 2023
J.A. DARKE LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 10,440,338 10,301,992
Investments 5 60,527 59,317
10,500,865 10,361,309
Current assets
Stocks 620,289 701,728
Debtors 6 189,396 159,791
Cash at bank and in hand 87,727 15,343
897,412 876,862
Creditors: amounts falling due within one year 7 ( 374,453) ( 271,990)
Net current assets 522,959 604,872
Total assets less current liabilities 11,023,824 10,966,181
Creditors: amounts falling due after more than one year 8 ( 538,197) ( 767,874)
Provision for liabilities ( 292,946) ( 286,391)
Net assets 10,192,681 9,911,916
Capital and reserves
Called-up share capital 9 3,826 3,826
Revaluation reserve 7,480,961 7,480,961
Fair value reserve 45,384 44,476
Capital redemption reserve 400 400
Profit and loss account 2,662,110 2,382,253
Total shareholder's funds 10,192,681 9,911,916

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J.A. Darke Limited (registered number: 00462077) were approved and authorised for issue by the Board of Directors on 18 August 2023. They were signed on its behalf by:

Mr R C Darke
Director
J.A. DARKE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
J.A. DARKE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J.A. Darke Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Coleridge Farm Cottages, Chillington, Kingsbridge, TQ7 2JG, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 25 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2022 10,351 10,351
At 31 March 2023 10,351 10,351
Accumulated amortisation
At 01 April 2022 10,351 10,351
At 31 March 2023 10,351 10,351
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2022 9,257,976 1,756,153 27,200 11,041,329
Additions 83,319 221,038 3,450 307,807
Disposals 0 ( 109,639) 0 ( 109,639)
At 31 March 2023 9,341,295 1,867,552 30,650 11,239,497
Accumulated depreciation
At 01 April 2022 0 717,993 21,344 739,337
Charge for the financial year 0 103,550 1,171 104,721
Disposals 0 ( 44,899) 0 ( 44,899)
At 31 March 2023 0 776,644 22,515 799,159
Net book value
At 31 March 2023 9,341,295 1,090,908 8,135 10,440,338
At 31 March 2022 9,257,976 1,038,160 5,856 10,301,992

Revaluation of tangible assets

Freehold land and buildings were professionally valued by Luscombe Maye, Chartered Surveyors, an independent valuer, to fair value at 25 May 2015, with subsequent additions at cost.

5. Fixed asset investments

Listed investments Other investments Total
£ £ £
Carrying value before impairment
At 01 April 2022 59,302 15 59,317
Movement in fair value 1,210 0 1,210
At 31 March 2023 60,512 15 60,527
Provisions for impairment
At 01 April 2022 0 0 0
At 31 March 2023 0 0 0
Carrying value at 31 March 2023 60,512 15 60,527
Carrying value at 31 March 2022 59,302 15 59,317

6. Debtors

2023 2022
£ £
Trade debtors 112,078 117,049
Other debtors 77,318 42,742
189,396 159,791

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 209,226 130,638
Amounts owed to directors 28,578 27,812
Accruals and deferred income 42,347 9,059
Corporation tax 75,255 39,413
Other taxation and social security 886 1,055
Obligations under finance leases and hire purchase contracts (secured) 17,874 18,737
Other creditors 287 45,276
374,453 271,990

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 538,197 750,000
Obligations under finance leases and hire purchase contracts (secured) 0 17,874
538,197 767,874

Loans and borrowings are secured by way of fixed and floating charges over the assets of the company.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,826 Ordinary shares of £ 1.00 each 3,826 3,826