Registration number:
Dawe (Farmers) Limited
for the Period from 1 January 2022 to 31 March 2023
Dawe (Farmers) Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Dawe (Farmers) Limited
Company Information
Directors |
Mr D J Dawe Mrs PA Dawe |
Company secretary |
Mr D J Dawe |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dawe (Farmers) Limited
for the Period Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dawe (Farmers) Limited for the period ended 31 March 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Dawe (Farmers) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dawe (Farmers) Limited and state those matters that we have agreed to state to the Board of Directors of Dawe (Farmers) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dawe (Farmers) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Dawe (Farmers) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dawe (Farmers) Limited. You consider that Dawe (Farmers) Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Dawe (Farmers) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP
Dawe (Farmers) Limited
(Registration number: 01086482)
Balance Sheet as at 31 March 2023
Note |
31 March 2023 |
(As restated) |
|
Fixed assets |
|||
Intangible assets not including goodwill |
|
- |
|
Tangible assets |
|
|
|
Other financial assets |
3,064 |
3,064 |
|
Breeding stock |
86,090 |
93,934 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Dawe (Farmers) Limited
(Registration number: 01086482)
Balance Sheet as at 31 March 2023
For the financial period 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr D J Dawe
Company secretary and director
.........................................
Mrs PA Dawe
Director
Dawe (Farmers) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
As at the year end, the company's balance sheet shows net current liabilities and an overall deficiency of assets amounting to £94,603. Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and have prepared them on the going concern basis. The directors have reviewed the position for twelve months from the date the accounts were approved, and in their opinion, the company will reduce the balance sheet deficiency.
Prior period errors
It was established that dividends paid of £5,715 had not been included in the financial statments of the prior period. This has now been corrected to include the amount of dividends paid in March 2021. This has had an impact on the financial statements by increasing other creditors by £5,715 and decreasing retained earnings by £5,715.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Dawe (Farmers) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Farm buildings |
20 years straight line |
Property improvements |
20 years straight line |
Plant and machinery |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
BPS Entitlement |
1 year straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Dawe (Farmers) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Dawe (Farmers) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023
Intangible assets |
BPS Entitlements |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 31 March 2023 |
|
|
Amortisation |
||
Amortisation charge |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2022 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
Depreciation |
||||
At 1 January 2022 |
|
|
|
|
Charge for the period |
( |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
Carrying amount |
||||
At 31 March 2023 |
|
|
|
|
At 31 December 2021 |
|
|
|
|
Herd reconciliation statement |
Dawe (Farmers) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023
2023 |
2021 |
|||||||
Head |
£ |
Head |
£ |
|||||
Herd cost b/fwd |
215 |
93,934 |
193 |
90,314 |
||||
Herd additions at cost |
2 |
4,850 |
27 |
13,770 |
||||
Herd disposals at cost |
(58) |
(12,694) |
(5) |
(10,150) |
||||
Closing herd |
159 |
86,090 |
215 |
93,934 |
Dawe (Farmers) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 January 2022 |
3,064 |
3,064 |
At 31 March 2023 |
3,064 |
3,064 |
Carrying amount |
||
At 31 March 2023 |
|
3,064 |
Debtors |
2023 |
2021 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
(As restated) |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
- |
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Dawe (Farmers) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023
Creditors: amounts falling due after more than one year
2023 |
2021 |
|
Due after one year |
||
Other non-current financial liabilities |
|
- |
Bank borrowings |
584,407 |
621,632 |
HP and finance lease liabilities |
19,265 |
29,002 |
634,073 |
650,634 |
Loans and borrowings |
2023 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
HP and finance lease liabilities |
19,265 |
29,002 |
|
|
Included in the loans and borrowings is £462,796 (2021: £501,621) due on bank borrowings after more than five years.