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Registration number: 01086482

Dawe (Farmers) Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2022 to 31 March 2023

 

Dawe (Farmers) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Dawe (Farmers) Limited

Company Information

Directors

Mr D J Dawe

Mrs PA Dawe

Company secretary

Mr D J Dawe

Registered office

Merton Bungalow
Bere Ferrers
Yelverton
Devon
PL20 7JP

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

 

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.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

18 October 2023

 

Dawe (Farmers) Limited

(Registration number: 01086482)
Balance Sheet as at 31 March 2023

Note

31 March 2023
 £

(As restated)
31 December 2021
 £

Fixed assets

 

Intangible assets not including goodwill

3

127

-

Tangible assets

4

2,525,748

2,345,879

Other financial assets

6

3,064

3,064

Breeding stock

5

86,090

93,934

 

2,615,029

2,442,877

Current assets

 

Stocks

174,405

195,000

Debtors

7

81,478

28,964

Cash at bank and in hand

 

620

92,949

 

256,503

316,913

Creditors: Amounts falling due within one year

8

(351,106)

(260,517)

Net current (liabilities)/assets

 

(94,603)

56,396

Total assets less current liabilities

 

2,520,426

2,499,273

Creditors: Amounts falling due after more than one year

8

(634,073)

(650,634)

Provisions for liabilities

(51,505)

(45,859)

Net assets

 

1,834,848

1,802,780

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,834,748

1,802,680

Total equity

 

1,834,848

1,802,780

 

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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 Board on 18 October 2023 and signed on its behalf by:
 

.........................................

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

1

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2021 - 2).

 

Dawe (Farmers) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

3

Intangible assets

BPS Entitlements
 £

Total
£

Cost or valuation

Additions acquired separately

765

765

At 31 March 2023

765

765

Amortisation

Amortisation charge

638

638

At 31 March 2023

638

638

Carrying amount

At 31 March 2023

127

127

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 January 2022

2,227,759

22,025

515,606

2,765,390

Additions

157,288

-

127,340

284,628

Disposals

-

-

(90,250)

(90,250)

At 31 March 2023

2,385,047

22,025

552,696

2,959,768

Depreciation

At 1 January 2022

66,587

20,132

332,792

419,511

Charge for the period

(94)

593

44,200

44,699

Eliminated on disposal

-

-

(30,190)

(30,190)

At 31 March 2023

66,493

20,725

346,802

434,020

Carrying amount

At 31 March 2023

2,318,554

1,300

205,894

2,525,748

At 31 December 2021

2,161,172

1,893

182,814

2,345,879

5

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

6

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

3,064

7

Debtors

2023
£

2021
£

Trade debtors

36,445

14,557

Other debtors

45,033

14,407

81,478

28,964

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2021
£

Due within one year

 

Bank loans and overdrafts

9

29,703

29,303

Trade creditors

 

21,978

20,443

Taxation and social security

 

357

-

Accruals and deferred income

 

3,574

1,057

Other creditors

 

295,494

209,714

 

351,106

260,517

 

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

30,401

-

Bank borrowings

584,407

621,632

HP and finance lease liabilities

19,265

29,002

634,073

650,634

9

Loans and borrowings

2023
£

2021
£

Non-current loans and borrowings

Bank borrowings

584,407

621,632

HP and finance lease liabilities

19,265

29,002

603,672

650,634

Included in the loans and borrowings is £462,796 (2021: £501,621) due on bank borrowings after more than five years.