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REGISTERED NUMBER: 00697833 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Delamore Farms Limited

Delamore Farms Limited (Registered number: 00697833)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 10


Delamore Farms Limited

Company Information
for the Year Ended 31 March 2023







Directors: C W Delamore
Mrs T S Nicholls





Registered office: Balsam Fields
Station Road
Terrington St Clement
Kings Lynn
Norfolk
PE34 4PL





Registered number: 00697833 (England and Wales)





Accountants: Moore Thompson
Monica House
St Augustines Road
Wisbech
Cambs
PE13 3AD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Delamore Farms Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Delamore Farms Limited for the year ended 31 March 2023 which comprise the Income statement, Statement of financial position and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Delamore Farms Limited, as a body, in accordance with the terms of our engagement letter dated 6 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Delamore Farms Limited and state those matters that we have agreed to state to the Board of Directors of Delamore Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Delamore Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Delamore Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Delamore Farms Limited. You consider that Delamore Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Delamore Farms 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 financial statements.






Moore Thompson
Monica House
St Augustines Road
Wisbech
Cambs
PE13 3AD


13 November 2023

Delamore Farms Limited (Registered number: 00697833)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 4,768,026 4,757,799
Investments 6 21 21
Investment property 7 200,000 130,000
4,968,047 4,887,820

Current assets
Stocks 8 411,418 309,319
Debtors 9 884,560 820,546
Cash at bank 24,326 36,620
1,320,304 1,166,485
Creditors
Amounts falling due within one year 10 663,106 669,449
Net current assets 657,198 497,036
Total assets less current liabilities 5,625,245 5,384,856

Creditors
Amounts falling due after more than one
year

11

(1,025,653

)

(1,035,289

)

Provisions for liabilities (27,281 ) (3,573 )
Net assets 4,572,311 4,345,994

Capital and reserves
Called up share capital 2,675 2,675
Capital redemption reserve 625 625
Non-distributable reserve 97,478 45,035
Retained earnings 4,471,533 4,297,659
4,572,311 4,345,994

Delamore Farms Limited (Registered number: 00697833)

Statement of Financial Position - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





C W Delamore - Director


Delamore Farms Limited (Registered number: 00697833)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. Statutory information

Delamore Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on a straight line basis
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants relating to capital assets are deferred and released to income on a systematic basis over the expected useful life of the asset. Other grants relating to revenue items are recognised as income in the year of receipt.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Delamore Farms Limited (Registered number: 00697833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. Employees and directors

The average number of employees during the year was 3 (2022 - 4 ) .

5. Tangible fixed assets
Improvements
Freehold to Plant and
property property machinery
£    £    £   
Cost
At 1 April 2022 4,862,830 - 208,604
Additions - 19,004 21,252
Disposals (22,319 ) - -
At 31 March 2023 4,840,511 19,004 229,856
Depreciation
At 1 April 2022 122,874 - 192,465
Charge for year 6,616 161 7,283
At 31 March 2023 129,490 161 199,748
Net book value
At 31 March 2023 4,711,021 18,843 30,108
At 31 March 2022 4,739,956 - 16,139

Delamore Farms Limited (Registered number: 00697833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 April 2022 17,080 4,379 5,092,893
Additions - 8,827 49,083
Disposals - - (22,319 )
At 31 March 2023 17,080 13,206 5,119,657
Depreciation
At 1 April 2022 15,800 3,955 335,094
Charge for year 321 2,156 16,537
At 31 March 2023 16,121 6,111 351,631
Net book value
At 31 March 2023 959 7,095 4,768,026
At 31 March 2022 1,280 424 4,757,799

Freehold land amounting to £4,609,205 (2022 : £4,609,205) is not depreciated.

6. Fixed asset investments
Other
investments
£   
Cost
At 1 April 2022
and 31 March 2023 21
Net book value
At 31 March 2023 21
At 31 March 2022 21

7. Investment property
Total
£   
Fair value
At 1 April 2022 130,000
Revaluations 70,000
At 31 March 2023 200,000
Net book value
At 31 March 2023 200,000
At 31 March 2022 130,000

Delamore Farms Limited (Registered number: 00697833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. Investment property - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2003 79,545
Valuation in 2019 50,455
Valuation in 2023 70,000
200,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 84,782 84,782

Investment property was valued on an open market basis on 31 March 2023 by the directors of the company .

8. Stocks
2023 2022
£    £   
Cultivations 385,798 295,459
Livestock 25,620 13,860
411,418 309,319

9. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 264,826 346,474
Other debtors 309,417 282,421
Directors' loan accounts 286,429 190,959
Prepayments 23,888 692
884,560 820,546

10. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 12) 10,000 10,000
Other loans (see note 12) 218,360 206,000
Trade creditors 168,653 34,852
Tax 46,355 32,130
Social security and other taxes 1,087 548
Other creditors 2,216 23,874
Accruals and deferred income 216,435 362,045
663,106 669,449

Delamore Farms Limited (Registered number: 00697833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


11. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 12) 1,025,653 1,035,289

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 1,000,000 1,000,000

12. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000
Other loans 218,360 206,000
228,360 216,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 15,653 25,289

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 1,000,000 1,000,000

13. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,035,653 1,045,289

Freehold 1st legal charges are held over the following assets of the company by Natwest Bank PLC:

161.55 acres of land at Dovecote Farm, Terrington St Clement.

Delamore Farms Limited (Registered number: 00697833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


14. Directors' advances, credits and guarantees

During the year the company made an unsecured, interest free loan to a former director and shareholder. Amounts loaned to the former director in the year were £98,149 (2022: £6,709). Amounts repaid by the director in the year were £72 (2022: £64,555). The amount outstanding at the balance sheet date, due to the company, was £264,807 (2022: £166,730).

During the year the company made an unsecured, interest free loan to one of the directors. Amounts loaned to the director in the year were £3,406 (2022: £19,501). Amounts repaid by the director in the year were £6,609 (2022: £275). The amount outstanding at the balance sheet date, due to the company, was £16,026 (2022: £19,229).

During the year the company made an unsecured, interest free loan to a second director. Amounts loaned to the director in the year were £596 (2022: £5,000). Amounts repaid by the director in the year were £Nil (2022: £Nil). The amount outstanding at the balance sheet date, due to the company, was £5,596 (2022: £5,000).

15. Related party disclosures

During the year the company operated a loan account with Delamore Properties Limited, a company with common directors . At the year end the company was owed £98,790 (2022: £138,546) from
Delamore Properties Limited, this loan has no fixed repayment date.

During the year the company operated a loan account with Nicholls & Sons Developments Limited, a company with common directors . At the year end the company was owed £4,329 (2022: £800) from
Nicholls & Sons Developments Limited. This loan has no fixed repayment date.