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REGISTRAR OF COMPANIES

Registration number: 04686157

DR & HM Horsley Limited

Unaudited Financial Statements

31 March 2023

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DR & HM Horsley Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
DR & HM Horsley Limited
for the Year 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 DR & HM Horsley Limited for the year ended 31 March 2023 as set out on pages 2 to 10 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 DR & HM Horsley Limited, as a body, in accordance with the terms of our engagement letter dated 15 August 2023. Our work has been undertaken solely to prepare for your approval the accounts of DR & HM Horsley Limited and state those matters that we have agreed to state to the Board of Directors of DR & HM Horsley 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 DR & HM Horsley Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that DR & HM Horsley 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 DR & HM Horsley Limited. You consider that DR & HM Horsley 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 accounts of DR & HM Horsley 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.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

7 November 2023

 

DR & HM Horsley Limited

(Registration number: 04686157)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,530,166

1,267,386

Current assets

 

Stocks

392,416

391,443

Debtors

5

116,412

117,208

Cash at bank and in hand

 

62,680

40,744

 

571,508

549,395

Creditors: Amounts falling due within one year

6

(194,371)

(232,054)

Net current assets

 

377,137

317,341

Total assets less current liabilities

 

1,907,303

1,584,727

Creditors: Amounts falling due after more than one year

6

(786,693)

(656,961)

Provisions for liabilities

(210,751)

(124,225)

Net assets

 

909,859

803,541

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

909,759

803,441

Total equity

 

909,859

803,541

 

DR & HM Horsley Limited

(Registration number: 04686157)
Balance Sheet as at 31 March 2023 (continued)

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 members have not required the company to obtain an audit of its accounts for the year 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

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

D R Horsley

Director

 

DR & HM Horsley Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Woodhouse Farm
Catterlen
PENRITH
CA11 0BE

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

DR & HM Horsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Tax

The tax expense for the period comprises 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.

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

Land and buildings

5% reducing balance basis

Plant and equipment

5% and 15% reducing balance basis and 5% straight line basis

Motor vehicles

25% reducing balance basis

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% reducing balance over their useful economic life, and not the duration of the lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

DR & HM Horsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of disposals to the herd from the prior year. In this case they are reinstated at the prior year disposal value.

Disposals to the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

DR & HM Horsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

DR & HM Horsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

468,143

1,477,357

22,995

1,968,495

Additions

186,160

237,340

-

423,500

Disposals

-

(119,812)

-

(119,812)

At 31 March 2023

654,303

1,594,885

22,995

2,272,183

Depreciation

At 1 April 2022

56,830

625,792

18,487

701,109

Charge for the year

20,566

88,898

1,127

110,591

Eliminated on disposal

-

(69,683)

-

(69,683)

At 31 March 2023

77,396

645,007

19,614

742,017

Carrying amount

At 31 March 2023

576,907

949,878

3,381

1,530,166

At 31 March 2022

411,313

851,565

4,508

1,267,386

5

Debtors

2023
£

2022
£

Trade debtors

95,265

82,207

Other debtors

21,147

35,001

116,412

117,208

 

DR & HM Horsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

120,010

104,392

Trade creditors

 

51,270

99,555

Taxation and social security

 

1,287

273

Other creditors

 

21,804

27,834

 

194,371

232,054

Due after one year

 

Loans and borrowings

7

564,983

436,324

Other creditors

 

221,710

220,637

 

786,693

656,961

2023
£

2022
£

After more than five years by instalments

271,680

241,731

271,680

241,731

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

56,352

43,439

Finance lease liabilities

18,784

-

Other borrowings

44,874

60,953

120,010

104,392

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

56,352

43,439

Finance lease liabilities

18,784

-

75,136

43,439

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.
 

 

DR & HM Horsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

508,630

436,324

Finance lease liabilities

56,353

-

564,983

436,324

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

508,630

436,324

Finance lease liabilities

56,353

-

564,983

436,324

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £133,585 (2022 - £160,302).