REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Delamore Farms Limited |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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. |
Monica House |
St Augustines Road |
Wisbech |
Cambs |
PE13 3AD |
Delamore Farms Limited (Registered number: 00697833) |
Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
Current assets |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
Creditors |
Amounts falling due within one year | 10 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Capital redemption reserve |
Non-distributable reserve |
Retained earnings |
Delamore Farms Limited (Registered number: 00697833) |
Statement of Financial Position - continued |
31 March 2023 |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | Tangible fixed assets |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
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 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
7. | Investment property |
Total |
£ |
Fair value |
At 1 April 2022 |
Revaluations | 70,000 |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
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 |
Livestock | 25,620 | 13,860 |
9. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 286,429 | 190,959 |
Prepayments |
10. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Other loans (see note 12) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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) |
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 |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
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: £ 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. |