Company registration number 02693335 (England and Wales)
DON GREEN (FARMS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DON GREEN (FARMS) LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
DON GREEN (FARMS) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,267,795
972,422
Current assets
Stocks
566,010
521,295
Debtors
4
106,543
104,718
Investments
5
2,000
2,000
674,553
628,013
Creditors: amounts falling due within one year
6
(761,449)
(710,219)
Net current liabilities
(86,896)
(82,206)
Total assets less current liabilities
2,180,899
890,216
Creditors: amounts falling due after more than one year
7
(1,418,883)
(201,286)
Net assets
762,016
688,930
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
761,916
688,830
Total equity
762,016
688,930

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Mr M J Green
Director
Company Registration No. 02693335
DON GREEN (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Don Green (Farms) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Laund House Farm, Plainville Lane, Wigginton, York, YO32 2RG. The company registration number is 02693335.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
5% reducing balance
Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
20% reducing balance
1.4
Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

DON GREEN (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Cattle and growing crops are biological assets and are valued using the cost model.

 

All other stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DON GREEN (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
858,878
574,222
1,386
20,669
1,455,155
Additions
1,304,320
31,994
-
0
-
0
1,336,314
Disposals
-
0
(30,475)
-
0
-
0
(30,475)
At 31 March 2023
2,163,198
575,741
1,386
20,669
2,760,994
Depreciation and impairment
At 1 April 2022
38,533
426,175
823
17,202
482,733
Depreciation charged in the year
3,141
35,768
113
693
39,715
Eliminated in respect of disposals
-
0
(29,249)
-
0
-
0
(29,249)
At 31 March 2023
41,674
432,694
936
17,895
493,199
Carrying amount
At 31 March 2023
2,121,524
143,047
450
2,774
2,267,795
At 31 March 2022
820,345
148,047
563
3,467
972,422
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
94,939
98,163
Other debtors
11,604
6,555
106,543
104,718
DON GREEN (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Current asset investments
2023
2022
£
£
Other investments
2,000
2,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
427,402
458,749
Trade creditors
244,070
149,985
Other creditors
89,977
101,485
761,449
710,219

The bank loans, overdrafts and hire purchase contracts are secured by a fixed and floating charge over the company's assets.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,401,873
165,966
Other creditors
17,010
35,320
1,418,883
201,286

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

8
Directors' transactions

Dividends totalling £25,000 (2022 - £25,000) were paid in the year in respect of shares held by the company's directors.

2023-03-312022-04-01false28 November 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMrs J GreenMr M J GreenMrs J Green026933352022-04-012023-03-31026933352023-03-31026933352022-03-3102693335core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3102693335core:PlantMachinery2023-03-3102693335core:FurnitureFittings2023-03-3102693335core:MotorVehicles2023-03-3102693335core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3102693335core:PlantMachinery2022-03-3102693335core:FurnitureFittings2022-03-3102693335core:MotorVehicles2022-03-3102693335core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102693335core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102693335core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102693335core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3102693335core:CurrentFinancialInstruments2023-03-3102693335core:CurrentFinancialInstruments2022-03-3102693335core:Non-currentFinancialInstruments2023-03-3102693335core:Non-currentFinancialInstruments2022-03-3102693335core:ShareCapital2023-03-3102693335core:ShareCapital2022-03-3102693335core:RetainedEarningsAccumulatedLosses2023-03-3102693335core:RetainedEarningsAccumulatedLosses2022-03-3102693335bus:Director12022-04-012023-03-3102693335core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3102693335core:PlantMachinery2022-04-012023-03-3102693335core:FurnitureFittings2022-04-012023-03-3102693335core:MotorVehicles2022-04-012023-03-31026933352021-04-012022-03-3102693335core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3102693335core:PlantMachinery2022-03-3102693335core:FurnitureFittings2022-03-3102693335core:MotorVehicles2022-03-31026933352022-03-3102693335core:WithinOneYear2023-03-3102693335core:WithinOneYear2022-03-3102693335bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102693335bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102693335bus:FRS1022022-04-012023-03-3102693335bus:AuditExemptWithAccountantsReport2022-04-012023-03-3102693335bus:Director22022-04-012023-03-3102693335bus:CompanySecretary12022-04-012023-03-3102693335bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP