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Registration number: 04516412

Cerne Valley Contracts Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 5 April 2023

 

Cerne Valley Contracts Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

Cerne Valley Contracts Limited

(Registration number: 04516412)
Abridged Balance Sheet as at 5 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,246,668

1,105,859

Current assets

 

Debtors

6

320,288

335,944

Cash at bank and in hand

 

175,756

98,596

 

496,044

434,540

Prepayments and accrued income

 

971

971

Creditors: Amounts falling due within one year

(580,338)

(603,997)

Net current liabilities

 

(83,323)

(168,486)

Total assets less current liabilities

 

1,163,345

937,373

Creditors: Amounts falling due after more than one year

(92,061)

(43,020)

Accruals and deferred income

 

(5,500)

(5,500)

Net assets

 

1,065,784

888,853

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,064,784

887,853

Shareholders' funds

 

1,065,784

888,853

For the financial year ending 5 April 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) 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 31 January 2024 and signed on its behalf by:
 

 

Cerne Valley Contracts Limited

(Registration number: 04516412)
Abridged Balance Sheet as at 5 April 2023

.........................................
Mr Harry James Sturmey
Director

 

Cerne Valley Contracts Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

1

General information

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

The address of its registered office is:
20 Vespasian Way
Dorchester
Dorset
DT1 2RD
United Kingdom

These financial statements were authorised for issue by the Board on 31 January 2024.

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 abridged 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 abridged 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

The financial statements have been prepared on a going concern basis.

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 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.

 

Cerne Valley Contracts Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

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

Plant and machinery

15% reducing balance

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 merchandise sold 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

 

Cerne Valley Contracts Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

218,831

193,983

 

Cerne Valley Contracts Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 6 April 2022

6,624

1,684,398

1,691,022

Additions

-

514,025

514,025

Disposals

-

(411,500)

(411,500)

At 5 April 2023

6,624

1,786,923

1,793,547

Depreciation

At 6 April 2022

-

585,163

585,163

Charge for the year

-

218,831

218,831

Eliminated on disposal

-

(257,115)

(257,115)

At 5 April 2023

-

546,879

546,879

Carrying amount

At 5 April 2023

6,624

1,240,044

1,246,668

At 5 April 2022

6,624

1,099,235

1,105,859

Included within the net book value of land and buildings above is £6,624 (2022 - £6,624) in respect of long leasehold land and buildings.
 

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £6.00 per each Ordinary share

 

6,000

 

6,000

         

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £6 per each Ordinary share

 

6,000

 

6,000

         

Interim dividends paid

Recommended final dividends paid and not recognised in the accounts

 

Cerne Valley Contracts Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

The directors are recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

8

Related party transactions

 

Cerne Valley Contracts Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 5 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

8,001

24,001

Contributions paid to money purchase schemes

53

53

8,054

24,054