Company registration number 08178476 (England and Wales)
DOLLARS GROVE FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DOLLARS GROVE FARMS LIMITED
COMPANY INFORMATION
Directors
Mr A B J I Boswell
Mrs J E V Boswell
Company number
08178476
Registered office
Quakers House
East End
North Crawley
Newport Pagnell
MK16 9HW
Accountants
Ellacotts LLP
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
DOLLARS GROVE FARMS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
DOLLARS GROVE FARMS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DOLLARS GROVE FARMS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dollars Grove Farms Limited for the year ended 30 September 2023 which comprise, the balance sheet 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Dollars Grove Farms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dollars Grove Farms Limited and state those matters that we have agreed to state to the board of directors of Dollars Grove Farms 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 Dollars Grove Farms Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Dollars Grove 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 Dollars Grove Farms Limited. You consider that Dollars Grove 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 Dollars Grove 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.
Ellacotts LLP
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
Date:
2 April 2024
DOLLARS GROVE FARMS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
684,462
729,613
Current assets
Stocks
49,072
62,286
Debtors
4
477,473
690,040
Cash at bank and in hand
107,118
114
633,663
752,440
Creditors: amounts falling due within one year
5
(446,851)
(599,022)
Net current assets
186,812
153,418
Total assets less current liabilities
871,274
883,031
Provisions for liabilities
(159,759)
(171,046)
Net assets
711,515
711,985
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
706,515
706,985
Total equity
711,515
711,985
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 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 26 March 2024 and are signed on its behalf by:
Mr A B J I Boswell
Director
Company registration number 08178476 (England and Wales)
DOLLARS GROVE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Dollars Grove Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quakers House, East End, North Crawley, Newport Pagnell, MK16 9HW.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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:
Freehold land and buildings
None
Plant and equipment
10% - 15% reducing balance
Implements
10% - 20% reducing balance
Motor vehicles
15% - 20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
DOLLARS GROVE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at the bank and in hand
Cash at the bank and in hand 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
2
DOLLARS GROVE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Implements
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
131,012
790,405
463,498
9,750
1,394,665
Additions
16,252
12,995
29,247
Disposals
(8,750)
(8,750)
At 30 September 2023
131,012
790,405
479,750
13,995
1,415,162
Depreciation and impairment
At 1 October 2022
427,686
229,495
7,871
665,052
Depreciation charged in the year
39,804
32,882
338
73,024
Eliminated in respect of disposals
(7,376)
(7,376)
At 30 September 2023
467,490
262,377
833
730,700
Carrying amount
At 30 September 2023
131,012
322,915
217,373
13,162
684,462
At 30 September 2022
131,012
362,719
234,003
1,879
729,613
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
47,148
88,864
Other debtors
1,384
Prepayments and accrued income
430,325
599,792
477,473
690,040
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
80,851
Trade creditors
41,530
27,117
Corporation tax
37,757
34,122
Other taxation and social security
24,563
1,326
Other creditors
323,915
430,497
Accruals and deferred income
19,086
25,109
446,851
599,022
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
DOLLARS GROVE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Related party transactions
At 30 September 2023 the company owed Alexander Boswell £158,287 (2022 - £185,786), Jane Boswell £163,257 (2022 - £190,757) who are both directors of the company.
At 30 September 2023 the company owed Thomas Boswell £2,000 (2022- £52,000), who is a related party of the company.