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REGISTERED NUMBER: 00777576 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

NEWLYN DEAN & SONS LIMITED

NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance sheet 1

Notes to the financial statements 3


NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 277,255 297,746
Investment property 5 4,695,899 4,506,591
4,973,154 4,804,337

Current assets
Stocks 1,500 1,500
Debtors 6 31,031 31,600
Cash at bank 79,593 54,709
112,124 87,809
Creditors
Amounts falling due within one year 7 201,319 442,060
Net current liabilities (89,195 ) (354,251 )
Total assets less current liabilities 4,883,959 4,450,086

Creditors
Amounts falling due after more than one year 8 (1,066,806 ) (664,122 )

Provisions for liabilities 10 (817,311 ) (812,529 )
Net assets 2,999,842 2,973,435

Capital and reserves
Called up share capital 11 15,006 15,006
Fair value reserve 12 2,386,397 2,386,397
Retained earnings 598,439 572,032
Shareholders' funds 2,999,842 2,973,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





Mr J Dean - Director


NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. Statutory information

Newlyn Dean and Sons Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00777576. The registered office and business address is Broomhill Farmhouse, Broomhill, Holt, Wimborne, Dorset, BH21 7AR.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for the rental of farmland, buildings for storage and furnished holiday lets, plant hire and general farming services, net of VAT and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

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 balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 5 (2023 - 5 ) .

4. Tangible fixed assets
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 300,369 173,811 50,000 14,871 539,051
Additions - - - 582 582
At 31 March 2024 300,369 173,811 50,000 15,453 539,633
Depreciation
At 1 April 2023 30,025 152,709 50,000 8,571 241,305
Charge for year 3,141 13,109 - 4,823 21,073
At 31 March 2024 33,166 165,818 50,000 13,394 262,378
Net book value
At 31 March 2024 267,203 7,993 - 2,059 277,255
At 31 March 2023 270,344 21,102 - 6,300 297,746

5. Investment property
Total
£   
Fair value
At 1 April 2023 4,506,591
Additions 189,308
At 31 March 2024 4,695,899
Net book value
At 31 March 2024 4,695,899
At 31 March 2023 4,506,591

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 1,284,183
Valuation in 2021 350,000
Valuation in 2023 1,547,680
Cost 1,514,036
4,695,899

NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. Investment property - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,514,036 1,324,728

Investment property was valued on an open market basis on 31 March 2024 by the directors .

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 8,429 4,314
Other debtors 15,870 16,028
VAT - 5,323
Prepayments 6,732 5,935
31,031 31,600

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 137,884 386,670
Trade creditors 15,787 18,877
Tax 14,049 14,411
Social security and other taxes 1,196 -
Wages creditor 2,563 2,893
Pension creditor 109 177
VAT 2,669 -
Other creditors 1,863 1,863
Directors' current accounts 325 3
Accruals 24,874 17,166
201,319 442,060

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 52,100 37,168
Bank loans - 2-5 years 1,014,706 111,504
Bank loans more 5 yr by instal - 515,450
1,066,806 664,122

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 515,450

NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,204,690 1,050,792

The Lloyds bank borrowings are secured by way of a debenture dated 27 January 2017.

Lloyds bank also hold a floating charge dated 9 June 2017 and fixed and floating charges dated 25 March 2022, over the land in the company.

10. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 21,845 17,063
Property revaluation 795,466 795,466
817,311 812,529

Deferred
tax
£   
Balance at 1 April 2023 812,529
Charge to Income statement during year 4,782
Property revaluation
Balance at 31 March 2024 817,311

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,002 Ordinary X £1.00 5,002 5,002
7,503 Ordinary Y £1.00 7,503 7,503
2,501 Ordinary Z £1.00 2,501 2,501
15,006 15,006

12. Reserves
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 2,386,397

13. Ultimate controlling party

There is no ultimate controlling party by virtue of no individual shareholder holding over 50% of the issued voting share capital. However, the company is under the day to day control of its directors.