Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302022-10-01falseagriculture activities33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08422628 2022-10-01 2023-09-30 08422628 2021-10-01 2022-09-30 08422628 2023-09-30 08422628 2022-09-30 08422628 c:Director1 2022-10-01 2023-09-30 08422628 d:PlantMachinery 2022-10-01 2023-09-30 08422628 d:PlantMachinery 2023-09-30 08422628 d:PlantMachinery 2022-09-30 08422628 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08422628 d:MotorVehicles 2022-10-01 2023-09-30 08422628 d:MotorVehicles 2023-09-30 08422628 d:MotorVehicles 2022-09-30 08422628 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08422628 d:FurnitureFittings 2022-10-01 2023-09-30 08422628 d:FurnitureFittings 2023-09-30 08422628 d:FurnitureFittings 2022-09-30 08422628 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08422628 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 08422628 d:Goodwill 2022-10-01 2023-09-30 08422628 d:Goodwill 2023-09-30 08422628 d:Goodwill 2022-09-30 08422628 d:CurrentFinancialInstruments 2023-09-30 08422628 d:CurrentFinancialInstruments 2022-09-30 08422628 d:Non-currentFinancialInstruments 2023-09-30 08422628 d:Non-currentFinancialInstruments 2022-09-30 08422628 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08422628 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 08422628 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 08422628 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 08422628 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 08422628 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 08422628 d:ShareCapital 2023-09-30 08422628 d:ShareCapital 2022-09-30 08422628 d:RetainedEarningsAccumulatedLosses 2023-09-30 08422628 d:RetainedEarningsAccumulatedLosses 2022-09-30 08422628 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 08422628 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-09-30 08422628 c:FRS102 2022-10-01 2023-09-30 08422628 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 08422628 c:FullAccounts 2022-10-01 2023-09-30 08422628 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08422628 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 08422628 d:HirePurchaseContracts d:WithinOneYear 2022-09-30 08422628 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 08422628 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-30 08422628 2 2022-10-01 2023-09-30 08422628 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 08422628 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-09-30 08422628 d:LeasedAssetsHeldAsLessee 2023-09-30 08422628 d:LeasedAssetsHeldAsLessee 2022-09-30 08422628 d:Goodwill d:OwnedIntangibleAssets 2022-10-01 2023-09-30 08422628 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 08422628









DAVIES AGRICULTURE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
DAVIES AGRICULTURE LIMITED
REGISTERED NUMBER: 08422628

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
3,000

Tangible assets
 5 
714,865
840,177

  
714,865
843,177

Current assets
  

Stocks
 6 
6,900
5,620

Debtors: amounts falling due within one year
 7 
133,624
71,317

Cash at bank and in hand
 8 
13,877
11,518

  
154,401
88,455

Creditors: amounts falling due within one year
 9 
(478,994)
(458,138)

Net current liabilities
  
 
 
(324,593)
 
 
(369,683)

Total assets less current liabilities
  
390,272
473,494

Creditors: amounts falling due after more than one year
 10 
(229,026)
(366,551)

  

Net assets
  
161,246
106,943


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
161,146
106,843

  
161,246
106,943


Page 1

 
DAVIES AGRICULTURE LIMITED
REGISTERED NUMBER: 08422628
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.




................................................
Robert Davies
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Davies Agriculture Limited is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of agricultural contracting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 October 2022
40,000



At 30 September 2023

40,000



Amortisation


At 1 October 2022
37,000


Charge for the year on owned assets
3,000



At 30 September 2023

40,000



Net book value



At 30 September 2023
-



At 30 September 2022
3,000



Page 7

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2022
1,637,979
13,995
4,009
1,655,983


Additions
1,125
-
-
1,125



At 30 September 2023

1,639,104
13,995
4,009
1,657,108



Depreciation


At 1 October 2022
803,897
9,347
2,562
815,806


Charge for the year on owned assets
125,523
697
217
126,437



At 30 September 2023

929,420
10,044
2,779
942,243



Net book value



At 30 September 2023
709,684
3,951
1,230
714,865



At 30 September 2022
834,082
4,648
1,447
840,177

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
439,052
565,301

439,052
565,301

Page 8

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
6,900
5,620

6,900
5,620



7.


Debtors

2023
2022
£
£


Trade debtors
112,023
54,717

Prepayments and accrued income
21,601
16,600

133,624
71,317



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,877
11,518

13,877
11,518


Page 9

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
18,200
18,200

Trade creditors
58,320
41,351

Other taxation and social security
5,286
6,599

Obligations under finance lease and hire purchase contracts
117,630
129,865

Other creditors
277,443
260,140

Accruals and deferred income
2,115
1,983

478,994
458,138


The following liabilities were secured:

2023
2022
£
£



Bank loan
8,200
8,200

Obligations under finance lease and hire purchase contracts
117,630
129,865

125,830
138,065



The bank overdraft and bank loan are secured. The hire purchase contracts are secured on the asset concerned.

Page 10

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,141
40,036

Net obligations under finance leases and hire purchase contracts
208,885
326,515

229,026
366,551


The following liabilities were secured:

2023
2022
£
£



Bank loan
2,641
12,458

Obligations under finance lease and hire purchase contracts
208,885
326,515

211,526
338,973



The hire purchase contracts are secured on the asset concerned.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
18,200
18,200


Amounts falling due 2-5 years

Bank loans
20,141
40,036


38,341
58,236


Page 11

 
DAVIES AGRICULTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
117,630
129,865

Between 1-5 years
208,885
326,515

326,515
456,380


13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,877
11,518




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


14.


Controlling party

The Company is controlled by the director, Robert Davies, by virtue of his shareholding, as described in the directors' report.

 
Page 12