2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02204325 2023-01-01 2023-12-31 02204325 2023-12-31 02204325 2022-12-31 02204325 2022-01-01 2022-12-31 02204325 2022-12-31 02204325 2021-12-31 02204325 core:PlantMachinery 2023-01-01 2023-12-31 02204325 core:FurnitureFittings 2023-01-01 2023-12-31 02204325 core:MotorVehicles 2023-01-01 2023-12-31 02204325 bus:Director2 2023-01-01 2023-12-31 02204325 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 02204325 core:PlantMachinery 2022-12-31 02204325 core:FurnitureFittings 2022-12-31 02204325 core:MotorVehicles 2022-12-31 02204325 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 02204325 core:PlantMachinery 2023-12-31 02204325 core:FurnitureFittings 2023-12-31 02204325 core:MotorVehicles 2023-12-31 02204325 core:WithinOneYear 2023-12-31 02204325 core:WithinOneYear 2022-12-31 02204325 core:AfterOneYear 2023-12-31 02204325 core:AfterOneYear 2022-12-31 02204325 core:ShareCapital 2023-12-31 02204325 core:ShareCapital 2022-12-31 02204325 core:RetainedEarningsAccumulatedLosses 2023-12-31 02204325 core:RetainedEarningsAccumulatedLosses 2022-12-31 02204325 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 02204325 core:PlantMachinery 2022-12-31 02204325 core:MotorVehicles 2022-12-31 02204325 bus:SmallEntities 2023-01-01 2023-12-31 02204325 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02204325 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02204325 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02204325 bus:FullAccounts 2023-01-01 2023-12-31 02204325 core:AfterOneYear 2023-01-01 2023-12-31 02204325 core:KeyManagementPersonnel 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 02204325
Dyas Farms (1988) Limited
Filleted Unaudited Financial Statements
31 December 2023
Dyas Farms (1988) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Dyas Farms (1988) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
162,294
165,144
Current assets
Stocks
140,943
211,740
Debtors
6
96,383
125,604
Cash at bank and in hand
211,024
39,995
---------
---------
448,350
377,339
Creditors: amounts falling due within one year
7
350,532
347,358
---------
---------
Net current assets
97,818
29,981
---------
---------
Total assets less current liabilities
260,112
195,125
Creditors: amounts falling due after more than one year
8
256,650
262,786
Provisions
Taxation including deferred tax
( 98,510)
( 126,355)
---------
---------
Net assets
101,972
58,694
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
101,872
58,594
---------
--------
Shareholders funds
101,972
58,694
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dyas Farms (1988) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
N H Dyas
Director
Company registration number: 02204325
Dyas Farms (1988) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sevenscore House, Sevenscore, Nr.Ramsgate, Kent, CT12 5DW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
16% straight line
Fixtures and fittings
-
16% straight line
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
151,993
222,582
18,705
15,467
408,747
Additions
541
541
---------
---------
--------
--------
---------
At 31 December 2023
151,993
222,582
19,246
15,467
409,288
---------
---------
--------
--------
---------
Depreciation
At 1 January 2023
210,544
18,705
14,354
243,603
Charge for the year
3,006
90
295
3,391
---------
---------
--------
--------
---------
At 31 December 2023
213,550
18,795
14,649
246,994
---------
---------
--------
--------
---------
Carrying amount
At 31 December 2023
151,993
9,032
451
818
162,294
---------
---------
--------
--------
---------
At 31 December 2022
151,993
12,038
1,113
165,144
---------
---------
--------
--------
---------
Included in freehold property is £151,993 of land which is not being depreciated.
6. Debtors
2023
2022
£
£
Trade debtors
58,553
50,726
Other debtors
37,830
74,878
--------
---------
96,383
125,604
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
272,009
264,518
Trade creditors
14,928
21,695
Corporation tax
2,000
Other creditors
61,595
61,145
---------
---------
350,532
347,358
---------
---------
Within bank loans and overdrafts is a bank overdraft facility, which is secured by a debenture agreement charged on the fixed and floating assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
256,650
262,786
---------
---------
Within bank loans and overdrafts is a bank loan facility, which is secured by a debenture agreement charged on the fixed and floating assets of the company.
9. Related party transactions
At the balance sheet date the company owed a director £18,595 (2022: £18,145). At the balance sheet date the company owed the director and close family members £296,650 (2022: £302,786) of which £256,650 (2022: £262,786) is not due for repayment in less than 12 months.