David Pennington (Farms) Limited 07208540 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is sheep farming. Digita Accounts Production Advanced 6.30.9574.0 true 07208540 2023-04-01 2024-03-31 07208540 2024-03-31 07208540 core:RetainedEarningsAccumulatedLosses 2024-03-31 07208540 core:ShareCapital 2024-03-31 07208540 core:CurrentFinancialInstruments 2024-03-31 07208540 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07208540 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07208540 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 07208540 bus:SmallEntities 2023-04-01 2024-03-31 07208540 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07208540 bus:FilletedAccounts 2023-04-01 2024-03-31 07208540 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07208540 bus:RegisteredOffice 2023-04-01 2024-03-31 07208540 bus:Director1 2023-04-01 2024-03-31 07208540 bus:Director2 2023-04-01 2024-03-31 07208540 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07208540 core:ComputerEquipment 2023-04-01 2024-03-31 07208540 core:MotorVehicles 2023-04-01 2024-03-31 07208540 core:PlantMachinery 2023-04-01 2024-03-31 07208540 core:KeyManagementPersonnel 2023-04-01 2024-03-31 07208540 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 07208540 countries:EnglandWales 2023-04-01 2024-03-31 07208540 2023-03-31 07208540 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 07208540 2022-04-01 2023-03-31 07208540 2023-03-31 07208540 core:RetainedEarningsAccumulatedLosses 2023-03-31 07208540 core:ShareCapital 2023-03-31 07208540 core:CurrentFinancialInstruments 2023-03-31 07208540 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07208540 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07208540 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 07208540 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 07208540 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 07208540

David Pennington (Farms) Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

David Pennington (Farms) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

David Pennington (Farms) Limited

Company Information

Directors

Mr D Pennington

Miss R Dinsdale

Registered office

Mill House Farm
Chipping Road
Chaigley
Clitheroe
Lancashire
BB7 3LS

 

David Pennington (Farms) Limited

(Registration number: 07208540)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,731

25,888

Current assets

 

Stocks

161,600

106,880

Debtors

38,681

153,342

Cash at bank and in hand

 

28,760

-

 

229,041

260,222

Prepayments and accrued income

 

2,828

2,751

Creditors: Amounts falling due within one year

(53,805)

(103,932)

Net current assets

 

178,064

159,041

Total assets less current liabilities

 

203,795

184,929

Creditors: Amounts falling due after more than one year

(20,260)

(32,604)

Provisions for liabilities

(4,357)

(3,549)

Accruals and deferred income

 

(2,425)

(1,712)

Net assets

 

176,753

147,064

Capital and reserves

 

Called up share capital

20

20

Retained earnings

176,733

147,044

Shareholders' funds

 

176,753

147,064

 

David Pennington (Farms) Limited

(Registration number: 07208540)
Abridged Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 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 12 August 2024 and signed on its behalf by:
 

.........................................
Mr D Pennington
Director

 

David Pennington (Farms) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Mill House Farm
Chipping Road
Chaigley
Clitheroe
Lancashire
BB7 3LS

These financial statements were authorised for issue by the Board on 12 August 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.

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.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

David Pennington (Farms) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Motor Vehicles

25% Reducing balance

Computer equipment

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.

 

David Pennington (Farms) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

Stocks

Stocks are valued at the lower of cost and net realisable value.

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.

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.

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.

 

David Pennington (Farms) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

 

David Pennington (Farms) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2023

68,406

Additions

9,900

Disposals

(20,569)

At 31 March 2024

57,737

Depreciation

At 1 April 2023

42,518

Charge for the year

4,061

Eliminated on disposal

(14,573)

At 31 March 2024

32,006

Carrying amount

At 31 March 2024

25,731

At 31 March 2023

25,888

5

Related party transactions

Loans to related parties

2024

Key management
£

At start of period

61,582

Advances and repayments

(61,995)

Interest at 2.0% / 2.25%

413

At end of period

-

2023

Key management
£

At start of period

75,431

Advanced and repaid

(15,718)

Interest at 2.0%

1,869

At end of period

61,582

 

David Pennington (Farms) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

5

Related party transactions (continued)

Terms of loans to related parties

Loans owed by key management are repayable on demand.