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Registration number: 00504226

Denhay Farms Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Denhay Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Denhay Farms Limited

Company Information

Directors

The Rt. Hon. H L A Hood

Mr J P Loescher

Mr S J Streatfeild

Mr G H Streatfeild

Mrs A C Streatfeild

The Hon. J S Hood

Company secretary

Thrings Company Secretarial Limited

Registered office

The Paragon
Counterslip
Bristol
Avon
BS1 6BX

Auditors

Mitchams Accountants Limited
1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Denhay Farms Limited

(Registration number: 00504226)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

420,617

480,824

Current assets

 

Stocks

5

383,402

405,751

Debtors

6

1,180,893

937,582

Cash at bank and in hand

 

2,209,303

2,172,093

 

3,773,598

3,515,426

Creditors: Amounts falling due within one year

7

(867,555)

(740,845)

Net current assets

 

2,906,043

2,774,581

Total assets less current liabilities

 

3,326,660

3,255,405

Creditors: Amounts falling due after more than one year

7

(19,809)

(48,652)

Provisions for liabilities

(97,972)

(68,381)

Net assets

 

3,208,879

3,138,372

Capital and reserves

 

Called up share capital

250,280

250,280

Share premium reserve

2,798

2,798

Capital redemption reserve

32,500

32,500

Retained earnings

2,923,301

2,852,794

Shareholders' funds

 

3,208,879

3,138,372

 

Denhay Farms Limited

(Registration number: 00504226)
Balance Sheet as at 31 March 2024

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.

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 20 August 2024 and signed on its behalf by:
 

.........................................
The Rt. Hon. H L A Hood
Director

.........................................
Mr J P Loescher
Director

 

Denhay Farms Limited

Notes to the 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:
The Paragon
Counterslip
Bristol
Avon
BS1 6BX

The principal place of business is:
Devonshire Road
Heath Park
Honiton
Devon
EX14 1SD

These financial statements were authorised for issue by the Board on 20 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

 

Denhay Farms Limited

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 23 August 2024 was Timothy Maclellan, who signed for and on behalf of Mitchams Accountants Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 goods are received by the customer, as determined by the terms agreed in the contract.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other creditors or deferred income within the balance sheet.

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.

 

Denhay Farms Limited

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

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

Tenant improvements post 2003

Over 15 years on a straight line basis

Plant and machinery

25% on a reducing balance basis

Computer equipment

Over 3 years on a straight line basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed 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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

Denhay Farms Limited

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

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.

Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Share capital

Ordinary and preference 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Defined contribution pension obligation

The Company contributes to two defined contribution pension schemes. The assets of the schemes are held separately from those of the Company within independently administered insurance funds. Contributions in respect of these schemes are charged to the Profit and Loss Account in the year in which they are payable to the schemes.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 44).

 

Denhay Farms Limited

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

4

Tangible assets

Tenant improvements
£

Computer equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

375,222

51,474

2,180,827

2,607,523

Additions

13,548

2,317

45,715

61,580

Disposals

(9,800)

-

(1,444)

(11,244)

At 31 March 2024

378,970

53,791

2,225,098

2,657,859

Depreciation

At 1 April 2023

345,998

45,184

1,735,517

2,126,699

Charge for the year

4,453

4,409

112,867

121,729

Eliminated on disposal

(9,800)

-

(1,386)

(11,186)

At 31 March 2024

340,651

49,593

1,846,998

2,237,242

Carrying amount

At 31 March 2024

38,319

4,198

378,100

420,617

At 31 March 2023

29,224

6,290

445,310

480,824

5

Stocks

2024
£

2023
£

Raw materials and consumables

129,838

122,895

Work in progress

140,454

131,411

Finished goods and goods for resale

113,110

151,445

383,402

405,751

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,011,139

761,329

Prepayments

129,254

141,332

Other debtors

40,500

34,921

 

1,180,893

937,582

 

Denhay Farms Limited

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

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

28,843

27,798

Trade creditors

 

477,494

476,658

Taxation and social security

 

27,624

27,273

Accruals and deferred income

 

197,637

207,751

Other creditors

 

135,957

1,365

 

867,555

740,845

Loans and borrowings include net obligations under finance lease and hire purchase contracts which are secured of £28,843 (2023 - £27,798).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

19,809

48,652

Loans and borrowings include net obligations under finance lease and hire purchase contracts which are secured of £19,809 (2023 - £48,652).

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £25,102 (2023 - £Nil). These commitments are in respect of the purchase of equipment, contracted for at the year-end date. Since the year-end the company have contracted to acquire further equipment totalling £428,193.

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr S J Streatfeild

Director's current account

22,832

(22,832)

-