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REGISTERED NUMBER: 01238737 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

David Magness Farms Limited

David Magness Farms Limited (Registered number: 01238737)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


David Magness Farms Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: C D Magness
T D Magness





SECRETARY: Miss T L Magness





REGISTERED OFFICE: Wieldbarns Farm
Debden Green
Nr Saffron Walden
Essex
CB11 3LU





REGISTERED NUMBER: 01238737 (England and Wales)





ACCOUNTANTS: Fisher Michael
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

David Magness Farms Limited (Registered number: 01238737)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,038 5,871
Tangible assets 5 1,061,168 862,839
Investments 6 300,000 300,000
1,366,206 1,168,710

CURRENT ASSETS
Stocks 241,625 216,154
Debtors 7 179,976 237,530
Cash at bank and in hand 182,828 179,174
604,429 632,858
CREDITORS
Amounts falling due within one year 8 274,631 314,893
NET CURRENT ASSETS 329,798 317,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,696,004

1,486,675

CREDITORS
Amounts falling due after more than one year 9 (86,195 ) (20,833 )

PROVISIONS FOR LIABILITIES (207,900 ) (156,100 )
NET ASSETS 1,401,909 1,309,742

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,401,809 1,309,642
SHAREHOLDERS' FUNDS 1,401,909 1,309,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

David Magness Farms Limited (Registered number: 01238737)

Balance Sheet - continued
30 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





C D Magness - Director


David Magness Farms Limited (Registered number: 01238737)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

David Magness Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company is not part of a group.

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.

Significant judgements and estimates
No significant judgements or estimates have been applied in the preparation of the financial statements.

Turnover
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 at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax

Intangible assets
The intangible fixed asset represents space purchased for the storage of crops and is being amortised over its useful life of 20 years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:

Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Stocks
Stock is valued at the lower of cost of production or net sale value.


Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties and investments.


David Magness Farms Limited (Registered number: 01238737)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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 tax
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.

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.

Going concern
The accounts have been prepared on the going concern basis which assumes the continued support of the directors and shareholders. The directors have confirmed that this support will continue and believe that no adjustments relating to the company's ability to continue as a going concern need to be made to these financial statements.

Debtors
Short term debtors are measured at the transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Other financial liabilities, including bank loans are also measured at transaction price since the difference between this basis and the amortised cost basis is not material.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

David Magness Farms Limited (Registered number: 01238737)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 16,650
AMORTISATION
At 1 May 2023 10,779
Charge for year 833
At 30 April 2024 11,612
NET BOOK VALUE
At 30 April 2024 5,038
At 30 April 2023 5,871

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 863,637 1,077,681 1,941,318
Additions 72,016 224,868 296,884
Disposals - (81,200 ) (81,200 )
At 30 April 2024 935,653 1,221,349 2,157,002
DEPRECIATION
At 1 May 2023 222,103 856,376 1,078,479
Charge for year 18,233 78,493 96,726
Eliminated on disposal - (79,371 ) (79,371 )
At 30 April 2024 240,336 855,498 1,095,834
NET BOOK VALUE
At 30 April 2024 695,317 365,851 1,061,168
At 30 April 2023 641,534 221,305 862,839

The net book value above includes an amount of £244,532 (2023: £69,030) in respect of assets held under hire purchase agreements. Of the depreciation charged in the profit and loss account £42,899 (2023: £17,258) relates to assets held under hire purchase agreements.

David Magness Farms Limited (Registered number: 01238737)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 300,000
NET BOOK VALUE
At 30 April 2024 300,000
At 30 April 2023 300,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 156,793 208,209
Other debtors 23,183 29,321
179,976 237,530

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 58,802 11,979
Taxation and social security 8,952 12,235
Other creditors 206,877 290,679
274,631 314,893

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 86,195 20,833

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 144,997 32,812

Assets held under hire purchase contracts are secured on the underlying assets.