David Farms Limited 03155314 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Farming Digita Accounts Production Advanced 6.30.9574.0 true true 03155314 2023-01-01 2023-12-31 03155314 2023-12-31 03155314 core:CurrentFinancialInstruments 2023-12-31 03155314 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03155314 core:FurnitureFittingsToolsEquipment 2023-12-31 03155314 core:LandBuildings 2023-12-31 03155314 core:MotorVehicles 2023-12-31 03155314 bus:SmallEntities 2023-01-01 2023-12-31 03155314 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03155314 bus:FullAccounts 2023-01-01 2023-12-31 03155314 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03155314 bus:RegisteredOffice 2023-01-01 2023-12-31 03155314 bus:Director1 2023-01-01 2023-12-31 03155314 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03155314 core:Buildings 2023-01-01 2023-12-31 03155314 core:FurnitureFittings 2023-01-01 2023-12-31 03155314 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03155314 core:Land 2023-01-01 2023-12-31 03155314 core:LandBuildings 2023-01-01 2023-12-31 03155314 core:MotorVehicles 2023-01-01 2023-12-31 03155314 core:PlantMachinery 2023-01-01 2023-12-31 03155314 countries:EnglandWales 2023-01-01 2023-12-31 03155314 2022-12-31 03155314 core:FurnitureFittingsToolsEquipment 2022-12-31 03155314 core:LandBuildings 2022-12-31 03155314 core:MotorVehicles 2022-12-31 03155314 2022-01-01 2022-12-31 03155314 2022-12-31 03155314 core:CurrentFinancialInstruments 2022-12-31 03155314 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03155314 core:FurnitureFittingsToolsEquipment 2022-12-31 03155314 core:LandBuildings 2022-12-31 03155314 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 03155314

Prepared for the registrar

David Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

David Farms Limited

(Registration number: 03155314)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

700,154

724,717

Current assets

 

Stocks

6,600

6,600

Debtors

5

9,788

9,431

Cash at bank and in hand

 

460,632

651,026

 

477,020

667,057

Creditors: Amounts falling due within one year

6

(524,439)

(754,434)

Net current liabilities

 

(47,419)

(87,377)

Net assets

 

652,735

637,340

Capital and reserves

 

Called up share capital

1,175,000

1,175,000

Profit and loss account

(522,265)

(537,660)

Shareholders' funds

 

652,735

637,340

For the financial 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.

Director's 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 director acknowledges her 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 September 2024
 


C S J David
Director

 

David Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

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:
Muswell Hill Manor
Brill
Aylesbury
Buckinghamshire
HP18 9XD

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

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 and after eliminating sales within the company.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

David Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Land

£Nil

Buildings

2% on cost

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% on cost

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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

 

David Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

1,097,094

201,786

5,400

1,304,280

Additions

-

650

-

650

At 31 December 2023

1,097,094

202,436

5,400

1,304,930

Depreciation

At 1 January 2023

408,598

165,565

5,400

579,563

Charge for the year

17,658

7,555

-

25,213

At 31 December 2023

426,256

173,120

5,400

604,776

Carrying amount

At 31 December 2023

670,838

29,316

-

700,154

At 31 December 2022

688,496

36,221

-

724,717

Included in the cost of land and buildings is freehold land of £400,450 (2022: £400,450) which is not depreciated.

 

David Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

5

Debtors

2023
 £

2022
 £

Trade debtors

3,128

7,505

Other debtors

6,453

1,690

Prepayments

207

236

 

9,788

9,431

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

508,561

738,147

Trade creditors

 

4,065

7,310

Other creditors

 

-

9

Accrued expenses

 

5,036

5,542

Corporation tax liability

6,264

1,274

Deferred income

 

513

2,152

 

524,439

754,434

 

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Director's loan

508,561

738,147

 

8

Related party transactions

Transactions with directors

At 31 December 2023 the company owed the director C S J David £508,561 (2022: £738,147) in the form of a director's loan account. The loan is unsecured, interest free and repayable on demand.