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REGISTRAR OF COMPANIES

Registration number: 12495645

Dolau Farm Limited

Unaudited Financial Statements

31 December 2023

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Dolau Farm Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dolau Farm Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dolau Farm Limited for the year ended 31 December 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Dolau Farm Limited, as a body, in accordance with the terms of our engagement letter dated 27 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Dolau Farm Limited and state those matters that we have agreed to state to the Board of Directors of Dolau Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dolau Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dolau Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Dolau Farm Limited. You consider that Dolau Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dolau Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

5 June 2024

 

Dolau Farm Limited

(Registration number: 12495645)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,111,352

727,662

Current assets

 

Stocks

584,693

443,805

Debtors

5

60,975

56,755

 

645,668

500,560

Creditors: Amounts falling due within one year

6

(1,390,945)

(1,152,353)

Net current liabilities

 

(745,277)

(651,793)

Total assets less current liabilities

 

366,075

75,869

Creditors: Amounts falling due after more than one year

6

(384,927)

(51,300)

Net (liabilities)/assets

 

(18,852)

24,569

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

(18,952)

24,469

Total equity

 

(18,852)

24,569

 

Dolau Farm Limited

(Registration number: 12495645)
Balance Sheet as at 31 December 2023 (continued)

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.

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.

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 5 June 2024 and signed on its behalf by:
 

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

M J Jackson

Director

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

J S Furnival

Director

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

O Williams

Director

 

Dolau Farm 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:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net liabilities at 31 December 2023 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the parent company has provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers and the parent company, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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 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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

Dolau Farm Limited

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

Tax

The tax expense for the period comprises current 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.

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

Land

Not depreciated

Buildings

Straight line basis to 01/03/2035

Plant and equipment

15% reducing balance and straight line basis to 01/03/2035

Motor vehicles

25% reducing balance basis

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Dolau Farm Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Dolau Farm Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Dolau Farm Limited

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

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

277,362

550,392

20,300

848,054

Additions

435,749

78,498

-

514,247

Disposals

-

(85,900)

-

(85,900)

At 31 December 2023

713,111

542,990

20,300

1,276,401

Depreciation

At 1 January 2023

35,715

79,420

5,257

120,392

Charge for the year

24,010

51,282

3,761

79,053

Eliminated on disposal

-

(34,396)

-

(34,396)

At 31 December 2023

59,725

96,306

9,018

165,049

Carrying amount

At 31 December 2023

653,386

446,684

11,282

1,111,352

At 31 December 2022

241,647

470,972

15,043

727,662

5

Debtors

2023
£

2022
£

Trade debtors

901

10,579

Other debtors

60,074

46,176

60,975

56,755

 

Dolau Farm Limited

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

236,009

53,662

Trade creditors

 

101,547

41,770

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,034,376

1,038,022

Taxation and social security

 

963

963

Other creditors

 

18,050

17,936

 

1,390,945

1,152,353

Due after one year

 

Loans and borrowings

7

384,927

51,300

2023
£

2022
£

After more than five years by instalments

231,328

-

231,328

-

 

Dolau Farm Limited

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

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

22,677

-

Bank overdrafts

186,134

20,045

Finance lease liabilities

17,704

24,123

Other borrowings

9,494

9,494

236,009

53,662

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

22,677

-

Bank overdrafts

186,134

20,045

Finance lease liabilities

17,704

24,123

226,515

44,168

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

Dolau Farm Limited

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

339,380

-

Finance lease liabilities

45,547

51,300

384,927

51,300

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

339,380

-

Finance lease liabilities

45,547

51,300

384,927

51,300

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

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 £782,090 (2022 - £852,128).

£683,635 is in relation to a Farm Business Tenancy that expries on 01 March 2035.

£98,455 is in relation to a Farm Business Tenancy that expries on 01 March 2035.

9

Transition to FRS 102

For the year ended 31 December 2023 the company is no longer preparing financial statements in accordance with FRS105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS102, involving a full retrospective restatement of assets and liabilities from the transition date, 1 Janaury 2022. There was no transition adjustment made to the financial statements.