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REGISTERED NUMBER: 00529392 (England and Wales)






















Unaudited Financial Statements for the Year Ended 29th February 2024

for

NL Durdy & Son Limited

NL Durdy & Son Limited (Registered number: 00529392)






Contents of the Financial Statements
for the year ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NL Durdy & Son Limited

Company Information
for the year ended 29th February 2024







DIRECTORS: Mrs E M Durdy
Mr N L Durdy



SECRETARY: Mrs E M Durdy



REGISTERED OFFICE: Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA



REGISTERED NUMBER: 00529392 (England and Wales)



ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA



SOLICITORS: Dawson & Burgess
3 South Parade
Hall Cross Hill
Doncaster
DN1 2DZ

NL Durdy & Son Limited (Registered number: 00529392)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,850,347 2,935,315
2,850,347 2,935,315

CURRENT ASSETS
Stocks 439,390 317,224
Debtors 6 183,859 247,535
Cash at bank 46,144 16,027
669,393 580,786
CREDITORS
Amounts falling due within one year 7 963,999 1,072,334
NET CURRENT LIABILITIES (294,606 ) (491,548 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,555,741

2,443,767

CREDITORS
Amounts falling due after more than one
year

8

(845,741

)

(926,804

)

PROVISIONS FOR LIABILITIES (209,265 ) (190,657 )
NET ASSETS 1,500,735 1,326,306

CAPITAL AND RESERVES
Called up share capital 16,000 16,000
Revaluation reserve 11 365,001 365,001
Retained earnings 1,119,734 945,305
1,500,735 1,326,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 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.

NL Durdy & Son Limited (Registered number: 00529392)

Balance Sheet - continued
29th February 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 22nd August 2024 and were signed on its behalf by:





Mr N L Durdy - Director


NL Durdy & Son Limited (Registered number: 00529392)

Notes to the Financial Statements
for the year ended 29th February 2024

1. STATUTORY INFORMATION

NL Durdy & Son 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets
Sugar beet quota, being the amount paid for an increase in the available sugar beet quota in 2007 was amortised evenly over its estimated useful life of five years from 2008.

Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. The Basic Payment Scheme commenced in 2018 and the expected useful life was 4 years, reflecting the period of benefit to be received via the Basic Payment Scheme. The Basic Payment Scheme entitlements were fully amortised in the year ended 28 February 2021.

Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Freehold land Nil
Land and buildings 4% on cost, 5% on cost, 10% on cost
Plant and machinery Between 4 and 10 years
4% on cost, 5% on cost, 10% on cost
Motor vehicles25% reducing balance

NL Durdy & Son Limited (Registered number: 00529392)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.

Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the

Hire purchase and leasing commitments
Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the effective interest rate method.

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.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

NL Durdy & Son Limited (Registered number: 00529392)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

2. ACCOUNTING POLICIES - continued

Government grants
The company receives government grants in respect of the Basic Payment Scheme and Countryside Stewardship Scheme, under the Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Sugar
beet BPS
quota Entitlements Totals
£    £    £   
COST
At 1st March 2023
and 29th February 2024 2,410 7,560 9,970
AMORTISATION
At 1st March 2023
and 29th February 2024 2,410 7,560 9,970
NET BOOK VALUE
At 29th February 2024 - - -
At 28th February 2023 - - -

5. TANGIBLE FIXED ASSETS
Improvements
Farm to
Land buildings property
£    £    £   
COST
At 1st March 2023 1,567,527 1,169,471 52,034
Additions - - -
At 29th February 2024 1,567,527 1,169,471 52,034
DEPRECIATION
At 1st March 2023 - 467,919 14,910
Charge for year - 50,364 2,081
At 29th February 2024 - 518,283 16,991
NET BOOK VALUE
At 29th February 2024 1,567,527 651,188 35,043
At 28th February 2023 1,567,527 701,552 37,124

NL Durdy & Son Limited (Registered number: 00529392)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st March 2023 1,979,030 96,302 139,577 5,003,941
Additions 110,235 7,473 - 117,708
At 29th February 2024 2,089,265 103,775 139,577 5,121,649
DEPRECIATION
At 1st March 2023 1,433,798 65,448 86,551 2,068,626
Charge for year 126,202 10,772 13,257 202,676
At 29th February 2024 1,560,000 76,220 99,808 2,271,302
NET BOOK VALUE
At 29th February 2024 529,265 27,555 39,769 2,850,347
At 28th February 2023 545,232 30,854 53,026 2,935,315

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 153,365 99,257
VAT 23,239 8,240
Prepayments and accrued income 7,255 140,038
183,859 247,535

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 510,043 546,548
Hire purchase contracts (see note 9) 97,926 103,051
Trade creditors 156,057 108,911
Tax 57,189 -
Social security and other taxes 5,459 5,029
Directors' current accounts 93,851 205,986
Accruals and deferred income 43,474 102,809
963,999 1,072,334

NL Durdy & Son Limited (Registered number: 00529392)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 93,229 80,628
Bank loans - 2-5 years 279,686 241,883
Bank loans more 5 yr by instal 277,225 379,831
Hire purchase contracts (see note 9) 195,601 224,462
845,741 926,804

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 277,225 379,831

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 97,926 103,051
Between one and five years 195,601 224,462
293,527 327,513

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 416,814 465,920
Bank loans 743,369 782,970
Hire purchase contracts 293,527 327,513
1,453,710 1,576,403

The bank loans and overdraft are secured by means of fixed and floating charges over the assets and undertaking of the company. The hire purchase contracts are secured over the assets subject to the hire purchase agreement.

11. RESERVES
Revaluation
reserve
£   
At 1st March 2023
and 29th February 2024 365,001

NL Durdy & Son Limited (Registered number: 00529392)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29th February 2024 and 28th February 2023:

2024 2023
£    £   
Mr N L Durdy
Balance outstanding at start of year (111,903 ) (183,339 )
Amounts advanced 174,757 127,636
Amounts repaid (96,865 ) (56,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (34,011 ) (111,903 )

Mrs E M Durdy
Balance outstanding at start of year (94,083 ) (110,703 )
Amounts advanced 52,710 29,095
Amounts repaid (18,467 ) (12,475 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (59,840 ) (94,083 )

During the year the company conducted the following transactions on normal commercial terms with the directors.

Rent of land payable to N.L. Durdy and E.M. Durdy £133,101 (2023 £85,170).

13. RELATED PARTY DISCLOSURES

The company has given security in the form of a guarantee, and also a legal debenture over the assets and undertaking of the company, in connection with personal bank loans advanced to the directors of the company; all costs relating to the these transactions have been met by the directors personally.

The company conducted transactions during the year with the directors as detailed in Note 12.

The controlling party is Mr N L Durdy.