Registration number:
Danum Farming Limited
for the Year Ended 31 December 2023
Danum Farming Limited
(Registration number: 05684750)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Investments |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
20,000 |
20,000 |
|
Profit and loss account |
844,321 |
423,110 |
|
Shareholders' funds |
864,321 |
443,110 |
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 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 and the option not to file the Profit and Loss Account has been taken.
Danum Farming Limited
(Registration number: 05684750)
Balance Sheet as at 31 December 2023
These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the
.........................................
Director
.........................................
Director
Danum Farming Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Accounting policies |
Danum Farming Limited is a private company, limited by shares, domiciled in England and Wales, company number 05684750. The registered office is at
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 were prepared in accordance with Financial Reporting Standard 102 - Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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.
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 shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. 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 expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Unrelieved tax losses and other deferred tax assets shall be 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.
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.
Danum Farming Limited
Notes to the 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 |
Office equipment |
25% straight line |
Plant & equipment |
15% straight line |
Provisions
A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.
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.
Defined contribution pension obligation
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.
Danum Farming Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Exceptional items |
Exceptional items relate to revalued assets and also reversal of depreciation overcharged in previous years
Tangible assets |
Plant and machinery |
Office equipment |
Total |
|
Cost or valuation |
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At 1 January 2023 |
|
|
|
Revaluations |
|
- |
|
Additions |
|
- |
|
Disposals |
( |
( |
( |
At 31 December 2023 |
|
- |
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
- |
|
Eliminated on disposal |
( |
( |
( |
Reversal of depreciation previously charged |
(449,696) |
- |
(449,696) |
At 31 December 2023 |
|
- |
|
Carrying amount |
|||
At 31 December 2023 |
|
- |
|
At 31 December 2022 |
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|
|
Danum Farming Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Finance lease liabilities |
- |
|
Trade creditors |
- |
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
|
|
Creditors: amounts falling due after more than one year
2023 |
2022 |
|
Due after one year |
||
Directors loan accounts |
- |
44,542 |
Obligations under finance leases liabilities are secured against the items of plant and machinery to which they relate.