Danum Farming Limited 05684750 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is farm contracting. Digita Accounts Production Advanced 6.30.9574.0 true 05684750 2023-01-01 2023-12-31 05684750 2023-12-31 05684750 core:CurrentFinancialInstruments 2023-12-31 05684750 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05684750 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05684750 core:OfficeEquipment 2023-12-31 05684750 core:PlantMachinery 2023-12-31 05684750 bus:SmallEntities 2023-01-01 2023-12-31 05684750 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05684750 bus:FullAccounts 2023-01-01 2023-12-31 05684750 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05684750 bus:RegisteredOffice 2023-01-01 2023-12-31 05684750 bus:Director1 2023-01-01 2023-12-31 05684750 bus:Director2 2023-01-01 2023-12-31 05684750 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05684750 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05684750 core:OfficeEquipment 2023-01-01 2023-12-31 05684750 core:PlantMachinery 2023-01-01 2023-12-31 05684750 countries:AllCountries 2023-01-01 2023-12-31 05684750 2022-12-31 05684750 core:OfficeEquipment 2022-12-31 05684750 core:PlantMachinery 2022-12-31 05684750 2022-01-01 2022-12-31 05684750 2022-12-31 05684750 core:CurrentFinancialInstruments 2022-12-31 05684750 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05684750 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05684750 core:OfficeEquipment 2022-12-31 05684750 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05684750

Danum Farming Limited

Unaudited Financial Statements

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

 

Tangible assets

4

991,680

535,256

Current assets

 

Debtors

5

5,408

35,703

Investments

1

1

Cash at bank and in hand

 

135,420

116,264

 

140,829

151,968

Creditors: Amounts falling due within one year

6

(20,268)

(80,715)

Net current assets

 

120,561

71,253

Total assets less current liabilities

 

1,112,241

606,509

Creditors: Amounts falling due after more than one year

6

-

(44,542)

Provisions for liabilities

(247,920)

(118,857)

Net assets

 

864,321

443,110

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 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 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 Board on 20 September 2024 and signed on its behalf by:
 

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

Mr R A Smith
Director

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

Mr T E Morrell
Director

 

Danum Farming Limited

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

1

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 Hill Farm, Brodsworth, Doncaster, South Yorkshire, DN5 7XH.

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

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

3

Exceptional items

Exceptional items relate to revalued assets and also reversal of depreciation overcharged in previous years

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,743,420

1,109

1,744,529

Revaluations

21,380

-

21,380

Additions

33,950

-

33,950

Disposals

(206,220)

(1,109)

(207,329)

At 31 December 2023

1,592,530

-

1,592,530

Depreciation

At 1 January 2023

1,208,166

1,107

1,209,273

Charge for the year

31,600

-

31,600

Eliminated on disposal

(189,220)

(1,107)

(190,327)

Reversal of depreciation previously charged

(449,696)

-

(449,696)

At 31 December 2023

600,850

-

600,850

Carrying amount

At 31 December 2023

991,680

-

991,680

At 31 December 2022

535,254

2

535,256

 

Danum Farming Limited

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

5

Debtors

2023
£

2022
£

Prepayments

4,255

270

Other debtors

1,153

35,433

5,408

35,703

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Finance lease liabilities

-

41,150

Trade creditors

-

12,862

Taxation and social security

7,262

18,758

Accruals and deferred income

13,006

7,945

20,268

80,715

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.