5 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 400,000 266,667 30,000 296,667 103,333 133,333 xbrli:pure xbrli:shares iso4217:GBP 05730781 2022-07-01 2023-12-31 05730781 2023-12-31 05730781 2022-06-30 05730781 2021-07-01 2022-06-30 05730781 2022-06-30 05730781 core:NetGoodwill 2022-07-01 2023-12-31 05730781 bus:RegisteredOffice 2022-07-01 2023-12-31 05730781 bus:OrdinaryShareClass1 2022-07-01 2023-12-31 05730781 bus:LeadAgentIfApplicable 2022-07-01 2023-12-31 05730781 bus:Director1 2022-07-01 2023-12-31 05730781 bus:Director2 2022-07-01 2023-12-31 05730781 core:NetGoodwill 2022-06-30 05730781 core:NetGoodwill 2023-12-31 05730781 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 05730781 core:PlantMachinery 2022-06-30 05730781 core:FurnitureFittingsToolsEquipment 2022-06-30 05730781 core:MotorVehicles 2022-06-30 05730781 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 05730781 core:PlantMachinery 2023-12-31 05730781 core:FurnitureFittingsToolsEquipment 2023-12-31 05730781 core:MotorVehicles 2023-12-31 05730781 core:PlantMachinery 2022-07-01 2023-12-31 05730781 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-12-31 05730781 core:MotorVehicles 2022-07-01 2023-12-31 05730781 core:WithinOneYear 2023-12-31 05730781 core:WithinOneYear 2022-06-30 05730781 core:AfterOneYear 2023-12-31 05730781 core:AfterOneYear 2022-06-30 05730781 core:ShareCapital 2023-12-31 05730781 core:ShareCapital 2022-06-30 05730781 core:RetainedEarningsAccumulatedLosses 2023-12-31 05730781 core:RetainedEarningsAccumulatedLosses 2022-06-30 05730781 core:NetGoodwill 2022-06-30 05730781 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 05730781 core:PlantMachinery 2022-06-30 05730781 core:FurnitureFittingsToolsEquipment 2022-06-30 05730781 core:MotorVehicles 2022-06-30 05730781 bus:SmallEntities 2022-07-01 2023-12-31 05730781 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-12-31 05730781 bus:FullAccounts 2022-07-01 2023-12-31 05730781 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-12-31 05730781 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-12-31 05730781 bus:OrdinaryShareClass1 2023-12-31 05730781 bus:OrdinaryShareClass1 2022-06-30 05730781 core:FurnitureFittings 2022-07-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05730781
D L Farming Limited
Filleted Unaudited Financial Statements
31 December 2023
D L Farming Limited
Financial Statements
Period from 1 July 2022 to 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
D L Farming Limited
Officers and Professional Advisers
The board of directors
Mr T. G Gravell
Mr D.T.G Gravell
Registered office
Muddlescwm Farm
Trimsaran Road
Kidwelly
Wales
SA17 4EB
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
D L Farming Limited
Statement of Financial Position
31 December 2023
31 Dec 23
30 Jun 22
Note
£
£
FIXED ASSETS
Intangible assets
5
103,333
133,333
Tangible assets
6
2,231,448
2,266,238
------------
------------
2,334,781
2,399,571
CURRENT ASSETS
Stocks
7
106,860
85,070
Debtors
8
126,397
193,617
Cash at bank and in hand
195,368
69,036
---------
---------
428,625
347,723
CREDITORS: amounts falling due within one year
9
320,226
393,151
---------
---------
NET CURRENT ASSETS/(LIABILITIES)
108,399
( 45,428)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,443,180
2,354,143
CREDITORS: amounts falling due after more than one year
10
1,349,747
1,529,370
PROVISIONS
101,147
60,675
------------
------------
NET ASSETS
992,286
764,098
------------
------------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
992,186
763,998
---------
---------
SHAREHOLDERS FUNDS
992,286
764,098
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
D L Farming Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Thomas Gravell
Thomas Gravell
Director
Company registration number: 05730781
D L Farming Limited
Notes to the Financial Statements
Period from 1 July 2022 to 31 December 2023
1. GENERAL INFORMATION
D L Farming Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements is 18 months and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. 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.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The directors have considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
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.
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.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
(iii) Goodwill and intangible fixed assets
Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
(iv) Stock provisioning
The company sells milk and live stock and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability
(v) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes
(vi) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of Milk and livestock is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from Sale of Milk and sale of cattle is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to insert detail. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable Interest income is recognised using the effective interest method
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill was 20 years. Provision is made for any impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 5 (2022: 5 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 July 2022 and 31 December 2023
400,000
---------
Amortisation
At 1 July 2022
266,667
Charge for the period
30,000
---------
At 31 December 2023
296,667
---------
Carrying amount
At 31 December 2023
103,333
---------
At 30 June 2022
133,333
---------
6. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Herd
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
1,692,748
606,488
29,806
21,685
111,826
2,462,553
Additions
68,595
4,800
73,395
Disposals
( 28,525)
( 21,061)
( 49,586)
------------
---------
--------
--------
---------
------------
At 31 Dec 2023
1,692,748
646,558
29,806
21,685
95,565
2,486,362
------------
---------
--------
--------
---------
------------
Depreciation
At 1 Jul 2022
161,780
16,012
18,523
196,315
Charge for the period
68,721
2,397
949
72,067
Disposals
( 13,468)
( 13,468)
------------
---------
--------
--------
---------
------------
At 31 Dec 2023
217,033
18,409
19,472
254,914
------------
---------
--------
--------
---------
------------
Carrying amount
At 31 Dec 2023
1,692,748
429,525
11,397
2,213
95,565
2,231,448
------------
---------
--------
--------
---------
------------
At 30 Jun 2022
1,692,748
444,708
13,794
3,162
111,826
2,266,238
------------
---------
--------
--------
---------
------------
7. STOCKS
31 Dec 23
30 Jun 22
£
£
Closing Livestock
57,900
57,000
Closing Deadstock
48,960
28,070
---------
--------
106,860
85,070
---------
--------
8. DEBTORS
31 Dec 23
30 Jun 22
£
£
Trade debtors
46,449
123,773
Other debtors
79,948
69,844
---------
---------
126,397
193,617
---------
---------
9. CREDITORS: amounts falling due within one year
31 Dec 23
30 Jun 22
£
£
Bank loans and overdrafts
93,611
130,848
Trade creditors
104,937
176,439
Corporation tax
75,220
7,348
Social security and other taxes
302
529
Other creditors
37
19
Other creditors
46,119
77,968
---------
---------
320,226
393,151
---------
---------
The bank loans and overdraft are secured by way of fixed and floating charges. The aggregate amount of secured liabilities is £93,611 (2022 - £130,848).
10. CREDITORS: amounts falling due after more than one year
31 Dec 23
30 Jun 22
£
£
Bank loans and overdrafts
1,349,747
1,529,370
------------
------------
The aggregate amount of secured liabilities is £1,349,747 (2022 - £1,529,370).
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
31 Dec 23
30 Jun 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The amount owed to the directors at the year end is £2,864 Cr (2022 : £32,302 Cr). No interest has been incurred in relation to this balance.