The Darlington Farmers Auction Mart Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Humbleton Park, West Auckland Road, Darlington, County Durham, DL2 2XX.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
The fair value of the company's investment property was valued by T H Vickers Limited.
The valuations have been carried out in accordance with the Royal Institute of Chartered Surveyors Valuation Guidance as set out within the 2019 Global Standards and with particular reference to the local Professional Standards - UK, also known as the "Red Book".
Details of the company's subsidiaries at 31 December 2023 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Mortgage is denominated in sterling with a nominal interest rate of 5.13% and the final instalment is due on 1 April 2047. The carrying amount at year end is £2,694,602 (2022 - £2,746,834).
The loan is secured by way of: A first legal charge from The Darlington Farmers Auction Mart Company Limited over freehold property at Humbleton Farm, Darlington; a first legal charge from The Darlington Farmers Auction Mart Company Limited over freehold property at 44 Clifton Road, Darlington; and an unlimited debenture from The Darlington Farmers Auction Mart Company Limited.
Base rate loan is denominated in sterling with a nominal interest rate of base rate + 2.57%, and the final instalment is due on 1 September 2027. The carrying amount at year end is £Nil (2022 - £351,244).
The loan was secured by way of: A first legal charge from The Darlington Farmers Auction Mart Company Limited over freehold property at Humbleton Farm, Darlington; a first legal charge from The Darlington Farmers Auction Mart Company Limited over freehold property at 44 Clifton Road, Darlington; and an unlimited debenture from The Darlington Farmers Auction Mart Company Limited.
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
Phillip Coates Ltd is a related party by virtue of being under the control of a director, P Coates. During the year Phillip Coates LTD provided services totalling £9,630 (2022 - £18,000). At the year end the balance outstanding, included in creditors, was £1,440 (2022 - £1,440). During the year a dividend amounting to £2 (2022 - £nil) was paid.
Mark Dent is a related party by virtue of being a director. During the year Mark Dent paid commissions totalling £nil (2022 - £17). At the year end the balance outstanding, included in debtors was £nil (2022 - £nil). During the year a dividend amounting to £45 (2022 - £nil) was paid.
S & D Ferrie is a related party by virtue of being under the control of director, S M Ferrie. During the year S & D Ferrie paid commissions totalling £1,168 (2022- £738). At the year end the balance outstanding, included in debtors, was £nil (2022 - £nil). During the year a dividend amounting to £43 (2022 - £nil) was paid to S M Ferrie.
PJ & MP Gilhespy is a related party by virtue of being under the control of director, M P Gilhespy During the year PJ & MP Gilhespy paid commissions totalling £8,247 (2022 - £8,381), and purchases totalling £166,525 (2022 - £nil). At the year end the balance outstanding, included in debtors, was £nil (2021 - £nil). During the year a dividend amounting to £33 (2022 - £nil) was paid to M P Gilhespy.
Gerard Ti Lentilo is a related party by virtue of being a director. During the year Gerard Ti Lentilo paid commissions totalling £942 (2022 - £1,281). At the year end the balance outstanding, included in debtors was £nil (2022 - £nil).
P Monkhouse Haulage LLP is a related party by virtue of being under the control of a director, P A G Monkhouse. During the year P Monkhouse Haulage paid commissions totalling £761 (2022 - £476) and purchases totalling £21,538 (2022 - £10,539). At the year end the balance outstanding was £5,673 (2022 - £118) included in debtors and £5,725 (2022 - £4,718) included in creditors. During the year a dividend amounting to £84 (2022 - £nil) was paid to P Monkhouse Haulage LLP.
Simon Catterall is a related party by virtue of being a director. During the year Simon Catterall provided services totalling £3,000 (2022 - £nil). During the year Simon Catterall made purchases totalling £70 (2022- £nil). At the year end the balance outstanding, included in debtors, was £nil (2022 - £nil). During the year a dividend amounting to £3 (2022 - £nil) was paid to Simon Catterall.
Richard Bell is a related party by virtue of being a director. During the year Richard Bell paid commissions totalling £375 (2022 - £nil). At the year end the balance outstanding, included in debtors was £nil (2022 - £nil).
Allison Devereux Farms is a related party by virtue of being under the control of director, J P P Allison. During the year Allison Devereux Farms paid commissions totalling £6,750 (2022 - £5,107). At the year end the balance outstanding, included in debtors, was £nil (2022 - £nil).
S & J Dent & Sons is a related party by virtue of being under the control of director, M Dent. During the year S & J Dent & Sons paid commissions totalling £4,781 (2022 - £3,732) and purchases totalling £9,042 (2022 - £nil). At the year end the balance outstanding, included in debtors, was £nil (2022 - £nil).
Coniscliffe Legal is a related party by virtue of being under the control of a director, S Catterall. During the year Coniscliffe Legal provided services totalling £5,000 (2022 - £3,581). At the year end the balance outstanding, included in creditors, was £nil (2022 - £nil.)
D J Developments (North East) Limited is an associate by virtue of The Darlington Farmers Auction Mart Company Limited owning 45% of the shareholding. During the year, D J Developments (North East) Limited received working capital of £6,591 (2022 - £9,613). At the year end, the balance included in other debtors was £437,371 (2022- £430,780).