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REGISTERED NUMBER: 02562585 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DUNTHROP FARMS LIMITED

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DUNTHROP FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R A A Coates
Mrs J C Coates
Mr T R J Coates





SECRETARY: Mrs J C Coates





REGISTERED OFFICE: Alderley
21 Lambridge Wood Road
Henley on Thames
Oxfordshire
RG9 3BP





REGISTERED NUMBER: 02562585 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
Hillside
Albion Street
Chipping Norton
Oxfordshire
OX7 5BH

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,156,450 8,099,137
Investments 5 730,713 986,726
Investment property 6 195,261 195,261
9,082,424 9,281,124

CURRENT ASSETS
Stocks 279,413 308,103
Debtors 7 330,441 401,039
Cash at bank 334,857 131,765
944,711 840,907
CREDITORS
Amounts falling due within one year 8 115,664 76,416
NET CURRENT ASSETS 829,047 764,491
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,911,471

10,045,615

CREDITORS
Amounts falling due after more than one
year

9

(585,632

)

(622,056

)

PROVISIONS FOR LIABILITIES 11 (1,110,008 ) (1,103,768 )
NET ASSETS 8,215,831 8,319,791

CAPITAL AND RESERVES
Called up share capital 12 1,220,002 1,220,002
Revaluation reserve 5,348,000 5,348,000
Retained earnings 1,647,829 1,751,789
SHAREHOLDERS' FUNDS 8,215,831 8,319,791

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 26 September 2024 and were signed on its behalf by:





Mr T R J Coates - Director


DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Dunthrop Farms 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided - see below
Flock - not provided
Plant and machinery - 25% on cost and Straight line over 25 years
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Investment property
The Let Cottages are considered to be Investment Properties. They are included in the financial statements at historical cost and the director's estimate of the market value is disclosed in the notes to the financial statements.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Non-depreciation of freehold buildings
The directors consider that the Freehold Properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Investments
Fixed asset investments are stated at cost and revalued to market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property Flock machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 7,500,000 - 722,085
Additions 28,423 23,370 60,844
Disposals - - (25,969 )
At 31 December 2023 7,528,423 23,370 756,960
DEPRECIATION
At 1 January 2023 - - 126,455
Charge for year - - 52,009
Eliminated on disposal - - (25,969 )
At 31 December 2023 - - 152,495
NET BOOK VALUE
At 31 December 2023 7,528,423 23,370 604,465
At 31 December 2022 7,500,000 - 595,630

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 100,887 7,255 1,133 8,331,360
Additions - - - 112,637
Disposals - - (1,133 ) (27,102 )
At 31 December 2023 100,887 7,255 - 8,416,895
DEPRECIATION
At 1 January 2023 97,380 7,255 1,133 232,223
Charge for year 3,315 - - 55,324
Eliminated on disposal - - (1,133 ) (27,102 )
At 31 December 2023 100,695 7,255 - 260,445
NET BOOK VALUE
At 31 December 2023 192 - - 8,156,450
At 31 December 2022 3,507 - - 8,099,137

In the opinion of the directors the residual value of land and buildings is not less than cost. Depreciation has therefore not been provided.

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and
property Flock machinery
£    £    £   
Valuation in 2019 6,294,243 - (25,969 )
Cost 1,234,180 23,370 782,929
7,528,423 23,370 756,960

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - (1,133 ) 6,267,141
Cost 100,887 7,255 1,133 2,149,754
100,887 7,255 - 8,416,895

If Freehold land and buildings had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,234,180 1,205,757

Freehold land and buildings were valued on an open market basis on 18 July 2019 by Butler Sherborn .

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 986,726
Disposals (256,013 )
At 31 December 2023 730,713
NET BOOK VALUE
At 31 December 2023 730,713
At 31 December 2022 986,726

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2017 79,681
Valuation in 2018 7,939
Valuation in 2019 218,002
Valuation in 2020 37,605
Valuation in 2021 53,772
Valuation in 2022 589,727
Valuation in 2023 (386,725 )
Cost 130,712
730,713

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 195,261
NET BOOK VALUE
At 31 December 2023 195,261
At 31 December 2022 195,261

Investment properties are let farm workers cottages. The director is of the opinion that the market value of these properties is approximately £900,000.

If the investment properties were sold at market value then Corporation Tax of approximately £134,000 would be payable. However there is no intention to dispose of the investment properties in the foreseeable future.

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 64,523 43,426
Other debtors 1,250 1,250
Loan to contractor 207,500 312,445
VAT 20,068 27,109
Prepayments & accrued income 37,100 16,809
330,441 401,039

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 23,667 23,667
Hire purchase contracts 20,893 20,893
Trade creditors 65,449 28,556
Pension creditor 153 -
Accrued expenses 5,502 3,300
115,664 76,416

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 23,667 23,667
Bank loans - 2-5 years 71,001 71,001
Bank loans more 5 yr by instal 433,509 449,041
Hire purchase contracts 57,455 78,347
585,632 622,056

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 433,509 449,041

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 551,844 567,376

The bank loan is secured by a fixed charge on land at Dunthrop Farm, Heythrop, Chipping Norton and a fixed and floating charge over company assets in favour of Oxbury Bank plc.

DUNTHROP FARMS LIMITED (REGISTERED NUMBER: 02562585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 117,156 113,719
Investments revaluation 141,531 141,531
Freehold property revaluation 946,243 946,243
Tax losses carried forward (94,922 ) (97,725 )
1,110,008 1,103,768

Deferred
tax
£   
Balance at 1 January 2023 1,103,768
Provided during year 6,240
Balance at 31 December 2023 1,110,008

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,219,602 Ordinary £1 1,219,602 1,219,602
100 A Ordinary £1 100 100
100 B Ordinary £1 100 100
100 C Ordinary £1 100 100
100 D Ordinary £1 100 100
1,220,002 1,220,002

13. CONTROL RELATIONSHIPS

The ultimate controlling parties are Mr R Coates and Mr T Coates.