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Company No: 00462077 (England and Wales)

J.A. DARKE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

J.A. DARKE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

J.A. DARKE LIMITED

BALANCE SHEET

As at 31 March 2024
J.A. DARKE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 10,491,670 10,440,338
Investments 5 37,559 60,527
10,529,229 10,500,865
Current assets
Stocks 579,713 620,289
Debtors 6 152,277 189,396
Cash at bank and in hand 43,085 87,727
775,075 897,412
Creditors: amounts falling due within one year 7 ( 278,886) ( 374,453)
Net current assets 496,189 522,959
Total assets less current liabilities 11,025,418 11,023,824
Creditors: amounts falling due after more than one year 8 ( 461,707) ( 538,197)
Provision for liabilities ( 293,523) ( 292,946)
Net assets 10,270,188 10,192,681
Capital and reserves
Called-up share capital 9 3,826 3,826
Revaluation reserve 7,480,961 7,480,961
Fair value reserve 27,547 45,384
Capital redemption reserve 400 400
Profit and loss account 2,757,454 2,662,110
Total shareholder's funds 10,270,188 10,192,681

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J.A. Darke Limited (registered number: 00462077) were approved and authorised for issue by the Board of Directors on 10 October 2024. They were signed on its behalf by:

Mr R Darke
Director
J.A. DARKE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
J.A. DARKE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J.A. Darke Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Coleridge Farm Cottages, Chillington, Kingsbridge, TQ7 2JG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 25 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 10,351 10,351
Disposals ( 10,351) ( 10,351)
At 31 March 2024 0 0
Accumulated amortisation
At 01 April 2023 10,351 10,351
Disposals ( 10,351) ( 10,351)
At 31 March 2024 0 0
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 9,341,295 1,867,552 30,650 11,239,497
Additions 49,346 137,442 2,500 189,288
Disposals 0 ( 76,500) 0 ( 76,500)
At 31 March 2024 9,390,641 1,928,494 33,150 11,352,285
Accumulated depreciation
At 01 April 2023 0 776,644 22,515 799,159
Charge for the financial year 0 107,345 2,044 109,389
Disposals 0 ( 47,933) 0 ( 47,933)
At 31 March 2024 0 836,056 24,559 860,615
Net book value
At 31 March 2024 9,390,641 1,092,438 8,591 10,491,670
At 31 March 2023 9,341,295 1,090,908 8,135 10,440,338

Revaluation of tangible assets

Freehold land and buildings were professionally valued by Luscombe Maye, Chartered Surveyors, an independent valuer, to fair value at 25 May 2015, with subsequent additions at cost.

5. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 April 2023 60,512 15 60,527
Additions 0 814 814
Disposals ( 704) 0 ( 704)
Movement in fair value ( 23,078) 0 ( 23,078)
At 31 March 2024 36,730 829 37,559
Carrying value at 31 March 2024 36,730 829 37,559
Carrying value at 31 March 2023 60,512 15 60,527

6. Debtors

2024 2023
£ £
Trade debtors 102,490 112,078
Other debtors 49,787 77,318
152,277 189,396

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 136,436 209,226
Amounts owed to directors 25,109 28,578
Accruals and deferred income 58,770 42,347
Taxation and social security 35,302 76,141
Obligations under finance leases and hire purchase contracts (secured) 23,000 17,874
Other creditors 269 287
278,886 374,453

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 438,197 538,197
Obligations under finance leases and hire purchase contracts (secured) 23,510 0
461,707 538,197

Loans and borrowings are secured by way of fixed and floating charges over the assets of the company.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,826 Ordinary shares of £ 1.00 each 3,826 3,826

10. Ultimate controlling party

Parent Company:

J A Darke Holdings Ltd
Coleridge Farm Cottage, Chillington, Kingsbridge, Devon, United Kingdom, TQ7 2JG