Company registration number 03186001 (England and Wales)
DAVISON FARMS (SUFFOLK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DAVISON FARMS (SUFFOLK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAVISON FARMS (SUFFOLK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
750,886
748,464
Current assets
Stocks
7,774
95,531
Debtors
4
259,109
484,976
Investments
5
793,387
517,927
Cash at bank and in hand
50,409
75,867
1,110,679
1,174,301
Creditors: amounts falling due within one year
6
(96,298)
(147,294)
Net current assets
1,014,381
1,027,007
Total assets less current liabilities
1,765,267
1,775,471
Creditors: amounts falling due after more than one year
7
-
0
(67,699)
Provisions for liabilities
8
(197,642)
(195,049)
Net assets
1,567,625
1,512,723
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
1,566,625
1,511,723
Total equity
1,567,625
1,512,723
DAVISON FARMS (SUFFOLK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 15 October 2024
Mr RJ Davison
Director
Company registration number 03186001 (England and Wales)
DAVISON FARMS (SUFFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Davison Farms (Suffolk) Limited is a private company limited by shares incorporated in England and Wales. The registered office is High Elms Farm, Cowlinge, Newmarket, Suffolk, CB8 9HT.

1.1
Reporting period

The financial statements present the results for the 17 months ended 31 March 2024 and are therefore not wholly comparable to the year ended 31 October 2022 results.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company true

has adequate resources to continue in operational existence for the foreseeable future. The director has

considered the forecast business of the company for a period extending beyond 12 months from the date of

approval of these financial statements and considers that no material uncertainties exist. Thus the director

continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for contracting services net of VAT and trade discounts.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Tractors and combines
15% or 25% reducing balance
General machinery
25% reducing balance

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

DAVISON FARMS (SUFFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include trade and other 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.

Classification of financial liabilities

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

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.9
Equity instruments

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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DAVISON FARMS (SUFFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year.

Differences between contributions payable in the year and contributions actually paid are shown as either

accruals or prepayments.

1.12
Leases

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Other leases are classified as operating leases.

1.13

Investments

Current asset investments are stated at the lower of cost and net realisable value.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
4
4
DAVISON FARMS (SUFFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
1,401,419
Additions
222,499
Disposals
(228,373)
At 31 March 2024
1,395,545
Depreciation and impairment
At 1 November 2022
652,955
Depreciation charged in the period
150,360
Eliminated in respect of disposals
(158,656)
At 31 March 2024
644,659
Carrying amount
At 31 March 2024
750,886
At 31 October 2022
748,464
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
249,157
484,976
Other debtors
9,952
-
0
259,109
484,976
5
Current asset investments
2024
2022
£
£
Other investments
793,387
517,927
6
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
2,314
18,417
Taxation and social security
13,195
38,251
Other creditors
80,789
90,626
96,298
147,294
DAVISON FARMS (SUFFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Included in other creditors are net obligations under hire purchase contracts of £65,919 (2022 - £67,699) secured on the underlying assets.

 

7
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
-
0
67,699

Other creditors relate entirely to net obligations under hire purchase contracts that are secured on the underlying assets.

8
Provisions for liabilities
2024
2022
£
£
Deferred tax liabilities
197,642
195,049
9
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each of £1 each
1,000
1,000
1,000
1,000
10
Financial commitments, guarantees and contingent liabilities

The company has provided security over the bank loan of High Elms Partnership by way of a fixed and

floating charge over all the property or undertakings of the company. At 31 March 2024, the loan outstanding

in the partnership was £414,753 (31 October 2022 - £578,819).

 

The company and R J Davison are partners, with others, in High Elms Partnership

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