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Registration number: 04296191

Darts Farm Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Darts Farm Limited
(Registration number: 04296191)

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 30

 

Darts Farm Limited
(Registration number: 04296191)

Company Information

Directors

Mr G P Dart

Mr M C R Dart

Mr R J Dart

Company secretary

Mr M C R Dart

Registered office

Darts Farm
Topsham
Exeter
EX3 0QH

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Darts Farm Limited
(Registration number: 04296191)

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the company is that of farming, retail sales of farm produce, groceries and gifts and property letting.

Fair review of the business

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, profit margins and the net asset position.

Overall the directors are satisfied with the financial performance of the company.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

12,680,822

12,012,866

Turnover growth

%

6

8

Gross profit margin

%

44

44

Profit before tax (excl. dividend income)

£

819,099

1,049,680

At the end of the period, the net assets totalled £14,020,029 (2023: £13,512,994).

Principal risks and uncertainties

The board of directors undertake a regular review of the company and the board of directors have identified that the principal risks faced by the company relate to competition and margin pressure.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

.........................................
Mr M C R Dart
Company secretary and director

 

Darts Farm Limited
(Registration number: 04296191)

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr G P Dart

Mr M C R Dart - Company secretary and director

Mr R J Dart

Financial instruments

Objectives and policies

The company's principal financial instruments comprise bank balances, bank loans, trade creditors and trade debtors.The main purpose of these instruments is to raise funds for the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the non complex nature of the financial instruments used by the company, there is no exposure to price risk.

In respect of the bank balances, the liquidity risk is managed by regular monitoring of bank balances to ensure the company does not enter an overdrawn position.

Trade debtors liquidity risk is managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Future developments

The directors do not envisage the principal activity of the company changing in the future, but continually look for opportunities for further expansion.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

.........................................
Mr M C R Dart
Company secretary and director

 

Darts Farm Limited
(Registration number: 04296191)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Darts Farm Limited
(Registration number: 04296191)

Independent Auditor's Report to the Members of Darts Farm Limited

Opinion

We have audited the financial statements of Darts Farm Limited (the 'company') for the year ended 31 January 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Darts Farm Limited
(Registration number: 04296191)

Independent Auditor's Report to the Members of Darts Farm Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

Darts Farm Limited
(Registration number: 04296191)

Independent Auditor's Report to the Members of Darts Farm Limited

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the retail sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Darts Farm Limited
(Registration number: 04296191)

Independent Auditor's Report to the Members of Darts Farm Limited

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Simon Lewis (Senior Statutory Auditor)
For and on behalf of Thompson Jenner LLP, Statutory Auditor

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

25 October 2024

 

Darts Farm Limited
(Registration number: 04296191)

Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

12,680,822

12,012,866

Cost of sales

 

(7,098,283)

(6,752,048)

Gross profit

 

5,582,539

5,260,818

Administrative expenses

 

(4,789,092)

(4,306,920)

Other operating income

4

2,089

6,370

Operating profit

6

795,536

960,268

Gain on revaluation of investment property

 

-

124,316

Other interest receivable and similar income

7

88,240

12,702

Interest payable and similar expenses

8

(64,677)

(47,606)

Profit before tax

 

819,099

1,049,680

Taxation

12

(198,964)

(194,592)

Profit for the financial year

 

620,135

855,088

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Statement of Comprehensive Income for Year Ended 31 January 2024

2024
£

2023
£

Profit for the year

620,135

855,088

Total comprehensive income for the year

620,135

855,088

 

Darts Farm Limited
(Registration number: 04296191)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

1,400

1,600

Tangible assets

14

8,226,416

7,695,768

Investment property

15

500,000

500,000

Investments

16

300

300

Other financial assets

17

185

185

 

8,728,301

8,197,853

Current assets

 

Stocks

18

1,397,838

1,374,343

Debtors

19

5,979,734

4,812,212

Cash at bank and in hand

 

3,430,234

4,467,253

 

10,807,806

10,653,808

Creditors: Amounts falling due within one year

21

(4,168,673)

(3,135,589)

Net current assets

 

6,639,133

7,518,219

Total assets less current liabilities

 

15,367,434

15,716,072

Creditors: Amounts falling due after more than one year

21

(650,000)

(1,662,432)

Provisions for liabilities

22

(697,405)

(540,646)

Net assets

 

14,020,029

13,512,994

Capital and reserves

 

Called up share capital

24

600

600

Profit and loss account

14,019,429

13,512,394

Total equity

 

14,020,029

13,512,994

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

.........................................
Mr M C R Dart
Company secretary and director

 

Darts Farm Limited
(Registration number: 04296191)

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

600

13,512,394

13,512,994

Profit for the year

-

620,135

620,135

Dividends

-

(113,100)

(113,100)

At 31 January 2024

600

14,019,429

14,020,029

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

600

12,770,406

12,771,006

Profit for the year

-

855,088

855,088

Dividends

-

(113,100)

(113,100)

At 31 January 2023

600

13,512,394

13,512,994

 

Darts Farm Limited
(Registration number: 04296191)

Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Profit for the year

 

620,135

855,088

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

320,298

288,981

Changes in fair value of investment property

15

-

(124,316)

Profit on disposal of tangible assets

5

(12,875)

-

Finance income

7

(88,240)

(12,702)

Finance costs

8

64,677

47,606

Income tax expense

12

198,964

194,592

 

1,102,959

1,249,249

Working capital adjustments

 

Increase in stocks

18

(23,495)

(329,068)

Increase in debtors

19

(1,167,522)

(330,251)

Increase in creditors

21

1,161,901

821,271

(Decrease)/increase in deferred income, including government grants

 

(11,561)

44,995

Cash generated from operations

 

1,062,282

1,456,196

Income taxes paid

12

(129,325)

(32,776)

Net cash flow from operating activities

 

932,957

1,423,420

Cash flows from investing activities

 

Interest received

7

88,240

12,702

Acquisitions of tangible assets

(855,371)

(301,453)

Proceeds from sale of tangible assets

 

17,500

-

Net cash flows from investing activities

 

(749,631)

(288,751)

Cash flows from financing activities

 

Interest paid

8

(64,677)

(47,606)

Repayment of bank borrowing

 

(1,042,568)

(33,255)

Dividends paid

26

(113,100)

(113,100)

Net cash flows from financing activities

 

(1,220,345)

(193,961)

Net (decrease)/increase in cash and cash equivalents

 

(1,037,019)

940,708

Cash and cash equivalents at 1 February

 

4,467,253

3,526,545

Cash and cash equivalents at 31 January

 

3,430,234

4,467,253

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Darts Farm
Topsham
Exeter
EX3 0QH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the exemption provided by section 405 of the Companies Act 2006 and has not prepared group accounts on the basis that the only subsidiary is dormant and its inclusion in consolidated accounts is not material for the purpose of giving a true and fair view.

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

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 of the assets. The useful economic lives 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.

ii. Stock provision
It is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the inventory provision, management considers the nature and condition
of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The significant risks and rewards of ownership have been transferred to the buyer;
the company retains no continuing involvement or control over the goods;
the amount of revenue can be reliably measured;
it is probable that future econmic benefits will flow to the entity.

For retail shop sales, the sale is recognised when it is sold to the customer, which is considered to be the point of delivery. Retail sales are usually by cash, credit or payment card. Goods sold via the website are recognised at the point of acceptance of the goods by the customer.

The sale of livestock is recognised when the animal is killed and the net weight has been measured.

Turnover in relation to rent is recognised on a time apportioned basis with amounts relating to the current period that are uninvoiced at the period end being accrued, and amounts invoiced in the period relating to future periods being deferred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% straight line

Plant and machinery

15% straight line

Fixtures and fittings

15/25% straight line

Motor vehicles

25% straight line

Leasehold improvements

10% straight line

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Biological assets

Biological assets held at the year end are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, biological assets are assessed for impairment, where an impairment is identified then the carrying amount is reduced to its estimated selling price less costs to sell.

All costs related to biological assets that are measured at fair value are recognised as expenses when incurred, other than costs to purchase biological assets

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

11,433,294

10,460,793

Rendering of services

1,237,744

1,540,950

Commissions received

9,784

11,123

12,680,822

12,012,866

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Miscellaneous other operating income

2,089

6,370

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

12,875

-

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

320,098

288,781

Amortisation expense

200

200

Profit on disposal of property, plant and equipment

(12,875)

-

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

88,065

2,133

Other finance income

175

10,569

88,240

12,702

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

64,677

47,606

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,763,276

2,523,599

Social security costs

177,938

165,208

Pension costs, defined contribution scheme

289,448

99,531

Other employee expense

4,310

2,353

3,234,972

2,790,691

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

20

14

Sales, marketing and distribution

181

171

201

185

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

27,288

27,164

Contributions paid to money purchase schemes

180,000

-

207,288

27,164

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

Key management personnel

The directors are considered key management personnel and received remuneration of £207,288 (2023: £27,164)

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,000

11,000


 

12

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

74,981

162,101

UK corporation tax adjustment to prior periods

(32,776)

-

42,205

162,101

Deferred taxation

Arising from origination and reversal of timing differences

156,759

(52,286)

Arising from changes in tax rates and laws

-

84,777

Total deferred taxation

156,759

32,491

Tax expense in the income statement

198,964

194,592

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 24.03% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

819,099

1,049,680

Corporation tax at standard rate

196,830

199,439

Effect of expense not deductible in determining taxable profit (tax loss)

3,253

(23,039)

Deferred tax expense from unrecognised temporary difference from a prior period

156,759

32,491

Decrease in UK and foreign current tax from adjustment for prior periods

(32,776)

-

Tax (decrease)/increase from effect of capital allowances and depreciation

(108,444)

4,818

Tax (decrease)/increase from other short-term timing differences

(14,827)

11,723

Tax decrease from effect of unrelieved tax losses carried forward

-

(31,651)

Tax (decrease)/increase from changes in pension fund prepayment

(1,831)

811

Total tax charge

198,964

194,592

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company's financial year straddles this date, a blended corporation tax rate of 24.03% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Differences between accumulated depreciation, amortisation and capital allowances

666,326

Revaluation of investment property

31,079

697,405

2023

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

509,567

Revaluation of investment property

31,079

540,646

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

13

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 February 2023

8

2,000

2,008

At 31 January 2024

8

2,000

2,008

Amortisation

At 1 February 2023

8

400

408

Amortisation charge

-

200

200

At 31 January 2024

8

600

608

Carrying amount

At 31 January 2024

-

1,400

1,400

At 31 January 2023

-

1,600

1,600

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

14

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

8,353,043

599,540

44,957

1,111,227

10,108,767

Additions

316,013

325,753

-

213,605

855,371

Disposals

-

-

-

(18,500)

(18,500)

At 31 January 2024

8,669,056

925,293

44,957

1,306,332

10,945,638

Depreciation

At 1 February 2023

1,154,831

471,153

32,691

754,324

2,412,999

Charge for the year

151,813

57,100

6,384

104,801

320,098

Eliminated on disposal

-

-

-

(13,875)

(13,875)

At 31 January 2024

1,306,644

528,253

39,075

845,250

2,719,222

Carrying amount

At 31 January 2024

7,362,412

397,040

5,882

461,082

8,226,416

At 31 January 2023

7,198,212

128,387

12,266

356,903

7,695,768

Included within the net book value of land and buildings above is £7,268,909 (2023 - £7,112,714) in respect of freehold land and buildings and £93,503 (2023 - £85,497) in respect of short leasehold land and buildings.
 

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

15

Investment properties

2024
£

At 1 February

500,000

At 31 January

500,000

There has been no valuation of investment property by an independent valuer.

16

Investments

2024
£

2023
£

Investments in subsidiaries

300

300

Subsidiaries

£

Cost or valuation

At 1 February 2023

300

At 31 January 2024

300

Carrying amount

At 31 January 2024

300

At 31 January 2023

300

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Dart Properties Limited

Darts Farm
Topsham
Exeter
Devon
EX3 0QH

£1 Ordinary

100%

100%

         

The principal acitivity of Dart Properties Limited is dormant.

The profit for the financial period of Dart Properties Limited was £nil and the aggregate amount of capital and reserves at the end of the period was £300.

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

17

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

185

185

At 31 January 2024

185

185

Carrying amount

At 31 January 2024

185

185

At 31 January 2023

185

185

18

Stocks

2024
£

2023
£

Raw materials and consumables

279,380

207,132

Work in progress

9,669

52,721

Finished goods and goods for resale

1,108,789

1,114,490

1,397,838

1,374,343

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

19

Debtors

2024
£

2023
£

Trade debtors

490,770

266,858

Other debtors

5,331,973

4,111,458

Prepayments and accrued income

156,991

433,896

 

5,979,734

4,812,212

Less non-current portion

-

(125,000)

Total current trade and other debtors

5,979,734

4,687,212


Included within other debtors above are amounts due from related parties of £5,025,831 (2023: £3,762,925). See note 28 .

20

Cash and cash equivalents

2024
£

2023
£

Cash on hand

34,403

27,588

Cash at bank

339,869

3,843,963

Short-term deposits

3,055,962

595,702

3,430,234

4,467,253

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

21

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

25

-

30,136

Trade creditors

 

470,709

712,551

Social security and other taxes

 

364,926

283,853

Outstanding defined contribution pension costs

 

3,194

10,814

Other creditors

 

3,050,387

1,789,289

Accruals

 

159,577

90,385

Corporation tax liability

12

74,981

162,101

Deferred income

 

44,899

56,460

 

4,168,673

3,135,589

Due after one year

 

Loans and borrowings

25

650,000

1,662,432

Included within other creditors above are amounts due to related parties of £2,849,306 (2023: £1,562,762). See note 28.

22

Provisions for liabilities

Deferred tax
£

Total
£

At 1 February 2023

540,646

540,646

Increase (decrease) in existing provisions

156,759

156,759

At 31 January 2024

697,405

697,405

23

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £289,448 (2023 - £99,531).

Contributions totalling £3,194 (2023 - £10,814) were payable to the scheme at the end of the year and are included in creditors.

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

24

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

600

600

600

600

         

25

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

30,136

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

650,000

1,662,432

The bank borrowings are secured by legal charges over the property and land at Darts Farm Village.

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

-

572,854

-

-

26

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £188.50 (2023 - £188.50) per ordinary share

 

113,100

 

113,100

         
 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

27

Analysis of changes in net debt

At 1 February 2023
£

Cash flows
£

At 31 January 2024
£

Cash and cash equivalents

Cash

4,467,253

(1,037,019)

3,430,234

Borrowings

Long term borrowings

(1,662,432)

1,012,432

(650,000)

Short term borrowings

(30,136)

30,136

-

(1,692,568)

1,042,568

(650,000)

 

2,774,685

5,549

2,780,234

28

Related party transactions

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

12,378

2023

Other related parties
£

Purchase of goods

16,982

Loans to related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

-

3,762,925

3,762,925

Advanced

647,268

3,032,326

3,679,594

Repaid

(647,268)

(1,769,420)

(2,416,688)

At end of period

-

5,025,831

5,025,831

2023

Other related parties
£

Total
£

At start of period

3,746,197

3,746,197

Advanced

16,728

16,728

At end of period

3,762,925

3,762,925

 

Darts Farm Limited
(Registration number: 04296191)

Notes to the Financial Statements for the Year Ended 31 January 2024

Terms of loans to related parties


During the year the company provided a loan to a company under common control, the loan was provided interest free and is repayable on demand.
 

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

1,552,297

10,465

1,562,762

Advanced

2,865,129

-

2,865,129

Repaid

(1,576,879)

(1,706)

(1,578,585)

At end of period

2,840,547

8,759

2,849,306

2023

Key management
£

Other related parties
£

Total
£

At start of period

851,396

8,955

860,351

Advanced

1,550,818

1,510

1,552,328

Repaid

(849,917)

-

(849,917)

At end of period

1,552,297

10,465

1,562,762

Terms of loans from related parties

All loans owed to key management are unsecured with no repayment terms and are interest free.

 During the year the company was provided with a loan by a company under common control, the loan was provided interest free and is repayable on demand.

Controlling Party

No one individual holds a controlling interest in the company, each shareholder holds 1/3 of the company.