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Registration number: 11953567

Dalwood Poultry Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

Dalwood Poultry Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Dalwood Poultry Ltd

Company Information

Directors

Ms HL Frankpitt

Mr AMW Frankpitt

Mr J Frankpitt

Registered office

Tagon Harbour Farm
Whimple
Exeter
Devon
EX5 2QS

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Dalwood Poultry Ltd

(Registration number: 11953567)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,711,772

2,699,417

Current assets

 

Stocks

5

510,197

-

Debtors

6

532,537

43,712

Cash at bank and in hand

 

233,215

121,351

 

1,275,949

165,063

Prepayments and accrued income

 

10,483

11,264

Creditors: Amounts falling due within one year

(809,807)

(438,179)

Net current assets/(liabilities)

 

476,625

(261,852)

Total assets less current liabilities

 

3,188,397

2,437,565

Creditors: Amounts falling due after more than one year

(2,711,888)

(2,211,766)

Accruals and deferred income

 

(15,932)

(22,911)

Net assets

 

460,577

202,888

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

460,576

202,887

Shareholders' funds

 

460,577

202,888

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

 

Dalwood Poultry Ltd

(Registration number: 11953567)
Abridged Balance Sheet as at 29 February 2024

.........................................
Mr J Frankpitt
Director

 

Dalwood Poultry Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Tagon Harbour Farm
Whimple
Exeter
Devon
EX5 2QS

These financial statements were authorised for issue by the Board on 26 November 2024.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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:

 

Dalwood Poultry Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

Plant and machinery

15% reducing balance basis

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.

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.

 

Dalwood Poultry Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 3).

 

Dalwood Poultry Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

2,691,862

8,888

2,700,750

Additions

9,698

4,459

14,157

At 29 February 2024

2,701,560

13,347

2,714,907

Depreciation

At 1 March 2023

-

1,333

1,333

Charge for the year

-

1,802

1,802

At 29 February 2024

-

3,135

3,135

Carrying amount

At 29 February 2024

2,701,560

10,212

2,711,772

At 28 February 2023

2,691,862

7,555

2,699,417

Included within the net book value of land and buildings above is £2,701,560 (2023 - £2,691,862) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

510,197

-

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

Dalwood Poultry Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £22,526.00 (2023 - £Nil) per each Ordinary shares

22,526

-

 

 

9

Related party transactions

Summary of transactions with associates

Satinsilk Limited
 

Expenditure with and payables to related parties

2024

Associates
£

Purchase of goods

71,075

Amounts payable to related party

5,389

2023

Associates
£

Purchase of goods

154,671

Amounts payable to related party

19,613

Loans to related parties

2024

Associates
£

Total
£

At start of period

(247,017)

(247,017)

Advanced

775,856

775,856

Repaid

(11,839)

(11,839)

At end of period

517,000

517,000

Loans from related parties

2023

Associates
£

Total
£

Advanced

3,122,524

3,122,524

Repaid

(2,875,507)

(2,875,507)

At end of period

247,017

247,017