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REGISTERED NUMBER: 01150518 (England and Wales)













Financial Statements

for the Year Ended 15 April 2024

for

D.F. MEANWELL LIMITED

D.F. MEANWELL LIMITED (Registered number: 01150518)






Contents of the Financial Statements
for the year ended 15 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


D.F. MEANWELL LIMITED

Company Information
for the year ended 15 April 2024







DIRECTORS: Mrs M J Pepperdine
Mr A D Pepperdine



SECRETARY: Mrs M J Pepperdine



REGISTERED OFFICE: Grange Farm
High Street
Harmston
LINCOLN
Lincolnshire
LN5 9SN



REGISTERED NUMBER: 01150518 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: HSBC Bank Plc
25 High Street
HORNCASTLE
Lincolnshire
LN9 5HR

D.F. MEANWELL LIMITED (Registered number: 01150518)

Statement of Financial Position
15 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 2,789,146 2,835,177
Investments 5 2 2
2,789,148 2,835,179

CURRENT ASSETS
Stocks 261,518 339,568
Debtors 6 22,336 100,454
Cash at bank 134 132
283,988 440,154
CREDITORS
Amounts falling due within one year 7 270,237 421,467
NET CURRENT ASSETS 13,751 18,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,802,899

2,853,866

CREDITORS
Amounts falling due after more than
one year

8

(111,599

)

(146,071

)

PROVISIONS FOR LIABILITIES (149,735 ) (172,098 )
NET ASSETS 2,541,565 2,535,697

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,541,465 2,535,597
SHAREHOLDERS' FUNDS 2,541,565 2,535,697

D.F. MEANWELL LIMITED (Registered number: 01150518)

Statement of Financial Position - continued
15 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 15 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 15 April 2024 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 27 November 2024 and were signed on its behalf by:





Mrs M J Pepperdine - Director


D.F. MEANWELL LIMITED (Registered number: 01150518)

Notes to the Financial Statements
for the year ended 15 April 2024

1. 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.

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

Intangible fixed assets
The intangible fixed assets shown partly comprise entitlements relating to land purchased during the year to 15 April 2007. These entitlements were fully amortised over a seven year period.
The remainder of intangible fixed assets is represented by a sugar beet contracted tonnage entitlement which was purchased during the year to 15 April 2011 and has been fully amortised over a five year period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1.3333 on cost to allow for land value
Plant and machinery - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

The cost of crops and tenantright includes all production overheads and depreciation, and the attributable proportion of indirect overheads.

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 or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.


D.F. MEANWELL LIMITED (Registered number: 01150518)

Notes to the Financial Statements - continued
for the year ended 15 April 2024

1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

D.F. MEANWELL LIMITED (Registered number: 01150518)

Notes to the Financial Statements - continued
for the year ended 15 April 2024

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 16 April 2023
and 15 April 2024 77,090
AMORTISATION
At 16 April 2023
and 15 April 2024 77,090
NET BOOK VALUE
At 15 April 2024 -
At 15 April 2023 -

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 16 April 2023 2,386,919 1,426,848 87,695 5,620 3,907,082
Additions - 7,695 65,333 - 73,028
Disposals - - (14,695 ) - (14,695 )
At 15 April 2024 2,386,919 1,434,543 138,333 5,620 3,965,415
DEPRECIATION
At 16 April 2023 264,085 756,443 47,911 3,466 1,071,905
Charge for year 16,560 89,280 12,665 539 119,044
Eliminated on disposal - - (14,680 ) - (14,680 )
At 15 April 2024 280,645 845,723 45,896 4,005 1,176,269
NET BOOK VALUE
At 15 April 2024 2,106,274 588,820 92,437 1,615 2,789,146
At 15 April 2023 2,122,834 670,405 39,784 2,154 2,835,177

Included in cost of land and buildings is freehold land of £ 1,426,848 (2023 - £ 1,426,848 ) which is not depreciated.

D.F. MEANWELL LIMITED (Registered number: 01150518)

Notes to the Financial Statements - continued
for the year ended 15 April 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 16 April 2023
and 15 April 2024 289,610
DEPRECIATION
At 16 April 2023
and 15 April 2024 110,965
NET BOOK VALUE
At 15 April 2024 178,645
At 15 April 2023 178,645

5. FIXED ASSET INVESTMENTS
Other
investment
£   
COST
At 16 April 2023
and 15 April 2024 2
NET BOOK VALUE
At 15 April 2024 2
At 15 April 2023 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,494 70,294
Other debtors - 15,425
VAT 3,659 5,280
Prepayments and accrued income 8,183 9,455
22,336 100,454

D.F. MEANWELL LIMITED (Registered number: 01150518)

Notes to the Financial Statements - continued
for the year ended 15 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 25,181 114,689
Hire purchase contracts 41,445 80,550
Trade creditors 20,399 11,590
Tax 36,806 24,803
Other taxes & social security 4,687 1,110
Directors' loan accounts 123,839 168,777
Accruals and deferred income 17,880 19,948
270,237 421,467

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 15,760 29,580
Bank loans - 2-5 years 95,839 75,046
Hire purchase contracts - 41,445
111,599 146,071

9. RELATED PARTY DISCLOSURES

D F Meanwell Limited paid rent of £9,348 during the year to 15 April 2024 (2023: £14,188) for land belonging to Mrs M J Pepperdine's SIPP.