IRIS Accounts Production v24.1.0.578 00657905 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 1.00000 Ordinary non voting B shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh006579052023-03-31006579052024-03-31006579052023-04-012024-03-31006579052022-03-31006579052022-04-012023-03-31006579052023-03-3100657905ns15:EnglandWales2023-04-012024-03-3100657905ns14:PoundSterling2023-04-012024-03-3100657905ns10:Director12023-04-012024-03-3100657905ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100657905ns10:SmallEntities2023-04-012024-03-3100657905ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3100657905ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3100657905ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100657905ns10:FullAccounts2023-04-012024-03-3100657905ns10:OrdinaryShareClass12023-04-012024-03-3100657905ns10:OrdinaryShareClass22023-04-012024-03-3100657905ns10:Director22023-04-012024-03-3100657905ns10:CompanySecretary12023-04-012024-03-3100657905ns10:RegisteredOffice2023-04-012024-03-3100657905ns5:CurrentFinancialInstruments2024-03-3100657905ns5:CurrentFinancialInstruments2023-03-3100657905ns5:Non-currentFinancialInstruments2024-03-3100657905ns5:Non-currentFinancialInstruments2023-03-3100657905ns5:ShareCapital2024-03-3100657905ns5:ShareCapital2023-03-3100657905ns5:FurtherSpecificReserve1ComponentTotalEquity2024-03-3100657905ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3100657905ns5:RetainedEarningsAccumulatedLosses2024-03-3100657905ns5:RetainedEarningsAccumulatedLosses2023-03-3100657905ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3100657905ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3100657905ns5:PlantMachinery2023-04-012024-03-3100657905ns5:FurnitureFittings2023-04-012024-03-3100657905ns5:MotorVehicles2023-04-012024-03-3100657905ns5:ComputerEquipment2023-04-012024-03-3100657905ns5:LandBuildings2023-03-3100657905ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3100657905ns5:PlantMachinery2023-03-3100657905ns5:LandBuildings2023-04-012024-03-3100657905ns5:LandBuildings2024-03-3100657905ns5:LongLeaseholdAssetsns5:LandBuildings2024-03-3100657905ns5:PlantMachinery2024-03-3100657905ns5:LandBuildings2023-03-3100657905ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3100657905ns5:PlantMachinery2023-03-3100657905ns5:FurnitureFittings2023-03-3100657905ns5:MotorVehicles2023-03-3100657905ns5:ComputerEquipment2023-03-3100657905ns5:FurnitureFittings2024-03-3100657905ns5:MotorVehicles2024-03-3100657905ns5:ComputerEquipment2024-03-3100657905ns5:FurnitureFittings2023-03-3100657905ns5:MotorVehicles2023-03-3100657905ns5:ComputerEquipment2023-03-3100657905ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3100657905ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100657905ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3100657905ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3100657905ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3100657905ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3100657905ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3100657905ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3100657905ns10:OrdinaryShareClass12024-03-3100657905ns10:OrdinaryShareClass22024-03-31
REGISTERED NUMBER: 00657905 (England and Wales)



UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

D. CHENNELLS LIMITED

D. CHENNELLS LIMITED (REGISTERED NUMBER: 00657905)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


D. CHENNELLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: David Chennells
Mrs Janice Richmond-Chennells





SECRETARY: Mrs Janice Richmond-Chennells





REGISTERED OFFICE: Highlands Farm
Rettendon
Chelmsford
Essex
CM3 8EB





REGISTERED NUMBER: 00657905 (England and Wales)





ACCOUNTANTS: Lucentum Business Services Ltd
Beckwith Barn
Warren Estate
Lordship Road
Chelmsford
Essex
CM1 3WT

D. CHENNELLS LIMITED (REGISTERED NUMBER: 00657905)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,314,325 3,373,033

CURRENT ASSETS
Stocks 191,998 130,760
Debtors 6 104,472 23,881
Cash at bank and in hand 232,724 98,121
529,194 252,762
CREDITORS
Amounts falling due within one year 7 718,577 570,673
NET CURRENT LIABILITIES (189,383 ) (317,911 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,124,942

3,055,122

CREDITORS
Amounts falling due after more than one
year

8

(1,407,447

)

(1,433,400

)

PROVISIONS FOR LIABILITIES (104,408 ) (104,408 )
NET ASSETS 1,613,087 1,517,314

CAPITAL AND RESERVES
Called up share capital 9 25,000 25,000
Undistributable reserves 1,073,032 1,073,032
Retained earnings 515,055 419,282
SHAREHOLDERS' FUNDS 1,613,087 1,517,314

D. CHENNELLS LIMITED (REGISTERED NUMBER: 00657905)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 5 November 2024 and were signed on its behalf by:





Mrs Janice Richmond-Chennells - Director


D. CHENNELLS LIMITED (REGISTERED NUMBER: 00657905)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

D. Chennells Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents
amounts receivable for the farming of wheat, barley and oilseed rape, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is
probable that future economic benefits will flow to the entity and when specific criteria have been met
for each of the company’s activities described below.

Turnover is measured when the risks and rewards of ownership have been passed onto the customer.

Other operating income includes rental income generated. Rental income is recognised over the period the rental relates to.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - In accordance with the valuation
Grainstore - 15% on reducing balance
Tractors and combines - at variable rates on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance
Plant & equipment - 15% 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.

D. CHENNELLS LIMITED (REGISTERED NUMBER: 00657905)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

D. CHENNELLS LIMITED (REGISTERED NUMBER: 00657905)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Tractors
Freehold and
property Grainstore combines
£    £    £   
COST
At 1 April 2023 3,148,535 53,725 213,186
Additions - - -
Disposals - - (84,000 )
At 31 March 2024 3,148,535 53,725 129,186
DEPRECIATION
At 1 April 2023 - 53,725 144,706
Charge for year - - 8,480
Eliminated on disposal - - (72,052 )
At 31 March 2024 - 53,725 81,134
NET BOOK VALUE
At 31 March 2024 3,148,535 - 48,052
At 31 March 2023 3,148,535 - 68,480

Fixtures
and Motor Plant &
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 13,170 2,500 834,955 4,266,071
Additions - - 13,641 13,641
Disposals - - - (84,000 )
At 31 March 2024 13,170 2,500 848,596 4,195,712
DEPRECIATION
At 1 April 2023 9,603 2,500 682,504 893,038
Charge for year 1,177 - 50,744 60,401
Eliminated on disposal - - - (72,052 )
At 31 March 2024 10,780 2,500 733,248 881,387
NET BOOK VALUE
At 31 March 2024 2,390 - 115,348 3,314,325
At 31 March 2023 3,567 - 152,451 3,373,033

There is a fixed and floating legal charge over some land owned by the company.

The historical cost of the freehold land and buildings included at the above valuation of £365,719 (2023: £365,719)

D. CHENNELLS LIMITED (REGISTERED NUMBER: 00657905)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 97,613 7,457
VAT 4,569 14,533
Prepayments and accrued income 2,290 1,891
104,472 23,881

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 119,279 119,280
Trade creditors 25,185 26,512
Tax 120 120
Social security and other taxes 1,519 -
Other creditors 517,512 370,115
Directors' loan accounts 51,112 51,204
Accrued expenses 3,850 3,442
718,577 570,673

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 119,280 119,280
Bank loans - 2-5 years 357,839 357,839
Bank loans more 5 yr by instal 930,328 956,281
1,407,447 1,433,400

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 930,328 956,281

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary £1 20,000 20,000
5,000 Ordinary non voting B shares £1 5,000 5,000
25,000 25,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 March 2024 the company owed £50,995 (2023 - £50,995) and £31,883 (2023 - due to £209) to Mr D Chennells and Ms J Chennells.