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REGISTERED NUMBER: 01206854 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Devichoys Farm Limited

Devichoys Farm Limited (Registered number: 01206854)






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


Devichoys Farm Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs S Chellew
Mr J T Chellew





SECRETARY: Mrs S Chellew





REGISTERED OFFICE: Devichoys Barton
Perran-ar-Worthal
TRURO
Cornwall
TR3 7PD





REGISTERED NUMBER: 01206854 (England and Wales)





ACCOUNTANTS: Colin Truscott Accountancy Limited
9 Heron Close
Tresillian
Cornwall
TR2 4BH

Devichoys Farm Limited (Registered number: 01206854)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 102,325 107,017
Investment property 6 240,000 240,000
342,325 347,017

CURRENT ASSETS
Stocks 7 122,435 101,408
Debtors 8 2,719 2,977
Investments 9 309 309
Cash at bank 31,934 26,100
157,397 130,794
CREDITORS
Amounts falling due within one year 10 314,678 308,257
NET CURRENT LIABILITIES (157,281 ) (177,463 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

185,044

169,554

CREDITORS
Amounts falling due after more than
one year

11

(60,354

)

(67,122

)

PROVISIONS FOR LIABILITIES (4,976 ) (5,868 )
NET ASSETS 119,714 96,564

Devichoys Farm Limited (Registered number: 01206854)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 740 740
Other reserves 13 260 260
Fair value reserve 13 33,050 33,050
Retained earnings 13 85,664 62,514
SHAREHOLDERS' FUNDS 119,714 96,564

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





Mr J T Chellew - Director


Devichoys Farm Limited (Registered number: 01206854)

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

1. STATUTORY INFORMATION

Devichoys Farm 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 as modified by the revaluation of certain assets.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates Value Added Tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost
Plant and machinery etc - on written down value, 20% on cost and 15% on cost

The current residual value of freehold buildings is at least equal to the carrying amount, therefore any depreciation would not be material.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.


Devichoys Farm Limited (Registered number: 01206854)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 76,189 238,850 5,419 13,386 333,844
DEPRECIATION
At 1 April 2023 - 209,841 3,768 13,218 226,827
Charge for year - 4,569 78 45 4,692
At 31 March 2024 - 214,410 3,846 13,263 231,519
NET BOOK VALUE
At 31 March 2024 76,189 24,440 1,573 123 102,325
At 31 March 2023 76,189 29,009 1,651 168 107,017

Devichoys Farm Limited (Registered number: 01206854)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 240,000
NET BOOK VALUE
At 31 March 2024 240,000
At 31 March 2023 240,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2018 32,024
Cost 207,976
240,000

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 207,976 207,976

Investment property was valued on an open market basis on 31 March 2024 by the directors .

7. STOCKS
2024 2023
£    £   
Livestock 47,700 31,300
Consumable stock 6,030 3,069
Deadstock 10,616 4,850
Growing crops 58,089 62,189
122,435 101,408

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 447 829
Prepayments 2,272 2,148
2,719 2,977

Devichoys Farm Limited (Registered number: 01206854)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 309 309

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,244 4,903
Trade creditors 7,692 -
Tax 6,665 2,934
Directors' current accounts 289,066 296,717
Accrued expenses 5,011 3,703
314,678 308,257

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 6,427 5,086
Bank loans - 2-5 years 19,827 16,353
Bank loans more 5 years 34,100 45,683
60,354 67,122

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 years 34,100 45,683

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 66,598 72,025

Devichoys Farm Limited (Registered number: 01206854)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. RESERVES
Fair
Retained Other value
earnings reserves reserve Totals
£    £    £    £   

At 1 April 2023 62,514 260 33,050 95,824
Profit for the year 24,840 - - 24,840
Dividends (1,690 ) - - (1,690 )
At 31 March 2024 85,664 260 33,050 118,974

14. RELATED PARTY DISCLOSURES

The directors, Mr J T and Mrs S Chellew, rent Devichoys Farmhouse from the company for £9,000 each year which is part of Wayleave and rental income.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr JT and Mrs S Chellew.

Mr J T and Mrs S Chellew are the sole directors of the company and between them they own 100% of the issued share capital.