DAVID UDALE LTD
Company registration number 06962059 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
DAVID UDALE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DAVID UDALE LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,427,814
12,054,247
Biological assets
4
237,812
336,345
Investments
5
60
2,460
12,665,686
12,393,052
Current assets
Stocks
312,838
459,203
Debtors
6
653,855
833,569
Cash at bank and in hand
23,274
4,649
989,967
1,297,421
Creditors: amounts falling due within one year
7
(1,009,666)
(951,230)
Net current (liabilities)/assets
(19,699)
346,191
Total assets less current liabilities
12,645,987
12,739,243
Creditors: amounts falling due after more than one year
8
(1,115,756)
(1,159,638)
Provisions for liabilities
(251,993)
(297,819)
Net assets
11,278,238
11,281,786
Capital and reserves
Called up share capital
100
100
Share premium account
9,995,388
9,995,388
Profit and loss reserves
1,282,750
1,286,298
Total equity
11,278,238
11,281,786
DAVID UDALE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr D J Udale
Director
Company Registration No. 06962059
DAVID UDALE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
David Udale Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Eyton House Farm, Eyton, Wellington, Telford, Shropshire, TF6 6EY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
Various rates
Plant and machinery
10.00% reducing balance
Motor vehicles
17.50% reducing balance
The directors consider that the freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with the requirements of Section 16 and Section 17 of FRS 102, to ensure that the carrying value is not higher than the recoverable amount.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
DAVID UDALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;
lower of cost and estimated selling price less costs to complete and sell; or
fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Poultry
Not depreciated
Potatoes
Not depreciated
Other growing crops
Not depreciated
The directors consider that the value of poultry, potatoes and other growing crops are not materially different to their residual value and therefore are not depreciated.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
DAVID UDALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
DAVID UDALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
8
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
11,148,323
3,296,520
14,444,843
Additions
327,968
302,001
629,969
Disposals
(87,945)
(87,945)
At 30 April 2024
11,476,291
3,510,576
14,986,867
Depreciation and impairment
At 1 May 2023
331,619
2,058,977
2,390,596
Depreciation charged in the year
26,129
168,504
194,633
Eliminated in respect of disposals
(26,176)
(26,176)
At 30 April 2024
357,748
2,201,305
2,559,053
Carrying amount
At 30 April 2024
11,118,543
1,309,271
12,427,814
At 30 April 2023
10,816,704
1,237,543
12,054,247
DAVID UDALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Biological assets
Poultry
Potatoes
Other growing crops
Total
£
£
£
£
Cost
At 1 May 2023
60,000
115,500
160,845
336,345
Additions - planting
91,800
89,700
181,500
Additions - purchases
226,148
-
-
226,148
Revaluation
1,560,657
1,560,657
Disposals
(1,790,493)
(1,790,493)
Harvest
(115,500)
(160,845)
(276,345)
At 30 April 2024
56,312
91,800
89,700
237,812
Depreciation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
56,312
91,800
89,700
237,812
At 30 April 2023
60,000
115,500
160,845
336,345
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
60
2,460
Movements in fixed asset investments
Investments
Other
Total
£
£
£
Cost or valuation
At 1 May 2023
60
2,400
2,460
Disposals
-
(2,400)
(2,400)
At 30 April 2024
60
-
60
Carrying amount
At 30 April 2024
60
-
60
At 30 April 2023
60
2,400
2,460
DAVID UDALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
186,770
317,938
Corporation tax recoverable
77,500
77,500
Other debtors
389,585
438,131
653,855
833,569
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
683,883
625,819
Trade creditors
149,667
251,996
Amounts owed to group undertakings
14,960
14,960
Corporation tax
41,174
26,066
Other taxation and social security
8,273
2,848
Other creditors
111,709
29,541
1,009,666
951,230
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,112,413
1,159,638
Other creditors
3,343
1,115,756
1,159,638
The bank loan and overdraft are secured on the assets of the company. Liabilities under hire purchase contracts are secured against the related assets.
9
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Loan
2.25
310,000
6,975
(6,975)
310,000
310,000
6,975
(6,975)
310,000
10
Parent company
The company is controlled by David Udale Holdings Limited who own the entire called up share capital.