Company registration number:
D. Dalton & Son Limited
for the Year Ended 30 June 2024
D. Dalton & Son Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
D. Dalton & Son Limited
Company Information
Directors |
Mr GM Dalton Mr TM Dalton Mr S S Chambers Mr DP Dalton Mr PJ Dalton |
Registered office |
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Accountants |
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D. Dalton & Son Limited
(Registration number: 00547444)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
176,376 |
209,907 |
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Biological assets |
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Current assets |
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Biological assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
46,698 |
46,698 |
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Capital redemption reserve |
3,302 |
3,302 |
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Other reserves |
7,595,219 |
7,414,679 |
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Profit and loss account |
11,895,460 |
12,463,304 |
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Total equity |
19,540,679 |
19,927,983 |
D. Dalton & Son Limited
(Registration number: 00547444)
Balance Sheet as at 30 June 2024
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock, crops, contracting, rental, solar and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk, livestock and crops and in the period to which the contracting, equestrian and government grant relates.
Government grants
Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received.
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Basic payment scheme
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted entitlements deferred income is released to the profit and loss account as other operating income at the same rate at which the intangible asset is being amortised.
Asset class |
Amortisation method and rate |
Basic payment scheme entitlements |
5-8 years straight line |
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Investment property
Investments
Investments comprising of listed shares are measured at fair value. The fair value of these listed investments are measured by reference to active market prices.
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.
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Depreciation of tangible assets
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:
Asset class |
Depreciation method and rate |
Land and buildings |
0-5% reducing balance |
Tractors |
15% reducing balance |
Plant and machinery |
15% reducing balance |
Office equipment |
15% reducing balance |
Motor vehicles |
20% reducing balance |
Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at fair value by reference to active market prices at the year end. Assets within the classification comprise a dairy herd.
Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Dairy followers are measured at fair value by reference to active market prices at the year end. Tillages are measured at cost less accumulated depreciation.
Stocks
Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.
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.
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.
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Security is provided by way of the assets themselves.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Intangible assets |
BPS Entitlements |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
- |
At 30 June 2023 |
- |
- |
Basic payment scheme entitlements
The amortisation charge for the year is recognised within depreciation in the profit and loss. Deferred income has been released to the profit and loss account each year and is recognised as other operating income. The entitlements have now been fully amortised and so there is no impact on the profit and loss account for this year.
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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- |
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- |
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Disposals |
- |
- |
( |
- |
( |
( |
At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
( |
At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Included within the net book value of land and buildings above is £10,155,067 (2023 - £10,083,587) in respect of freehold land and buildings.
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Non current biological assets |
Dairy herd |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Disposals |
( |
( |
At 30 June 2024 |
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Depreciation |
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Carrying amount |
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At 30 June 2024 |
630,456 |
630,456 |
At 30 June 2023 |
687,648 |
687,648 |
Investment properties |
2024 |
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At 1 July |
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Additions |
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Fair value adjustments |
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At 30 June |
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The fair value of the residential investment properties has been considered by the directors on the basis of an open market by reference to market evidence of transaction prices for similar properties. The fair value of the commercial investment properties has been valued with reference to future cash inflows.
There has been no valuation of investment property by an independent valuer.
The historic cost of the investment properties as at 30 June 2024 is £2,152,322 (2023 - £1,376,439).
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 July 2023 |
209,907 |
209,907 |
Fair value adjustments |
(33,531) |
(33,531) |
At 30 June 2024 |
176,376 |
176,376 |
Carrying amount |
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At 30 June 2024 |
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176,376 |
Current biological assets |
Dairy followers
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Tillages
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Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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Disposals |
(42,682) |
(601,733) |
( |
At 30 June 2024 |
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Fair value |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Stocks |
2024 |
2023 |
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Raw materials and consumables |
360,532 |
410,187 |
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
- |
48,175 |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Reserves |
Fair value reserve |
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£ |
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At 1 July 2023 |
7,414,679 |
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Movement in year: |
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Transfer of fair value adjustment from profit and loss |
240,719 |
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Transfer of deferred tax on fair value adjustments |
(60,179) |
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At 30 June 2024 |
7,595,219 |
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Fair value reserve |
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£ |
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At 1 July 2022 |
7,696,378 |
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Movement in year: |
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Transfer of fair value adjustment from profit and loss |
384,538 |
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Transfer of deferred tax on fair value adjustments |
(666,237) |
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At 30 June 2023 |
7,414,679 |
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Fair value reserve movements
The movement in the fair value reserve this year relates to the listed investment and investment properties. All movements have initially been recognised in the profit and loss and subsequently transferred out to the fair value reserve.
D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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D. Dalton & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Related party transactions |
Other transactions with directors |
Mr P Dalton
Mr P Dalton is a director of the company. During the year Mr P Dalton maintained a current account with interest charged at a commercial rate, and which is repayable on demand. At the balance sheet date Mr P Dalton was owed £30,050 (2023: £70,050). The interest charged is included within the Profit and Loss account under interest payable and similar charges.
Mr T Dalton
Mr T Dalton is a director of the company. During the year Mr T Dalton maintained a current account with interest charged at a commercial rate, and which is repayable on demand. At the balance sheet date Mr T Dalton owed the company £1,092 (2023: £1,092).
Mr S Chambers
Mr S Chambers is a director of the company. During the year Mr S Chambers maintained a current account with interest charged at a commercial rate, and which is repayable on demand. At the balance sheet date Mr S Chambers was owed £1,251 (2023: £1,251).