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Company registration number: 00547444

D. Dalton & Son Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

image-name
 

D. Dalton & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 17

 

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

Manor Farm
Bushes Road
Pimperne
Dorset
DT11 8US

Accountants

Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

D. Dalton & Son Limited

(Registration number: 00547444)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,814,304

12,074,568

Investment property

7

12,102,904

11,052,771

Other financial assets

8

176,376

209,907

Biological assets

6

630,456

687,648

 

25,724,040

24,024,894

Current assets

 

Biological assets

9

756,208

833,493

Stocks

10

360,532

410,187

Debtors

11

448,136

1,071,396

Cash at bank and in hand

 

400,214

363,942

 

1,965,090

2,679,018

Creditors: Amounts falling due within one year

12

(655,256)

(856,192)

Net current assets

 

1,309,834

1,822,826

Total assets less current liabilities

 

27,033,874

25,847,720

Creditors: Amounts falling due after more than one year

12

(4,244,229)

(2,914,526)

Provisions for liabilities

(3,248,966)

(3,005,211)

Net assets

 

19,540,679

19,927,983

Capital and reserves

 

Called up share capital

46,698

46,698

Capital redemption reserve

3,302

3,302

Other reserves

7,595,219

7,414,679

Profit and loss account

11,895,460

12,463,304

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 


Mr DP Dalton
Director

 

D. Dalton & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Manor Farm
Bushes Road
Pimperne
Dorset
DT11 8US

These financial statements were authorised for issue by the Board on 30 January 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 14).

 

D. Dalton & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

BPS Entitlements
 £

Total
£

Cost or valuation

At 1 July 2023

332,455

332,455

At 30 June 2024

332,455

332,455

Amortisation

At 1 July 2023

332,455

332,455

At 30 June 2024

332,455

332,455

Carrying amount

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

11,760,189

983,830

2,823,723

61,781

120,040

15,749,563

Additions

153,261

-

1,276,544

-

48,900

1,478,705

Disposals

-

-

(50,250)

-

(8,000)

(58,250)

At 30 June 2024

11,913,450

983,830

4,050,017

61,781

160,940

17,170,018

Depreciation

At 1 July 2023

1,676,602

362,366

1,516,251

49,466

70,310

3,674,995

Charge for the year

81,781

95,699

520,629

2,510

13,141

713,760

Eliminated on disposal

-

-

(27,022)

-

(6,019)

(33,041)

At 30 June 2024

1,758,383

458,065

2,009,858

51,976

77,432

4,355,714

Carrying amount

At 30 June 2024

10,155,067

525,765

2,040,159

9,805

83,508

12,814,304

At 30 June 2023

10,083,587

621,464

1,307,472

12,315

49,730

12,074,568

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

6

Non current biological assets

Dairy herd
£

Total
£

Cost or valuation

At 1 July 2023

687,648

687,648

Disposals

(57,192)

(57,192)

At 30 June 2024

630,456

630,456

Depreciation

Carrying amount

At 30 June 2024

630,456

630,456

At 30 June 2023

687,648

687,648

7

Investment properties

2024
£

At 1 July

11,052,771

Additions

775,883

Fair value adjustments

274,250

At 30 June

12,102,904

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

8

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

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

At 30 June 2024

176,376

176,376

9

Current biological assets

Dairy followers
£

Tillages
£

Total
£

Cost or valuation

At 1 July 2023

231,760

601,733

833,493

Additions

89,428

477,702

567,130

Disposals

(42,682)

(601,733)

(644,415)

At 30 June 2024

278,506

477,702

756,208

Fair value

Carrying amount

At 30 June 2024

278,506

477,702

756,208

At 30 June 2023

231,760

601,733

833,493

10

Stocks

2024
£

2023
£

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

11

Debtors

Current

2024
£

2023
£

Trade debtors

208,108

294,767

Prepayments

75,483

621,404

Other debtors

164,545

155,225

 

448,136

1,071,396

12

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

14

241,799

244,124

Trade creditors

 

324,645

448,289

Accruals and deferred income

 

31,655

26,230

Corporation tax

 

-

48,175

Taxation and social security

 

15,721

11,581

Other creditors

 

41,436

77,793

 

655,256

856,192

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

14

4,244,229

2,914,526

 

D. Dalton & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

13

Reserves

Fair value reserve

£

At 1 July 2023

7,414,679

Movement in year:

Transfer of fair value adjustment from profit and loss

240,719

Transfer of deferred tax on fair value adjustments

(60,179)

At 30 June 2024

7,595,219

Fair value reserve

£

At 1 July 2022

7,696,378

Movement in year:

Transfer of fair value adjustment from profit and loss

384,538

Transfer of deferred tax on fair value adjustments

(666,237)

At 30 June 2023

7,414,679

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

14

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,244,229

2,879,260

Hire purchase contracts

-

35,266

4,244,229

2,914,526

Current loans and borrowings

2024
£

2023
£

Bank borrowings

206,533

137,893

Hire purchase contracts

35,266

106,231

241,799

244,124

 

D. Dalton & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

15

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).