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REGISTERED NUMBER: 00531378 (England and Wales)
















Unaudited Financial Statements for the Year Ended 5 April 2024

for

E.W.Davies Farms Limited

E.W.Davies Farms Limited (Registered number: 00531378)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


E.W.Davies Farms Limited

Company Information
for the Year Ended 5 April 2024







DIRECTORS: Mr A G Davies
Mr M E Davies
Mr J A Durrant
Mr J B S Gwatkin





SECRETARY: Mr A G Davies





REGISTERED OFFICE: The Hydes
Thaxted
Dunmow
Essex
CM6 3QB





REGISTERED NUMBER: 00531378 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

E.W.Davies Farms Limited (Registered number: 00531378)

Balance Sheet
5 April 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,632,331 4,755,487
Investments 5 30,608 30,698
4,662,939 4,786,185

CURRENT ASSETS
Stocks 676,142 628,639
Debtors 6 327,730 437,475
Cash in hand 6,576 1,820
1,010,448 1,067,934
CREDITORS
Amounts falling due within one year 7 900,269 977,300
NET CURRENT ASSETS 110,179 90,634
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,773,118

4,876,819

CREDITORS
Amounts falling due after more than one
year

8

774,571

947,665
NET ASSETS 3,998,547 3,929,154

CAPITAL AND RESERVES
Called up share 10 10,000 10,000
Retained earnings 3,988,547 3,919,154
SHAREHOLDERS' FUNDS 3,998,547 3,929,154

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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.

E.W.Davies Farms Limited (Registered number: 00531378)

Balance Sheet - continued
5 April 2024


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 31 January 2025 and were signed on its behalf by:




Mr A G Davies - Director



Mr J A Durrant - Director


E.W.Davies Farms Limited (Registered number: 00531378)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

E.W.Davies Farms 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net amounts of work done invoiced during the year along with net farming income and arable subsidies, excluding Value Added Tax.

Tangible fixed assets
Freehold Property4% as applicable
Plant & machinery20% reducing balance
Fixtures & fittings20% reducing balance
Motor vehicles25% reducing balance
Tractors & combines15% reducing balance

Except as noted below, depreciation has not been provided for on the freehold property. In the opinion of the directors the residual value would be sufficiently high to make any depreciation charge immaterial. The directors have based their estimate of residual values of prices prevailing at the time of acquisition. Solar panels attached to the roof of one of the company's barns are being depreciated over 25 years on a straight line basis, this being the term of the Feed in Tariff agreement entered into by the company.

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

The valuation of growing crops includes the costs of chemicals and fertilisers applied to those crops and the cost of direct labour and overheads incurred.

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.

E.W.Davies Farms Limited (Registered number: 00531378)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 6 April 2023 3,471,304 232,793 1,223,398
Additions - - 213,211
Disposals (55,792 ) - (79,750 )
At 5 April 2024 3,415,512 232,793 1,356,859
DEPRECIATION
At 6 April 2023 78,825 - 715,258
Charge for year 16,156 - 127,746
Eliminated on disposal - - (40,416 )
At 5 April 2024 94,981 - 802,588
NET BOOK VALUE
At 5 April 2024 3,320,531 232,793 554,271
At 5 April 2023 3,392,479 232,793 508,140

E.W.Davies Farms Limited (Registered number: 00531378)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

4. TANGIBLE FIXED ASSETS - continued

Tractors
Motor and
vehicles combines Totals
£    £    £   
COST
At 6 April 2023 71,006 1,213,160 6,211,661
Additions 1,300 - 214,511
Disposals (3,700 ) (15,000 ) (154,242 )
At 5 April 2024 68,606 1,198,160 6,271,930
DEPRECIATION
At 6 April 2023 44,041 618,050 1,456,174
Charge for year 7,000 89,161 240,063
Eliminated on disposal (3,611 ) (12,611 ) (56,638 )
At 5 April 2024 47,430 694,600 1,639,599
NET BOOK VALUE
At 5 April 2024 21,176 503,560 4,632,331
At 5 April 2023 26,965 595,110 4,755,487

Included in the net book value of £4,688,123 is £186,098 (2023: £493,861) relating to assets held under hire purchase agreement. The depreciation charged to the financial statements in respect of such assets amounted to £32,841 (2023: £88,500).

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 6 April 2023 30,698
Disposals (90 )
At 5 April 2024 30,608
NET BOOK VALUE
At 5 April 2024 30,608
At 5 April 2023 30,698

Unlisted investments includes £30,608 with regards to Ritual Chocolate, a company incorporated in the United States of America. The directors have considered the value of the assets without actually revaluing them, and are satisfied the value as stated in the financial statements reflects the market value of the assets.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Trade debtors 149,046 256,610
Other debtors 102,331 132,836
Prepayments and accrued income 76,353 48,029
327,730 437,475

E.W.Davies Farms Limited (Registered number: 00531378)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loans and overdrafts 488,139 548,665
Hire purchase contracts 60,395 136,757
Trade creditors 151,866 62,057
Tax 38,667 34,265
Directors' current accounts 143,323 172,823
Accrued expenses 17,879 22,733
900,269 977,300

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
5.4.24 5.4.23
£    £   
Bank loans - 2-5 years 530,047 556,081
Bank loans more 5 yr by instal 184,029 270,695
Hire purchase contracts 60,495 120,889
774,571 947,665

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 184,029 270,695

9. SECURED DEBTS

The following secured debts are included within creditors:

5.4.24 5.4.23
£    £   
Bank overdrafts 376,492 441,148
Bank loans 825,723 934,293
1,202,215 1,375,441

The bank borrowings are secured against 558 acres, including 3 houses (title number EX393070). The bank overdraft of £420,904.99 (2023 - £441,147.70) is, in common with most overdrafts, repayable on demand. The loan is repayable over 15 years and interest is chargeable at the rate of 2.075% over the base rate.

10. CALLED UP SHARE

Allotted, issued and fully paid:
Number: Class: Nominal 5.4.24 5.4.23
value: £    £   
10,000 Ordinary £1.00 10,000 10,000