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REGISTERED NUMBER: 02299343 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 November 2024

for

F Dring & Sons Limited

F Dring & Sons Limited (Registered number: 02299343)

Contents of the Financial Statements
for the Year Ended 30 November 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 8


F Dring & Sons Limited

Company Information
for the Year Ended 30 November 2024







Directors: R P Barlow
Mrs R J Barlow
J P Dring





Secretary: Mrs R J Barlow





Registered office: Double Roof
Moulton
Spalding
Lincolnshire
PE12 6NT





Registered number: 02299343 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
F Dring & Sons Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F Dring & Sons Limited for the year ended 30 November 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of F Dring & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 14 January 2019. Our work has been undertaken solely to prepare for your approval the financial statements of F Dring & Sons Limited and state those matters that we have agreed to state to the Board of Directors of F Dring & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F Dring & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that F Dring & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F Dring & Sons Limited. You consider that F Dring & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of F Dring & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


10 March 2025

F Dring & Sons Limited (Registered number: 02299343)

Statement of Financial Position
30 November 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 885,714 1,244,328
Investments 6 1,022 1,022
886,736 1,245,350

Current assets
Stocks 281,164 374,721
Debtors 7 263,189 257,761
Cash at bank and in hand 670,981 100,925
1,215,334 733,407
Creditors
Amounts falling due within one year 8 380,624 400,477
Net current assets 834,710 332,930
Total assets less current liabilities 1,721,446 1,578,280

Creditors
Amounts falling due after more than one
year

9

(11,667

)

(362,215

)

Provisions for liabilities (50,405 ) (28,189 )
Net assets 1,659,374 1,187,876

Capital and reserves
Called up share capital 10 360,000 360,000
Revaluation reserve 11 210,707 210,707
Capital redemption reserve 1,500 1,500
Other reserves 650 650
Retained earnings 1,086,517 615,019
Shareholders' funds 1,659,374 1,187,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

F Dring & Sons Limited (Registered number: 02299343)

Statement of Financial Position - continued
30 November 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:





R P Barlow - Director


F Dring & Sons Limited (Registered number: 02299343)

Notes to the Financial Statements
for the Year Ended 30 November 2024


1. Statutory information

F Dring & Sons 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.

Turnover
Turnover is measured at 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 drainage works - 10% straight line
Implements and machinery - 15% straight line
Tractors - 15% straight line
Motor vehicles - 25% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


F Dring & Sons Limited (Registered number: 02299343)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Farm support income
De-linked farm support income is accounted for on a receipts basis in the financial statements.

4. Employees and directors

The average number of employees during the year was 3 (2023 - 6 ) .

5. Tangible fixed assets
Implements
Freehold and Motor
property machinery Tractors vehicles Totals
£    £    £    £    £   
Cost
At 1 December 2023 1,068,775 928,208 627,558 35,942 2,660,483
Additions 1,249 18,826 13,100 4,200 37,375
Disposals (96,836 ) (778,837 ) (454,826 ) - (1,330,499 )
At 30 November 2024 973,188 168,197 185,832 40,142 1,367,359
Depreciation
At 1 December 2023 207,116 808,736 384,561 15,742 1,416,155
Charge for year 21,942 12,144 19,954 4,496 58,536
Eliminated on disposal (79,480 ) (673,321 ) (240,245 ) - (993,046 )
At 30 November 2024 149,578 147,559 164,270 20,238 481,645
Net book value
At 30 November 2024 823,610 20,638 21,562 19,904 885,714
At 30 November 2023 861,659 119,472 242,997 20,200 1,244,328

Included in freehold property is freehold land and buildings which have been valued at open market value of £393,647 by the directors as at 30 November 2014, upon which no depreciation has been charged. If they had not been revalued they would have been disclosed at their historic cost equivalent of £182,940.

F Dring & Sons Limited (Registered number: 02299343)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


6. Fixed asset investments
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
Cost
At 1 December 2023
and 30 November 2024 1,000 22 1,022
Net book value
At 30 November 2024 1,000 22 1,022
At 30 November 2023 1,000 22 1,022

The investment in the subsidiary represents an 80% holding of the share capital of Double Roof Limited.

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 199,468 231,410
Directors' current accounts 13,248 -
VAT 37,376 -
Prepayments and accrued income 13,097 26,351
263,189 257,761

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 10,000 59,064
Trade creditors 200,543 102,097
Amounts owed to group undertakings 22,101 22,101
Tax 127,421 -
Social security and other taxes 1,015 2,648
VAT - 13,397
Hire purchase contracts 1,667 17,000
Directors' current accounts - 168,588
Accruals and deferred income 17,877 15,582
380,624 400,477

The bank loans are secured by a legal charge over certain freehold land owned by the company and obligations under hire purchase contracts are secured by the asset it is financing.

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 11,667 333,548
Hire purchase contracts - 28,667
11,667 362,215

F Dring & Sons Limited (Registered number: 02299343)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


9. Creditors: amounts falling due after more than one year - continued

The bank loans are secured by a legal charge over certain freehold land owned by the company and obligations under hire purchase contracts are secured by the asset it is financing.

Included within creditors: amounts falling due after more than one year is an amount of £nil (2023 - £104,040) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
72,000 Ordinary A £1 72,000 72,000
288,000 Ordinary B £1 288,000 288,000
360,000 360,000

11. Reserves
Revaluation
reserve
£   
At 1 December 2023
and 30 November 2024 210,707

12. Directors' advances, credits and guarantees

The company rents land from the directors rent free in the current and prior year.

The bank loans and overdraft are partly secured by a mortgage over land owned by Mrs R J Barlow, a director, and by personal guarantees of all directors.

13. Related party disclosures

R P Barlow and Mrs R J Barlow are also directors of Double Roof Limited to which the company owed an interest free amount at the year end of £22,101 (2023 - £22,101).

At 30 November 2024 the company was owed interest free amounts by the directors totalling £13,248 (2023 - £168,588 owed by the company to the directors).