Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C T Denning 26/03/2014 D J Denning 26/03/2014 E H Denning 26/03/2014 R G Denning 26/03/2014 24 February 2025 The principal activity of the Company during the financial year was agricultural contracting 08960831 2024-03-31 08960831 bus:Director1 2024-03-31 08960831 bus:Director2 2024-03-31 08960831 bus:Director3 2024-03-31 08960831 bus:Director4 2024-03-31 08960831 2023-03-31 08960831 core:CurrentFinancialInstruments 2024-03-31 08960831 core:CurrentFinancialInstruments 2023-03-31 08960831 core:Non-currentFinancialInstruments 2024-03-31 08960831 core:Non-currentFinancialInstruments 2023-03-31 08960831 core:ShareCapital 2024-03-31 08960831 core:ShareCapital 2023-03-31 08960831 core:RetainedEarningsAccumulatedLosses 2024-03-31 08960831 core:RetainedEarningsAccumulatedLosses 2023-03-31 08960831 core:PlantMachinery 2023-03-31 08960831 core:Vehicles 2023-03-31 08960831 core:OfficeEquipment 2023-03-31 08960831 core:PlantMachinery 2024-03-31 08960831 core:Vehicles 2024-03-31 08960831 core:OfficeEquipment 2024-03-31 08960831 core:CostValuation 2023-03-31 08960831 core:AdditionsToInvestments 2024-03-31 08960831 core:CostValuation 2024-03-31 08960831 2023-04-01 2024-03-31 08960831 bus:FilletedAccounts 2023-04-01 2024-03-31 08960831 bus:SmallEntities 2023-04-01 2024-03-31 08960831 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08960831 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08960831 bus:Director1 2023-04-01 2024-03-31 08960831 bus:Director2 2023-04-01 2024-03-31 08960831 bus:Director3 2023-04-01 2024-03-31 08960831 bus:Director4 2023-04-01 2024-03-31 08960831 core:PlantMachinery 2023-04-01 2024-03-31 08960831 core:Vehicles 2023-04-01 2024-03-31 08960831 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 08960831 2022-04-01 2023-03-31 08960831 core:OfficeEquipment 2023-04-01 2024-03-31 08960831 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 08960831 (England and Wales)

DENNING FARMS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

DENNING FARMS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DENNING FARMS LTD

BALANCE SHEET

As at 31 March 2024
DENNING FARMS LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,615,407 1,635,972
Investments 4 621,380 0
2,236,787 1,635,972
Current assets
Debtors 5 492,873 906,415
492,873 906,415
Creditors: amounts falling due within one year 6 ( 883,872) ( 957,130)
Net current liabilities (390,999) (50,715)
Total assets less current liabilities 1,845,788 1,585,257
Creditors: amounts falling due after more than one year 7 ( 902,363) ( 351,858)
Provision for liabilities ( 311,205) ( 293,414)
Net assets 632,220 939,985
Capital and reserves
Called-up share capital 13 13
Profit and loss account 632,207 939,972
Total shareholders' funds 632,220 939,985

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Denning Farms Ltd (registered number: 08960831) were approved and authorised for issue by the Board of Directors on 24 February 2025. They were signed on its behalf by:

R G Denning
Director
DENNING FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DENNING FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Denning Farms Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Trenithon Chancellor, Probus, Truro, TR2 4HQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 21

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 1,887,867 970,734 790 2,859,391
Additions 157,025 568,400 0 725,425
Disposals ( 282,910) ( 28,000) 0 ( 310,910)
At 31 March 2024 1,761,982 1,511,134 790 3,273,906
Accumulated depreciation
At 01 April 2023 1,048,843 174,530 46 1,223,419
Charge for the financial year 294,604 270,420 79 565,103
Disposals ( 130,023) 0 0 ( 130,023)
At 31 March 2024 1,213,424 444,950 125 1,658,499
Net book value
At 31 March 2024 548,558 1,066,184 665 1,615,407
At 31 March 2023 839,024 796,204 744 1,635,972

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 0 0
Additions 168,000 168,000
At 31 March 2024 168,000 168,000
Carrying value at 31 March 2024 621,380 621,380
Carrying value at 31 March 2023 0 0

5. Debtors

2024 2023
£ £
Trade debtors 8,225 906,415
Other debtors 484,648 0
492,873 906,415

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 186,766 197,321
Trade creditors 163,576 177,685
Other taxation and social security 151,629 182,279
Obligations under finance leases and hire purchase contracts 318,670 341,934
Other creditors 63,231 57,911
883,872 957,130

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 14,442 45,961
Obligations under finance leases and hire purchase contracts 434,541 305,897
Other creditors 453,380 0
902,363 351,858

Bank loans and hire purchase contracts are secured by a charge over the assets to which they relate to.