REGISTERED NUMBER: |
DAVISON & CO. (BARFORD) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: |
DAVISON & CO. (BARFORD) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 9 |
DAVISON & CO. (BARFORD) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Inventories |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Revaluation reserve |
Other reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2024 |
The financial statements were approved the Board of Directors and authorised for issue on |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Davison & Co. (Barford) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Revenue represents amounts charged to customers for produce and services provided during the year, excluding value added tax and trade discounts, and single farm payment. |
Produce sales are recognised on despatch or collection if the goods. Contracting income is recognised in the period in which the work was undertaken. |
Rental income is recognised in the period to which it relates. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is calculated to write down the cost of all tangible fixed assets other than freehold land and excluding investment properties, by equal annual instalments or by the reducing balance method over their expected useful lives. The rates/periods generally applicable are: |
Freehold property improvements | Nil & 5-10 years straight line |
Plant and equipment | 12.5-30% reducing balance |
Investments in associates |
Investments in subsidiary and associated undertakings are recognised at cost less impairment. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Inventories |
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt the FRS102 1A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
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. |
Foreign currencies |
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. The financial statements of the foreign divisions are translated at the rate of exchange ruling at the balance sheet date. The differences arising from the retranslation of the opening net investment in divisions are taken directly to reserves. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets (including equity investments) they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through the profit and loss account. |
Pension costs and other post-retirement benefits |
Defined Contribution Scheme |
The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period. |
The Basic Farm Payment is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance. |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the profit and loss account over the expected useful lives of the relevant assets. |
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Exchange differences |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Exchange differences |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
PROVISIONS |
At 1 July 2023 |
and 30 June 2024 | 1,750 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2024 | 2,997,423 |
The investment property was valued by the directors on 30 June 2024 having considered the recent sale values of similar properties in the local area. |
8. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' loan accounts | - |
Corporation tax |
Prepayments and accrued income |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Other taxes and |
social security |
Other creditors |
Directors' loan accounts |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans more 5 yrs non-inst | 500,000 | 700,000 |
Hire purchase contracts |
Amounts owed to related |
undertakings |
Accruals and deferred income |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 590,793 | 700,002 |
Hire purchase creditors are secured on the assets to which they relate. |
The bank overdraft is secured against freehold land. |
Bank loans are secured by a fixed charge over sections of the company's land. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 63,000 | 63,000 |
Redeemable preference | £1 | 1,700,000 | 1,850,000 |
1,763,000 | 1,913,000 |
DAVISON & CO. (BARFORD) LIMITED (REGISTERED NUMBER: 00632148) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | CALLED UP SHARE CAPITAL - continued |
Redeemable preference shares are redeemable at the option of the company. |
£150,000 of £1 redeemable preference shares (2023: £250,000) were redeemed during the accounting period. |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Director's loans are repayable on demand and interest is charged on loans over £10,000. |
14. | RELATED PARTY DISCLOSURES |
Included within other creditors is a loan in the sum of £122,371 (2023: £134,041) owing to the estate of a late director. |
At the balance sheet date £130,000 (2023: NIL) was owed by a related party. |
These loans are interest free and repayable on demand. |