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Registration number: 09703387

Delf Farmshop & Nursery Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Delf Farmshop & Nursery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Delf Farmshop & Nursery Ltd

Company Information

Directors

Mrs A J Cock

Mr Simon Stephen Cock

Registered office

Delf Nursery
Deal Road
Sandwich
Kent
CT13 0BU

Accountants

Burgess Accountancy Services
Accountant
46-47 The Strand
Walmer
Deal
Kent
CT14 7DX

 

Delf Farmshop & Nursery Ltd

(Registration number: 09703387)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

188,116

168,387

Current assets

 

Stocks

5

19,950

22,500

Debtors

6

7,481

9,288

Cash at bank and in hand

 

994

6,677

 

28,425

38,465

Creditors: Amounts falling due within one year

7

(172,331)

(99,833)

Net current liabilities

 

(143,906)

(61,368)

Total assets less current liabilities

 

44,210

107,019

Creditors: Amounts falling due after more than one year

7

(102,711)

(107,714)

Provisions for liabilities

(10,196)

(8,368)

Net liabilities

 

(68,697)

(9,063)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(68,797)

(9,163)

Shareholders' deficit

 

(68,697)

(9,063)

For the financial year ending 31 July 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 8 November 2024 and signed on its behalf by:
 

 

Delf Farmshop & Nursery Ltd

(Registration number: 09703387)
Balance Sheet as at 31 July 2024

.........................................
Mrs A J Cock
Director

 

Delf Farmshop & Nursery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Delf Nursery
Deal Road
Sandwich
Kent
CT13 0BU

These financial statements were authorised for issue by the Board on 8 November 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Delf Farmshop & Nursery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

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.

Depreciation

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

Property improvements

10% Written down value

Vehicles

20% Written down value

Equipment

20% Written down value

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Delf Farmshop & Nursery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

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.

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 2 (2023 - 2).

 

Delf Farmshop & Nursery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

130,641

40,210

74,369

245,220

Additions

45,131

945

953

47,029

At 31 July 2024

175,772

41,155

75,322

292,249

Depreciation

At 1 August 2023

17,924

15,227

43,682

76,833

Charge for the year

15,784

5,186

6,330

27,300

At 31 July 2024

33,708

20,413

50,012

104,133

Carrying amount

At 31 July 2024

142,064

20,742

25,310

188,116

At 31 July 2023

112,717

24,983

30,687

168,387

Included within the net book value of land and buildings above is £142,063 (2023 - £112,717) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

19,950

22,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

513

2,279

Prepayments

-

350

Other debtors

6,968

6,659

 

7,481

9,288

 

Delf Farmshop & Nursery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,276

6,542

Trade creditors

 

42,526

30,740

Taxation and social security

 

165

77

Accruals and deferred income

 

3,329

2,757

Other creditors

 

121,035

59,717

 

172,331

99,833

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

102,711

107,714

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

102,711

107,714

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,276

6,542

10

Related party transactions

 

Delf Farmshop & Nursery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

4,850

6,200

Contributions paid to money purchase schemes

2,300

1,800

7,150

8,000