Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302025-05-152023-10-01falseNo description of principal activity55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00517311 2023-10-01 2024-09-30 00517311 2022-10-01 2023-09-30 00517311 2024-09-30 00517311 2023-09-30 00517311 c:Director2 2023-10-01 2024-09-30 00517311 d:Buildings 2023-10-01 2024-09-30 00517311 d:Buildings 2024-09-30 00517311 d:Buildings 2023-09-30 00517311 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00517311 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 00517311 d:Buildings d:LongLeaseholdAssets 2024-09-30 00517311 d:Buildings d:LongLeaseholdAssets 2023-09-30 00517311 d:Buildings d:ShortLeaseholdAssets 2023-10-01 2024-09-30 00517311 d:Buildings d:ShortLeaseholdAssets 2024-09-30 00517311 d:Buildings d:ShortLeaseholdAssets 2023-09-30 00517311 d:PlantMachinery 2023-10-01 2024-09-30 00517311 d:PlantMachinery 2024-09-30 00517311 d:PlantMachinery 2023-09-30 00517311 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00517311 d:MotorVehicles 2023-10-01 2024-09-30 00517311 d:MotorVehicles 2024-09-30 00517311 d:MotorVehicles 2023-09-30 00517311 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00517311 d:ComputerEquipment 2023-10-01 2024-09-30 00517311 d:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 00517311 d:OtherPropertyPlantEquipment 2024-09-30 00517311 d:OtherPropertyPlantEquipment 2023-09-30 00517311 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00517311 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00517311 d:CurrentFinancialInstruments 2024-09-30 00517311 d:CurrentFinancialInstruments 2023-09-30 00517311 d:Non-currentFinancialInstruments 2024-09-30 00517311 d:Non-currentFinancialInstruments 2023-09-30 00517311 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 00517311 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00517311 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 00517311 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00517311 d:ShareCapital 2024-09-30 00517311 d:ShareCapital 2023-09-30 00517311 d:RevaluationReserve 2024-09-30 00517311 d:RevaluationReserve 2023-09-30 00517311 d:RetainedEarningsAccumulatedLosses 2024-09-30 00517311 d:RetainedEarningsAccumulatedLosses 2023-09-30 00517311 c:FRS102 2023-10-01 2024-09-30 00517311 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 00517311 c:FullAccounts 2023-10-01 2024-09-30 00517311 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00517311 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 00517311 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 00517311 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 00517311 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 00517311 6 2023-10-01 2024-09-30 00517311 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-09-30 00517311 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 00517311 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-09-30 00517311 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-30 00517311 d:LeasedAssetsHeldAsLessee 2024-09-30 00517311 d:LeasedAssetsHeldAsLessee 2023-09-30 00517311 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 00517311










EMMETT OF DRAYTON LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
EMMETT OF DRAYTON LIMITED
REGISTERED NUMBER: 00517311

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,198,402
1,206,727

Investments
 5 
2
2

  
1,198,404
1,206,729

Current assets
  

Stocks
 6 
234,593
304,495

Debtors: amounts falling due within one year
 7 
38,732
42,668

  
273,325
347,163

Creditors: amounts falling due within one year
 9 
(381,762)
(301,411)

Net current (liabilities)/assets
  
 
 
(108,437)
 
 
45,752

Total assets less current liabilities
  
1,089,967
1,252,481

Current liabilities
  

Creditors: amounts falling due after more than one year
 10 
(152,077)
(167,788)

Provisions for liabilities
  

Deferred tax
 11 
(240,744)
(212,725)

  
 
 
(240,744)
 
 
(212,725)

Net assets
  
697,146
871,968


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Revaluation reserve
  
383,665
383,665

Profit and loss account
  
308,481
483,303

  
697,146
871,968


Page 1

 
EMMETT OF DRAYTON LIMITED
REGISTERED NUMBER: 00517311

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R W Emmett
Director

Date: 15 May 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
EMMETT OF DRAYTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Emmett of Drayton Limited is a private company limited by shares and incorporated in England and Wales.
The registered office and principal place of business of Emmett of Drayton Limited is Severalls Farm House, Shillingford Road, Wallingford, Oxfordshire, OX10 8LH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
EMMETT OF DRAYTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method..

Depreciation is provided on the following basis:

Freehold property
-
4%
straight line
L/Term leasehold property
-
4%
straight line
Property improvements
-
15%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Tractors and combines
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Land is included within freehold property but not depreciated.

 
2.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

  
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 4

 
EMMETT OF DRAYTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.7

Biological assets

Tillages are recognised as biological assets and are accounted for under the cost model in accordance with FRS 102.  No depreciation is charged as tillages are considered to have a useful economic life of less than 1 year. 

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
EMMETT OF DRAYTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 6
 


 
EMMETT OF DRAYTON LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4.


Tangible fixed assets






Freehold property
L/Term leasehold property
Property improvements
Plant & machinery
Motor vehicles
Tractors and combines
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 October 2023
474,626
89,000
173,461
721,460
72,445
712,429
2,243,421


Additions
-
-
16,964
182,181
-
-
199,145


Disposals
-
-
-
(60,608)
(5,500)
-
(66,108)



At 30 September 2024

474,626
89,000
190,425
843,033
66,945
712,429
2,376,458



Depreciation


At 1 October 2023
26,592
89,000
81,006
571,697
25,659
242,740
1,036,694


Charge for the year on owned assets
985
-
12,350
55,397
11,678
117,423
197,833


Disposals
-
-
-
(51,044)
(5,427)
-
(56,471)



At 30 September 2024

27,577
89,000
93,356
576,050
31,910
360,163
1,178,056



Net book value



At 30 September 2024
447,049
-
97,069
266,983
35,035
352,266
1,198,402



At 30 September 2023 (as restated)
448,034
-
92,455
149,763
46,786
469,689
1,206,727

Page 7
 
EMMETT OF DRAYTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


As restated
2024
2023
£
£



Plant and machinery
98,000
29,867

Tractors and combines
198,000
264,000

296,000
293,867


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2023
2



At 30 September 2024
2





6.


Stocks

2024
2023
£
£

Grain in store and other stocks
223,873
266,815

Biological assets - tillages
10,720
37,680

234,593
304,495



7.


Debtors

2024
2023
£
£


Trade debtors
24,191
17,636

Other debtors
10,991
25,032

Tax recoverable
3,550
-

38,732
42,668


Page 8

 
EMMETT OF DRAYTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Cash and cash equivalents

2024
2023
£
£

Bank overdrafts
(95,222)
(44,741)

(95,222)
(44,741)



9.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank overdrafts
95,222
44,741

Bank loans
27,004
26,984

Trade creditors
127,751
104,745

Corporation tax
-
3,550

Accruals and deferred income
6,488
8,608

Other taxation and social security
2,289
1,615

Obligations under finance lease and hire purchase contracts
63,583
42,383

Other creditors
59,425
68,785

381,762
301,411



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
64,931
91,955

Net obligations under finance leases and hire purchase contracts
87,146
75,833

152,077
167,788


Bank loans are secured against 250 acres or thereabouts of land at Drayton House Farm, Drayton, St Leonard, Wallingford, Oxfordshire.
Finance lease and hire purchase contracts are secured against the leased asset. 

Page 9

 
EMMETT OF DRAYTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Deferred taxation




2024


£






At beginning of year
(212,725)


Charged to profit or loss
(28,019)



At end of year
(240,744)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(182,260)
(183,739)

Losses and other deductions
(58,484)
(28,986)

(240,744)
(212,725)


12.


Prior year adjustment

The accounts have been restated to incorporate the impact of an allocation issue within the year ended 30 September 2023.  The summary of the prior year adjustment is detailed below:
Decrease in tangible assets: £52,500
Decrease in creditors due within one year: £68,841
Increase in profit before tax for the year: £16,341


13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,848 (2023: £3,294).


14.


Related party transactions

The directors own or have tenancy rights over the land which is farmed by the company. During the year, rent was payable to MJ Emmett of £1,548 (2023: £2,730), RW Emmett £nil (2023: £25,868) and HJ Emmett £51,735 (2023: £25,868). The current rents have been set by professional valuation and are the subject of formal tenancy agreements.

Page 10