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Registration number: 04591463

J E Dale (Farmers) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

J E Dale (Farmers) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

J E Dale (Farmers) Limited

Company Information

Directors

T E Dale

J H Dale

Registered office

Pepperdale Farm
Howsham
Market Rasen
Lincolnshire
LN7 6LF

Bankers

HSBC Plc
Cornmarket
Louth
Lincolnshire
LN11 9QB

 

J E Dale (Farmers) Limited

(Registration number: 04591463)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

11,494

17,017

Tangible assets

5

6,946,542

5,778,492

 

6,958,036

5,795,509

Current assets

 

Stocks

6

966,181

824,520

Debtors

7

273,662

205,599

Cash at bank and in hand

 

-

1,516,936

 

1,239,843

2,547,055

Creditors: Amounts falling due within one year

8

(899,529)

(1,149,061)

Net current assets

 

340,314

1,397,994

Total assets less current liabilities

 

7,298,350

7,193,503

Creditors: Amounts falling due after more than one year

8

(2,178,099)

(2,308,873)

Provisions for liabilities

(258,157)

(230,960)

Net assets

 

4,862,094

4,653,670

Capital and reserves

 

Called up share capital

10

1,430

1,430

Revaluation reserve

482,726

482,726

Retained earnings

4,377,938

4,169,514

Shareholders' funds

 

4,862,094

4,653,670

For the financial year ending 30 September 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.

 

J E Dale (Farmers) Limited

(Registration number: 04591463)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

.........................................
T E Dale
Director

.........................................
J H Dale
Director

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04591463.

These accounts cover the individual entity, J E Dale (Farmers) Limited.

The address of its registered office is:
Pepperdale Farm
Howsham
Market Rasen
Lincolnshire
LN7 6LF

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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 subject to the departure below.

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.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Departures from Companies Act requirements

No depreciation has been charged on freehold land and buildings as they are maintained to such a standard that their residual value is not less than their cost. Management have concluded that this does not affect the financial statements from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation.

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.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Single farm payment is received in respect of calendar years. Receipt is contingent upon meeting certain eligibility criteria on 15th May. Once the criteria have been met the income is recognised on a time apportioned basis over the calendar year to which it relates.

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and 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.

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

On transition to FRS 102, the accounting standards permitted a company to revalue their tangible fixed assets and use the revalued amount as deemed cost. Freehold land and buildings are stated in the statement of financial position at deemed cost.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

No depreciation is charged

Plant and machinery

17.5% per annum of net book value

Office equipment

20% per annum of net book value

Motor vehicles

25% per annum of net book value

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4% straight line basis

Single Farm Payment Entitlement

20% and 33.3% straight line basis

Website

33% straight line basis

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 at the transaction price 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

The basis of valuation is as follows:

Raw materials and consumables are stated at the lower of cost and net realisable value.

Tenantright is calculated by a combination of actual costs incurred and standard costs.

Produce on hand is valued at standard cost.

Standard costings used are based upon calculations prepared by the Central Association of Agricultural Valuers.

The basis of valuation is consistent with previous years.

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 at the transaction price.

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.

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 7 (2023 - 7).

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

SFP entitlements
 £

Website
 £

Total
£

Cost or valuation

At 1 October 2023

80,000

52,100

6,975

139,075

Disposals

-

(52,100)

-

(52,100)

At 30 September 2024

80,000

-

6,975

86,975

Amortisation

At 1 October 2023

66,667

52,100

3,291

122,058

Amortisation charge

3,200

-

2,323

5,523

Amortisation eliminated on disposals

-

(52,100)

-

(52,100)

At 30 September 2024

69,867

-

5,614

75,481

Carrying amount

At 30 September 2024

10,133

-

1,361

11,494

At 30 September 2023

13,333

-

3,684

17,017

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

5,011,716

1,823,615

17,270

120,998

6,973,599

Additions

1,084,631

277,625

-

-

1,362,256

Disposals

-

(192,260)

(3,232)

-

(195,492)

At 30 September 2024

6,096,347

1,908,980

14,038

120,998

8,140,363

Depreciation

At 1 October 2023

-

1,118,896

11,657

64,554

1,195,107

Charge for the year

-

159,587

985

14,112

174,684

Eliminated on disposal

-

(173,441)

(2,529)

-

(175,970)

At 30 September 2024

-

1,105,042

10,113

78,666

1,193,821

Carrying amount

At 30 September 2024

6,096,347

803,938

3,925

42,332

6,946,542

At 30 September 2023

5,011,716

704,719

5,613

56,444

5,778,492

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

75,347

156,143

Tenantright

35,297

31,262

Finished goods and goods for resale

617,000

354,400

Other inventories

238,537

282,715

966,181

824,520

7

Debtors

Current

2024
£

2023
£

Trade debtors

136,234

118,091

Prepayments and accrued income

137,428

87,508

 

273,662

205,599

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

 

218,107

157,361

Trade creditors

 

162,768

158,884

Taxation and social security

 

152,634

394,755

Other creditors

 

300,086

317,104

Accruals and deferred income

 

65,934

120,957

 

899,529

1,149,061

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,178,099

2,308,873

-

-

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors include bank loans repayable by instalments of £1,461,268 (2023 - £1,639,462.00) due after more than five years.

Creditor amounts falling due within one year on which security has been given includes the bank overdraft of £56,847 (2023 - £-), a bank loan of £161,260 (2023 - £157,361) and finance lease liabilities of £30,833 (2023 - £37,000).

Creditor amounts falling due after one year on which security has been given includes a bank loan of £2,147,265 (2023 - £2,308,873) and finance lease liabilities of £30,834 (2023 - £0).

The bank overdraft and the bank loan are secured by charges over the company's assets and land owned by the directors.

The finance lease liability is secured on the assets to which it relates to.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,147,265

2,308,873

Finance lease liabilities

30,834

-

2,178,099

2,308,873

Current loans and borrowings

2024
£

2023
£

Bank borrowings

161,260

157,361

Bank overdrafts

56,847

-

Finance lease liabilities

30,833

37,000

Other borrowings

267,682

278,597

516,622

472,958

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

1,000

1,000

1,000

1,000

Ordinary B shares of £1 each

328

328

328

328

Ordinary C shares of £1 each

100

100

100

100

Ordinary D shares of £1 each

2

2

2

2

1,430

1,430

1,430

1,430

 

J E Dale (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,100 (2023 - £6,100).

12

Related party transactions

Transactions with Directors

The directors have forgone rent due to them from the company.