Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 2,149,555 | 1,242,863 | |||
| Current assets | ||||
| Debtors | ||||
| - due within one year | 5 |
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| - due after more than one year | 5 |
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| Cash at bank and in hand |
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| 13,368 | 10,351 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (861,086) | (1,309,217) | ||
| Total assets less current liabilities | 1,288,469 | (66,354) | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Little Dowran Farm Limited (registered number:
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Mr T N McFadden
Director |
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.
Little Dowran Farm Limited (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 Carnyorth Industrial Site, St Just, Penzance, Cornwall, TR19 7QD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £206,246. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The share capital of the company was omitted from the prior year accounts. The called-up share capital and other creditors balances have been corrected in the 2024 accounts.
Revenue from services is recognised as they are delivered.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.
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.
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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Land and buildings | not depreciated |
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
The share capital of the company was omitted from the prior year accounts. This has been corrected in the comparative figures for the 2024 accounts.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 July 2023 | £ | £ | £ | |||
| Called-up share capital | 0 | 2 | 2 | |||
| Other creditors | 333,847 | (2) | 333,845 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 August 2023 |
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| Additions |
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| At 31 July 2024 |
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| Accumulated depreciation | |||
| At 01 August 2023 |
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| At 31 July 2024 |
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| Net book value | |||
| At 31 July 2024 |
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| At 31 July 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Other debtors |
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| Debtors: amounts falling due after more than one year | |||
| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans and overdrafts (secured) |
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| Trade creditors |
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| Amounts owed to directors |
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| Accruals |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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The development loan which has a carrying value of £777,858 (2023: £nil) is secured via a legal mortgage from Little Dowran Farm Limited and guaranteed by Little Dowran Farm Limited, Iktin Solutions Limited, Celtic Turf Limited & CGS Contractors Southwest Limited. The directors have also provided a guarantee limited to £250,000 supported by a second legal mortgage over specific personal property.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured / repayable by instalments) |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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