REGISTERED NUMBER: 00529392 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2025

for

NL Durdy & Son Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E M Durdy

Mr N L Durdy

SECRETARY:

Mrs E M Durdy

REGISTERED OFFICE:

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

REGISTERED NUMBER:

00529392 (England and Wales)

ACCOUNTANTS:

Smailes Goldie Limited

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

SOLICITORS:

Dawson & Burgess

1 South Parade

Hall Cross Hill

Doncaster

DN1 2DY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,838,846

2,850,347

2,838,846

2,850,347

CURRENT ASSETS

Stocks

511,575

439,390

Debtors

6

148,487

183,859

Cash at bank

15,025

46,144

675,087

669,393

CREDITORS

Amounts falling due within one year

7

908,891

963,999

NET CURRENT LIABILITIES

(233,804

)

(294,606

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,605,042

2,555,741

CREDITORS

Amounts falling due after more than one year

8

(841,516

)

(845,741

)

PROVISIONS FOR LIABILITIES

(217,941

)

(209,265

)

NET ASSETS

1,545,585

1,500,735

CAPITAL AND RESERVES

Called up share capital

16,000

16,000

Revaluation reserve

11

365,001

365,001

Retained earnings

1,164,584

1,119,734

1,545,585

1,500,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2025 and were signed on its behalf by:

Mr N L Durdy - Director

1.	STATUTORY INFORMATION

NL Durdy & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets

Sugar beet quota, being the amount paid for an increase in the available sugar beet quota in 2007 was amortised evenly over its estimated useful life of five years from 2008.

Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the entitlements have been amortised in full. The original Basic payment Scheme commenced in 2015 and ceased during 2021 prior to transitional rules applying.

Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Freehold land

Nil

Land and buildings

4% on cost, 5% on cost, 10% on cost

Motor vehicles

25% reducing balance

Plant and machinery

15% - 25% reducing balance, 10% - 25% on cost

Stocks

Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.

Current & deferred tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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 and 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

Hire purchase and leasing commitments

Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the effective interest rate method.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Government grants

The company receives government grants in respect of the Basic Payment Scheme, Countryside Stewardship Scheme and Sustainable Farming Incentive under the Common Agricultural Policy. The Basic Payment Scheme is being gradually phased out with payments stopping by the end of the scheme in 2027. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Sugar

beet

BPS

quota

Entitlements

Totals

£

£

£

COST

At 1 March 2024

2,410

7,560

9,970

Disposals

(2,410

)

(7,560

)

(9,970

)

At 28 February 2025

-

-

-

AMORTISATION

At 1 March 2024

2,410

7,560

9,970

Eliminated on disposal

(2,410

)

(7,560

)

(9,970

)

At 28 February 2025

-

-

-

NET BOOK VALUE

At 28 February 2025

-

-

-

At 29 February 2024

-

-

-

5.	TANGIBLE FIXED ASSETS

Improvements

Farm

to

Land

buildings

property

£

£

£

COST

At 1 March 2024

1,567,527

1,169,471

52,034

Additions

-

-

-

At 28 February 2025

1,567,527

1,169,471

52,034

DEPRECIATION

At 1 March 2024

-

518,283

16,991

Charge for year

-

49,831

2,081

At 28 February 2025

-

568,114

19,072

NET BOOK VALUE

At 28 February 2025

1,567,527

601,357

32,962

At 29 February 2024

1,567,527

651,188

35,043

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2024

2,089,265

103,775

139,577

5,121,649

Additions

104,652

96,635

-

201,287

At 28 February 2025

2,193,917

200,410

139,577

5,322,936

DEPRECIATION

At 1 March 2024

1,560,000

76,220

99,808

2,271,302

Charge for year

135,042

15,892

9,942

212,788

At 28 February 2025

1,695,042

92,112

109,750

2,484,090

NET BOOK VALUE

At 28 February 2025

498,875

108,298

29,827

2,838,846

At 29 February 2024

529,265

27,555

39,769

2,850,347

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

133,262

153,365

Other debtors

1,304

23,239

Prepayments and accrued income

13,921

7,255

148,487

183,859

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

509,069

510,043

Hire purchase contracts (see note 9)

105,339

97,926

Trade creditors

164,353

156,058

Tax

35,512

62,647

Directors' current accounts

28,937

93,851

Accruals and deferred income

65,681

43,474

908,891

963,999

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

31,055

93,229

Bank loans - 2-5 years

662,635

551,856

Bank loans more 5 yr by instal

-

5,055

Hire purchase contracts (see note 9)

147,826

195,601

841,516

845,741

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

5,055

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

105,339

97,926

Between one and five years

147,826

195,601

253,165

293,527

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdrafts

477,150

416,814

Bank loans

725,609

743,369

Hire purchase contracts

253,165

293,527

1,455,924

1,453,710

The bank loans and overdraft are secured by means of fixed and floating charges over the assets and undertaking of the company. The hire purchase contracts are secured over the assets subject to the hire purchase agreement.

11.

RESERVES

Revaluation

reserve

£

At 1 March 2024

and 28 February 2025

365,001

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024:

2025

2024

£

£

Mr N L Durdy

Balance outstanding at start of year

(34,011

)

(111,903

)

Amounts advanced

128,377

174,757

Amounts repaid

(94,366

)

(96,865

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(34,011

)

Mrs E M Durdy

Balance outstanding at start of year

(59,840

)

(94,083

)

Amounts advanced

67,949

52,710

Amounts repaid

(37,046

)

(18,467

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(28,937

)

(59,840

)

During the year the company conducted the following transactions on normal commercial terms with the directors.

Rent of land payable to N.L. Durdy and E.M. Durdy £133,101 (2024 £133,101).

13.	RELATED PARTY DISCLOSURES

The company has given security in the form of a guarantee, and also a legal debenture over the assets and undertaking of the company, in connection with personal bank loans advanced to the directors of the company; all costs relating to the these transactions have been met by the directors personally.

The company conducted transactions during the year with the directors as detailed in Note 12.

The controlling party is Mr N L Durdy.