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Registered number: 00594694 GORDON J DUNCANSON LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
GORDON J DUNCANSON LIMITED REGISTERED NUMBER: 00594694 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 119,317 |  | 109,396
Current assets |  |  |  |  |
Stocks |  | 116,003 |  | 101,280 |
Debtors: amounts falling due within one year | 5 | 145,332 |  | 33,974 |
Cash at bank and in hand |  | 120,237 |  | 118,833 |
|  | 381,572 |  | 254,087 |
Creditors: amounts falling due within one year | 6 | (328,707) |  | (296,822) |
Net current assets/(liabilities) |  |  | 52,865 |  | (42,735)
Deferred tax |  | (11,243) |  | - |
|  |  | (11,243) |  | -
Net assets |  |  | 160,939 |  | 66,661
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 10,000 |  | 10,000
Capital redemption reserve |  |  | 12,000 |  | 12,000
Profit and loss account |  |  | 138,939 |  | 44,661
|  |  | 160,939 |  | 66,661
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GORDON J DUNCANSON LIMITED REGISTERED NUMBER: 00594694 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 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 income and retained earnings 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:
Mrs V Duncanson | Mrs T Balch
Director | Director
Miss J A Duncanson Director |
Date: 2 September 2025 |
The notes on pages 3 to 7 form part of these financial statements. Page 2
GORDON J DUNCANSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Gordon J Duncanson Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Pympes Court Farm, Busbridge Road, Tovil, Maidstone, Kent, ME15 0HZ. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The following principal accounting policies have been applied:
| 2.2 | Going concern
The accounts have been prepared on the going concern basis. The company's cashflow requirement fluctuates but temporary shortfalls in funding are met by the directors from their personal resources. On the basis that this support will continue, the directors consider that the company remains a going concern.
| 2.3 | Turnover
Turnover comprises amounts derived from the provision of goods and services in the normal course of business, net of discounts and value added tax. Income due under the Basic Payment scheme is included in the accounts for the calendar year to which it relates provided that, at the balance sheet date, the qualifying conditions have been met. Other amounts received under agri-environmental schemes are included in turnover for the period to which they relate.
| 2.4 | 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 3
GORDON J DUNCANSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | 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. Depreciation is provided on the following basis:
|  |  |  | Freehold land | - | Not depreciated
|  |  |  | Improvements to property | - | 10% on cost
|  |  |  | Plant and machinery | - | 25% on cost and reducing balance
|  |  |  | Trees | - | 5% and 12.5% on cost
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. Page 4
GORDON J DUNCANSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Stocks
The farm valuation was prepared by the directors on a basis consistent with previous years. Livestock is valued at the lower of estimated costs and net realisable value. Fruit in store is valued at the lower of estimated costs of harvesting and storage and net realisable value.
| 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 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 9 (2023 - 9).
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GORDON J DUNCANSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Freehold property | Long-term leasehold property | Plant and machinery | Trees | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 58,505 | 157,751 | 283,087 | 17,076 | 516,419
| Additions | - | 7,938 | 5,750 | 12,578 | 26,266
| At 31 December 2024 | 58,505 | 165,689 | 288,837 | 29,654 | 542,685
| Depreciation |  |  |  |  |
| At 1 January 2024 | - | 146,876 | 252,345 | 7,802 | 407,023
| Charge for the year | - | 3,304 | 11,679 | 1,362 | 16,345
| At 31 December 2024 | - | 150,180 | 264,024 | 9,164 | 423,368
| Net book value |  |  |  |  |
| At 31 December 2024 | 58,505 | 15,509 | 24,813 | 20,490 | 119,317
| At 31 December 2023 | 58,505 | 10,875 | 30,742 | 9,274 | 109,396
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GORDON J DUNCANSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 11,368 | 5,452
| Other debtors | 6,093 | 7,602
| Prepayments and accrued income | 127,871 | 20,920
|  | 145,332 | 33,974
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 5,941 | 7,027
| Corporation tax | 4,514 | -
| Other taxation and social security | - | 5,944
| Other creditors | 305,142 | 273,496
| Accruals and deferred income | 13,110 | 10,355
|  | 328,707 | 296,822
7. | Leasing agreements
The company has a lease for the rental of farmland with an annual rental of £6,000. The terms of the lease are that it is held in perpetuity so long as the company is farming the land.
8. | 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 £4,112 (2023 - £3,535). Contributions totalling £772 (2023 - £710) were payable to the fund at the balance sheet date and are included in creditors.
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