D L Farming Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05730781

D L Farming Limited

Filleted Unaudited Financial Statements

31 December 2024

D L Farming Limited

Financial Statements

Year ended 31 December 2024

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

D L Farming Limited

Officers and Professional Advisers

The board of directors	Mr T. G Gravell
	Mr D.T.G Gravell

Registered office	Muddlescwm Farm
	Trimsaran Road
	Kidwelly
	Wales
	SA17 4EB

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

D L Farming Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Intangible assets	5	83,632	103,333
Tangible assets	6	2,256,072	2,231,448
		------------	------------
		2,339,704	2,334,781

CURRENT ASSETS

Stocks	7	106,515	106,860
Debtors	8	324,821	126,397
Cash at bank and in hand		63,603	195,368
		---------	---------
		494,939	428,625

CREDITORS: amounts falling due within one year	9	344,829	320,226
		---------	---------
NET CURRENT ASSETS		150,110	108,399
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		2,489,814	2,443,180

CREDITORS: amounts falling due after more than one year	10	1,296,937	1,349,747

PROVISIONS	108,252	101,147
	------------	------------
NET ASSETS	1,084,625	992,286
	------------	------------

CAPITAL AND RESERVES

Called up share capital	11	100	100
Profit and loss account		1,084,525	992,186
		------------	---------
SHAREHOLDERS FUNDS		1,084,625	992,286
		------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

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

D L Farming Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 16 September 2025 , and are signed on behalf of the board by:

Thomas Gravell

Director

Company registration number: 05730781

D L Farming Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. GENERAL INFORMATION

D L Farming Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of farming activities.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements is 12 months and its comparative period is 18 months. These financial statements only include the results of the individual entity made up to 31 December 2024. 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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Going concern

The directors have considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.

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.

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.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See notes for the net carrying amount of the debtors and associated impairment provision.

(iii) Goodwill and intangible fixed assets

Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.

(iv) Stock provisioning

The company sells milk and live stock and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability

(v) Provisions

Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes

(vi) Going Concern

The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard

(vii) Research & Development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

Research & development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of Milk and livestock is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Interest receivable Interest income is recognised using the effective interest method Rent receivable Income from rentals is recognised in accordance with the terms of the relevant lease.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or 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 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.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill was 20 years. Provision is made for any impairment.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% reducing balance
Fixtures and fittings	-	10% reducing balance
Motor vehicles	-	20% reducing balance
Equipment	-	20% reducing balance

Freehold Property - Not Depreciated

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).

5. INTANGIBLE ASSETS

	Goodwill	Entitlements	Total
	£	£	£
Cost
At 1 January 2024	400,000	–	400,000
Additions	–	299	299
	---------	----	---------
At 31 December 2024	400,000	299	400,299
	---------	----	---------
Amortisation
At 1 January 2024	296,667	–	296,667
Charge for the year	20,000	–	20,000
	---------	----	---------
At 31 December 2024	316,667	–	316,667
	---------	----	---------
Carrying amount
At 31 December 2024	83,333	299	83,632
	---------	----	---------
At 31 December 2023	103,333	–	103,333
	---------	----	---------

6. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Herd	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	1,692,748	646,558	29,806	21,685	95,565	2,486,362
Additions	–	60,277	–	–	23,100	83,377
Disposals	–	( 18,950)	–	–	–	( 18,950)
	------------	---------	--------	--------	---------	------------
At 31 Dec 2024	1,692,748	687,885	29,806	21,685	118,665	2,550,789
	------------	---------	--------	--------	---------	------------
Depreciation
At 1 Jan 2024	–	217,033	18,409	19,472	–	254,914
Charge for the year	–	46,290	1,293	443	–	48,026
Disposals	–	( 8,223)	–	–	–	( 8,223)
	------------	---------	--------	--------	---------	------------
At 31 Dec 2024	–	255,100	19,702	19,915	–	294,717
	------------	---------	--------	--------	---------	------------
Carrying amount
At 31 Dec 2024	1,692,748	432,785	10,104	1,770	118,665	2,256,072
	------------	---------	--------	--------	---------	------------
At 31 Dec 2023	1,692,748	429,525	11,397	2,213	95,565	2,231,448
	------------	---------	--------	--------	---------	------------

7. STOCKS

	2024	2023
	£	£
Closing Livestock	60,450	57,900
Closing Deadstock	46,065	48,960
	---------	---------
	106,515	106,860
	---------	---------

8. DEBTORS

	2024	2023
	£	£
Trade debtors	25,239	46,449
Other debtors	299,582	79,948
	---------	---------
	324,821	126,397
	---------	---------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	153,701	93,611
Trade creditors	106,465	104,937
Corporation tax	33,052	75,220
Social security and other taxes	414	302
Other creditors	51,197	46,156
	---------	---------
	344,829	320,226
	---------	---------

The bank loans and overdraft are secured by way of fixed and floating charges. The aggregate amount of secured liabilities is £108,887 (2023 - £93,611).

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	1,290,690	1,349,747
Other creditors	6,247	–
	------------	------------
	1,296,937	1,349,747
	------------	------------

The aggregate amount of secured liabilities is £1,296,937 (2023 - £1,349,747).

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The amount owed to the company from the directors at the year end is £210,488 (2023 : £2,864 Cr). No interest has been incurred in relation to this balance.