Company registration number 01238737 (England and Wales)
DAVID MAGNESS FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
DAVID MAGNESS FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAVID MAGNESS FARMS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,205
5,038
Tangible assets
4
1,028,886
1,061,168
Investments
5
300,000
300,000
1,333,091
1,366,206
Current assets
Stocks
203,826
241,625
Debtors
6
90,454
179,976
Cash at bank and in hand
248,596
182,828
542,876
604,429
Creditors: amounts falling due within one year
7
(269,403)
(274,631)
Net current assets
273,473
329,798
Total assets less current liabilities
1,606,564
1,696,004
Creditors: amounts falling due after more than one year
8
(38,625)
(86,195)
Provisions for liabilities
(207,400)
(207,900)
Net assets
1,360,539
1,401,909
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,360,439
1,401,809
Total equity
1,360,539
1,401,909
DAVID MAGNESS FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2025
30 April 2025
- 2 -

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 November 2025 and are signed on its behalf by:
Mr C Magness
Director
Company registration number 01238737 (England and Wales)
DAVID MAGNESS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information

David Magness Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wieldbarns Farm, Debden Green, Nr Saffron Walden, Essex, England, CB11 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).

The company is not part of a group

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Significant judgements and estimates

No significant judgements or estimates have been applied in the preparation of the financial statements.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.

1.3
Intangible fixed assets other than goodwill

The intangible fixed asset represents space purchased for the storage of crops and is being amortised over its useful life of 20 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
25% on reducing balance
Computers
20% on reducing balance
Motor vehicles
20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stock is valued at the lower of cost of production or net sale value.

DAVID MAGNESS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including debtors, creditors and bank balances. Basic short term financial assets are measured at the transaction price, less any impairment and basic short term financial liabilities are measured at the transaction price.

Other financial liabilities are measured at the transaction price and subsequently at amortised cost.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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.

1.9
Leases

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

DAVID MAGNESS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
7
3
Intangible fixed assets
Other intangible assets
£
Cost
At 1 May 2024 and 30 April 2025
16,650
Amortisation and impairment
At 1 May 2024
11,612
Amortisation charged for the year
833
At 30 April 2025
12,445
Carrying amount
At 30 April 2025
4,205
At 30 April 2024
5,038
DAVID MAGNESS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2024
935,653
1,221,349
2,157,002
Additions
20,438
101,905
122,343
Disposals
(53,130)
(6,704)
(59,834)
At 30 April 2025
902,961
1,316,550
2,219,511
Depreciation and impairment
At 1 May 2024
240,336
855,498
1,095,834
Depreciation charged in the year
18,986
95,224
114,210
Eliminated in respect of disposals
(12,751)
(6,668)
(19,419)
At 30 April 2025
246,571
944,054
1,190,625
Carrying amount
At 30 April 2025
656,390
372,496
1,028,886
At 30 April 2024
695,317
365,851
1,061,168

The net book value above includes an amount of £171,820 (202 4: £244,532) in respect of assets held under hire purchase agreements. Of the depreciation charged in the profit and loss account £53,592 (202 4: £42,899) relates to assets held under hire purchase agreements.

5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
300,000
300,000
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
79,544
156,793
Other debtors
10,910
23,183
90,454
179,976
DAVID MAGNESS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
4,696
8,952
Other creditors
264,707
265,679
269,403
274,631
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
38,625
86,195

Assets held under hire purchase contracts are secured on the underlying assets.

2025-04-30 2024-05-01 false false false 18 November 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity C Magness Mr T D Magness 01238737 2024-05-01 2025-04-30 01238737 2025-04-30 01238737 2024-04-30 01238737 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-04-30 01238737 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-04-30 01238737 core:LandBuildings 2025-04-30 01238737 core:OtherPropertyPlantEquipment 2025-04-30 01238737 core:LandBuildings 2024-04-30 01238737 core:OtherPropertyPlantEquipment 2024-04-30 01238737 core:CurrentFinancialInstruments core:WithinOneYear 2025-04-30 01238737 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 01238737 core:ShareCapital 2025-04-30 01238737 core:ShareCapital 2024-04-30 01238737 core:RetainedEarningsAccumulatedLosses 2025-04-30 01238737 core:RetainedEarningsAccumulatedLosses 2024-04-30 01238737 bus:Director1 2024-05-01 2025-04-30 01238737 core:IntangibleAssetsOtherThanGoodwill 2024-05-01 2025-04-30 01238737 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-01 2025-04-30 01238737 core:PlantMachinery 2024-05-01 2025-04-30 01238737 core:ComputerEquipment 2024-05-01 2025-04-30 01238737 core:MotorVehicles 2024-05-01 2025-04-30 01238737 2023-05-01 2024-04-30 01238737 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-04-30 01238737 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-05-01 2025-04-30 01238737 core:LandBuildings 2024-04-30 01238737 core:OtherPropertyPlantEquipment 2024-04-30 01238737 2024-04-30 01238737 core:LandBuildings 2024-05-01 2025-04-30 01238737 core:OtherPropertyPlantEquipment 2024-05-01 2025-04-30 01238737 core:CurrentFinancialInstruments 2025-04-30 01238737 core:CurrentFinancialInstruments 2024-04-30 01238737 core:WithinOneYear 2025-04-30 01238737 core:WithinOneYear 2024-04-30 01238737 core:Non-currentFinancialInstruments 2025-04-30 01238737 core:Non-currentFinancialInstruments 2024-04-30 01238737 bus:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 01238737 bus:SmallCompaniesRegimeForAccounts 2024-05-01 2025-04-30 01238737 bus:FRS102 2024-05-01 2025-04-30 01238737 bus:AuditExemptWithAccountantsReport 2024-05-01 2025-04-30 01238737 bus:Director2 2024-05-01 2025-04-30 01238737 bus:FullAccounts 2024-05-01 2025-04-30 xbrli:pure xbrli:shares iso4217:GBP