REGISTERED NUMBER: |
Dummer Farms Limited |
Financial Statements for the Year Ended 31st October 2022 |
REGISTERED NUMBER: |
Dummer Farms Limited |
Financial Statements for the Year Ended 31st October 2022 |
Dummer Farms Limited (Registered number: 01504403) |
Contents of the Financial Statements |
for the Year Ended 31st October 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Dummer Farms Limited |
Company Information |
for the Year Ended 31st October 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
Dummer Farms Limited (Registered number: 01504403) |
Balance Sheet |
31st October 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 11 |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
Dummer Farms Limited (Registered number: 01504403) |
Balance Sheet - continued |
31st October 2022 |
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 |
Dummer Farms Limited (Registered number: 01504403) |
Notes to the Financial Statements |
for the Year Ended 31st October 2022 |
1. | STATUTORY INFORMATION |
Dummer Farms Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with the provisions of Section 1A " Small Entities" of Financial Reporting Standard 102, (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, with the exception of investment properties which are held at fair value. |
Turnover |
Income from the sale of crops is recognised on an accruals basis. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Dummer Farms Limited (Registered number: 01504403) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2022 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Investment property |
Investment properties are shown at fair value. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the Profit and Loss Account. A transfer is made to the Fair Value Reserve net of applicable deferred tax where the fair value exceeds original cost. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1st November 2021 |
Additions |
Disposals | ( |
) |
Grants | - | (86,907 | ) | (20,341 | ) |
At 31st October 2022 |
DEPRECIATION |
At 1st November 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st October 2022 |
NET BOOK VALUE |
At 31st October 2022 |
At 31st October 2021 |
Dummer Farms Limited (Registered number: 01504403) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Farm | Containers |
plant and | for |
machinery | letting | Totals |
£ | £ | £ |
COST |
At 1st November 2021 |
Additions |
Disposals | ( |
) | ( |
) |
Grants | - | - | (107,248 | ) |
At 31st October 2022 |
DEPRECIATION |
At 1st November 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st October 2022 |
NET BOOK VALUE |
At 31st October 2022 |
At 31st October 2021 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st November 2021 |
and 31st October 2022 |
NET BOOK VALUE |
At 31st October 2022 |
At 31st October 2021 |
Fair value at 31st October 2022 is represented by: |
£ |
Valuation in 2018 | 1,417,411 |
Cost | 235,689 |
1,653,100 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Dummer Farms Limited (Registered number: 01504403) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
AMC Mortgage |
Trade creditors |
Tax |
Social security and other taxes | ( |
) |
Marriage settlement |
Directors' current accounts | 25,052 | 4,253 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 2-5 years |
AMC Mortgage 2-5 years | 32,414 | 26,000 |
AMC Mortgage more 5yrs instal | 346,412 | 210,428 |
Amounts falling due in more than five years: |
Repayable by instalments |
AMC Mortgage more 5yrs instal | 346,412 | 210,428 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
AMC Mortgage |
The mortgages are secured by way of legal mortgages over the freehold land at Dummer Down Farm comprising part of title number HP565633 and part of title HP462327. |
11. | RESERVES |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1st November 2021 | 1,776,715 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31st October 2022 | 1,789,572 |
Dummer Farms Limited (Registered number: 01504403) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2022 |
12. | RELATED PARTY DISCLOSURES |
During the year the company paid Lady Swinburn, a director of the company rent of £5,000 (2021: £nil). |
All the transactions were undertaken under normal market conditions. |