REGISTERED NUMBER:
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Dummer Farms Limited |
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Financial Statements for the Year Ended 31st October 2020 |
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REGISTERED NUMBER:
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Dummer Farms Limited |
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Financial Statements for the Year Ended 31st October 2020 |
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Dummer Farms Limited (Registered number: 01504403) |
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Contents of the Financial Statements |
for the Year Ended 31st October 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Dummer Farms Limited |
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Company Information |
for the Year Ended 31st October 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4 High Street |
Alton |
Hampshire |
GU34 1BU |
Dummer Farms Limited (Registered number: 01504403) |
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Balance Sheet |
31st October 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Dummer Farms Limited (Registered number: 01504403) |
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Balance Sheet - continued |
31st October 2020 |
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2020 | 2019 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 11 |
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Fair value reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Dummer Farms Limited (Registered number: 01504403) |
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Notes to the Financial Statements |
for the Year Ended 31st October 2020 |
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1. | STATUTORY INFORMATION |
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Dummer Farms Limited is a
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2. | STATEMENT OF COMPLIANCE |
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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. |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
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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. |
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3. | ACCOUNTING POLICIES |
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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. |
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The accounts have been prepared on the going concern basis as in the opinion of the directors the effects of Covid-19 will not significantly impact on the company's ability to continue to operate. |
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The company made use of the furlough scheme available during the period and taken advantage of the bounce back loan scheme. |
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Turnover |
Income from the sale of crops is recognised on an accruals basis. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Government grants |
Government grants are recognised at the fair value of the asset receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
Dummer Farms Limited (Registered number: 01504403) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st October 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Dummer Farms Limited (Registered number: 01504403) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st October 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st November 2019 |
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Additions |
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At 31st October 2020 |
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DEPRECIATION |
At 1st November 2019 |
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Charge for year |
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At 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st November 2019 |
and 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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Fair value at 31st October 2020 is represented by: |
£ |
Valuation in 2018 | 1,417,411 |
Cost | 235,689 |
1,653,100 |
Dummer Farms Limited (Registered number: 01504403) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st October 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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AMC Mortgage |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 3,954 | 4,906 |
Marriage settlement |
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Wages payable | 1,565 | - |
Directors' current accounts | 4,165 | 4,119 |
Accruals and deferred income |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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AMC Mortgage 2-5 years | 40,000 |
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AMC Mortgage more 5yrs instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 5,834 | - |
AMC Mortgage more 5yrs instal | 199,073 | - |
204,907 | - |
Dummer Farms Limited (Registered number: 01504403) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st October 2020 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
AMC Mortgage |
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The mortgage is secured by way of a legal mortgage over the freehold land at Dummer Down Farm comprising part of title number HP565633 and part of title HP462327. |
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11. | RESERVES |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
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At 1st November 2019 |
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1,710,536 |
Profit for the year |
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Dividends | ( |
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At 31st October 2020 |
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1,719,376 |
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12. | RELATED PARTY DISCLOSURES |
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During the year the company paid Lady Swinburn, a director of the company rent of £12,500 (2019: £30,000l) and consultancy of £nil (2018:£1,250l). |
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All the transactions were undertaken under normal market conditions. |
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13. | POST BALANCE SHEET EVENTS |
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At the date these financial statements were authorised for issue, the fair value of the company's investment properties is not considered to have been materially impacted by Covid-19. The company also has no immediate plans to dispose of any of the investment properties and therefore any movement in fair value would be considered temporary only. |
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The company and related companies have significant bank and cash reserves built up over a number of years which should be more than sufficient for the foreseeable future to withstand any potential cashflow or operational difficulties caused by the impact of Covid-19 and the related lockdown. |
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These factors above are not considered to impact the going concern status of the company. |