REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 March 2021 |
|
for |
|
DE & SE Furnival Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 March 2021 |
|
for |
|
DE & SE Furnival Limited |
DE & SE Furnival Limited (Registered number: 05406665) |
|
Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
DE & SE Furnival Limited |
|
Company Information |
for the Year Ended 31 March 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
First Floor |
11 Mallard Court |
Mallard Way |
Crewe |
Cheshire |
CW1 6ZQ |
DE & SE Furnival Limited (Registered number: 05406665) |
|
Balance Sheet |
31 March 2021 |
|
31/3/21 | 31/3/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 6 |
|
|
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
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 |
|
|
DE & SE Furnival Limited (Registered number: 05406665) |
|
Balance Sheet - continued |
31 March 2021 |
|
31/3/21 | 31/3/20 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation reserve |
|
|
Herd Revaluation Reserve |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
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. |
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
DE & SE Furnival Limited (Registered number: 05406665) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
|
|
1. | STATUTORY INFORMATION |
|
DE & SE Furnival Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going Concern |
|
On 11 March 2020 the World Health Organisation declared the Covid-19 outbreak a global pandemic. The board of directors have reviewed various potential scenarios and their likely impact on the Company which indicates that the Company has the resources and funding to carry on its business. These scenarios included a decrease in revenue and an increase in working capital requirements. |
|
As the Company was regarded as a key industry during the Covid crises the business continued with its normal working activities with the farm staying open but working within the Government Social Distancing Guidelines. However, due to lower consumption of milk over the country, trade throughout was wasted and consequently litres produced for sale were lower and the price per litre also reduced during the lockdown period. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
|
In prior periods, due to the nature of the investment property, it was unfeasible to measure at fair value. Investment property was initially measured at cost less accumulated depreciation and accumulated impairment losses. |
|
This policy has been changed in the current period and investment properties are now to be measured at fair value at each reporting date with changes in fair value being recognised in profit or loss. |
DE & SE Furnival Limited (Registered number: 05406665) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Biological assets |
Biological assets are recognised only when three recognition criteria have been fulfilled: |
1) The entity has control over the asset as a result of past events; |
2) It is probable that future economic benefits associated with the asset will flow to the entity; and |
3) The fair value or cost of the asset can be measure reliably. |
|
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses. |
|
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either the lower of cost and estimated selling price less costs to complete and sell; or fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being include in the profit or loss. |
|
Historically the revaluation of the dairy herd went to the revaluation reserve, as a Biological assets all movements are taken to the profit or loss. The revaluation reserves have been transferred to retained earnings. |
DE & SE Furnival Limited (Registered number: 05406665) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
|
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument in any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
|
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
|
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. |
|
DE & SE Furnival Limited (Registered number: 05406665) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
2. | ACCOUNTING POLICIES - continued |
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. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
At 31 March 2021 |
|
|
|
DEPRECIATION |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
At 31 March 2021 |
|
|
|
NET BOOK VALUE |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
DE & SE Furnival Limited (Registered number: 05406665) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2020 |
|
Revaluations | 34,232 |
At 31 March 2021 |
|
NET BOOK VALUE |
At 31 March 2021 |
|
At 31 March 2020 |
|
|
Fair value at 31 March 2021 is represented by: |
£ |
Valuation in 2021 | 34,232 |
Cost | 125,768 |
160,000 |
|
If Investment property had not been revalued it would have been included at the following historical cost: |
|
31/3/21 | 31/3/20 |
£ | £ |
Cost | 125,768 | 125,768 |
|
Investment property was valued at fair value on 31st March 2021 by Simon Furnival, one of the directors. |
|
6. | STOCKS |
31/3/21 | 31/3/20 |
£ | £ |
Dairy herd |
|
|
Stocks |
|
|
|
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
DE & SE Furnival Limited (Registered number: 05406665) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/21 | 31/3/20 |
£ | £ |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal |
|
1,402,219 |
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31/3/21 | 31/3/20 |
£ | £ |
Bank loans |
|
|
|
The bank loans are secured by way of a mortgage dated 25 April 2018 giving Barclays bank a legal mortgage over land Furnhaven, Mucklestone Road, Norton-in-Hales (title number SF234889) and Land at Arbour Farm, Norton-in-Hales, (title number SF503082). |
|
Barclays bank have a floating charged registered on 25 January 2018 on all property or undertaking of the company. |
DE & SE Furnival Limited (Registered number: 05406665) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
|
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020: |
|
31/3/21 | 31/3/20 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
The above loan was advanced to the DIrectors in 2018 at a market rate of 4% to be repaid over an agreed time period. Repayment as detailed in the notes to accounts, |
|
12. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|