Dare Farms Limited 31/03/2019 iXBRL

Dare Farms Limited 31/03/2019 iXBRL

DARE FARMS LIMITED - Company Information

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Company registration number: 07382756
Dare Farms Limited
Unaudited financial statements
31 March 2019
DARE FARMS LIMITED
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
DARE FARMS LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr A P J Dare
Mrs A M Dare
Company number 07382756
Registered office Timberly
South Street
Axminster
Devon
EX13 5AD
Business address Coryton Park
Kilmington
Axminster
Devon
EX13 7RD
Accountants Thomas Westcott
Timberly
South Street
Axminster
Devon
EX13 5AD
DARE FARMS LIMITED
DIRECTORS REPORT
YEAR ENDED 31 MARCH 2019
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2019.
Directors
The directors who served the company during the year were as follows:
Mr A P J Dare
Mrs A M Dare
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 December 2019 and signed on behalf of the board by:
Mr A P J Dare
Director
DARE FARMS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DARE FARMS LIMITED
YEAR ENDED 31 MARCH 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dare Farms Limited for the year ended 31 March 2019 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Dare Farms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dare Farms Limited and state those matters that we have agreed to state to the board of directors of Dare Farms Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dare Farms Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Dare Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dare Farms Limited. You consider that Dare Farms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Dare Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Westcott
Chartered Accountants
Timberly
South Street
Axminster
Devon
EX13 5AD
DARE FARMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2019
2019 2018
Note £ £
Turnover 459,242 441,936
Cost of sales ( 379,783) ( 366,002)
_______ _______
Gross profit 79,459 75,934
Administrative expenses ( 4,030) ( 3,955)
_______ _______
Operating profit 75,429 71,979
Other interest receivable and similar income 2,672 1,679
Interest payable and similar expenses ( 308) ( 354)
_______ _______
Profit before taxation 77,793 73,304
Tax on profit ( 14,781) ( 13,928)
_______ _______
Profit for the financial year and total comprehensive income 63,012 59,376
_______ _______
All the activities of the company are from continuing operations.
DARE FARMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 70,000 -
_______ _______
70,000 -
Current assets
Stocks 168,620 182,550
Debtors 6 118,635 122,231
_______ _______
287,255 304,781
Creditors: amounts falling due
within one year 7 ( 33,825) ( 40,863)
_______ _______
Net current assets 253,430 263,918
_______ _______
Total assets less current liabilities 323,430 263,918
_______ _______
Net assets 323,430 263,918
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 323,330 263,818
_______ _______
Shareholders funds 323,430 263,918
_______ _______
For the year ending 31 March 2019 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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2019 , and are signed on behalf of the board by:
Mrs A M Dare
Director
Company registration number: 07382756
DARE FARMS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2019
At 1 April 2017
Profit for the year
Total comprehensive income for the year
Dividends paid and payable
Total investments by and distributions to owners
At 31 March 2018 and 1 April 2018
Profit for the year
Total comprehensive income for the year
Dividends paid and payable
Total investments by and distributions to owners
At 31 March 2019
DARE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is c/o Thomas Westcott, Timberly, South Street, Axminster, Devon, EX13 5AD.
Principal activity
The principal activity of the company is farming.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2018: Nil).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2018 - -
Additions 70,000 70,000
_______ _______
At 31 March 2019 70,000 70,000
_______ _______
Depreciation
At 1 April 2018 and 31 March 2019 - -
_______ _______
Carrying amount
At 31 March 2019 70,000 70,000
_______ _______
At 31 March 2018 - -
_______ _______
6. Debtors
2019 2018
£ £
Other debtors 118,635 122,231
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 17,443 25,359
Accruals and deferred income 1,600 1,575
Social security and other taxes 14,782 13,929
_______ _______
33,825 40,863
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 April 2018 Loans to / (from) the directors Amounts repaid Balance at 31 March 2019
£ £ £ £
Directors 107,316 115,338 ( 113,500) 109,154
_______ _______ _______ _______
Loans to / (from) directors at 1 April 2017 Loans to / (from) the directors Amounts repaid Balance at 31 March 2018
£ £ £ £
Directors 28,685 165,631 ( 87,000) 107,316
_______ _______ _______ _______
DARE FARMS LIMITED
The following pages do not form part of the statutory accounts.