Dry Drayton Estate Limited 30/09/2020 iXBRL

Dry Drayton Estate Limited 30/09/2020 iXBRL

DRY DRAYTON ESTATE LIMITED - Company Information

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Company registration number: 03413170
Dry Drayton Estate Limited
Unaudited filleted financial statements
30 September 2020
Dry Drayton Estate Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Dry Drayton Estate Limited
Statement of financial position
30 September 2020
30/09/20 30/06/19
Note £ £ £ £
Fixed assets
Tangible assets 5 22,692,811 22,847,308
_________ _________
22,692,811 22,847,308
Current assets
Stocks - 1,037,000
Debtors 6 47,502 1,017,307
Cash at bank and in hand 696,584 364,895
_________ _________
744,086 2,419,202
Creditors: amounts falling due
within one year 7 ( 1,221,021) ( 2,609,746)
_________ _________
Net current liabilities ( 476,935) ( 190,544)
_________ _________
Total assets less current liabilities 22,215,876 22,656,764
Creditors: amounts falling due
after more than one year 8 ( 9,156,537) ( 9,569,039)
Provisions for liabilities ( 2,389,359) ( 2,383,897)
Accruals and deferred income ( 23,432) ( 154,749)
_________ _________
Net assets 10,646,548 10,549,079
_________ _________
Capital and reserves
Called up share capital 175,130 175,130
Revaluation reserve 8,585,907 8,585,907
Profit and loss account 1,885,511 1,788,042
_________ _________
Shareholders funds 10,646,548 10,549,079
_________ _________
For the period ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2021 , and are signed on behalf of the board by:
Mr A M Peck
Director
Company registration number: 03413170
Dry Drayton Estate Limited
Statement of changes in equity
Period ended 30 September 2020
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 July 2018 175,130 8,846,257 833,209 9,854,596
Profit for the period 880,056 880,056
Other comprehensive income for the period:
Reclassification from revaluation reserve to profit and loss account (74,777) 74,777 -
Tax relating to components of other comprehensive income ( 185,573) - ( 185,573)
_________ _________ _________ _________
Total comprehensive income for the period - ( 260,350) 954,833 694,483
_________ _________ _________ _________
At 30 June 2019 and 1 July 2019 175,130 8,585,907 1,788,042 10,549,079
Profit for the period 97,469 97,469
_________ _________ _________ _________
Total comprehensive income for the period - - 97,469 97,469
_________ _________ _________ _________
At 30 September 2020 175,130 8,585,907 1,885,511 10,646,548
_________ _________ _________ _________
Dry Drayton Estate Limited
Notes to the financial statements
Period ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scotland Farm, Dry Drayton, Cambridge, CB23 8AU.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Going concern
The directors have reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being not less than next 12 months from the approval of these financial statements. The company is well placed to manage its business risks successfully despite the current uncertain economic outlook. Forecasts have been prepared and the directors expect the company to continue to generate profits.Covid-19 situation caused a major disruption to state economies and companies' prospects all over the world. The management have considered the downside scenarios to estimate the impact of Covid-19 situation on the company and to establish if the company is financially viable for the foreseeable future. Due to the strong commercial performance and favourable market conditions evidence so far during COVID-19 pandemic and also based on the company's cash forecast, the cash forecast is not sensitive to COVID-19. Thus, the directors continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold property - not depreciated, carried at fair value
Plant and machinery - 40% and 25% reducing balance
Motor vehicles - 25 % reducing balance
Grain stores - 2 % straight line
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.For the purposes of impairment testing, 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2019: 3 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Grain stores Total
£ £ £ £ £
Cost
At 1 July 2019 19,099,783 2,170,809 38,750 3,734,887 25,044,229
Additions 71,306 - - - 71,306
_________ _________ _________ _________ _________
At 30 September 2020 19,171,089 2,170,809 38,750 3,734,887 25,115,535
_________ _________ _________ _________ _________
Depreciation
At 1 July 2019 - 1,779,702 7,266 409,953 2,196,921
Charge for the year - 122,422 9,855 93,526 225,803
_________ _________ _________ _________ _________
At 30 September 2020 - 1,902,124 17,121 503,479 2,422,724
_________ _________ _________ _________ _________
Carrying amount
At 30 September 2020 19,171,089 268,685 21,629 3,231,408 22,692,811
_________ _________ _________ _________ _________
At 30 June 2019 19,099,783 391,107 31,484 3,324,934 22,847,308
_________ _________ _________ _________ _________
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 September 2020
Aggregate cost 8,188,793 8,188,793
Aggregate depreciation - -
_________ _________
Carrying amount 8,188,793 8,188,793
_________ _________
At 30 June 2019
Aggregate cost 8,117,488 8,117,488
Aggregate depreciation - -
_________ _________
Carrying amount 8,117,488 8,117,488
_________ _________
The fair value of the agricultural land and freehold property has been determined by the director, Mr A M Peck , based on valuations carried out by individuals, registered with the Valuation Faculty of RICS, from Strutt and Parker LLP in September 2017.
6. Debtors
30/09/20 30/06/19
£ £
Trade debtors 17,079 807,787
Amounts owed by participating interests 21,292 25,667
Other debtors 9,131 183,853
_________ _________
47,502 1,017,307
_________ _________
The debtors above include the following amounts falling due after more than one year:
30/09/20 30/06/19
£ £
Amounts owed by participating interests 17,792 22,167
_________ _________
7. Creditors: amounts falling due within one year
30/09/20 30/06/19
£ £
Bank loans and overdrafts 1,031,737 2,460,020
Trade creditors 5,780 138,338
Amounts owed to participating interest - 2,822
Corporation tax 39,375 45
Social security and other taxes 137,257 4,471
Other creditors 6,872 4,050
_________ _________
1,221,021 2,609,746
_________ _________
8. Creditors: amounts falling due after more than one year
30/09/20 30/06/19
£ £
Bank loans and overdrafts 9,156,537 9,569,039
_________ _________
Included within creditors: amounts falling due after more than one year is an amount of £ 2,055,720 (2019 £ 2,563,393 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loans are repayable by monthly amounts totalling £35,081 and currently bear interest between the rates of 1.90% and 3.77% per annum.
9. Contingent assets and liabilities
The company has given a guarantee to National Westminster Bank Plc to secure borrowings by P. X. Farms Limited. At the balance sheet date the amount due under the guarantee would have been £8,681,649 (2019 - £1,288,039).
10. Events after the end of the reporting period
The COVID-19 outbreak has continued into 2021, with a significant number of infections. Measures taken by various governments to contain the virus have affected economic activity. We have taken a number of measures to monitor and prevent the effects of the COVID-19 virus such as safety and health measures for our people (like social distancing and working from home).At this stage, the impact on our business and results is limited. We will continue to follow the various national institutes policies and advice and in parallel will do our utmost to continue our operations in the best and safest way possible without jeopardizing the health of our people.We also refer to the Going Concern paragraph in Note 3.
11. Controlling party
The ultimate controlling parties are Mr P J Wilson and Mr A M Peck as joint trustees of the W J A Peck Settlement by virtue of its ownership of 57% of the issued share capital.