Dry Drayton Estate Limited - Period Ending 2021-09-30
Dry Drayton Estate Limited - Period Ending 2021-09-30
Registration number:
Dry Drayton Estate Limited
for the Year Ended 30 September 2021
Dry Drayton Estate Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Dry Drayton Estate Limited
(Registration number: 03413170)
Balance Sheet as at 30 September 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Dry Drayton Estate Limited
(Registration number: 03413170)
Balance Sheet as at 30 September 2021
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Dry Drayton Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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. Thus, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Dry Drayton Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and 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 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 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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 |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Dry Drayton Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of amounts payable.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Dry Drayton Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2020 |
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Additions |
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- |
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Disposals |
- |
( |
( |
( |
At 30 September 2021 |
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- |
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Depreciation |
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At 1 October 2020 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
( |
At 30 September 2021 |
- |
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- |
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Carrying amount |
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At 30 September 2021 |
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- |
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At 30 September 2020 |
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Revaluation
The fair value of the company's Freehold property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by participating interests |
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Prepayments |
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Other debtors |
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- |
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Less non-current portion |
( |
( |
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Dry Drayton Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans which are secured of £0 (2020 - £1,031,737).
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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2021 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
- |
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After more than five years not by instalments |
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- |
9,989,673 |
2,055,720 |
The loan is repayable in full on the 14 April 2031 and bears interest at base rate plus 3.1% per annum.
Creditors include bank loans which are secured of £9,989,673 (2020 - £9,156,537).
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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175,130 |
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175,130 |