E.W.Davies Farms Limited - Accounts to registrar (filleted) - small 22.3
E.W.Davies Farms Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 5 April 2022 |
| for |
| E.W.Davies Farms Limited |
| E.W.Davies Farms Limited (Registered number: 00531378) |
| Contents of the Financial Statements |
| for the Year Ended 5 April 2022 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| E.W.Davies Farms Limited |
| Company Information |
| for the Year Ended 5 April 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| E.W.Davies Farms Limited (Registered number: 00531378) |
| Abridged Balance Sheet |
| 5 April 2022 |
| 5.4.22 | 5.4.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| E.W.Davies Farms Limited (Registered number: 00531378) |
| Abridged Balance Sheet - continued |
| 5 April 2022 |
| 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 |
| E.W.Davies Farms Limited (Registered number: 00531378) |
| Notes to the Financial Statements |
| for the Year Ended 5 April 2022 |
| 1. | STATUTORY INFORMATION |
| E.W.Davies Farms Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net amounts of work done invoiced during the year along with net farming income and arable subsidies, excluding Value Added Tax. |
| Tangible fixed assets |
| Freehold Property | 4% as applicable |
| Plant & machinery | 20% reducing balance |
| Fixtures & fittings | 20% reducing balance |
| Motor vehicles | 25% reducing balance |
| Tractors & combines | 15% reducing balance |
| Except as noted below, depreciation has not been provided for on the freehold property. In the opinion of the directors the residual value would be sufficiently high to make any depreciation charge immaterial. The directors have based their estimate of residual values of prices prevailing at the time of acquisition. Solar panels attached to the roof of one of the company's barns are being depreciated over 25 years on a straight line basis, this being the term of the Feed in Tariff agreement entered into by the company. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| The valuation of growing crops includes the costs of chemicals and fertilisers applied to those crops and the cost of direct labour and overheads incurred. |
| 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. |
| 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. |
| E.W.Davies Farms Limited (Registered number: 00531378) |
| Notes to the Financial Statements - continued |
| for the Year Ended 5 April 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 6 April 2021 |
| Additions |
| Disposals | ( |
) |
| At 5 April 2022 |
| DEPRECIATION |
| At 6 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 5 April 2022 |
| NET BOOK VALUE |
| At 5 April 2022 |
| At 5 April 2021 |
| Included in the net book value of £4,740,100 is £758,515 (2021: £785,121) relating to assets held under hire purchase agreement. The depreciation charged to the financial statements in respect of such assets amounted to £157,514 (2021: £103,775). |
| 5. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST |
| At 6 April 2021 | 69,833 |
| Additions | 7,425 |
| Disposals | (46,560 | ) |
| At 5 April 2022 | 30,698 |
| NET BOOK VALUE |
| At 5 April 2022 | 30,698 |
| At 5 April 2021 | 69,833 |
| E.W.Davies Farms Limited (Registered number: 00531378) |
| Notes to the Financial Statements - continued |
| for the Year Ended 5 April 2022 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| Unlisted investments includes £30,608 with regards to Ritual Chocolate, a company incorporated in the United States of America. The directors have considered the value of the assets without actually revaluing them, and are satisfied the value as stated in the financial statements reflects the market value of the assets. |
| The company entered into a joint venture farming partnership on the 6th April 2015 known as Hydes Farming. The value of it's investment in the sheep farming business at the 5th April 2022 is detailed above. |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 5.4.22 | 5.4.21 |
| £ | £ |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 325,432 | 420,077 |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 5.4.22 | 5.4.21 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| The bank borrowings are secured against 558 acres, including 3 houses (title number EX393070). The bank overdraft of £302,848.09 (2021 - £nil) is, in common with most overdrafts, repayable on demand. The loan is repayable over 15 years and interest is chargeable at the rate of 2.075% over the base rate. |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 5.4.22 | 5.4.21 |
| value: | £ | £ |
| Ordinary | £1.00 | 10,000 | 10,000 |