Dineley Farming Company Limited - Period Ending 2021-03-31

Dineley Farming Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Dineley Farming Company Limited

Company Information

Directors

F M Dineley A P Dineley Mrs S K Dineley

Company secretary

Mrs S K Dineley

Registered office

Woodlands House Berwick St John Shaftesbury Dorset SP7 0EX

Bankers

National Westminster Bank plc 80 Market Place Warminster Wiltshire BA12 9AW

Accountants

Francis Clark LLP Hitchcock House Hilltop Park Devizes Road Salisbury Wiltshire SP3 4UF

Dineley Farming Company Limited

Balance Sheet

31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	5	2,291,205	2,378,354
Other financial assets	6	454	454
		2,291,659	2,378,808
Current assets
Stocks	7	304,725	404,055
Debtors	8	704,581	188,580
Cash at bank and in hand		173	1,842
		1,009,479	594,477
Creditors: Amounts falling due within one year	9	(506,855)	(472,819)
Net current assets		502,624	121,658
Total assets less current liabilities		2,794,283	2,500,466
Provisions for liabilities		(29,814)	(29,764)
Net assets		2,764,469	2,470,702
Capital and reserves
Called up share capital		51,000	51,000
Share premium reserve		31,607	31,607
Profit and loss account		2,681,862	2,388,095
Shareholders' funds		2,764,469	2,470,702

Dineley Farming Company Limited

Balance Sheet

31 March 2021

For the financial year ending 31 March 2021 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 accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 March 2022 and signed on its behalf by:
 

......................................... Mrs S K Dineley Director

Company Registration Number: 02342788

Dineley Farming Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodlands House
Berwick St John
Shaftesbury
Dorset
SP7 0EX

These financial statements were authorised for issue by the Board on 30 March 2022.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

Going concern

The director's of Dineley Farming Company Limited has considered the impact of COVID-19.

In the opinion of the director's, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Government grants

Government grants are recognised on the performance basis where there is reasonable assurance that the conditions of the grant will be met and that the grant will be received.

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Dineley Farming Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

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.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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	at varying rates on cost
Property Improvements	4% per annum straight line
Plant & Machinery	10% per annum reducing balance
Fixtures & Fittings	10% per annum straight line
Motor Vehicles	25% per annum reducing balance
Office Equipment	25% per annum reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. No element of profit is included in the valuation of stock.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dineley Farming Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

Dineley Farming Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

4

Taxation

Tax charged/(credited) in the profit and loss account

	2021  £	2020  £
Current taxation
UK corporation tax	52,473	22,980
Deferred taxation
Arising from origination and reversal of timing differences	50	1,364
Tax expense in the income statement	52,523	24,344

Deferred tax

Deferred tax assets and liabilities

2021	Liability £
Origination and reversal of timing differences	29,814
Losses and other deductions	-
	29,814

2020	Liability £
Origination and reversal of timing differences	29,764
Losses and other deductions	-
	29,764

Dineley Farming Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 April 2020	454	454
At 31 March 2021	454	454
Impairment
Carrying amount
At 31 March 2021	454	454

7

Stocks

	2021 £	2020 £
Crops in store	-	113,357
Growing crops & arable stores	-	2,473
Livestock	304,725	288,225
	304,725	404,055

8

Debtors

	2021 £	2020 £
Trade debtors	195,281	53,531
Prepayments	4,218	5,898
Other debtors	505,082	129,151
	704,581	188,580

Dineley Farming Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

9

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	10	5,105	216,033
Trade creditors		186,900	182,178
Corporation tax		52,309	22,980
Taxation and social security		6,083	1,516
Other creditors		216,932	3,635
Accruals and deferred income		39,526	46,477
		506,855	472,819

10	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	-	75,000
Bank overdrafts	1,592	127,388
Hire purchase contracts	3,513	13,645
	5,105	216,033

11	Related party transactions

Summary of transactions with parent

Alveberdon Farming Limited
 (ultimate parent party)
 The company paid no dividends (2020 - £24,000) to Alveberdon Farming Limited.
During the year the company had an Interest free loan, repayable on demand with Alveberdon Farming Limited. At the balance sheet date the amount due from Alveberdon Farming Limited was £402,299 (2020 - £60,133).