Dare Farms Limited 31/03/2022 iXBRL

Dare Farms Limited 31/03/2022 iXBRL

DARE FARMS LIMITED - Company Information

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Company registration number: 07382756
Dare Farms Limited
Unaudited filleted financial statements
31 March 2022
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 Westcotts
Timberly
South Street
Axminster
Devon
EX13 5AD
DARE FARMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 240,077 196,291
_______ _______
240,077 196,291
Current assets
Stocks 264,350 221,000
Debtors 6 63,146 38,513
_______ _______
327,496 259,513
Creditors: amounts falling due
within one year 8 ( 80,161) ( 47,283)
_______ _______
Net current assets 247,335 212,230
_______ _______
Total assets less current liabilities 487,412 408,521
Provisions for liabilities ( 8,319) -
_______ _______
Net assets 479,093 408,521
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 478,993 408,421
_______ _______
Shareholders funds 479,093 408,521
_______ _______
For the year ending 31 March 2022 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 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 29 December 2022 , and are signed on behalf of the board by:
Mrs A M Dare
Director
Company registration number: 07382756
DARE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
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.
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 in finance costs in profit or loss in the period it arises.
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.
Principal activity
The principal activity of the company is farming.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 196,291 - - 196,291
Additions - 5,675 51,950 57,625
_______ _______ _______ _______
At 31 March 2022 196,291 5,675 51,950 253,916
_______ _______ _______ _______
Depreciation
At 1 April 2021 - - - -
Charge for the year - 851 12,988 13,839
_______ _______ _______ _______
At 31 March 2022 - 851 12,988 13,839
_______ _______ _______ _______
Carrying amount
At 31 March 2022 196,291 4,824 38,962 240,077
_______ _______ _______ _______
At 31 March 2021 196,291 - - 196,291
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 37,695 -
Other debtors 25,451 38,513
_______ _______
63,146 38,513
_______ _______
7. Cash and cash equivalents
2022 2021
£ £
Bank overdrafts ( 58,515) ( 27,350)
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 58,515 27,350
Accruals and deferred income 1,750 1,875
Social security and other taxes 5,000 15,368
Other creditors 14,896 2,690
_______ _______
80,161 47,283
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 2,690) ( 12,206) - ( 14,896)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 1,089) 1,899 ( 3,500) ( 2,690)
_______ _______ _______ _______