Newlyn Dean & Sons Limited - Accounts to registrar (filleted) - small 23.1.2
Newlyn Dean & Sons Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| NEWLYN DEAN & SONS LIMITED |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Balance sheet | 1 |
| Notes to the financial statements | 3 |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investment property | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| Provisions for liabilities | 10 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Fair value reserve | 12 |
| 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. |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| BALANCE SHEET - continued |
| 31 MARCH 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | Statutory information |
| Newlyn Dean and Sons Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00777576. The registered office and business address is Broomhill Farmhouse, Broomhill, Holt, Wimborne, Dorset, BH21 7AR. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts receivable for the rental of farmland, buildings for storage and furnished holiday lets, plant hire and general farming services, net of VAT and trade discounts. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stock and Work In Progress are valued at the lower of cost and net realisable value. |
| 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 taxation |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | Accounting policies - continued |
| Financial instruments |
| Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
| At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 April 2022 |
| Additions |
| At 31 March 2023 |
| Depreciation |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| Net book value |
| At 31 March 2023 |
| At 31 March 2022 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| Cost |
| At 1 April 2022 |
| Transfer to ownership | (41,622 | ) |
| At 31 March 2023 |
| Depreciation |
| At 1 April 2022 |
| Transfer to ownership | (24,973 | ) |
| At 31 March 2023 |
| Net book value |
| At 31 March 2023 |
| At 31 March 2022 |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | Investment property |
| Total |
| £ |
| Fair value |
| At 1 April 2022 |
| Additions |
| Revaluations | 1,547,680 |
| At 31 March 2023 |
| Net book value |
| At 31 March 2023 |
| At 31 March 2022 |
| Fair value at 31 March 2023 is represented by: |
| £ |
| Valuation in 2019 | 1,284,183 |
| Valuation in 2021 | 350,000 |
| Valuation in 2023 | 1,547,680 |
| Cost | 1,324,728 |
| 4,506,591 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2023 | 2022 |
| £ | £ |
| Cost | 1,324,728 | 965,688 |
| Investment property was valued on an open market basis on 31 March 2023 by Christopher Batten estate agents . |
| 6. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 7. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Wages creditor | 2,893 | 1,514 |
| Pension creditor | 177 | 135 |
| Other creditors |
| Directors' current accounts | 3 | 27 |
| Accruals |
| 8. | Creditors: amounts falling due after more than one year |
| 2023 | 2022 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 515,450 | 569,473 |
| 9. | Secured debts |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | - | 10,162 |
| The Lloyds bank borrowings are secured by way of a debenture dated 27 January 2017. |
| Lloyds bank also hold a floating charge dated 9 June 2017 and fixed and floating charges dated 25 March 2022, over the land in the company. |
| 10. | Provisions for liabilities |
| 2023 | 2022 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Property revaluation | 795,466 | 310,495 |
| 812,529 | 322,591 |
| NEWLYN DEAN & SONS LIMITED (REGISTERED NUMBER: 00777576) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 10. | Provisions for liabilities - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 |
| Charge to Income statement during year |
| Property revaluation | 484,971 |
| Balance at 31 March 2023 |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary X | £1.00 | 5,002 | 5,002 |
| Ordinary Y | £1.00 | 7,503 | 7,503 |
| Ordinary Z | £1.00 | 2,501 | 2,501 |
| 15,006 | 15,006 |
| 12. | Reserves |
| Fair |
| value |
| reserve |
| £ |
| At 1 April 2022 |
| Investment property | 1,062,709 |
| At 31 March 2023 |
| 13. | Ultimate controlling party |
| There is no ultimate controlling party by virtue of no individual shareholder holding over 50% of the issued voting share capital. However, the company is under the day to day control of its directors. |