Denmark Farm Conservation Centre Ltd Company Accounts
Denmark Farm Conservation Centre Ltd Company Accounts
COMPANY REGISTRATION NUMBER:
07462134
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Company Limited by Guarantee |
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Company Limited by Guarantee |
Financial Statements |
Year ended 31 March 2017
Contents |
Page |
Officers and professional advisers |
1 |
Directors' report |
2 |
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
4 |
Statement of financial position |
5 |
Statement of changes in equity |
7 |
Notes to the financial statements |
8 |
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Company Limited by Guarantee |
Officers and Professional Advisers |
The board of directors |
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Registered office |
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Accountants |
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Chartered accountant |
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Ty Madog |
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32 Queens Road |
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Aberystwyth |
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Ceredigion |
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SY23 2HN |
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Company Limited by Guarantee |
Directors' Report |
Year ended 31 March 2017
The directors present their report and the unaudited financial statements of the company for the year ended
31 March 2017
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Principal activities
Incorporation
The company commenced trading on 21st March 2013. Budgets and targets are set annually and progress is reviewed regularly by the directors throughout the year.
Directors
The directors who served the company during the year were as follows:
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Small company provisions
This report was approved by the board of directors on
26 September 2017
and signed on behalf of the board by:
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Chairman |
Director |
Company Secretary |
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Registered office: |
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Company Limited by Guarantee |
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 31 March 2017
Ty Madog
32 Queens Road
Aberystwyth
Ceredigion
SY23 2HN
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Company Limited by Guarantee |
Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
7 |
– |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
9 |
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Net assets/(liabilities) |
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(
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Capital and reserves
Revaluation reserve |
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– |
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Profit and loss account |
(
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(
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Members funds/(deficit) |
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(
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
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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
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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 financial statements
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Company Limited by Guarantee |
Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2017
, and are signed on behalf of the board by:
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Chairman |
Director |
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Company Limited by Guarantee |
Statement of Changes in Equity |
Year ended 31 March 2017
Revaluation reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
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At 1 April 2015 |
– |
(
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(
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Loss for the year |
(
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Total comprehensive income for the year |
– |
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At 31 March 2016 |
– |
(
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(
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Profit for the year |
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Other comprehensive income for the year: |
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Revaluation of tangible assets |
6 |
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– |
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Total comprehensive income for the year |
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At 31 March 2017 |
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Company Limited by Guarantee |
Notes to the Financial Statements |
Year ended 31 March 2017
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Denmark Farm, Betws Bledrws, Lampeter, Ceredigion, SA48 8PB.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
Revenue recognition
Tangible assets
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:
Freehold Property |
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Fixtures & Fittings |
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Equipment |
- |
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Impairment of fixed assets
Stocks
Government grants
Financial instruments
4.
Company limited by guarantee
The company's liability is limited by the guarantee entered in by the members. Every member undertakes to contribute to the assets of the company in the event of it being wound up during the member's period of membership, or within a year afterwards for payment of the debt and liabilities contracted before the member ceased to be a member such amount not exceeding £1 for any member.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2016:
1
).
6.
Tangible assets
Land and buildings |
Fixtures and fittings |
Equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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– |
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Revaluations |
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– |
– |
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Other movements |
(
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– |
– |
(
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
– |
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Revaluations |
(
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– |
(
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Tangible assets held at valuation
7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
– |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Social security and other taxes |
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Other creditors |
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9.
Creditors:
amounts falling due after more than one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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2017 | 2016 | ||
£ | £ | ||
Falling due within one year: | |||
'Core' borrowing | 75,073 | 55,073 | |
Loan repayable re land transfer | 2,500 | 2,500 | |
Falling due more than one year: | |||
Loan repayable re land transfer 1-5 years | 3,332 | 3,332 | |
Loan repayable re land transfer 5+ years | 19,168 | 19,168 | |
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100,073 | 80,073 | ||
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The group undertaking is the parent registered charity, the Shared Earth Trust, which has provided financial assistance to its trading subsidiary. In addition to core funding provided of £55,073 at 31st March 2016 (£55,073 - 2015),mortgage assistance has been given by the charity. On 27th June 2012, a 30 year mortgage was provided at an annual rate of interest of 5%. The principal amount was £25,000, secured by land transferred to DFCC by the Shared Earth Trust. As at the year end no repayments had been made nor interest charged in the accounts in connection with the mortgage. The Bank loan (from the Ecology Building Society)is made up as follows:
2017 | 2016 | ||
£ | £ | ||
repayable | |||
within 1 year | 10,757 | 11,034 | |
1-2 years | 10,757 | 11,034 | |
2-5 years | 32,271 | 33,103 | |
more than 5 years | 106,154 | 112,294 | |
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159,939 | 167,465 | ||
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The mortgages from the Ecology Building Society and The Shared Earth Trust are secured over the land and property.
10.
Related party transactions