Dineley Farming Company Limited - Period Ending 2017-03-31

Dineley Farming Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 02342788

Dineley Farming Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the 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

Page 1

Dineley Farming Company Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	2,421,277	2,416,080
Other financial assets	6	454	454
		2,421,731	2,416,534
Current assets
Stocks	7	424,672	372,992
Debtors	8	42,294	68,458
Cash at bank and in hand		37,496	75,469
		504,462	516,919
Creditors: Amounts falling due within one year	9	(421,974)	(337,606)
Net current assets		82,488	179,313
Total assets less current liabilities		2,504,219	2,595,847
Provisions for liabilities		(18,836)	(26,785)
Net assets		2,485,383	2,569,062
Capital and reserves
Called up share capital		51,000	51,000
Share premium reserve		31,607	31,607
Profit and loss account		2,402,776	2,486,455
Total equity		2,485,383	2,569,062

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Dineley Farming Company Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

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.

Approved and authorised by the Board on 7 December 2017 and signed on its behalf by:
 

.........................................

Mrs S K Dineley

Director

Company Registration Number: 02342788

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Dineley Farming Company Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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 7 December 2017.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Page 4

Dineley Farming Company Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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.

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

Page 5

Dineley Farming Company Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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 (2016 - 4).

Page 6

Dineley Farming Company Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4

Taxation

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

	2017  £	2016  £
Deferred taxation
Arising from origination and reversal of timing differences	(7,949)	2,696

Deferred tax

Deferred tax assets and liabilities

2017	Liability £
Origination and reversal of timing differences	17,279

2016	Liability £
Origination and reversal of timing differences	26,785

Page 7

Dineley Farming Company Limited

Notes to the Financial Statements

Year Ended 31 March 2017

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	2,188,338	3,878	31,498	549,810	2,773,524
Additions	-	250	-	74,971	75,221
Disposals	-	-	-	(50,750)	(50,750)
At 31 March 2017	2,188,338	4,128	31,498	574,031	2,797,995
Depreciation
At 1 April 2016	64,000	2,151	15,619	275,673	357,443
Charge for the year	4,000	484	3,971	28,274	36,729
Eliminated on disposal	-	-	-	(17,454)	(17,454)
At 31 March 2017	68,000	2,635	19,590	286,493	376,718
Carrying amount
At 31 March 2017	2,120,338	1,493	11,908	287,538	2,421,277
At 31 March 2016	2,124,338	1,727	15,879	274,136	2,416,080

Included within the net book value of land and buildings above is £2,120,338 (2016 - £2,124,338) in respect of freehold land and buildings.
 

Page 8

Dineley Farming Company Limited

Notes to the Financial Statements

Year Ended 31 March 2017

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 2016	454	454
At 31 March 2017	454	454
Impairment
Carrying amount
At 31 March 2017	454	454

7

Stocks

	2017 £	2016 £
Crops in store	85,422	75,682
Growing crops & arable stores	73,600	81,376
Sheep	265,650	215,934
	424,672	372,992

8

Debtors

	2017  £	2016  £
Trade debtors	11,825	24,623
Other debtors	24,925	40,565
Prepayments	5,544	3,270
	42,294	68,458

Page 9

Dineley Farming Company Limited

Notes to the Financial Statements

Year Ended 31 March 2017

9

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	10	188,852	80,879
Trade creditors		125,009	115,682
Social security and other taxes		1,461	2,747
Outstanding defined contribution pension costs		43	-
Other creditors		84,381	134,643
Accrued expenses		22,228	3,655
		421,974	337,606

10	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	50,000	62,352
Bank overdrafts	116,411	3,027
Finance lease liabilities	22,441	15,500
	188,852	80,879

11	Related party transactions

Summary of transactions with parent

Alveberdon Farming Limited
 (ultimate parent party)
 The company paid dividends of £24,000 (2016: £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 £7,656 (2016: (£5,311)).
 

12	Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015.

There were no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for the year ended 31 March 2016 as a result of the transition for FRS 102.

Page 10