Dare Farms Limited 31/03/2018 iXBRL
Dare Farms Limited 31/03/2018 iXBRL
Company registration number:
07382756
Trading as
Dare Farms Limited
Unaudited financial statements
DARE FARMS LIMITED
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
DARE FARMS LIMITED
DIRECTORS AND OTHER INFORMATION
Directors |
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Company number |
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Registered office |
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Business address |
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Accountants |
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Timberly | ||
South Street | ||
Axminster | ||
Devon | ||
EX13 5AD | ||
DARE FARMS LIMITED
DIRECTORS REPORT
YEAR ENDED 31 MARCH 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2018.
Directors
The directors who served the company during the year were as follows:
Mr A P J Dare |
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Small company provisions
This report was approved by the board of directors on
12 December 2018
and signed on behalf of the board by:
Mr A P J Dare
Director
DARE FARMS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DARE FARMS LIMITED
YEAR ENDED 31 MARCH 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of
Dare Farms Limited
for the year ended 31 March 2018 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Dare Farms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dare Farms Limited and state those matters that we have agreed to state to the board of directors of Dare Farms Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dare Farms Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Dare Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dare Farms Limited. You consider that Dare Farms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Dare Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Timberly
South Street
Axminster
Devon
EX13 5AD
DARE FARMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2018
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Turnover |
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Cost of sales |
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Gross profit |
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Administrative expenses |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
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Profit before taxation |
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Tax on profit |
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Profit for the financial year and total comprehensive income |
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All the activities of the company are from continuing operations.
DARE FARMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
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Note | £ | £ | £ | £ | |||||
Current assets | |||||||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand | - |
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Creditors: amounts falling due | |||||||||
within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account | 7 |
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Shareholders funds |
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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.
These financial statements were approved by the
board of directors
and authorised for issue on
12 December 2018
, and are signed on behalf of the board by:
Director
Company registration number:
07382756
DARE FARMS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2018
At 1 April 2016 |
Profit for the year |
Total comprehensive income for the year |
Dividends paid and payable |
Total investments by and distributions to owners |
At 31 March 2017 and 1 April 2017 |
Profit for the year |
Total comprehensive income for the year |
Dividends paid and payable |
Total investments by and distributions to owners |
At 31 March 2018 |
DARE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
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
3.
Accounting policies
Basis of preparation
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
Stocks
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.
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2017: Nil).
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Debtors
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Other debtors |
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Creditors: amounts falling due within one year
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Bank loans and overdrafts |
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Accruals and deferred income |
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Social security and other taxes | 13,929 | 14,451 | ||
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7.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
8.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
Loans to / (from) directors at 1 April 2017 | Loans to / (from) the directors | Amounts repaid | Balance at 31 March 2018 | ||
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Directors |
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Loans to / (from) directors at 1 April 2016 | Loans to / (from) the directors | Amounts repaid | Balance at 31 March 2017 | ||
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Directors |
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DARE FARMS LIMITED
The following pages do not form part of the statutory accounts.