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REGISTERED NUMBER: 00387706 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

J F D HARGREAVES LIMITED

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J F D HARGREAVES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: J Hargreaves
Mrs S M Hargreaves



REGISTERED OFFICE: Thornton Hall Farm
Station Road
Thornton Curtis
Ulceby
DN39 6XF



REGISTERED NUMBER: 00387706 (England and Wales)



ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF



SOLICITORS: BG Solicitors LLP
Lauriston House
Town Hall Square
Grimsby
DN31 1JB

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,991,578 10,767,565

CURRENT ASSETS
Stocks 2,443,549 2,143,246
Debtors 5 1,043,829 1,081,607
Investments 6 101,670 101,670
3,589,048 3,326,523
CREDITORS
Amounts falling due within one year 7 3,267,527 2,819,853
NET CURRENT ASSETS 321,521 506,670
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,313,099

11,274,235

CREDITORS
Amounts falling due after more than one year 8 (3,566,079 ) (3,842,251 )

PROVISIONS FOR LIABILITIES (887,181 ) (812,271 )
NET ASSETS 6,859,839 6,619,713

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 6,858,839 6,618,713
SHAREHOLDERS' FUNDS 6,859,839 6,619,713

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2023 and were signed on its behalf by:





J Hargreaves - Director


J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

JFD Hargreaves Limited is a private company limited by shares, incorporated and domiciled in England, and has its registered office and principal place of business at Station Road, Thornton Curtis, Ulceby, England, DN39 6XF.

The principal activity of the company is farming.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having regard to liquidity risk, current market conditions and other factors affecting the company,including the impact of Covid 19, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost and 2% on cost excluding land
Plant and machinery etc - 15% on cost, 12.5% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that haven been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit or loss.

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.

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government assistance
Government subsidies are released to the profit and loss account in the period to which they relate.

Current asset investments
Investments that are publicly traded or their fair value can otherwise be measured reliably.are measured at fair value with changes in fair value recognised through the profit or loss. All other investments are measured at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 6,620,211 7,574,429 14,194,640
Additions - 1,011,586 1,011,586
Disposals - (504,900 ) (504,900 )
At 31 March 2023 6,620,211 8,081,115 14,701,326
DEPRECIATION
At 1 April 2022 334,213 3,092,862 3,427,075
Charge for year 4,557 539,256 543,813
Eliminated on disposal - (261,140 ) (261,140 )
At 31 March 2023 338,770 3,370,978 3,709,748
NET BOOK VALUE
At 31 March 2023 6,281,441 4,710,137 10,991,578
At 31 March 2022 6,285,998 4,481,567 10,767,565

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 1,314,375
Additions 679,225
Transfer to ownership (284,750 )
At 31 March 2023 1,708,850
DEPRECIATION
At 1 April 2022 272,529
Charge for year 169,782
Transfer to ownership (119,322 )
At 31 March 2023 322,989
NET BOOK VALUE
At 31 March 2023 1,385,861
At 31 March 2022 1,041,846

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 916,849 801,939
Other debtors 126,980 279,668
1,043,829 1,081,607

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 101,670 101,670

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,889,919 1,401,195
Hire purchase contracts 283,198 265,817
Trade creditors 1,028,260 1,076,191
Taxation and social security 11,886 8,570
Other creditors 54,264 68,080
3,267,527 2,819,853

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 3,270,133 3,515,426
Hire purchase contracts 290,946 321,825
Other creditors 5,000 5,000
3,566,079 3,842,251

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 5,000 5,000

Repayable by instalments
Bank loans 1,970,059 1,847,305

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 1,558,783 973,145
Bank loans 3,601,269 3,943,476
Hire purchase contracts 574,144 587,642
5,734,196 5,504,263

Bank borrowings are secured by mortgages over the companys freehold land and buildings.
Hire purchase contracts are secured over the assets to which they relate.

10. OTHER FINANCIAL COMMITMENTS

At 31 March 2023, the company had annual commitments under non-cancellable operating leases over the remaining life of those leases of £197,840 (2022 £197,848).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
J Hargreaves
Balance outstanding at start of year 5,664 3,336
Amounts repaid (2,808 ) 2,328
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,856 5,664

The above loan from the director is on an interest free repayable on demand basis . The amount owing to the director is included in other creditors.

12. RELATED PARTY DISCLOSURES

Mr B Hargreaves

Mr B Hargreaves holds a participating interest in the company.

A loan account subsisted between Mr B Hargreaves and the company throughout the year.

The balance owing by Mr B Hargreaves to the company at the balance sheet date was £25,000 (2022 £25,000).

The loan account carries no right to interest and is repayable on demand.