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REGISTERED NUMBER: 01320452 (England and Wales)















J J JOHNSTON (FARMS) LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023






J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


J J JOHNSTON (FARMS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: J S Johnston
J C S Johnston





SECRETARY: J S Johnston





REGISTERED OFFICE: Wrottesley Lodge Farm
Albrighton
Wolverhampton
West Midlands
WV7 3AP





REGISTERED NUMBER: 01320452 (England and Wales)

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


The directors present their report with the financial statements of the company for the year ended 30 April 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

J S Johnston
J C S Johnston

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J S Johnston - Director


9 November 2023

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 679,372 635,224
679,372 635,224

CURRENT ASSETS
Stocks 354,081 370,518
Debtors 6 390,119 381,764
Cash at bank 549,029 484,806
1,293,229 1,237,088
CREDITORS
Amounts falling due within one year 7 (92,126 ) (157,708 )
NET CURRENT ASSETS 1,201,103 1,079,380
TOTAL ASSETS LESS CURRENT LIABILITIES 1,880,475 1,714,604

CREDITORS
Amounts falling due after more than one year 8 (39,733 ) -

PROVISIONS FOR LIABILITIES (52,184 ) (31,271 )
NET ASSETS 1,788,558 1,683,333

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

BALANCE SHEET - continued
30 APRIL 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,788,458 1,683,233
SHAREHOLDERS' FUNDS 1,788,558 1,683,333

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:





J S Johnston - Director


J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

J J Johnston (Farms) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of grain, rape seed, livestock etc. is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:
Basic Payment Scheme entitlements - 6 years

Provision is made for any impairment.

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

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.
Freehold property - not provided
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, by a professional valuer, in accordance with usual agricultural practices. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2022
and 30 April 2023 61,484
AMORTISATION
At 1 May 2022
and 30 April 2023 61,484
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 564,072 1,144,011 1,708,083
Additions - 107,000 107,000
At 30 April 2023 564,072 1,251,011 1,815,083
DEPRECIATION
At 1 May 2022 93,434 979,425 1,072,859
Charge for year - 62,852 62,852
At 30 April 2023 93,434 1,042,277 1,135,711
NET BOOK VALUE
At 30 April 2023 470,638 208,734 679,372
At 30 April 2022 470,638 164,586 635,224

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

Plant and
machinery
etc
£   
COST
Additions 107,000
At 30 April 2023 107,000
DEPRECIATION
Charge for year 26,750
At 30 April 2023 26,750
NET BOOK VALUE
At 30 April 2023 80,250

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 34,334 28,082
Other debtors 309,475 310,020
Directors' loan accounts 10,767 7,772
VAT 10,984 15,167
Prepayments 24,559 20,723
390,119 381,764

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 19,867 -
Trade creditors 14,100 28,674
Tax 20,754 91,074
Social security and other taxes 1,225 1,045
Other creditors 540 235
Deferred income 436 436
Accrued expenses 35,204 36,244
92,126 157,708

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 39,733 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 59,600 -

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

J J JOHNSTON (FARMS) LIMITED (REGISTERED NUMBER: 01320452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
J S Johnston
Balance outstanding at start of year 5,991 3,572
Amounts advanced 6,419 6,145
Amounts repaid (6,096 ) (3,726 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,314 5,991

J C S Johnston
Balance outstanding at start of year 1,781 -
Amounts advanced 8,768 1,907
Amounts repaid (6,096 ) (126 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,453 1,781

The directors loan has been provided interest free and is repayable on demand.