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REGISTERED NUMBER: 00531074 (England and Wales)















J.H. GRUNDY (FARMS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023






J.H. GRUNDY (FARMS) LIMITED (REGISTERED NUMBER: 00531074)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


J.H. GRUNDY (FARMS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2023







DIRECTORS: Mrs C R Grundy
Ms F J Grundy





REGISTERED OFFICE: Middlemoor Farm
Eaugate Road
Whaplode Drove
Spalding
Lincolnshire
PE12 0SP





REGISTERED NUMBER: 00531074 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

J.H. GRUNDY (FARMS) LIMITED (REGISTERED NUMBER: 00531074)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 689,660 567,900
Investments 6 8 8
689,668 567,908

CURRENT ASSETS
Valuation 449,085 515,499
Debtors 7 187,027 124,124
Cash at bank and in hand 806,113 619,747
1,442,225 1,259,370
CREDITORS
Amounts falling due within one year 8 157,334 223,617
NET CURRENT ASSETS 1,284,891 1,035,753
TOTAL ASSETS LESS CURRENT LIABILITIES 1,974,559 1,603,661

PROVISIONS FOR LIABILITIES 58,372 65,981
NET ASSETS 1,916,187 1,537,680

CAPITAL AND RESERVES
Called up share capital 9 217,000 17,000
Retained earnings 1,699,187 1,520,680
SHAREHOLDERS' FUNDS 1,916,187 1,537,680

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:




Mrs C R Grundy - Director


J.H. GRUNDY (FARMS) LIMITED (REGISTERED NUMBER: 00531074)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1. STATUTORY INFORMATION

J.H. Grundy (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 "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.

Turnover
Turnover represents net invoiced sales of produce and sub-contract work, excluding value added tax.

Sales of produce are recognised upon despatch. Revenue from sub-contract work is recognised on date of completion.

The Basic Farm Payment is recognised in the financial statements in accordance with current HM Revenue & Customs guidance.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance and 6.66 on cost
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stock is valued on basis consistent with that of the previous year by professional valuers in accordance with HS232 Farm Stock Valuation.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


J.H. GRUNDY (FARMS) LIMITED (REGISTERED NUMBER: 00531074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 6 April 2022
and 5 April 2023 58,997
AMORTISATION
At 6 April 2022
and 5 April 2023 58,997
NET BOOK VALUE
At 5 April 2023 -
At 5 April 2022 -

J.H. GRUNDY (FARMS) LIMITED (REGISTERED NUMBER: 00531074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2022 359,975 960,058 1,320,033
Additions 153,899 30,750 184,649
Disposals - (3,360 ) (3,360 )
At 5 April 2023 513,874 987,448 1,501,322
DEPRECIATION
At 6 April 2022 57,242 694,891 752,133
Charge for year 7,704 55,178 62,882
Eliminated on disposal - (3,353 ) (3,353 )
At 5 April 2023 64,946 746,716 811,662
NET BOOK VALUE
At 5 April 2023 448,928 240,732 689,660
At 5 April 2022 302,733 265,167 567,900

Included in cost of land and buildings is freehold land of £ 370,238 (2022 - £ 217,988 ) which is not depreciated.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 6 April 2022
and 5 April 2023 8
NET BOOK VALUE
At 5 April 2023 8
At 5 April 2022 8

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 105,090 100,269
Other debtors 81,937 23,855
187,027 124,124

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,389 2,728
Trade creditors 45,148 49,028
Taxation and social security 58,085 39,835
Other creditors 3,712 132,026
157,334 223,617

J.H. GRUNDY (FARMS) LIMITED (REGISTERED NUMBER: 00531074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal Value: 2023 2022
£ £
Nil (2022 - 17,000) Ordinary £1 - 17,000
12,622 A Ordinary £1 12,622 -
11,30 B Ordinary £1 1,130 -
1,129 C Ordinary £1 1,129 -
2,119 D Ordinary £1 2,119 -
200,00 E Redeemable preference shares 200,000 -
215,871 17,000