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Registration number: 00546657

J G Fisher Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

J G Fisher Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

J G Fisher Limited

Company Information

Directors

R G Fisher

Mrs S E Fisher

Mrs J M Fisher

C M G Fisher

Company secretary

Mrs J M Fisher

Registered office

Gunnerby Farm
Gunnerby
Hatcliffe
Grimsby
N E Lincolnshire
DN37 0SP

Bankers

Handelsbanken
Suite 4, First Floor
Origin 2
Genesis Office Park
Europarc
Grimsby
DN37 9TZ

 

J G Fisher Limited

(Registration number: 00546657)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,053

2,695

Tangible assets

5

1,255,694

1,305,126

Investment property

6

-

376,726

 

1,257,747

1,684,547

Current assets

 

Stocks

351,477

346,999

Debtors

7

144,410

304,408

Cash at bank and in hand

 

-

75

 

495,887

651,482

Creditors: Amounts falling due within one year

8

(589,471)

(712,420)

Net current liabilities

 

(93,584)

(60,938)

Total assets less current liabilities

 

1,164,163

1,623,609

Creditors: Amounts falling due after more than one year

8

(248,780)

(624,212)

Provisions for liabilities: deferred tax

(45,910)

(48,041)

Net assets

 

869,473

951,356

Capital and reserves

 

Called up share capital

4,000

4,000

Profit and loss account

865,473

947,356

Total equity

 

869,473

951,356

For the financial year ending 30 June 2023 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 January 2024 and signed on its behalf by:
 

.........................................
R G Fisher
Director

.........................................
Mrs S E Fisher
Director

.........................................
C M G Fisher
Director

     
 

J G Fisher Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Gunnerby Farm
Gunnerby
Hatcliffe
Grimsby
N E Lincolnshire
DN37 0SP

These financial statements were authorised for issue by the Board on 25 January 2024.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Basic payment scheme is received in respect of calendar years. Receipt in contingent upon meeting certain cross compliance rules throughout the scheme year. Once the criteria has been met the income is recognised.

Capital grants are recognised as deferred income and will be released over the useful economic life of the relevant fixed asset.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

J G Fisher Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous accounting 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. 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.

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. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
 

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

Leasehold land

Over the period of the lease, premiums paid have been written off at 20% per annum and are fully writtten off

Improvements to leasehold property

5% or 10% per annum on cost

Fuel tanks and office equipment

25% per annum on written down value

Implements and tackle

10%, 15% or 25% per annum on written down value

Tractors, combines and motor vehicles

10%, 15% or 25% per annum on written down value

Computer equipment

20% per annum on cost

Photovoltaic equipment

5% per annum on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

10% or 20% per annum on cost

Farm valuation

The valuation is prepared by professional agents at the lower of cost and net realisable value.

 

J G Fisher Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2022 - 7).

4

Intangible assets

Entitlements
£

Total
£

Cost or valuation

At 1 July 2022

5,199

5,199

At 30 June 2023

5,199

5,199

Amortisation

At 1 July 2022

2,504

2,504

Amortisation charge

642

642

At 30 June 2023

3,146

3,146

Carrying amount

At 30 June 2023

2,053

2,053

At 30 June 2022

2,695

2,695

 

J G Fisher Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Freehold land
£

Long leasehold buildings
£

Plant, machinery, vehicles and equipment
£

Photovoltaic equipment
£

Total
£

Cost or valuation

At 1 July 2022

607,652

177,228

1,307,150

147,694

2,239,724

Additions

-

-

9,633

-

9,633

Disposals

-

-

(2,258)

-

(2,258)

At 30 June 2023

607,652

177,228

1,314,525

147,694

2,247,099

Depreciation

At 1 July 2022

-

167,086

704,845

62,667

934,598

Charge for the year

-

4,020

47,552

7,385

58,957

Eliminated on disposal

-

-

(2,150)

-

(2,150)

At 30 June 2023

-

171,106

750,247

70,052

991,405

Carrying amount

At 30 June 2023

607,652

6,122

564,278

77,642

1,255,694

At 30 June 2022

607,652

10,142

602,305

85,027

1,305,126

 

J G Fisher Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Investment properties

2023
£

At 1 July

376,726

Disposals

(376,726)

At 30 June

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

22,862

206,567

Prepayments

13,392

18,251

Other debtors

108,156

79,590

 

144,410

304,408

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

454,202

569,011

Trade creditors

 

95,363

81,993

Taxation and social security

 

1,659

1,303

Other creditors

 

2,034

20,795

Accruals and deferred income

 

36,213

39,318

 

589,471

712,420

Due after one year

 

Loans and borrowings

9

203,480

573,031

Deferred income

 

45,300

51,181

 

248,780

624,212

Loans and borrowings include facilities which are secured on land and property owned by the company of £424,425 (2022 - £538,904) and a bank loan secured on land owned by a director of £12,000 (2022 - £12,800) and net obligations under hire purchase contracts which are secured on their respective assets of £17,777 (2022 - £17,307).

Included in deferred income is £25,506 (2022 - £29,587) due after more than five years, by instalments.

 

J G Fisher Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

203,480

573,031

Deferred income

 

45,300

51,181

 

248,780

624,212

Loans and borrowings include a bank loan secured on land owned by a director of £163.480 (2022 - £174,236) and a bank loan secured on property owned by the company of £nil (2022 - £72,800) and net obligations under hire purchase contracts which are secured on their respective assets of £nil (2022 - £17,777).

Creditors includes a bank loan repayable by instalments of £115,480 (2022 - £123,036) due after more than five years.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

163,480

247,036

Hire purchase liabilities

-

17,777

Redeemable preference shares

40,000

40,000

Other borrowings

-

268,218

203,480

573,031

2023
£

2022
£

Current loans and borrowings

Bank borrowings

12,000

16,000

Bank overdrafts

424,425

535,704

Hire purchase liabilities

17,777

17,307

Other borrowings

2,034

-

456,236

569,011

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £70,000 per annum (2022 - £70,000). This is the annual amount payable under the farming tenancy agreements which will continue until either party gives notice to terminate the agreements.

 

J G Fisher Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

11

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to Director
£

Repayments by Director
£

At 30 June 2023
£

Mrs J M Fisher

Loan account

1,163

-

(1,163)

-

         
       

C M G Fisher

Loan account

2,585

-

(2,585)

-

         
       

R G Fisher

Loan account

-

5,971

-

5,971

         
       

Mrs S E Fisher

Loan account

-

5,970

-

5,970

         
       

 

No interest has been charged in respect of these balances.

2022

At 1 July 2021
£

Advances to Director
£

Repayments by Director
£

At 30 June 2022
£

Mrs J M Fisher

Loan account

1,079

1,163

(1,079)

1,163

         
       

C M G Fisher

Loan account

2,282

2,585

(2,282)

2,585