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Company registration number: 08065719

AJ & GM Cliff Limited

Annual Report and Unaudited FILLETED Financial Statements

for the Year Ended 31 July 2023

image-name
 

AJ & GM Cliff Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

AJ & GM Cliff Limited

Company Information

Directors

Mr AJ Cliff

Mrs GM Cliff

Registered office

Burwardsley Hall Farm
Burwardsley
Tattenhall
Chester
Chester
CH3 9PF

Accountants

Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

AJ & GM Cliff Limited

(Registration number: 08065719)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

5,728

Tangible assets

5

565,063

465,404

Biological assets

6

410,853

444,442

 

975,916

915,574

Current assets

 

Stocks

8

31,733

81,735

Debtors

9

94,719

94,726

Cash at bank and in hand

 

368,267

237,444

Biological assets

7

90,675

60,400

 

585,394

474,305

Creditors: Amounts falling due within one year

10

(261,850)

(258,149)

Net current assets

 

323,544

216,156

Total assets less current liabilities

 

1,299,460

1,131,730

Creditors: Amounts falling due after more than one year

10

-

(41,435)

Provisions for liabilities

(93,372)

(65,450)

Net assets

 

1,206,088

1,024,845

Capital and reserves

 

Called up share capital

601,003

601,003

Share premium reserve

99

99

Profit and loss account

604,986

423,743

Total equity

 

1,206,088

1,024,845

 

AJ & GM Cliff Limited

(Registration number: 08065719)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 20 March 2024 and signed on its behalf by:
 


Mr AJ Cliff
Director


Mrs GM Cliff
Director

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Burwardsley Hall Farm
Burwardsley
Tattenhall
Chester
Chester
CH3 9PF

These financial statements were authorised for issue by the Board on 20 March 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk and livestock and in the period to which the government grant relates.

Tax

The tax expense for the period comprises current and 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.

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.


Basic payment scheme
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted entitlements deferred income is released to the profit and loss account as other operating income at the same rate at which the intangible asset is being amortised.
 

Asset class

Amortisation method and rate

Basic payment scheme entitlements

6-8 years straight line

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Depreciation of tangible assets

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

Buildings

5% reducing balance

Plant and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd.

Depreciation of biological non current assets
Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their useful economic life as follows:

Asset class

Depreciation method and rate

Dairy herd

Depreciated to cull value over useful life of 5 years on straight line basis

Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and beef youngstock.

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 6 (2022 - 8).

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

BPS Entitlements
£

Total
£

Cost or valuation

At 1 August 2022

67,858

67,858

At 31 July 2023

67,858

67,858

Amortisation

At 1 August 2022

62,130

62,130

Amortisation charge

5,728

5,728

At 31 July 2023

67,858

67,858

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

5,728

5,728



Basic Payment Scheme entitlements
The amortisation charge for the year is recognised within depreciation in the profit and loss. Deferred income has been released to the profit and loss account and is recognised as other operating income. The net effect on the profit and loss account for the year is £745.

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

181,425

679,855

15,065

876,345

Additions

-

196,502

-

196,502

Disposals

-

(20,750)

-

(20,750)

At 31 July 2023

181,425

855,607

15,065

1,052,097

Depreciation

At 1 August 2022

56,664

347,028

7,249

410,941

Charge for the year

6,238

77,704

1,563

85,505

Eliminated on disposal

-

(9,412)

-

(9,412)

At 31 July 2023

62,902

415,320

8,812

487,034

Carrying amount

At 31 July 2023

118,523

440,287

6,253

565,063

At 31 July 2022

124,761

332,827

7,816

465,404

Included within the net book value of land and buildings above is £118,523 (2022 - £124,761) in respect of freehold land and buildings.
 

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Non current biological assets

Dairy herd
£

Total
£

Cost or valuation

At 1 August 2022

476,354

476,354

Disposals

(36,000)

(36,000)

At 31 July 2023

440,354

440,354

Depreciation

At 1 August 2022

31,912

31,912

Eliminated on disposal

(2,411)

(2,411)

At 31 July 2023

29,501

29,501

Carrying amount

At 31 July 2023

410,853

410,853

At 31 July 2022

444,442

444,442

7

Current biological assets

Dairy followers
£

Total
£

Cost or valuation

At 1 August 2022

60,400

60,400

Additions

30,275

30,275

At 31 July 2023

90,675

90,675

Depreciation

Carrying amount

At 31 July 2023

90,675

90,675

At 31 July 2022

60,400

60,400

8

Stocks

2023
£

2022
£

Crops in store and deadstock

31,733

81,735

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Debtors

Current

2023
£

2022
£

Trade debtors

53,993

56,893

Prepayments

9,071

8,787

Other debtors

31,655

29,046

 

94,719

94,726

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

-

12,438

Trade creditors

 

68,875

99,752

Accruals and deferred income

 

97,307

94,848

Corporation tax

 

44,212

29,651

Taxation and social security

 

1,615

653

Other creditors

 

49,841

20,807

 

261,850

258,149

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

-

41,435

 

AJ & GM Cliff Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

41,435

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

12,438