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Registration number: 04452618

Jackson's Farm Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Jackson's Farm Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jackson's Farm Limited

(Registration number: 04452618)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

137

240

Tangible assets

5

268

415

Other financial assets

6

30,000

30,000

 

30,405

30,655

Current assets

 

Stocks

7

24,000

24,000

Debtors

8

2,410

583

Cash at bank and in hand

 

3

3,454

 

26,413

28,037

Creditors: Amounts falling due within one year

9

(24,911)

(41,148)

Net current assets/(liabilities)

 

1,502

(13,111)

Net assets

 

31,907

17,544

Capital and reserves

 

Called up share capital

200

200

Retained earnings

31,707

17,344

Shareholders' funds

 

31,907

17,544

For the financial year ending 31 May 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.

 

Jackson's Farm Limited

(Registration number: 04452618)
Statement of Financial Position as at 31 May 2023

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 Income Statement.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
MP Jackson
Director

   
     
 

Jackson's Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Dill Hall Farm
Dill Hall Lane
Church Accrington
Lancashire
BB5 4DR

These financial statements were authorised for issue by the Board on 21 February 2024.

2

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no critical accounting judgements and key sources of estimation and uncertainty..

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Turnover is recognised when goods are delivered to the customer.

Tax

The tax expense for the period comprises current 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.

 

Jackson's Farm Limited

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

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

Land and buildings freehold

15% straight line

Plant and Machiinery

15% straight line

Motor Vehicles

15% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

5% straight line

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 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.

 

Jackson's Farm Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 income statement 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Jackson's Farm Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

73,487

73,487

At 31 May 2023

73,487

73,487

Amortisation

At 1 June 2022

73,247

73,247

Amortisation charge

103

103

At 31 May 2023

73,350

73,350

Carrying amount

At 31 May 2023

137

137

At 31 May 2022

240

240

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

30,449

7,156

1,527

39,132

At 31 May 2023

30,449

7,156

1,527

39,132

Depreciation

At 1 June 2022

30,449

7,156

1,112

38,717

Charge for the year

-

-

147

147

At 31 May 2023

30,449

7,156

1,259

38,864

Carrying amount

At 31 May 2023

-

-

268

268

At 31 May 2022

-

-

415

415

 

Jackson's Farm Limited

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

6

Investments

Dairy herd
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2022

30,000

30,000

At 31 May 2023

30,000

30,000

Impairment

Carrying amount

At 31 May 2023

30,000

30,000

7

Stocks

2023
£

2022
£

Other inventories

24,000

24,000

8

Debtors

2023
£

2022
£

Other debtors

2,410

583

2,410

583

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

935

-

Taxation and social security

 

5,367

5,524

Accruals and deferred income

 

2,902

2,902

Other creditors

 

15,707

32,722

 

24,911

41,148

 

Jackson's Farm Limited

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

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

935

-

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

9,700

9,700

Later than one year and not later than five years

-

9,700

9,700

19,400