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Company registration number: 06839181
J Sherriff Farming Limited
Unaudited filleted financial statements
31 March 2023
J Sherriff Farming Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
J Sherriff Farming Limited
Directors and other information
Directors Mr Julian Sherriff
Miss Claire Sherriff
Mr Nicholas Sherriff
Secretary Ann-Marie Sockett
Company number 06839181
Registered office Cromer Hyde
Welwyn Garden City
Hertfordshire
AL8 7XD
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
J Sherriff Farming Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of J Sherriff Farming Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J Sherriff Farming Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of J Sherriff Farming Limited, as a body, in accordance with the terms of our engagement letter dated 6 October 2021. Our work has been undertaken solely to prepare for your approval the financial statements of J Sherriff Farming Limited and state those matters that we have agreed to state to the board of directors of J Sherriff Farming Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Sherriff Farming Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J Sherriff Farming Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J Sherriff Farming Limited. You consider that J Sherriff Farming Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of J Sherriff Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
1 March 2024
J Sherriff Farming Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 287,180 300,287
_______ _______
287,180 300,287
Current assets
Debtors 7 96,472 53,883
Cash at bank and in hand 123,779 36,501
_______ _______
220,251 90,384
Creditors: amounts falling due
within one year 8 ( 139,393) ( 113,558)
_______ _______
Net current assets/(liabilities) 80,858 ( 23,174)
_______ _______
Total assets less current liabilities 368,038 277,113
Creditors: amounts falling due
after more than one year 9 ( 32,515) ( 82,924)
Provisions for liabilities ( 51,500) ( 36,490)
_______ _______
Net assets 284,023 157,699
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 284,022 157,698
_______ _______
Shareholder funds 284,023 157,699
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 March 2024 , and are signed on behalf of the board by:
Mr Julian Sherriff
Director
Company registration number: 06839181
J Sherriff Farming Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cromer Hyde Farm, Cromer Hyde, Welwyn Garden City, Hertfordshire, AL8 7XD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable including rent receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Improvements to Property - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 88,520 88,520
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 88,520 88,520
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Improvements to Property Total
£ £ £ £ £
Cost
At 1 April 2022 410,007 6,472 92,946 448,734 958,159
Additions 42,023 - 25,000 - 67,023
_______ _______ _______ _______ _______
At 31 March 2023 452,030 6,472 117,946 448,734 1,025,182
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 268,724 6,224 44,091 338,834 657,873
Charge for the year 40,373 63 12,215 27,478 80,129
_______ _______ _______ _______ _______
At 31 March 2023 309,097 6,287 56,306 366,312 738,002
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 142,933 185 61,640 82,422 287,180
_______ _______ _______ _______ _______
At 31 March 2022 141,283 248 48,855 109,900 300,286
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 96,472 45,640
Other debtors - 8,243
_______ _______
96,472 53,883
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,010 10,020
Trade creditors 46,314 30,334
Corporation tax 38,664 6,196
Social security and other taxes 3,487 -
Other creditors 40,918 67,008
_______ _______
139,393 113,558
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 25,823 35,820
Other creditors 6,692 47,104
_______ _______
32,515 82,924
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Julian Sherriff ( 31,391) 22,402 ( 8,989)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Julian Sherriff ( 38,324) 6,933 ( 31,391)
_______ _______ _______
11. Transactions with directors
Julian Sherriff, a director, is a director of JS Green Waste Ltd. During the year ended 31 March 2023 the company charged rent for land and machinery and recharged labour to JS Green Waste Ltd on normal commercial terms with a total value of £43,543 (2022: £43,386) excluding VAT. Included in trade debtors at 31 March 2023 is an amount of £19,428 (2022: £19,778) due from JS Green Waste Ltd.