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COMPANY REGISTRATION NUMBER: 00492904
James Cargill (Norton Farms) Ltd
Unaudited financial statements
For the year ended
31 December 2023
James Cargill (Norton Farms) Ltd
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,716,330
1,773,262
Investments
6
414
10,526
-----------
-----------
1,716,744
1,783,788
Current assets
Stocks
7
34,063
33,791
Debtors
8
99,536
23,606
---------
-------
133,599
57,397
Creditors: Amounts falling due within one year
9
( 597,713)
( 552,575)
---------
---------
Net current liabilities
( 464,114)
( 495,178)
-----------
-----------
Total assets less current liabilities
1,252,630
1,288,610
Creditors: Amounts falling due after more than one year
10
( 203,782)
( 177,229)
-----------
-----------
Net assets
1,048,848
1,111,381
-----------
-----------
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
64,118
64,118
Revaluation reserve
1,418,065
1,418,065
Profit and loss account
( 443,335)
( 380,802)
-----------
-----------
Shareholders funds
1,048,848
1,111,381
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 December 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 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 .
James Cargill (Norton Farms) Ltd
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 31 March 2024 , and are signed on behalf of the board by:
Mr P J D Cargill
Director
Company registration number: 00492904
James Cargill (Norton Farms) Ltd
Notes to the financial statements
Year ended 31 December 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 The Wherry, Quay Street, Halesworth, Suffolk, IP19 8ET. The company's trading address is Norton Hall, Norton Subcourse, Norwich, Norfolk, NR14 6SE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & Machinery
-
10% reducing balance
Leasehold Improvements
-
10% straight line
Motor Vehicles
-
20% reducing balance
Land and buildings are not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of employees during the year was 4 (2022: 4 ).
5. Tangible assets
Land & Buildings
Investment Property
Plant & Machinery
Leasehold Improve- ments
Motor Vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,039,800
452,000
448,756
222,143
23,156
2,185,855
Disposals
( 70,052)
( 70,052)
-----------
---------
---------
---------
-------
-----------
At 31 December 2023
1,039,800
452,000
378,704
222,143
23,156
2,115,803
-----------
---------
---------
---------
-------
-----------
Depreciation
At 1 January 2023
214,165
190,272
8,156
412,593
Charge for the year
6,652
3,588
10,240
Disposals
( 23,360)
( 23,360)
-----------
---------
---------
---------
-------
-----------
At 31 December 2023
197,457
193,860
8,156
399,473
-----------
---------
---------
---------
-------
-----------
Carrying amount
At 31 December 2023
1,039,800
452,000
181,247
28,283
15,000
1,716,330
-----------
---------
---------
---------
-------
-----------
At 31 December 2022
1,039,800
452,000
234,591
31,871
15,000
1,773,262
-----------
---------
---------
---------
-------
-----------
Investment Property and Land & Buildings are included in the accounts at market value as valued by the directors at 31 December 2023. In respect of the fixed assets stated at valuation, the comparable historical cost at 31 December 2023 was £73,735 (2022 - £73,735).
6. Investments
Shares in group undertakings
Shares in participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1 January 2023
9,998
114
414
10,526
Disposals
( 9,998)
( 114)
( 10,112)
------
----
----
-------
At 31 December 2023
414
414
------
----
----
-------
Impairment
At 1 January 2023 and 31 December 2023
------
----
----
-------
Carrying amount
At 31 December 2023
414
414
------
----
----
-------
At 31 December 2022
9,998
114
414
10,526
------
----
----
-------
7. Stocks
2023
2022
£
£
Valuation
34,063
33,791
-------
-------
8. Debtors
2023
2022
£
£
Trade debtors
93,421
20,711
Prepayments and accrued income
4,146
2,895
Other debtors
1,969
-------
-------
99,536
23,606
-------
-------
9. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
425,231
404,706
Trade creditors
118,092
81,638
Accruals and deferred income
4,900
4,695
Social security and other taxes
3,322
6,870
Obligations under finance leases and hire purchase contracts
36,168
44,666
Other creditors
10,000
10,000
---------
---------
597,713
552,575
---------
---------
Hire purchase agreements totalling £36,168 are secured on the assets to which they relate.
10. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
68,430
73,090
Shares classed as financial liabilities
5,000
5,000
Obligations under finance leases and hire purchase contracts
24,463
60,632
Directors loan account - Mr P Cargill
85,399
9,174
Directors loan account - Mrs I Cargill
10,490
19,333
Other creditors
10,000
10,000
---------
---------
203,782
177,229
---------
---------
Hire purchase agreements totalling £24,463 are secured on the assets to which they relate.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
45,000
45,000
-------
-------