2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,726 2,726 2,726 xbrli:pure xbrli:shares iso4217:GBP 506752 2023-01-01 2023-12-31 506752 2023-12-31 506752 2022-12-31 506752 2022-01-01 2022-12-31 506752 2022-12-31 506752 2021-12-31 506752 core:LandBuildings 2023-01-01 2023-12-31 506752 core:PlantMachinery 2023-01-01 2023-12-31 506752 core:MotorVehicles 2023-01-01 2023-12-31 506752 bus:Director2 2023-01-01 2023-12-31 506752 core:LandBuildings 2022-12-31 506752 core:PlantMachinery 2022-12-31 506752 core:MotorVehicles 2022-12-31 506752 core:LandBuildings 2023-12-31 506752 core:PlantMachinery 2023-12-31 506752 core:MotorVehicles 2023-12-31 506752 core:WithinOneYear 2023-12-31 506752 core:WithinOneYear 2022-12-31 506752 core:AfterOneYear 2023-12-31 506752 core:AfterOneYear 2022-12-31 506752 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 506752 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 506752 core:ShareCapital 2023-12-31 506752 core:ShareCapital 2022-12-31 506752 core:RevaluationReserve 2023-12-31 506752 core:RevaluationReserve 2022-12-31 506752 core:OtherReservesSubtotal 2023-12-31 506752 core:OtherReservesSubtotal 2022-12-31 506752 core:RetainedEarningsAccumulatedLosses 2023-12-31 506752 core:RetainedEarningsAccumulatedLosses 2022-12-31 506752 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 506752 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 506752 core:LandBuildings 2022-12-31 506752 core:PlantMachinery 2022-12-31 506752 core:MotorVehicles 2022-12-31 506752 bus:SmallEntities 2023-01-01 2023-12-31 506752 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 506752 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 506752 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 506752 bus:FullAccounts 2023-01-01 2023-12-31 506752 core:ProducingMines 2022-12-31
COMPANY REGISTRATION NUMBER: 506752
James Fairley & Sons (Farms) Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 December 2023
James Fairley & Sons (Farms) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
5
2,726
2,726
Tangible assets
6
4,785,867
4,798,861
-------------
-------------
4,788,593
4,801,587
Current Assets
Stocks
211,097
220,265
Debtors
7
96,506
70,222
Cash at bank and in hand
31,475
150,201
----------
----------
339,078
440,688
Creditors: amounts falling due within one year
8
508,049
716,294
----------
----------
Net Current Liabilities
168,971
275,606
-------------
-------------
Total Assets Less Current Liabilities
4,619,622
4,525,981
Creditors: amounts falling due after more than one year
9
962,324
827,830
Provisions
Taxation including deferred tax
270,679
288,815
-------------
-------------
Net Assets
3,386,619
3,409,336
-------------
-------------
James Fairley & Sons (Farms) Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
120,000
120,000
Revaluation reserve
1,011,429
1,015,228
Other reserves
190,603
190,603
Profit and loss account
2,064,587
2,083,505
-------------
-------------
Shareholders Funds
3,386,619
3,409,336
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
J F Fairley
Director
Company registration number: 506752
James Fairley & Sons (Farms) Limited
Notes to the Financial Statements
Year Ended 31st December 2023
1. General Information
The company is a private company limited by shares, registered in England. The address of the registered office is Wolves Hall, Tendring, Clacton-on-Sea, Essex, CO16 0DG.
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.
Judgements and 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.
Revenue Recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year and government farming subsidies.
Income Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Operating Leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible Assets
All fixed assets are initially recorded at cost. The freehold land and buildings were valued at their open market value for existing use on 6th February 1998 by Fenn Wright, chartered surveyors. The directors have frozen this revaluation and do not intend to carry out any future revaluations.
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:
Freehold property
-
2% straight line
Plant & machinery
-
10% straight line
Motor vehicles
-
12% straight line
Combines & tractors
-
12 % straight line
Impairment of Fixed Assets
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.
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.
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 as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible Assets
Sugar Beet quota
£
Cost
At 1st January 2023 and 31st December 2023
2,726
-------
Amortisation
At 1st January 2023 and 31st December 2023
-------
Carrying amount
At 31st December 2023
2,726
-------
At 31st December 2022
2,726
-------
6. Tangible Assets
Land and buildings
Plant and machinery
Motor vehicles
Combines & tractors
Total
£
£
£
£
£
Cost
At 1st January 2023
4,684,743
568,574
30,143
558,881
5,842,341
Additions
75,941
14,395
90,336
Disposals
( 23,207)
( 23,207)
-------------
----------
---------
----------
-------------
At 31st December 2023
4,760,684
559,762
30,143
558,881
5,909,470
-------------
----------
---------
----------
-------------
Depreciation
At 1st January 2023
216,063
415,731
23,321
388,365
1,043,480
Charge for the year
11,271
30,247
2,731
58,975
103,224
Disposals
( 23,101)
( 23,101)
-------------
----------
---------
----------
-------------
At 31st December 2023
227,334
422,877
26,052
447,340
1,123,603
-------------
----------
---------
----------
-------------
Carrying amount
At 31st December 2023
4,533,350
136,885
4,091
111,541
4,785,867
-------------
----------
---------
----------
-------------
At 31st December 2022
4,468,680
152,843
6,822
170,516
4,798,861
-------------
----------
---------
----------
-------------
Included in freehold land and buildings is land valued at £4,133,951 (2022: £4,133,951) which is not depreciated.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31st December 2023
Aggregate cost
3,633,143
Aggregate depreciation
(111,222)
-------------
Carrying value
3,521,921
-------------
At 31st December 2022
Aggregate cost
3,557,202
Aggregate depreciation
(103,750)
-------------
Carrying value
3,453,452
-------------
7. Debtors
2023
2022
£
£
Trade debtors
89,521
64,403
Other debtors
6,985
5,819
---------
---------
96,506
70,222
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
91,748
77,218
Trade creditors
2,613
28,145
Corporation tax
21,521
160,149
Social security and other taxes
546
460
Other loans
26,944
26,944
Other creditors
364,677
423,378
----------
----------
508,049
716,294
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
962,324
803,599
Other creditors
24,231
----------
----------
962,324
827,830
----------
----------