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REGISTERED NUMBER: 00990339 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

J.F. Greaves & Sons (Farmers) Limited

J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Chartered Accountants' Report 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
J.F. Greaves & Sons (Farmers) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

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.F. Greaves & Sons (Farmers) Limited for the year ended 31 October 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of J.F. Greaves & Sons (Farmers) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J.F. Greaves & Sons (Farmers) Limited and state those matters that we have agreed to state to the Board of Directors of J.F. Greaves & Sons (Farmers) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.F. Greaves & Sons (Farmers) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J.F. Greaves & Sons (Farmers) 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 loss of J.F. Greaves & Sons (Farmers) Limited. You consider that J.F. Greaves & Sons (Farmers) 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.F. Greaves & Sons (Farmers) 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.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY


30 July 2024

J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 970 1,165
Tangible assets 5 2,456,972 2,263,120
Investments 6 35,991 46,000
2,493,933 2,310,285

CURRENT ASSETS
Stocks 689,117 669,189
Debtors 7 164,596 198,612
853,713 867,801
CREDITORS
Amounts falling due within one year 8 707,017 807,259
NET CURRENT ASSETS 146,696 60,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,640,629

2,370,827

CREDITORS
Amounts falling due after more than one
year

9

(538,785

)

(266,302

)

PROVISIONS FOR LIABILITIES (443,898 ) (300,395 )
NET ASSETS 1,657,946 1,804,130

CAPITAL AND RESERVES
Called up share capital 18,004 18,004
Revaluation reserve 11 871,041 871,041
Fair value reserve 46,000 46,000
Retained earnings 722,901 869,085
1,657,946 1,804,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)

Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





S T D Allam - Director


J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

J.F. Greaves & Sons (Farmers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00990339

Registered office: Lodge Farm
Dalby Road
Nether Broughton
Melton Mowbray
Leicestershire
LE14 3EX

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the total amount receivable for the sale of livestock, milk, crops and work done, excluding value added tax, and also includes the Single Farm Payment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlement are being amortised evenly over their estimated useful life of seven years.

Tangible fixed assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:

Farm improvements - Drainage 25 years and buildings over remaining lease term
Plant and machinery - 12.5% - 20% straight line
Tractors - 14% - 25% straight line
Motor vehicles - 25% straight line

Stocks
The valuation of livestock, produce, stores and cultivations is carried out by professional valuers, Shouler & Sons of Melton Mowbray. The livestock, produce and stores are valued at the lower of cost and net realisable value. Cost of produce, home bred, or substantially home reared livestock, is deemed cost under HS232 being 75% of market value for produce and 60% of market value for such livestock. Cost of stores is invoice price. Cultivations represent the estimated cost of production of crops currently growing.

Animals in the herd are valued at depreciated cost of purchase or deemed cost of production.

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.


J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are initially recorded at cost.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022
and 31 October 2023 1,360
AMORTISATION
At 1 November 2022 195
Charge for year 195
At 31 October 2023 390
NET BOOK VALUE
At 31 October 2023 970
At 31 October 2022 1,165

J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Freehold Farm Plant &
property improvements implements
£    £    £   
COST OR VALUATION
At 1 November 2022 1,650,000 26,973 360,180
Additions 98,155 - 78,535
Disposals - - (18,900 )
At 31 October 2023 1,748,155 26,973 419,815
DEPRECIATION
At 1 November 2022 - 6,776 137,861
Charge for year - 790 37,119
Eliminated on disposal - - (11,150 )
At 31 October 2023 - 7,566 163,830
NET BOOK VALUE
At 31 October 2023 1,748,155 19,407 255,985
At 31 October 2022 1,650,000 20,197 222,319

Motor
Tractors vehicles Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 473,005 8,100 2,518,258
Additions 95,000 1,300 272,990
Disposals (65,200 ) (8,100 ) (92,200 )
At 31 October 2023 502,805 1,300 2,699,048
DEPRECIATION
At 1 November 2022 104,901 5,600 255,138
Charge for year (2,741 ) 100 35,268
Eliminated on disposal (31,580 ) (5,600 ) (48,330 )
At 31 October 2023 70,580 100 242,076
NET BOOK VALUE
At 31 October 2023 432,225 1,200 2,456,972
At 31 October 2022 368,104 2,500 2,263,120

Cost or valuation at 31 October 2023 is represented by:

Freehold Farm Plant &
property improvements implements
£    £    £   
Valuation in 2020 1,650,000 - -
Valuation in 2023 98,155 - -
Cost - 26,973 419,815
1,748,155 26,973 419,815

J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS - continued

Motor
Tractors vehicles Totals
£    £    £   
Valuation in 2020 - - 1,650,000
Valuation in 2023 - - 98,155
Cost 502,805 1,300 950,893
502,805 1,300 2,699,048

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 671,822 671,822
Aggregate depreciation 119,384 119,384

Value of land in freehold land and buildings 552,438 552,438

Freehold property was valued on a market valuation basis on 31 October 2020 by Messrs Shouler & Son Land & Estate Agents .

6. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 November 2022 46,000
Revaluations (10,009 )
At 31 October 2023 35,991
NET BOOK VALUE
At 31 October 2023 35,991
At 31 October 2022 46,000

The following investments were originally received by the company at no cost.

Listed investment - 1371 Genus plc ordinary 10p shares.

Unlisted investments - 72 Agricultural Central Trading Limited Ordinary £1 shares and 1 National Milk Registers Limited Ordinary 10p shares.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 135,956 151,672
Other debtors 28,640 46,940
164,596 198,612

J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 355,187 530,709
Finance leases 77,472 68,442
Trade creditors 180,138 141,608
Taxation and social security 2,767 2,685
Other creditors 91,453 63,815
707,017 807,259

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 431,589 141,471
Finance leases 107,196 124,831
538,785 266,302

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 341,746 64,000

The HSBC bank holds legal charges over the land as security for flexible business loans.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 324,424 467,329
Bank loans 462,352 204,851
Finance leases - 193,273
786,776 865,453

11. RESERVES
Revaluation
reserve
£   
At 1 November 2022
and 31 October 2023 871,041

12. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 14,740 14,740