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SJES Farming Limited
Unaudited financial statements
31 January 2024
Company Registration Number 08897343
SJES Farming Limited
Financial statements
year ended 31 January 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 5
SJES Farming Limited
Balance sheet
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
9,550
11,235
Current assets
Stocks
106,000
97,000
Debtors
6
64,907
93,881
Cash at bank and in hand
41,287
44,801
---------
---------
212,194
235,682
Creditors: amounts falling due within one year
7
194,904
219,539
---------
---------
Net current assets
17,290
16,143
--------
--------
Total assets less current liabilities
26,840
27,378
Creditors: amounts falling due after more than one year
8
9,031
14,559
--------
--------
Net assets
17,809
12,819
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
17,709
12,719
--------
--------
Shareholders funds
17,809
12,819
--------
--------
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 profit and loss account has not been delivered.
For the year ending 31 January 2024 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SJES Farming Limited
Balance sheet (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 20 June 2024 , and are signed on behalf of the board by:
Miss S J E Swindells
Director
Company registration number: 08897343
SJES Farming Limited
Notes to the financial statements
year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 19 The Square, Retford, Nottinghamshire, DN22 6DQ.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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 and machinery
-
15% reducing balance
Equipment
-
15% reducing balance
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
29,404
333
29,737
--------
----
--------
Depreciation
At 1 February 2023
18,409
93
18,502
Charge for the year
1,649
36
1,685
--------
----
--------
At 31 January 2024
20,058
129
20,187
--------
----
--------
Carrying amount
At 31 January 2024
9,346
204
9,550
--------
----
--------
At 31 January 2023
10,995
240
11,235
--------
----
--------
6. Debtors
2024
2023
£
£
Other debtors
64,907
93,881
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,169
32,771
Corporation tax
1,074
125
Other creditors
188,661
186,643
---------
---------
194,904
219,539
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,031
14,559
-------
--------
9. Related party transactions
The company was under the control of Miss SJE Swindells throughout the current period. Miss SJE Swindells is the managing director and majority shareholder.