Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3130711722704050The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activitytrue2023-01-01falsefalse109true 02643804 2023-01-01 2023-12-31 02643804 2022-01-01 2022-12-31 02643804 2023-12-31 02643804 2022-12-31 02643804 c:Director1 2023-01-01 2023-12-31 02643804 c:Director2 2023-01-01 2023-12-31 02643804 d:Buildings 2023-01-01 2023-12-31 02643804 d:Buildings 2023-12-31 02643804 d:Buildings 2022-12-31 02643804 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02643804 d:Buildings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02643804 d:PlantMachinery 2023-01-01 2023-12-31 02643804 d:PlantMachinery 2023-12-31 02643804 d:PlantMachinery 2022-12-31 02643804 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02643804 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02643804 d:MotorVehicles 2023-01-01 2023-12-31 02643804 d:OfficeEquipment 2023-01-01 2023-12-31 02643804 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02643804 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02643804 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 02643804 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 02643804 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 02643804 d:CurrentFinancialInstruments 2023-12-31 02643804 d:CurrentFinancialInstruments 2022-12-31 02643804 d:Non-currentFinancialInstruments 2023-12-31 02643804 d:Non-currentFinancialInstruments 2022-12-31 02643804 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02643804 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02643804 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02643804 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02643804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02643804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02643804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 02643804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 02643804 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 02643804 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 02643804 d:ShareCapital 2023-12-31 02643804 d:ShareCapital 2022-12-31 02643804 d:SharePremium 2023-12-31 02643804 d:SharePremium 2022-12-31 02643804 d:CapitalRedemptionReserve 2023-12-31 02643804 d:CapitalRedemptionReserve 2022-12-31 02643804 d:RetainedEarningsAccumulatedLosses 2023-12-31 02643804 d:RetainedEarningsAccumulatedLosses 2022-12-31 02643804 c:FRS102 2023-01-01 2023-12-31 02643804 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02643804 c:FullAccounts 2023-01-01 2023-12-31 02643804 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02643804 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02643804 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 02643804 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02643804 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 02643804 2 2023-01-01 2023-12-31 02643804 6 2023-01-01 2023-12-31 02643804 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02643804 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02643804 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02643804 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02643804 d:RetirementBenefitObligationsDeferredTax 2023-12-31 02643804 d:RetirementBenefitObligationsDeferredTax 2022-12-31 02643804 d:OtherDeferredTax 2023-12-31 02643804 d:OtherDeferredTax 2022-12-31 02643804 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 02643804 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 02643804 d:LeasedAssetsHeldAsLessee 2023-12-31 02643804 d:LeasedAssetsHeldAsLessee 2022-12-31 02643804 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02643804










J.D. AND R.J. BAKER FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
J.D. AND R.J. BAKER FARMS LIMITED
REGISTERED NUMBER:02643804

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
10,259,770
10,495,697

Investments
 6 
75
75

  
10,259,845
10,495,772

Current assets
  

Stocks
  
529,855
460,242

Debtors: amounts falling due within one year
 7 
1,165,061
941,652

Cash at bank and in hand
  
209,145
606,334

  
1,904,061
2,008,228

Creditors: amounts falling due within one year
 8 
(319,032)
(470,081)

Net current assets
  
 
 
1,585,029
 
 
1,538,147

Total assets less current liabilities
  
11,844,874
12,033,919

Creditors: amounts falling due after more than one year
 9 
(3,132,669)
(3,256,938)

Provisions for liabilities
  

Deferred tax
 12 
(1,620,819)
(1,633,543)

  
 
 
(1,620,819)
 
 
(1,633,543)

Net assets
  
7,091,386
7,143,438


Capital and reserves
  

Called up share capital 
  
9,000
9,000

Share premium account
  
868,312
868,312

Capital redemption reserve
  
1,000
1,000

Profit and loss account
  
6,213,074
6,265,126

  
7,091,386
7,143,438


Page 1

 
J.D. AND R.J. BAKER FARMS LIMITED
REGISTERED NUMBER:02643804
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R J Baker
................................................
K J Baker
Director
Director


Date: 5 August 2024

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

J.D. and R.J. Baker Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 02643804. The registered office is Whitefield Cottage, Park Road, Drinkstone, Bury St Edmunds, Suffolk, IP30 9TJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

Page 3

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant & machinery
-
20% straight line and 12.5% straight line
Motor vehicles
-
20% reducing balance
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads. Biological assets and living plants are included at cost.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 7

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 9).

Page 8

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




BPS entitlements

£





At 1 January 2023
35,508


Disposals
(35,508)



At 31 December 2023

-





At 1 January 2023
35,508


On disposals
(35,508)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 9

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
8,768,545
3,390,411
12,158,956


Additions
8,930
145,976
154,906


Disposals
(23,157)
(25,500)
(48,657)



At 31 December 2023

8,754,318
3,510,887
12,265,205



Depreciation


At 1 January 2023
215,645
1,447,614
1,663,259


Charge for the year on owned assets
23,081
162,452
185,533


Charge for the year on financed assets
-
176,299
176,299


Disposals
-
(19,656)
(19,656)



At 31 December 2023

238,726
1,766,709
2,005,435



Net book value



At 31 December 2023
8,515,592
1,744,178
10,259,770



At 31 December 2022
8,552,900
1,942,797
10,495,697

Page 10

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,000,436
1,110,795

1,000,436
1,110,795


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
75



At 31 December 2023
75





7.


Debtors

2023
2022
£
£


Trade debtors
53,174
32,422

Other debtors
573,193
465,347

Prepayments and accrued income
538,694
443,883

1,165,061
941,652


Page 11

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
29,682
17,661

Trade creditors
34,028
117,693

Corporation tax
-
38,106

Other taxation and social security
16,935
26,091

Obligations under finance lease and hire purchase contracts
206,162
189,154

Accruals and deferred income
32,225
81,376

319,032
470,081


The following liabilities were secured:

2023
2022
£
£



Bank loans
29,682
17,661

Obligations under finance lease and hire purchase contracts
209,532
189,154

239,214
206,815

Details of security provided:

Bank loans are secured on freehold land. Obligations under finance lease and hire purchase contracts are secured on the underlying assets.

Page 12

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,852,336
2,875,543

Net obligations under finance leases and hire purchase contracts
280,333
381,395

3,132,669
3,256,938


The following liabilities were secured:

2023
2022
£
£



Bank loans
2,852,336
2,875,543

Obligations under finance lease and hire purchase contracts
271,785
381,395

3,124,121
3,256,938

Details of security provided:

Bank loans are secured on freehold land. Obligations under finance lease and hire purchase contracts are secured on the underlying assets.

Page 13

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
29,682
17,661


29,682
17,661

Amounts falling due 1-2 years

Bank loans
29,682
29,662


29,682
29,662

Amounts falling due 2-5 years

Bank loans
89,046
292,985


89,046
292,985

Amounts falling due after more than 5 years

Bank loans
2,733,608
2,552,896

2,733,608
2,552,896

2,882,018
2,893,204



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
206,162
189,154

Between 1-5 years
280,333
381,395

486,495
570,549

Page 14

 
J.D. AND R.J. BAKER FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Deferred taxation




2023


£






At beginning of year
(1,633,543)


Charged to profit or loss
12,724



At end of year
(1,620,819)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(41,689)
(485,698)

Tax losses carried forward
-
431,286

Capital gains
(1,566,797)
(1,566,797)

Short term timing differences
(12,333)
(12,334)

(1,620,819)
(1,633,543)


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,482 (2022 - £5,208). 


Page 15