Silverfin false false 31/03/2024 01/04/2023 31/03/2024 E Bryce 07/03/2003 J L Bryce 07/03/2003 11 June 2024 The principal activities of the company during the financial year were farming, agricultural contracting, commercial rental and domestic rental. 04685119 2024-03-31 04685119 bus:Director1 2024-03-31 04685119 bus:Director2 2024-03-31 04685119 2023-03-31 04685119 core:CurrentFinancialInstruments 2024-03-31 04685119 core:CurrentFinancialInstruments 2023-03-31 04685119 core:Non-currentFinancialInstruments 2024-03-31 04685119 core:Non-currentFinancialInstruments 2023-03-31 04685119 core:ShareCapital 2024-03-31 04685119 core:ShareCapital 2023-03-31 04685119 core:SharePremium 2024-03-31 04685119 core:SharePremium 2023-03-31 04685119 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 04685119 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 04685119 core:RetainedEarningsAccumulatedLosses 2024-03-31 04685119 core:RetainedEarningsAccumulatedLosses 2023-03-31 04685119 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 04685119 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 04685119 core:LeaseholdImprovements 2023-03-31 04685119 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 04685119 core:PlantMachinery 2023-03-31 04685119 core:Vehicles 2023-03-31 04685119 core:FurnitureFittings 2023-03-31 04685119 core:OtherPropertyPlantEquipment 2023-03-31 04685119 core:LeaseholdImprovements 2024-03-31 04685119 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 04685119 core:PlantMachinery 2024-03-31 04685119 core:Vehicles 2024-03-31 04685119 core:FurnitureFittings 2024-03-31 04685119 core:OtherPropertyPlantEquipment 2024-03-31 04685119 core:CostValuation 2023-03-31 04685119 core:AdditionsToInvestments 2024-03-31 04685119 core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 04685119 core:CostValuation 2024-03-31 04685119 6 2024-03-31 04685119 6 2023-03-31 04685119 core:CurrentFinancialInstruments core:Secured 2024-03-31 04685119 2023-04-01 2024-03-31 04685119 bus:FilletedAccounts 2023-04-01 2024-03-31 04685119 bus:SmallEntities 2023-04-01 2024-03-31 04685119 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04685119 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04685119 bus:Director1 2023-04-01 2024-03-31 04685119 bus:Director2 2023-04-01 2024-03-31 04685119 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 04685119 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 04685119 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 04685119 core:PlantMachinery 2023-04-01 2024-03-31 04685119 core:Vehicles 2023-04-01 2024-03-31 04685119 core:FurnitureFittings 2023-04-01 2024-03-31 04685119 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04685119 2022-04-01 2023-03-31 04685119 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 04685119 core:LeaseholdImprovements 2023-04-01 2024-03-31 04685119 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 04685119 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 04685119 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 04685119 (England and Wales)

J L BRYCE FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

J L BRYCE FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

J L BRYCE FARMS LIMITED

BALANCE SHEET

As at 31 March 2024
J L BRYCE FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 713
Tangible assets 4 620,634 639,159
Investment property 5 1,064,951 1,064,951
Investments 6 205,840 49,039
1,891,425 1,753,862
Current assets
Stocks 7 82,408 139,422
Debtors 8 112,397 236,418
Cash at bank and in hand 115,226 158,485
310,031 534,325
Creditors: amounts falling due within one year 9 ( 369,126) ( 310,863)
Net current (liabilities)/assets (59,095) 223,462
Total assets less current liabilities 1,832,330 1,977,324
Creditors: amounts falling due after more than one year 10 0 ( 77,895)
Provision for liabilities ( 87,950) ( 94,395)
Net assets 1,744,380 1,805,034
Capital and reserves
Called-up share capital 4 4
Share premium account 58,998 58,998
Fair value reserve 122,544 116,148
Profit and loss account 1,562,834 1,629,884
Total shareholders' funds 1,744,380 1,805,034

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J L Bryce Farms Limited (registered number: 04685119) were approved and authorised for issue by the Board of Directors on 11 June 2024. They were signed on its behalf by:

E Bryce
Director
J L Bryce
Director
J L BRYCE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
J L BRYCE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J L Bryce Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Butlers Lands Farm, Mortimer Lane Mortimer, Reading, RG7 2AG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of crops, contracting, rental and furnished holiday lets, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 10 years straight line
Other intangible assets

Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate at which the intangible asset is amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 25 years straight line
Assets under construction not depreciated
Plant and machinery 15 - 25 % reducing balance
Vehicles 15 - 25 % reducing balance
Fixtures and fittings 15 - 25 % reducing balance
Other property, plant and equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Crops comprising agricultural produce (i.e crops in store and crops in the ground) and other stock such as fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest. Included in stock are current biological assets including crop tillages, which are stated at cost.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2023 17,119 17,119
Disposals ( 17,119) ( 17,119)
At 31 March 2024 0 0
Accumulated amortisation
At 01 April 2023 16,406 16,406
Charge for the financial year 713 713
Disposals ( 17,119) ( 17,119)
At 31 March 2024 0 0
Net book value
At 31 March 2024 0 0
At 31 March 2023 713 713

4. Tangible assets

Leasehold improve-
ments
Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 April 2023 365,189 0 405,376 65,005 3,477 15,473 854,520
Additions 57,576 288,023 0 0 0 0 345,599
Disposals ( 288,023) 0 0 0 0 0 ( 288,023)
At 31 March 2024 134,742 288,023 405,376 65,005 3,477 15,473 912,096
Accumulated depreciation
At 01 April 2023 129,807 0 30,618 38,888 2,425 13,623 215,361
Charge for the financial year 14,503 0 56,422 4,555 158 463 76,101
Impairment losses 0 130,362 0 0 0 0 130,362
Disposals ( 130,362) 0 0 0 0 0 ( 130,362)
At 31 March 2024 13,948 130,362 87,040 43,443 2,583 14,086 291,462
Net book value
At 31 March 2024 120,794 157,661 318,336 21,562 894 1,387 620,634
At 31 March 2023 235,382 0 374,758 26,117 1,052 1,850 639,159

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,064,951
As at 31 March 2024 1,064,951

6. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 49,039 49,039
Additions 150,000 150,000
Movement in fair value 6,801 6,801
At 31 March 2024 205,840 205,840
Carrying value at 31 March 2024 205,840 205,840
Carrying value at 31 March 2023 49,039 49,039

7. Stocks

2024 2023
£ £
Crops 45,293 62,612
Other stock 37,115 76,810
82,408 139,422

Included within crops are current biological assets comprising crop tillages of £43,293 (2023 £60,686).

8. Debtors

2024 2023
£ £
Trade debtors 30,214 22,630
Corporation tax 12,773 12,797
Other debtors 69,410 200,991
112,397 236,418

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 1,006 1,002
Trade creditors 84,092 83,161
Other taxation and social security 7,019 0
Obligations under finance leases and hire purchase contracts (secured) 77,895 74,145
Other creditors 199,114 152,555
369,126 310,863

Included in other creditors are accruals, amounts owned to directors and connect parties, deposits and deferred income.

The loan is secured by a fixed charge over the assets of the company.

The hire purchase contract is secured over the asset that it relates.

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 77,895

The hire purchase contract is secured over the asset that it relates.

11. Financial commitments

Other financial commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £49,600 (2023 £99,200).