Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.false2023-01-01Farming33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00631087 2023-01-01 2023-12-31 00631087 2022-01-01 2022-12-31 00631087 2023-12-31 00631087 2022-12-31 00631087 c:CompanySecretary1 2023-01-01 2023-12-31 00631087 c:Director1 2023-01-01 2023-12-31 00631087 c:Director2 2023-01-01 2023-12-31 00631087 c:Director3 2023-01-01 2023-12-31 00631087 c:RegisteredOffice 2023-01-01 2023-12-31 00631087 d:Buildings 2023-01-01 2023-12-31 00631087 d:Buildings 2023-12-31 00631087 d:Buildings 2022-12-31 00631087 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00631087 d:PlantMachinery 2023-01-01 2023-12-31 00631087 d:PlantMachinery 2023-12-31 00631087 d:PlantMachinery 2022-12-31 00631087 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00631087 d:MotorVehicles 2023-01-01 2023-12-31 00631087 d:OfficeEquipment 2023-01-01 2023-12-31 00631087 d:OfficeEquipment 2023-12-31 00631087 d:OfficeEquipment 2022-12-31 00631087 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00631087 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00631087 d:CurrentFinancialInstruments 2023-12-31 00631087 d:CurrentFinancialInstruments 2022-12-31 00631087 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00631087 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00631087 d:ShareCapital 2023-12-31 00631087 d:ShareCapital 2022-12-31 00631087 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 00631087 d:OtherMiscellaneousReserve 2023-12-31 00631087 d:OtherMiscellaneousReserve 2022-12-31 00631087 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00631087 d:RetainedEarningsAccumulatedLosses 2023-12-31 00631087 d:RetainedEarningsAccumulatedLosses 2022-12-31 00631087 c:OrdinaryShareClass1 2023-01-01 2023-12-31 00631087 c:OrdinaryShareClass1 2023-12-31 00631087 c:FRS102 2023-01-01 2023-12-31 00631087 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00631087 c:FullAccounts 2023-01-01 2023-12-31 00631087 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00631087 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 00631087 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-01-01 2022-12-31 00631087 2 2023-01-01 2023-12-31 00631087 6 2023-01-01 2023-12-31 00631087 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00631087










JAMES H.NEILL & SONS (THURGARTON) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
COMPANY INFORMATION


Directors
M G Neill 
F J Neill 
K E Neill 




Company secretary
M G Neill



Registered number
00631087



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10


 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JAMES H.NEILL & SONS (THURGARTON) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James H.Neill & Sons (Thurgarton) Limited for the year ended 31 December 2023 which comprise  the Balance Sheet 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of James H.Neill & Sons (Thurgarton) Limited, as a body, in accordance with the terms of our engagement letter dated 2 June 2021Our work has been undertaken solely to prepare for your approval the financial statements of James H.Neill & Sons (Thurgarton) Limited  and state those matters that we have agreed to state to the Board of Directors of James H.Neill & Sons (Thurgarton) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James H.Neill & Sons (Thurgarton) Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that James H.Neill & Sons (Thurgarton) 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 profit of James H.Neill & Sons (Thurgarton) Limited. You consider that James H.Neill & Sons (Thurgarton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of James H.Neill & Sons (Thurgarton) 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
10 September 2024
Page 1

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
REGISTERED NUMBER: 00631087

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
267,502
254,842

Investments
 5 
303,526
306,257

  
571,028
561,099

Current assets
  

Stocks
  
351,431
258,478

Debtors: amounts falling due within one year
 6 
1,096,196
1,027,665

Cash at bank and in hand
  
274,388
293,630

  
1,722,015
1,579,773

Creditors: amounts falling due within one year
 7 
(503,218)
(402,482)

Net current assets
  
 
 
1,218,797
 
 
1,177,291

Total assets less current liabilities
  
1,789,825
1,738,390

Provisions for liabilities
  

Deferred tax
  
(8,281)
(8,758)

Net assets
  
1,781,544
1,729,632


Capital and reserves
  

Called up share capital 
 8 
2,000
2,000

Other reserves
 9 
7,832
14,037

Profit and loss account
 9 
1,771,712
1,713,595

  
1,781,544
1,729,632


Page 2

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
REGISTERED NUMBER: 00631087
    
BALANCE SHEET (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 profit and loss account 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 on 10 September 2024.




F J Neill
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office of the company is 7 The Close, Norwich, Norfolk NR1 4DJ. The principal place of business of the company is Thurgarton, Norfolk.
The company's principal activities are that of farming and as a participator within a farming partnership.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company is respect of crops sold and a share of results as a partner within a farming partnership. Crops sold income and the share of results are  recognised on the completion of the farming partnership annual accounts.

 
2.3

Interest income

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

 
2.4

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance method.

Depreciation is provided on the following basis:

Property improvements
-
10% straight line
Plant and equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance

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.

Page 5

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account 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 balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Stocks

Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with guidance within H M Revenue & Customs help sheet HS232. Consumable stocks are valued at cost.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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
Page 6

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 3 (2022 - 3).


4.


Tangible fixed assets





Freehold land & property
Plant & machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
396,682
200,235
5,584
602,501


Additions
21,007
-
-
21,007



At 31 December 2023

417,689
200,235
5,584
623,508



Depreciation


At 1 January 2023
170,604
173,645
3,410
347,659


Charge for the year on owned assets
2,261
5,361
725
8,347



At 31 December 2023

172,865
179,006
4,135
356,006



Net book value



At 31 December 2023
244,824
21,229
1,449
267,502



At 31 December 2022
226,078
26,590
2,174
254,842

Page 8

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
306,187
70
306,257


Additions
43,271
-
43,271


Disposals
(47,419)
-
(47,419)


Revaluations
1,417
-
1,417



At 31 December 2023
303,456
70
303,526





6.


Debtors

2023
2022
£
£


Trade debtors
230,554
234,037

Amounts owed by joint ventures and associated undertakings
862,113
793,270

Other debtors
3,529
358

1,096,196
1,027,665



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
469,696
367,499

Other taxation and social security
26,911
28,619

Accruals and deferred income
6,611
6,364

503,218
402,482


Page 9

 
JAMES H.NEILL & SONS (THURGARTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,000 Ordinary shares of £1.00 each
2,000
2,000



9.


Reserves

Other reserves

The fair value reserve represents the cumulative value of revaluations of listed investments to fair value, net of deferred tax.  The amounts debited or credited to this reserve are transfers from the profit and loss account.  Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


10.


Related party transactions

During the year the company paid rent of £4,362 (2022 - £4,362) to one of the directors in relation to land and buildings owned by them.

Page 10