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REGISTERED NUMBER: 01805914 (England and Wales)












J. E. G. FARMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






J. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


J. E. G. FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs E Grant
Miss A E Grant
W J Grant





SECRETARY: Mrs E Grant





REGISTERED OFFICE: Fold Hill
Old Leake
Boston
Lincolnshire
PE22 9PJ





REGISTERED NUMBER: 01805914 (England and Wales)





ACCOUNTANTS: Dexter & Sharpe
Chartered Certified Accountants
The Old Vicarage
Church Close
Boston
Lincolnshire
PE21 6NA

J. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 2,229 550
Tangible assets 4 2,447,952 2,385,386
2,450,181 2,385,936

CURRENT ASSETS
Stocks 1,388,998 1,049,447
Debtors 5 2,787,044 993,328
Cash at bank 820,945 237,672
4,996,987 2,280,447
CREDITORS
Amounts falling due within one year 3,096,024 574,889
NET CURRENT ASSETS 1,900,963 1,705,558
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,351,144

4,091,494

CREDITORS
Amounts falling due after more than one year 6 (442,777 ) (463,394 )

PROVISIONS FOR LIABILITIES (103,876 ) (64,282 )
NET ASSETS 3,804,491 3,563,818

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,804,391 3,563,718
SHAREHOLDERS' FUNDS 3,804,491 3,563,818

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





Mrs E Grant - Director


J. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Entitlements are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets and amortisation
Entitlements are stated at cost, less amortisation. They have been amortised over the estimated economic life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Buildings - 20% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 10% on reducing balance
Solar system - 4% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


J. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the financial charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

No director is accruing benefits in the money purchase scheme.

Valuation
Stocks and farm valuation are prepared by Brown & Co, Chartered Surveyor & Valuer, Holland House, 16 High Street, Spalding. The basis of valuation is cost of production and is consistent with Statement of Standard Accounting Practice No 9 and Business Economic Note No 19.

Rents receivable
Amounts received as rental for land temporarily not farmed by the company are recognised on a straight line basis over the term of the lease.

Government grants
Grants received to fund the purchase of tangible fixed assets are included within provisions as deferred assets, and are credited to the profit and loss account over the expected useful lives of the related assets.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

J. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 21,989
Additions 1,700
At 31 December 2023 23,689
AMORTISATION
At 1 January 2023 21,439
Amortisation for year 21
At 31 December 2023 21,460
NET BOOK VALUE

At 31 December 2023 2,229
At 31 December 2022 550

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 5,389,245
Additions 197,390
Disposals (9,660 )
At 31 December 2023 5,576,975
DEPRECIATION
At 1 January 2023 3,003,859
Charge for year 130,409
Eliminated on disposal (5,245 )
At 31 December 2023 3,129,023
NET BOOK VALUE
At 31 December 2023 2,447,952
At 31 December 2022 2,385,386

J. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 95,990
Additions 146,000
Transfer to ownership (95,990 )
At 31 December 2023 146,000
DEPRECIATION
At 1 January 2023 28,581
Charge for year 36,500
Transfer to ownership (28,581 )
At 31 December 2023 36,500
NET BOOK VALUE
At 31 December 2023 109,500
At 31 December 2022 67,409

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 619,500 619,500

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 353,572 363,394

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 463,959 488,394
Hire purchase contracts 81,000 31,973
544,959 520,367

J. E. G. FARMS LIMITED (REGISTERED NUMBER: 01805914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J E Grant Deceased and Mrs E Grant
Balance outstanding at start of year 94,922 65,162
Amounts advanced 75,011 29,760
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 169,933 94,922

W J Grant
Balance outstanding at start of year - -
Amounts advanced 420 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 420 -

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the estate of Mr J E Grant deceased by virtue of his shareholding in the company.