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COMPANY REGISTRATION NUMBER: 03432641
J.B. Fairley & Son Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 December 2023
J.B. Fairley & Son Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
3,459,031
3,371,789
Current Assets
Stocks
413,266
409,693
Debtors
6
68,583
214,989
Cash at bank and in hand
500
500
----------
----------
482,349
625,182
Creditors: amounts falling due within one year
7
306,230
385,233
----------
----------
Net Current Assets
176,119
239,949
-------------
-------------
Total Assets Less Current Liabilities
3,635,150
3,611,738
Creditors: amounts falling due after more than one year
8
223,555
236,218
Provisions
Taxation including deferred tax
246,439
225,210
-------------
-------------
Net Assets
3,165,156
3,150,310
-------------
-------------
J.B. Fairley & Son Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
24,000
24,000
Share premium account
1,604,732
1,604,732
Profit and loss account
1,536,424
1,521,578
-------------
-------------
Shareholders Funds
3,165,156
3,150,310
-------------
-------------
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 statement of income and retained earnings has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
D.J. Fairley
Director
Company registration number: 03432641
J.B. Fairley & Son Limited
Notes to the Financial Statements
Year Ended 31st December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kings Farm, Sneating Hall Lane, Kirby le Soken, Frinton on Sea, Essex, CO13 0EW.
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.
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.
Operating Leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Land & buildings
-
50 years
Plant & machinery
-
5 to 10 years
Combines & tractors
-
10 years
Motor vehicles
-
8 years
No depreciation is provided on freehold land.
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.
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.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible Assets
Land and buildings
Plant and machinery
Combines & tractors
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st January 2023
2,674,146
732,299
1,013,866
36,445
4,456,756
Additions
42,219
67,745
269,783
379,747
Disposals
( 33,950)
( 186,020)
( 219,970)
-------------
----------
-------------
---------
-------------
At 31st December 2023
2,716,365
766,094
1,097,629
36,445
4,616,533
-------------
----------
-------------
---------
-------------
Depreciation
At 1st January 2023
209,819
406,989
444,986
23,173
1,084,967
Charge for the year
17,262
54,665
92,068
3,318
167,313
Disposals
( 20,370)
( 74,408)
( 94,778)
-------------
----------
-------------
---------
-------------
At 31st December 2023
227,081
441,284
462,646
26,491
1,157,502
-------------
----------
-------------
---------
-------------
Carrying amount
At 31st December 2023
2,489,284
324,810
634,983
9,954
3,459,031
-------------
----------
-------------
---------
-------------
At 31st December 2022
2,464,327
325,310
568,880
13,272
3,371,789
-------------
----------
-------------
---------
-------------
Included in freehold land and buildings is land valued at £1,573,608 (2022 - £1,573,608), which is not depreciated. The freehold land and buildings were valued at their open market value for existing use on 6th February 1998 by Fenn Wright in James Fairley & Sons (Farms) Limited prior to the demerger of the company. The land and buildings were then transferred into this company at that valuation. Also included in freehold land and buildings is a further 81 acres purchased after the demerger for £248,656 (2022 - £248,656), which is not depreciated.
6. Debtors
2023
2022
£
£
Trade debtors
45,324
181,352
Other debtors
23,259
33,637
---------
----------
68,583
214,989
---------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
136,572
42,020
Trade creditors
11,076
151,142
Social security and other taxes
2,006
1,089
Other creditors
156,576
190,982
----------
----------
306,230
385,233
----------
----------
The bank loans are secured by a charge on the freehold land and freehold property at Kings Farm, Kirby Cross, Essex, the first legal charge being given by J.B. Fairley & Son Limited .
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
106,921
136,861
Other creditors
116,634
99,357
----------
----------
223,555
236,218
----------
----------
The bank loans are secured by a charge on the freehold land and freehold property at Kings Farm, Kirby Cross, Essex, the first legal charge being given by J.B. Fairley & Son Limited .