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REGISTERED NUMBER: 01686824 (England and Wales)















JOHN NEAL FARMS (BENINGTON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






JOHN NEAL FARMS (BENINGTON) LIMITED (REGISTERED NUMBER: 01686824)






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




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


JOHN NEAL FARMS (BENINGTON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J R Neal
J R Neal





SECRETARY: Mrs K Neal





REGISTERED OFFICE: The Grange
Butterwick Road
Benington
Boston
Lincolnshire
PE22 0DR





REGISTERED NUMBER: 01686824 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

JOHN NEAL FARMS (BENINGTON) LIMITED (REGISTERED NUMBER: 01686824)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 511,719 321,066
Investments 6 500 500
512,219 321,566

CURRENT ASSETS
Valuation 169,573 169,116
Debtors 7 83,791 128,456
Cash at bank and in hand 134,417 202,995
387,781 500,567
CREDITORS
Amounts falling due within one year 8 139,798 146,392
NET CURRENT ASSETS 247,983 354,175
TOTAL ASSETS LESS CURRENT LIABILITIES 760,202 675,741

CREDITORS
Amounts falling due after more than one year 9 (29,189 ) (29,800 )

PROVISIONS FOR LIABILITIES (69,142 ) (53,719 )
NET ASSETS 661,871 592,222

CAPITAL AND RESERVES
Called up share capital 11 98 98
Other reserves 279,922 279,922
Retained earnings 381,851 312,202
SHAREHOLDERS' FUNDS 661,871 592,222

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.

JOHN NEAL FARMS (BENINGTON) LIMITED (REGISTERED NUMBER: 01686824)

STATEMENT OF FINANCIAL POSITION - 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





J R Neal - Director


JOHN NEAL FARMS (BENINGTON) LIMITED (REGISTERED NUMBER: 01686824)

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

1. STATUTORY INFORMATION

John Neal Farms (Benington) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 represents net accrued invoiced sales of farm crops excluding value added tax, with sales of farm crops recognised upon despatch.

Basic Payment Scheme and Countryside Stewardship Scheme income is recognised in the year to which it relates.

Intangible assets
Basic Payment Scheme Entitlements have been capitalised in the accounts at cost and are being amortised on a straight line basis until December 2019.

Tangible fixed assets
Freehold property- 10% on reducing balance and not provided
Property improvements- 10% on reducing balance
Fixtures and office equipment- 10% and 15% on reducing balance
Motor vehicles- 25% on reducing balance
Tractors and implements- Straight line over 5 years and 10% to 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Valuation
Stocks are valued at deemed cost after making due allowance for slow moving and obsolete items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


JOHN NEAL FARMS (BENINGTON) LIMITED (REGISTERED NUMBER: 01686824)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 the income statement in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Investments
Where material, fixed asset investments are stated at fair value, otherwise they are stated at cost less provision for any permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 50,145
AMORTISATION
At 1 January 2023
and 31 December 2023 50,145
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

JOHN NEAL FARMS (BENINGTON) LIMITED (REGISTERED NUMBER: 01686824)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 148,242 670,943 819,185
Additions 106,839 153,294 260,133
Disposals - (64,160 ) (64,160 )
At 31 December 2023 255,081 760,077 1,015,158
DEPRECIATION
At 1 January 2023 115,106 383,013 498,119
Charge for year 589 39,732 40,321
Eliminated on disposal - (35,001 ) (35,001 )
At 31 December 2023 115,695 387,744 503,439
NET BOOK VALUE
At 31 December 2023 139,386 372,333 511,719
At 31 December 2022 33,136 287,930 321,066

Included in cost of land and buildings is freehold land of £ 134,075 (2022 - £ 27,250 ) which is not depreciated.

The net book value of tangible fixed assets includes £188,384 (2022 - £114,816) in respect of assets held under hire purchase contracts.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 500
NET BOOK VALUE
At 31 December 2023 500
At 31 December 2022 500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 56,806 87,577
Other debtors 26,985 40,879
83,791 128,456

JOHN NEAL FARMS (BENINGTON) LIMITED (REGISTERED NUMBER: 01686824)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 43,275 15,734
Trade creditors 56,052 113,290
Taxation and social security 3,813 3,238
Other creditors 36,658 14,130
139,798 146,392

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 29,189 29,800

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 72,464 45,534

The bank overdraft is secured by a mortgage over the company's land.

Hire purchase contracts are secured on the assets to which they relate.


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
98 Ordinary 1 98 98