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REGISTERED NUMBER: 13467777 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

J F Smith & Son Farms Limited

J F Smith & Son Farms Limited (Registered number: 13467777)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


J F Smith & Son Farms Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: J P Faulkner-Smith





REGISTERED OFFICE: Highfield
Bluestone Heath Road
Welton le Marsh
Spilsby
Lincolnshire
PE23 5SG





REGISTERED NUMBER: 13467777 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
J F Smith & Son Farms Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J F Smith & Son Farms Limited for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of J F Smith & Son Farms Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J F Smith & Son Farms Limited and state those matters that we have agreed to state to the director of J F Smith & Son Farms Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J F Smith & Son Farms Limited and its director for our work or for this report.

It is your duty to ensure that J F Smith & Son Farms 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 J F Smith & Son Farms Limited. You consider that J F Smith & Son Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J F Smith & Son Farms 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.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


3 October 2024

J F Smith & Son Farms Limited (Registered number: 13467777)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,444,241 -

CURRENT ASSETS
Stocks 5,110 -
Debtors 5 94,032 1
Cash at bank 233 -
99,375 1
CREDITORS
Amounts falling due within one year 6 1,044,817 -
NET CURRENT (LIABILITIES)/ASSETS (945,442 ) 1
TOTAL ASSETS LESS CURRENT LIABILITIES 9,498,799 1

CREDITORS
Amounts falling due after more than one year 7 (3,515,983 ) -

PROVISIONS FOR LIABILITIES (1,493,736 ) -
NET ASSETS 4,489,080 1

CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 9 4,445,831 -
Retained earnings 43,248 -
SHAREHOLDERS' FUNDS 4,489,080 1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 October 2024 and were signed by:





J P Faulkner-Smith - Director


J F Smith & Son Farms Limited (Registered number: 13467777)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

J F Smith & Son Farms 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.

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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - not provided
Plant and machinery - 25% on reducing balance and 15% on reducing balance

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

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

J F Smith & Son Farms Limited (Registered number: 13467777)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Land and Plant and
Buildings machinery Totals
£    £    £   
COST OR VALUATION
Additions 4,469,299 50,750 4,520,049
Revaluations 5,927,776 - 5,927,776
At 30 June 2023 10,397,075 50,750 10,447,825
DEPRECIATION
Charge for year - 3,584 3,584
At 30 June 2023 - 3,584 3,584
NET BOOK VALUE
At 30 June 2023 10,397,075 47,166 10,444,241

Cost or valuation at 30 June 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 5,927,776 - 5,927,776
Cost 4,469,299 50,750 4,520,049
10,397,075 50,750 10,447,825

The assets are to be revalued annually by the director and reviewed for any impairments.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 27,463 -
Other debtors 66,569 1
94,032 1

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 421,380 -
Hire purchase contracts 9,133 -
Trade creditors 170,835 -
Taxation and social security 1,980 -
Other creditors 441,489 -
1,044,817 -

J F Smith & Son Farms Limited (Registered number: 13467777)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 3,500,000 -
Hire purchase contracts 15,983 -
3,515,983 -

8. CALLED UP SHARE CAPITAL

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

9. RESERVES
Revaluation
reserve
£   
Revaluation of farm assets 5,927,775
Movement in deferred tax (1,481,944 )

At 30 June 2023 4,445,831

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 June 2023 and the period ended 30 June 2022:

2023 2022
£    £   
J P Faulkner-Smith
Balance outstanding at start of year - -
Amounts advanced 22,249 -
Amounts repaid (6,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,749 -