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REGISTERED NUMBER: 00481961 (England and Wales)






















J.A.Godfrey & Sons,Limited

Unaudited Financial Statements for the Year Ended 31st March 2024






J.A.Godfrey & Sons,Limited (Registered number: 00481961)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J.A.Godfrey & Sons,Limited

Company Information
for the year ended 31st March 2024







DIRECTORS: P Stapleton
J F Jackson





SECRETARY: Miss K E Lund





REGISTERED OFFICE: Cadas House
Wootton Road
Elsham Top
Brigg
North Lincolnshire
DN20 0NU





REGISTERED NUMBER: 00481961 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

J.A.Godfrey & Sons,Limited (Registered number: 00481961)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,371,572 2,122,322
Investments 6 3 3
Investment property 7 2,900,000 2,250,000
5,271,575 4,372,325

CURRENT ASSETS
Stocks 943,236 928,810
Debtors 8 1,817,298 2,843,731
Investments 9 1,027,842 -
Cash at bank 6,387 -
3,794,763 3,772,541
CREDITORS
Amounts falling due within one year 10 352,993 580,171
NET CURRENT ASSETS 3,441,770 3,192,370
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,713,345

7,564,695

CREDITORS
Amounts falling due after more than one
year

11

(64,954

)

-

PROVISIONS FOR LIABILITIES (447,840 ) (229,099 )
NET ASSETS 8,200,551 7,335,596

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Revaluation reserve 1,435,832 756,696
Retained earnings 6,714,719 6,528,900
SHAREHOLDERS' FUNDS 8,200,551 7,335,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.A.Godfrey & Sons,Limited (Registered number: 00481961)

Balance Sheet - continued
31st March 2024


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 Board of Directors and authorised for issue on 3rd September 2024 and were signed on its behalf by:





P Stapleton - Director


J.A.Godfrey & Sons,Limited (Registered number: 00481961)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

J.A.Godfrey & Sons,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
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A "Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover arises completely in the United Kingdom and represents the total amount charged to customers for farm products and services exclusive of VAT where applicable. Turnover is recognised when the farm products and services have been delivered.

Intangible fixed 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.

Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the entitlement had been fully amortised. The original Basic Payment Scheme commenced in 2015 and the ceased during the 2021 accounting year.

Entitlements acquired via the ownership of existing land, and therefore have no cost, have been revalued to fair value on transition to FRS102, which has subsequently been treated as their deemed cost, and are being amortised over their expected useful life in accordance with the above period of benefit expected from the basic payment scheme.

Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold buildings - 10% straight line
Plant & machinery - 12.5% - 20% straight line
Motor Vehicles - 20% straight line

Land is not depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued under the cost model in accordance with Section 34 of FRS102 using the lower of cost and estimated selling price less costs to complete and sell method. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state.


J.A.Godfrey & Sons,Limited (Registered number: 00481961)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Government grants
Amounts receivable under the Common Agriculture Policy subsidy schemes are recognised as income in the profit and loss account when the eligibility criteria have been satisfied at the end of the scheme year.

Hire purchase
Assets obtained under hire purchase contract are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives.

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

Investments
Investments in shares are initially recognised at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit and loss if their fair value can be measured reliably.

Current asset investments include cash equivalents which have a maturity of less than one year. They are initially measured at cost and subsequently re-measured at their fair value with the gain or loss being recognised in the profit and loss account.

Other investments are measured at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

J.A.Godfrey & Sons,Limited (Registered number: 00481961)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2023
and 31st March 2024 93,566
AMORTISATION
At 1st April 2023
and 31st March 2024 93,566
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. TANGIBLE FIXED ASSETS
Freehold Buildings Implements
land & machinery & vehicles Totals
£    £    £    £   
COST
At 1st April 2023 1,517,491 360,323 1,740,052 3,617,866
Additions - 96,582 409,681 506,263
Disposals - - (229,948 ) (229,948 )
At 31st March 2024 1,517,491 456,905 1,919,785 3,894,181
DEPRECIATION
At 1st April 2023 - 307,865 1,187,679 1,495,544
Charge for year - 36,094 144,270 180,364
Eliminated on disposal - - (153,299 ) (153,299 )
At 31st March 2024 - 343,959 1,178,650 1,522,609
NET BOOK VALUE
At 31st March 2024 1,517,491 112,946 741,135 2,371,572
At 31st March 2023 1,517,491 52,458 552,373 2,122,322

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st April 2023
and 31st March 2024 3
NET BOOK VALUE
At 31st March 2024 3
At 31st March 2023 3

J.A.Godfrey & Sons,Limited (Registered number: 00481961)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 2,250,000
Revaluations 650,000
At 31st March 2024 2,900,000
NET BOOK VALUE
At 31st March 2024 2,900,000
At 31st March 2023 2,250,000

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2013 409,908
Valuation in 2015 18,750
Valuation in 2024 650,000
Cost 1,821,342
2,900,000

The investment property was valued during the year by an external valuer, Clark Weightman Chartered Surveyors and Commercial Property Consultants. The directors have revisited this valuation and believe it reflects the fair value of the investment property at the year end.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 253,044 288,806
Other debtors 1,564,254 2,554,925
1,817,298 2,843,731

9. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Cash equivalent current
investment 1,027,842 -
1,027,842 -

J.A.Godfrey & Sons,Limited (Registered number: 00481961)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 82,897
Hire purchase contracts 64,954 -
Trade creditors 195,507 323,840
Amounts owed to group undertakings 180 206
Taxation and social security 62,358 126,783
Other creditors 29,994 46,445
352,993 580,171

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 64,954 -

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 82,897

The bank overdraft is secured by a fixed charge over the company's freehold land and buildings, and a floating charge over all other assets and undertakings of the company.

13. RELATED PARTY DISCLOSURES

Other related parties

2024 2023
£    £   
Amount due from related party 1,470,000 2,500,000