Company registration number 00687881 (England and Wales)
J GILBERT & SON (LITTLEPORT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
J GILBERT & SON (LITTLEPORT) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
J GILBERT & SON (LITTLEPORT) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,974,761
5,337,175
Investment properties
4
750,000
630,000
Investments
5
50,080
50,030
6,774,841
6,017,205
Current assets
Stocks
1,391,097
1,842,444
Debtors
6
1,027,399
583,781
Cash at bank and in hand
1,509,125
1,687,727
3,927,621
4,113,952
Creditors: amounts falling due within one year
7
(87,001)
(252,810)
Net current assets
3,840,620
3,861,142
Total assets less current liabilities
10,615,461
9,878,347
Creditors: amounts falling due after more than one year
8
(82,500)
(90,000)
Provisions for liabilities
(855,635)
(558,169)
Net assets
9,677,326
9,230,178
Capital and reserves
Called up share capital
3,400
3,400
Revaluation reserve
318,907
266,971
Profit and loss reserves
9,355,019
8,959,807
Total equity
9,677,326
9,230,178

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

J GILBERT & SON (LITTLEPORT) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr MJ Gilbert
Director
Company Registration No. 00687881
J GILBERT & SON (LITTLEPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

J Gilbert & Son (Littleport) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Butchers Hill Farm Office, Wisbech Road, Littleport, Ely, Cambridgeshire, CB6 1ST.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

1.2
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1.3
Research and development expenditure

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only

1.4
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

J GILBERT & SON (LITTLEPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a combination of straight line and reducing balance bases:.

 

Farm buildings
5% per annum
Land
Not depreciated
Plant and equipment
10% to 25% per annum
Fixtures and fittings
10% per annum
Motor vehicles
25% per annum
Stores
10 to 50 years

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.5
Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

1.6
Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

J GILBERT & SON (LITTLEPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.10
Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

 

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date

J GILBERT & SON (LITTLEPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 

1.14
Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure

1.15
Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

1.16

Leased assets: the Company as lessee

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 finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period

1.17

Interest income

Interest income is recognised in the profit or loss using the effective interest method.

1.18

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
15
J GILBERT & SON (LITTLEPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
3
Tangible fixed assets
Farm buildings and land
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 February 2023
4,002,143
4,908,051
8,109
8,918,303
Additions
409,005
1,041,684
200
1,450,889
Disposals
-
0
(799,448)
-
0
(799,448)
At 31 January 2024
4,411,148
5,150,287
8,309
9,569,744
Depreciation and impairment
At 1 February 2023
694,844
2,878,389
7,895
3,581,128
Depreciation charged in the year
59,723
447,208
41
506,972
Eliminated in respect of disposals
-
0
(493,117)
-
0
(493,117)
At 31 January 2024
754,567
2,832,480
7,936
3,594,983
Carrying amount
At 31 January 2024
3,656,581
2,317,807
373
5,974,761
At 31 January 2023
3,307,299
2,029,662
214
5,337,175
4
Investment property
2024
£
Fair value
At 1 February 2023
630,000
Revaluations
120,000
At 31 January 2024
750,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

J GILBERT & SON (LITTLEPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
50,080
50,030
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2023
50,030
Additions
50
At 31 January 2024
50,080
Carrying amount
At 31 January 2024
50,080
At 31 January 2023
50,030
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
928,621
456,996
Other debtors
98,778
126,785
1,027,399
583,781
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
60,014
128,925
Taxation and social security
16,886
115,838
Other creditors
10,101
8,047
87,001
252,810
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
82,500
90,000
J GILBERT & SON (LITTLEPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
9
Deferred capital grants
2024
2023
£
£
Deferred capital grants
82,500
90,000
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Extension of existing grain store
-
370,000
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