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REGISTERED NUMBER: 03355569 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

SMITH BROTHERS FARMS LTD

SMITH BROTHERS FARMS LTD (REGISTERED NUMBER: 03355569)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMITH BROTHERS FARMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R Smith
M J Smith





SECRETARY: R Smith





REGISTERED OFFICE: Brockhurst
Brockhurst Lane
Canwell
Sutton Coldfield
West Midlands
B75 5SR





REGISTERED NUMBER: 03355569 (England and Wales)





ACCOUNTANTS: Philip Barnes & Co Limited
Chartered Accountants
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

SMITH BROTHERS FARMS LTD (REGISTERED NUMBER: 03355569)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,204 14,204
Tangible assets 5 4,354,846 4,323,163
4,369,050 4,337,367

CURRENT ASSETS
Stocks 72,660 74,121
Debtors 6 469,806 417,782
Investments 7 1,357,670 1,267,124
Cash at bank 32,739 76,339
1,932,875 1,835,366
CREDITORS
Amounts falling due within one year 8 144,931 209,627
NET CURRENT ASSETS 1,787,944 1,625,739
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,156,994

5,963,106

PROVISIONS FOR LIABILITIES 40,000 34,000
NET ASSETS 6,116,994 5,929,106

CAPITAL AND RESERVES
Called up share capital 9 3,050,000 3,050,000
Retained earnings 3,066,994 2,879,106
SHAREHOLDERS' FUNDS 6,116,994 5,929,106

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

SMITH BROTHERS FARMS LTD (REGISTERED NUMBER: 03355569)

BALANCE SHEET - continued
30 JUNE 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





R Smith - Director


SMITH BROTHERS FARMS LTD (REGISTERED NUMBER: 03355569)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Smith Brothers Farms Ltd 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.

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

Turnover
Turnover represents revenue recognised by the company in respect of goods and services supplied during the period, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - straight line over estimated useful life
Tractors, machinery & implements - 25% reducing balance
Fixed plant - 5% straight line

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Intangible assets
Intangible assets are measured at cost less any accumulated impairment losses.

Investments
Investments are included at fair value. Listed investments are valued at their market value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable, are recognised in the profit and loss account.

SMITH BROTHERS FARMS LTD (REGISTERED NUMBER: 03355569)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Woodland grants
Woodland grants are matched on an accruals basis against the costs to which they relate.

3. EMPLOYEES

The average number of employees during the year was NIL (2023 - 1 ).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 14,204
NET BOOK VALUE
At 30 June 2024 14,204
At 30 June 2023 14,204

The intangible asset comprises SPS entitlement acquired.

5. TANGIBLE FIXED ASSETS
Freehold Tractors,
land and machinery Fixed Computer
buildings & implements plant equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 4,410,776 264,404 53,810 354 4,729,344
Additions - 78,875 - - 78,875
Disposals - (34,294 ) - - (34,294 )
At 30 June 2024 4,410,776 308,985 53,810 354 4,773,925
DEPRECIATION
At 1 July 2023 206,204 155,775 44,005 197 406,181
Charge for year 8,344 31,533 827 118 40,822
Eliminated on disposal - (27,924 ) - - (27,924 )
At 30 June 2024 214,548 159,384 44,832 315 419,079
NET BOOK VALUE
At 30 June 2024 4,196,228 149,601 8,978 39 4,354,846
At 30 June 2023 4,204,572 108,629 9,805 157 4,323,163

Included in cost of land and buildings is freehold land of £ 4,005,575 (2023 - £ 4,005,575 ) which is not depreciated.

SMITH BROTHERS FARMS LTD (REGISTERED NUMBER: 03355569)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 74,150 73,219
Other debtors 55,656 4,563
129,806 77,782

Amounts falling due after more than one year:
Other debtors 340,000 340,000

Aggregate amounts 469,806 417,782

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 1,357,670 1,267,124

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 16,667
Trade creditors 71,661 73,122
Taxation and social security 23,421 58,581
Other creditors 49,849 61,257
144,931 209,627

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,050,000 Ordinary shares £1 3,050,000 3,050,000

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £50,000 (2023: £1,443.50) by related parties.