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Registered Number: 11790443
England

 

 

 


Unaudited Financial Statements

for the year ended 31 January 2024

for

JDB FARMING LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 2,186    3,417 
2,186    3,417 
Current assets      
Stocks 4 1,684    1,860 
Cash at bank and in hand 250    53 
1,934    1,913 
Creditors: amount falling due within one year 5 (25,532)   (19,853)
Net current assets (23,598)   (17,940)
 
Total assets less current liabilities (21,412)   (14,523)
Creditors: amount falling due after more than one year 6 (3,328)   (5,773)
Net assets (24,740)   (20,296)
 

Capital and reserves
     
Called up share capital 7 100    100 
Profit and loss account (24,840)   (20,396)
Shareholders' funds (24,740)   (20,296)
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 31 October 2024 and were signed by:


-------------------------------
J D Bailey
Director
1
General Information
JDB Farming Limited is a private company, limited by shares, registered in England, registration number 11790443, registration address 1a Sandringham Drive, Spondon, Derby, Derbyshire, DE21 7QL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Going concern basis
The directors believe that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.  Where the company does not have adequate resources, the director will personally fund the company to enable it to continue trading.
Turnover
Turnover comprises the invoiced value of goods and livestock sold, services supplied by the company and other farming receipts.  Turnover is shown net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Stocks
Stock has been valued at the lower of cost and net realisable value. Cost is determined on a first in, first out (FIFO) basis.   Purchased livestock is value at cost of purchase plus cost of rearing to the valuation date or maturity, if earlier.  Where it is not possible to value the livestock, a deemed cost has been used. The deemed cost is a percentage of a reasonable estimate of the open market value. The percentage in the case of livestock being:

Cattle 60% of open market value


Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 February 2023 5,810    896    6,706 
Additions    
Disposals   (737)   (737)
At 31 January 2024 5,810    159    5,969 
Depreciation
At 01 February 2023 3,018    271    3,289 
Charge for year 698    16    714 
On disposals   (220)   (220)
At 31 January 2024 3,716    67    3,783 
Net book values
Closing balance as at 31 January 2024 2,094    92    2,186 
Opening balance as at 01 February 2023 2,792    625    3,417 


4.

Stocks

2024
£
  2023
£
Stocks 1,684    1,860 
1,684    1,860 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Bank Loans & Overdrafts 2,445    2,399 
Accrued Expenses 300    641 
Directors' Current Accounts 22,753    16,798 
VAT 34    15 
25,532    19,853 
The Bounce Back Loan is 100% Government guaranteed.
Amounts loaned to the company from the director are interest free and repayable on demand.

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 3,328    5,773 
3,328    5,773 
The Bounce Back Loan is 100% Government guaranteed.

7.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

2