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REGISTERED NUMBER: 02449948 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

J & J Burnett Limited

J & J Burnett Limited (Registered number: 02449948)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & J Burnett Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: J W Burnett





REGISTERED OFFICE: Manor Farm
Ollerton Road
Little Carlton
Newark
NG23 6BX





REGISTERED NUMBER: 02449948 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

J & J Burnett Limited (Registered number: 02449948)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,620,441 7,806,806
7,620,441 7,806,806

CURRENT ASSETS
Stocks 971,694 983,288
Debtors 6 629,938 555,608
Cash at bank 1,122,202 1,007,322
2,723,834 2,546,218
CREDITORS
Amounts falling due within one year 7 1,496,945 1,488,432
NET CURRENT ASSETS 1,226,889 1,057,786
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,847,330

8,864,592

CREDITORS
Amounts falling due after more than one
year

8

(3,506,941

)

(3,673,376

)

PROVISIONS FOR LIABILITIES (638,143 ) (744,966 )
NET ASSETS 4,702,246 4,446,250

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 1,620,850 1,620,850
Retained earnings 3,081,296 2,825,300
SHAREHOLDERS' FUNDS 4,702,246 4,446,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

J & J Burnett Limited (Registered number: 02449948)

Balance Sheet - continued
29 February 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 director and authorised for issue on 14 November 2024 and were signed by:





J W Burnett - Director


J & J Burnett Limited (Registered number: 02449948)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

J & J Burnett 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.

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

Intangible 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.

Entitlements are being amortised evenly over their estimated useful life of nil years.

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 - 4% on cost, 2% on cost and not provided
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of harvested crops in store and growing crops comprises direct materials/variable cost inputs and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Deadstock is valued at cost, less any impairment required.

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.


J & J Burnett Limited (Registered number: 02449948)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 111,577
AMORTISATION
At 1 March 2023
and 29 February 2024 111,577
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

J & J Burnett Limited (Registered number: 02449948)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 4,509,531 6,373,231 10,882,762
Additions - 914,466 914,466
Disposals - (544,500 ) (544,500 )
At 29 February 2024 4,509,531 6,743,197 11,252,728
DEPRECIATION
At 1 March 2023 649,309 2,426,647 3,075,956
Charge for year 9,538 788,661 798,199
Eliminated on disposal - (241,868 ) (241,868 )
At 29 February 2024 658,847 2,973,440 3,632,287
NET BOOK VALUE
At 29 February 2024 3,850,684 3,769,757 7,620,441
At 28 February 2023 3,860,222 3,946,584 7,806,806

The fair value of the company's land and buildings was revalued on 28 February 2015 by an independent valuer, Fisher German Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,467,510 [2023: £2,467,510].

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 385,766 514,753
Other debtors 244,172 40,855
629,938 555,608

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 355,126 294,506
Hire purchase contracts 614,615 600,365
Trade creditors 488,842 551,310
Taxation and social security 8,386 12,118
Other creditors 29,976 30,133
1,496,945 1,488,432

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,131,541 1,929,638
Hire purchase contracts 1,375,400 1,743,738
3,506,941 3,673,376

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

J & J Burnett Limited (Registered number: 02449948)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. RESERVES
Fair
value
reserve
£   
At 1 March 2023
and 29 February 2024 1,620,850

11. RELATED PARTY DISCLOSURES

During the year the company paid a dividend to Staythorpe Farming Limited, which holds 100% of the shares.

The company utilised land owned by John Burnett Limited. No rent was paid [2023: £Nil].