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REGISTERED NUMBER: 00239575 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

J.L. Farms Limited

J.L. Farms Limited (Registered number: 00239575)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


J.L. Farms Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: J L van Geest
Mrs A J Morris
Miss F H van Geest



SECRETARY: Camamile Limited



REGISTERED OFFICE: Fulney Farm Centre
Rangell Gate
Low Fulney
Spalding
Lincolnshire
PE12 6EW



REGISTERED NUMBER: 00239575 (England and Wales)



ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG



SOLICITORS: Roythorne Solicitors
Enterprise Way
Spalding
Lincolnshire
PE11 3YR

J.L. Farms Limited (Registered number: 00239575)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,002,762 4,352,740
Investments 5 47,062 47,062
4,049,824 4,399,802

CURRENT ASSETS
Stocks 660,532 541,004
Debtors 6 299,283 711,855
Cash at bank and in hand 2,107,751 957,857
3,067,566 2,210,716
CREDITORS
Amounts falling due within one year 7 923,457 1,414,037
NET CURRENT ASSETS 2,144,109 796,679
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,193,933

5,196,481

CAPITAL AND RESERVES
Called up share capital 8 6,920,644 6,920,644
Retained earnings (726,711 ) (1,724,163 )
SHAREHOLDERS' FUNDS 6,193,933 5,196,481

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 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.

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 15 November 2024 and were signed on its behalf by:





J L van Geest - Director


J.L. Farms Limited (Registered number: 00239575)

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

1. STATUTORY INFORMATION

J.L. Farms 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.

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 & Houses-Not depreciated
Buildings & Capitalised Property Improvements-Straight Line over 25 years
Motor Vehicles & Car Trailers-25% Reducing Balance
Tractors & Self-Propelled Machinery-20% Reducing Balance
Farm Plant & Machinery-15% Reducing Balance
Office Equipment & Computers-Straight Line over 4 years
Solar Panels -Straight Line over 20 years
Field Drainage-Straight Line over 20 years

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

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.

Deferred taxation
Deferred tax is recognised in respect of all material 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.

J.L. Farms Limited (Registered number: 00239575)

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

2. ACCOUNTING POLICIES - continued

Investments
Shares in subsidiaries are stated at cost less provision for diminution in value. Investments held as current assets are stated at the lower of cost or net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 3,734,026 1,403,524 20,742 75,327 5,233,619
Additions - 53,599 1,343 - 54,942
Disposals (23,010 ) (348,092 ) (16,608 ) - (387,710 )
At 29 February 2024 3,711,016 1,109,031 5,477 75,327 4,900,851
DEPRECIATION
At 1 March 2023 579,596 240,334 19,273 41,676 880,879
Charge for year 35,222 150,176 731 8,622 194,751
Eliminated on disposal (23,010 ) (137,923 ) (16,608 ) - (177,541 )
At 29 February 2024 591,808 252,587 3,396 50,298 898,089
NET BOOK VALUE
At 29 February 2024 3,119,208 856,444 2,081 25,029 4,002,762
At 28 February 2023 3,154,430 1,163,190 1,469 33,651 4,352,740

Included in cost of land and buildings is freehold land of £ 1,974,752 (2023 - £ 1,974,752 ) which is not depreciated.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2023
and 29 February 2024 715,346
PROVISIONS
At 1 March 2023
and 29 February 2024 668,284
NET BOOK VALUE
At 29 February 2024 47,062
At 28 February 2023 47,062

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 136,211 529,802
Amounts owed by group undertakings 47,166 64,032
Other debtors 115,906 118,021
299,283 711,855

J.L. Farms Limited (Registered number: 00239575)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 69,995 57,118
Amounts owed to group undertakings 28,024 536,455
Taxation and social security 11,910 5,637
Other creditors 813,528 814,827
923,457 1,414,037

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £ £
70,644 'A' Ordinary £1 70,644 70,644
1,200,000 'B' Ordinary £1 1,200,000 1,200,000
900,000 'C' Ordinary £1 900,000 900,000
2,500,000 Redeemable Preference £1 2,500,000 2,500,000
2,250,000 Redeemable Preference 2014 £1 2,250,000 2,250,000
6,920,644 6,920,644
The voting rights of the different classes of share capital are as follows:

'A' Ordinary Shares 100 votes per share
'B' Ordinary Shares 1 vote per share
'C' Ordinary Shares 1 vote per share
Redeemable Preference Shares 1 vote per share
Redeemable Preference Shares 2014 1 vote per share

On a return of assets on liquidation, surplus assets shall be applied firstly to the holders of 'C' Ordinary Shares a sum equal to the amounts paid up, secondly to the holders of Preference Shares and Redeemable Preference Shares 2014 the amounts paid up, and thirdly to the holders of 'A' & 'B' Ordinary Shares (pari passu) the amounts paid up. Thereafter the balance of such assets shall be distributed amongst the Shareholders pro rata to the amounts paid up. The holders of the Redeemable Preferred Shares and the Redeemable Preference Shares 2014 are not entitled to received notice of or to attend at general meetings of the company.

9. CONTROLLING PARTY

Mr J L van Geest controls the company as a result of owning 100% of the issued share capital.