REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
J.L. Farms Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and | Motor |
Buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
PROVISIONS |
At 1 March 2023 |
and 29 February 2024 | 668,284 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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. |