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REGISTERED NUMBER: 06382463 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31st March 2024

for

NJ & S Smith Farming Limited

NJ & S Smith Farming Limited (Registered number: 06382463)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NJ & S Smith Farming Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: N J Smith
S Smith





SECRETARY: S Smith





REGISTERED OFFICE: Marriott Farm
Cotes-De-Val
Gilmorton
Lutterworth
Leicestershire
LE17 4LY





REGISTERED NUMBER: 06382463 (England and Wales)





ACCOUNTANTS: Barker & Co
Chartered Accountants
Watling Offices
Smockington Lane
Wolvey
Hinckley
Leicestershire
LE10 3AY

NJ & S Smith Farming Limited (Registered number: 06382463)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,959 11,459
Tangible assets 5 418,855 478,545
Dairy herd 6 173,537 176,387
601,351 666,391

CURRENT ASSETS
Stocks 133,735 126,812
Debtors 7 163,978 116,621
Investments 8 50 50
Cash at bank 202,513 115,678
500,276 359,161
CREDITORS
Amounts falling due within one year 9 230,625 120,204
NET CURRENT ASSETS 269,651 238,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

871,002

905,348

CREDITORS
Amounts falling due after more than one
year

10

(17,292

)

(32,460

)

PROVISIONS FOR LIABILITIES (87,000 ) (74,000 )
NET ASSETS 766,710 798,888

CAPITAL AND RESERVES
Called up share capital 12 500 500
Retained earnings 766,210 798,388
SHAREHOLDERS' FUNDS 766,710 798,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

NJ & S Smith Farming Limited (Registered number: 06382463)

Balance Sheet - continued
31st March 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 Board of Directors and authorised for issue on 13th September 2024 and were signed on its behalf by:




N J Smith - Director



S Smith - Director


NJ & S Smith Farming Limited (Registered number: 06382463)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

NJ & S Smith Farming 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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 8 years
Fixtures and equipment - 15% on reducing balance
Tractors and JCB - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks, excluding dairy cows are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Homebred livestock, excluding dairy cows are valued at 60% of current market value.

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 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.

NJ & S Smith Farming Limited (Registered number: 06382463)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Milk
Goodwill quota Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 50,000 222,950 272,950
AMORTISATION
At 1st April 2023 38,541 222,950 261,491
Amortisation for year 2,500 - 2,500
At 31st March 2024 41,041 222,950 263,991
NET BOOK VALUE
At 31st March 2024 8,959 - 8,959
At 31st March 2023 11,459 - 11,459

NJ & S Smith Farming Limited (Registered number: 06382463)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Tractors Motor
property equipment and JCB vehicles Totals
£    £    £    £    £   
COST
At 1st April 2023 315,165 506,243 303,089 20,488 1,144,985
Additions - 39,006 - - 39,006
At 31st March 2024 315,165 545,249 303,089 20,488 1,183,991
DEPRECIATION
At 1st April 2023 224,913 312,296 113,339 15,892 666,440
Charge for year 19,711 30,397 47,438 1,150 98,696
At 31st March 2024 244,624 342,693 160,777 17,042 765,136
NET BOOK VALUE
At 31st March 2024 70,541 202,556 142,312 3,446 418,855
At 31st March 2023 90,252 193,947 189,750 4,596 478,545


6. DAIRY HERD
Dairy
herd
£   
COST
At 1st April 2023 176,387
Additions 41,250
Disposals (44,100 )
At 31st March 2024 173,537
NET BOOK VALUE
At 31st March 2024 173,537
At 31st March 2023 176,387

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 158,089 111,828
Prepayments 5,889 4,793
163,978 116,621

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Investments 50 50

£   
Anglia Farmers 50 shares 50

NJ & S Smith Farming Limited (Registered number: 06382463)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 15,168 21,393
Trade creditors 97,757 43,103
Corporation tax 50,100 38,300
Social security and other taxes 19,780 1,757
Directors' current account 24,624 455
Accrued expenses 23,196 15,196
230,625 120,204

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 17,292 32,460

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 32,460 53,853

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary £1 500 500

13. OTHER LEASING COMMITMENTS

The company entered into a non-cancellable operating lease for the period of 10 years until 2027 on premises at Marriott Farm, Cotes-De-Val, Gilmorton, Lutterworth, Leicestershire LE17 4LY. The annual commitment is currently £12,210.


2024 2023
The leasing commitment is: £ £


Between 1 & 5 years12,21012,210

NJ & S Smith Farming Limited (Registered number: 06382463)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director's made the following advances to the company during the year:-

NJ & S Smith
Dividend drawn52,000
Wages not taken(24,200)
Private expenses paid52,031
Own consumption6,000



No interest has been charged in the year on the director's loan account.