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Registered number: 01320452
J J Johnston (Farms) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01320452
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 630,653 679,372
Investments 6 100,000 -
730,653 679,372
CURRENT ASSETS
Stocks 7 297,512 354,081
Debtors 8 400,234 390,119
Cash at bank and in hand 515,185 549,029
1,212,931 1,293,229
Creditors: Amounts Falling Due Within One Year 9 (144,569 ) (92,126 )
NET CURRENT ASSETS (LIABILITIES) 1,068,362 1,201,103
TOTAL ASSETS LESS CURRENT LIABILITIES 1,799,015 1,880,475
Creditors: Amounts Falling Due After More Than One Year 10 (19,867 ) (39,733 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (40,004 ) (52,184 )
NET ASSETS 1,739,144 1,788,558
CAPITAL AND RESERVES
Called up share capital 13 100 100
Profit and Loss Account 1,739,044 1,788,458
SHAREHOLDERS' FUNDS 1,739,144 1,788,558
Page 1
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J S Johnston
Director
24 December 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
J J Johnston (Farms) Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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 probisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of grain, rape seed, livestock etc. is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.  This is usually on despatch of the goods.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Freehold not provided
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets acquired under hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset.  The related obligations, net of future finance charges, are included in creditors.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2.5. Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell.  Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.
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2.6. 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 assesments 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Other
£
Cost
As at 1 May 2023 61,484
As at 30 April 2024 61,484
Amortisation
As at 1 May 2023 61,484
As at 30 April 2024 61,484
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 May 2023 564,072 817,253 433,758 1,815,083
Disposals - (48,611 ) (42,618 ) (91,229 )
As at 30 April 2024 564,072 768,642 391,140 1,723,854
Depreciation
As at 1 May 2023 93,434 736,542 305,735 1,135,711
Provided during the period - 16,059 31,989 48,048
Disposals - (48,010 ) (42,548 ) (90,558 )
As at 30 April 2024 93,434 704,591 295,176 1,093,201
Net Book Value
As at 30 April 2024 470,638 64,051 95,964 630,653
As at 1 May 2023 470,638 80,711 128,023 679,372
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 60,187 80,250
6. Investments
Listed
£
Cost
As at 1 May 2023 -
Additions 100,000
As at 30 April 2024 100,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 100,000
As at 1 May 2023 -
7. Stocks
2024 2023
£ £
Stock 297,512 354,081
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8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 49,895 34,334
Prepayments and accrued income 28,260 24,559
Other debtors 311,754 309,475
VAT 10,325 10,984
Directors' loan accounts - 10,767
400,234 390,119
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 19,867 19,867
Trade creditors 33,871 14,100
Corporation tax 28,367 20,754
Other taxes and social security 1,195 1,225
Other creditors 200 540
Deferred income 443 436
Accruals 45,748 35,204
Directors' loan accounts 14,878 -
144,569 92,126
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 19,867 39,733
11. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 39,734 59,600
12. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 19,867 19,867
Later than one year and not later than five years 19,867 39,733
39,734 59,600
39,734 59,600
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13. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
14. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr James Johnston 4,453 - 4,453 - -
Mr John Johnston 6,314 - 4,453 - -
The above loan is provided interest free and repayable on demand.
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