Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mr G J Jones 10 January 2025 The principal activity of the Company during the financial year was farming. 00802764 2024-04-30 00802764 2023-04-30 00802764 core:CurrentFinancialInstruments 2024-04-30 00802764 core:CurrentFinancialInstruments 2023-04-30 00802764 core:Non-currentFinancialInstruments 2024-04-30 00802764 core:Non-currentFinancialInstruments 2023-04-30 00802764 core:ShareCapital 2024-04-30 00802764 core:ShareCapital 2023-04-30 00802764 core:RetainedEarningsAccumulatedLosses 2024-04-30 00802764 core:RetainedEarningsAccumulatedLosses 2023-04-30 00802764 core:LandBuildings 2023-04-30 00802764 core:LeaseholdImprovements 2023-04-30 00802764 core:PlantMachinery 2023-04-30 00802764 core:Vehicles 2023-04-30 00802764 core:OtherPropertyPlantEquipment 2023-04-30 00802764 core:LandBuildings 2024-04-30 00802764 core:LeaseholdImprovements 2024-04-30 00802764 core:PlantMachinery 2024-04-30 00802764 core:Vehicles 2024-04-30 00802764 core:OtherPropertyPlantEquipment 2024-04-30 00802764 core:CostValuation 2023-04-30 00802764 core:AdditionsToInvestments 2024-04-30 00802764 core:DisposalsRepaymentsInvestments 2024-04-30 00802764 core:CostValuation 2024-04-30 00802764 bus:OrdinaryShareClass1 2024-04-30 00802764 2023-05-01 2024-04-30 00802764 bus:FilletedAccounts 2023-05-01 2024-04-30 00802764 bus:SmallEntities 2023-05-01 2024-04-30 00802764 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00802764 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00802764 bus:Director1 2023-05-01 2024-04-30 00802764 core:LeaseholdImprovements core:TopRangeValue 2023-05-01 2024-04-30 00802764 core:PlantMachinery 2023-05-01 2024-04-30 00802764 core:Vehicles 2023-05-01 2024-04-30 00802764 2022-05-01 2023-04-30 00802764 core:LandBuildings 2023-05-01 2024-04-30 00802764 core:LeaseholdImprovements 2023-05-01 2024-04-30 00802764 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 00802764 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 00802764 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 00802764 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 00802764 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00802764 (England and Wales)

J.I.H. JONES & SON(ERWGILFACH)LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

J.I.H. JONES & SON(ERWGILFACH)LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

J.I.H. JONES & SON(ERWGILFACH)LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
J.I.H. JONES & SON(ERWGILFACH)LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 200,081 205,261
Investments 4 12,679 19,739
212,760 225,000
Current assets
Stocks 55,030 81,002
Debtors 5 18,819 4,319
Cash at bank and in hand 4,116 3,182
77,965 88,503
Creditors: amounts falling due within one year 6 ( 184,884) ( 192,065)
Net current liabilities (106,919) (103,562)
Total assets less current liabilities 105,841 121,438
Creditors: amounts falling due after more than one year 7 ( 350,521) ( 350,521)
Net liabilities ( 244,680) ( 229,083)
Capital and reserves
Called-up share capital 8 1,100 1,100
Profit and loss account ( 245,780 ) ( 230,183 )
Total shareholders' deficit ( 244,680) ( 229,083)

For the financial 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.

Director's responsibilities:

The financial statements of J.I.H. Jones & Son(Erwgilfach)Limited (registered number: 00802764) were approved and authorised for issue by the Director on 10 January 2025. They were signed on its behalf by:

Mr G J Jones
Director
J.I.H. JONES & SON(ERWGILFACH)LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
J.I.H. JONES & SON(ERWGILFACH)LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J.I.H. Jones & Son(Erwgilfach)Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Erwgilfach Farm, Builth Wells, Powys, LD2 3LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £244,680. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

All non livestock fixed assets are initially recorded at cost.

Livestock fixed assets comprise of the herd and the flock. Movements in the herd and flock are dealt with in accordance with the farming industry conventions as follows:

• Additions of mature animals purchased are recorded at cost.
• Additions consisting of transfers from stock are recorded at cost of purchase or; if breeding and keeping to maturity the deemed cost of 60% or 75% of market value for additions to the herd and flock respectively is used.
• Disposals are recorded at average value.

Depreciation is not applied to the herd or flock.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following bases:

Land and buildings not depreciated
Leasehold improvements 15 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 - 25 % reducing balance
Other property, plant and equipment not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stock is valued at the lower of cost and net realisable value. The normal farming industry accounting conventions have been followed and the resulting figures are considered to represent the cost incurred in bringing each animal to its present location and condition. Raw materials and consumables are valued on purchase costs on a first in, first out basis.

Livestock cattle are valued at 60% of market value and sheep at 75% of market value where they have been reared from young. Mature animals purchased are valued at the lower of cost and market value.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 May 2023 129,228 116,453 69,498 41,614 67,541 424,334
Additions 0 0 233 0 0 233
Revaluations 0 0 0 0 ( 4,179) ( 4,179)
At 30 April 2024 129,228 116,453 69,731 41,614 63,362 420,388
Accumulated depreciation
At 01 May 2023 0 110,799 67,329 40,945 0 219,073
Charge for the financial year 0 783 351 100 0 1,234
At 30 April 2024 0 111,582 67,680 41,045 0 220,307
Net book value
At 30 April 2024 129,228 4,871 2,051 569 63,362 200,081
At 30 April 2023 129,228 5,654 2,169 669 67,541 205,261

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 19,739 19,739
Additions 1,121 1,121
Disposals ( 8,181) ( 8,181)
At 30 April 2024 12,679 12,679
Carrying value at 30 April 2024 12,679 12,679
Carrying value at 30 April 2023 19,739 19,739

Investments comprise of share account balances with mutual trading companies.

5. Debtors

2024 2023
£ £
Trade debtors 17,000 0
Prepayments and accrued income 823 2,829
VAT recoverable 996 1,490
18,819 4,319

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 92,527 109,773
Amounts owed to director 49,650 44,438
Accruals 2,786 2,612
Other taxation and social security 0 133
Other creditors 39,921 35,109
184,884 192,065

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to director 232,340 232,340
Other creditors 118,181 118,181
350,521 350,521

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,100 Ordinary shares of £ 1.00 each 1,100 1,100

9. Related party transactions

At the year end, the director was owed £281,990 (2023: £276,778) by the Company. This loan is interest free with no fixed date for repayment.

At the year end, a shareholder was owed £158,102 (2023: £153,290) by the Company. This amount is included in other creditors. This loan is interest free with no fixed date for repayment.