Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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212,760 | 225,000 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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77,965 | 88,503 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of J.I.H. Jones & Son(Erwgilfach)Limited (registered number:
Mr G J Jones
Director |
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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 |
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Plant and machinery |
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Vehicles | 15 -
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Other property, plant and equipment | not depreciated |
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.
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.
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.
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 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Other property, plant and equipment |
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£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 May 2023 |
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Additions |
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Revaluations |
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At 30 April 2024 |
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Accumulated depreciation | |||||||||||
At 01 May 2023 |
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Charge for the financial year |
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At 30 April 2024 |
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Net book value | |||||||||||
At 30 April 2024 |
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At 30 April 2023 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 May 2023 |
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Additions |
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Disposals | (
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At 30 April 2024 |
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Carrying value at 30 April 2024 |
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Carrying value at 30 April 2023 |
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Investments comprise of share account balances with mutual trading companies.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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VAT recoverable |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to director |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to director |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.