Registration number:
J & B Martin (Crayford & Fawkham) Limited
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Brebners
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J & B Martin (Crayford & Fawkham) Limited
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
5,000 |
5,000 |
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Share premium reserve |
5,500 |
5,500 |
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Retained earnings |
9,772,624 |
9,664,098 |
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Shareholders' funds |
9,783,124 |
9,674,598 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
J & B Martin (Crayford & Fawkham) Limited
Statement of Financial Position as at 31 March 2024
Approved and authorised by the
.........................................
M J Gagg
Director
.........................................
R J Gagg
Director
Company registration number: 00132750
J & B Martin (Crayford & Fawkham) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of farming and property investment.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Consolidation
Going concern
The company made a profit for the year ended 31 March 2024 and had net assets at that date of £9,783,124
The company continues to trade profitably and the tenants continue to pay the rentals demanded when due.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared under the going concern basis which the directors believe remains appropriate.
J & B Martin (Crayford & Fawkham) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of farm produce and provision of property in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Rental income is recognised over the period of the leases on an accruals basis and income in respect of farming is recognised upon the despatch of farm products to customers.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of other tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, Fittings and Vehicles |
25 - 33% reducing balance |
Plant and Machinery |
20% straight line |
Investment property
J & B Martin (Crayford & Fawkham) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year was
Auditor's remuneration |
2024 |
2023 |
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Audit of the financial statements |
10,500 |
10,000 |
J & B Martin (Crayford & Fawkham) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Freehold Land and Buildings |
Fixtures, Fittings and Vehicles |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
- |
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At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
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- |
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At 31 March 2023 |
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Investment properties |
Fair Value |
2024 |
At 1 April 2023 and 31 March 2024 |
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The investment properties are reflected at fair value at 31 March 2024 as estimated by the directors based upon professional advice at an amount of £10,126,590.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2023 and 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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J & B Martin (Crayford & Fawkham) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Stocks |
2024 |
2023 |
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Stock |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
The exemption has been taken in accordance with FRS 102 paragraph 1AC.35 not to disclose transactions or amounts due with companies wholly owned within the group.
Profit and loss reserve |
The amount of the profit and loss reserve that is non-distributable is £4,209,464 (2023: £4,209,464).