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Registration number: 00132750

J & B Martin (Crayford & Fawkham) Limited

Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

J & B Martin (Crayford & Fawkham) Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

317,090

328,941

Investment property

7

10,126,590

10,126,590

Investments

8

100,003

100,003

 

10,543,683

10,555,534

Current assets

 

Stocks

9

4,724

5,115

Debtors

10

972,613

811,028

Cash at bank and in hand

 

7,968

48,624

 

985,305

864,767

Creditors: Amounts falling due within one year

11

(772,661)

(770,712)

Net current assets

 

212,644

94,055

Total assets less current liabilities

 

10,756,327

10,649,589

Provisions for liabilities

(973,203)

(974,991)

Net assets

 

9,783,124

9,674,598

Capital and reserves

 

Called up share capital

5,000

5,000

Share premium reserve

5,500

5,500

Retained earnings

9,772,624

9,664,098

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 Board on 9 January 2025 and signed on its behalf by:
 

.........................................

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Park Pale
Shorne
Rochester
Kent
ME2 3UD

The principal activity of the company is that of farming and property investment.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 12 January 2025 was Martin Widdowson, who signed for and on behalf of Brebners.

3

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

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

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.

4

Staff numbers

The average number of persons employed by the company during the year was 3 (2023 - 3).

5

Auditor's remuneration

2024
£

2023
£

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


 

6

Tangible assets

Freehold Land and Buildings
£

Fixtures, Fittings and Vehicles
£

Plant and Machinery
£

Total
£

Cost or valuation

At 1 April 2023

298,500

32,676

205,193

536,369

At 31 March 2024

298,500

32,676

205,193

536,369

Depreciation

At 1 April 2023

-

30,552

176,876

207,428

Charge for the year

-

2,124

9,727

11,851

At 31 March 2024

-

32,676

186,603

219,279

Carrying amount

At 31 March 2024

298,500

-

18,590

317,090

At 31 March 2023

298,500

2,124

28,317

328,941

7

Investment properties

Fair Value

2024
£

At 1 April 2023 and 31 March 2024

10,126,590

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.

8

Investments

2024
£

2023
£

Investments in subsidiaries

100,003

100,003

Subsidiaries

£

Cost or valuation

At 1 April 2023 and 31 March 2024

100,003

Carrying amount

At 31 March 2024

100,003

At 31 March 2023

100,003

 

J & B Martin (Crayford & Fawkham) Limited

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

9

Stocks

2024
£

2023
£

Stock

4,724

5,115

10

Debtors

2024
£

2023
£

Trade debtors

88,821

128,860

Amounts owed by group undertakings

801,132

605,690

Other debtors

82,660

76,478

972,613

811,028

11

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

155,632

193,236

Taxation and social security

29,864

23,083

Accruals and deferred income

62,618

134,593

Other creditors

524,547

419,800

772,661

770,712

12

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.

13

Profit and loss reserve

The amount of the profit and loss reserve that is non-distributable is £4,209,464 (2023: £4,209,464).