Company Registration No. SC452463 (Scotland)
JMC AGRICULTURAL CONTRACTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
JMC AGRICULTURAL CONTRACTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,007,832
956,500
Investments
4
-
0
50
1,007,832
956,550
Current assets
Stocks
1,950
2,500
Debtors
5
290,431
191,960
292,381
194,460
Creditors: amounts falling due within one year
6
(771,067)
(624,928)
Net current liabilities
(478,686)
(430,468)
Total assets less current liabilities
529,146
526,082
Creditors: amounts falling due after more than one year
7
(341,778)
(298,435)
Provisions for liabilities
8
(179,553)
(178,682)
Net assets
7,815
48,965
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
7,715
48,865
Total equity
7,815
48,965

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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JMC AGRICULTURAL CONTRACTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
The financial statements were approved and signed by the director and authorised for issue on 14 January 2025
Mr John Maxwell
Director
Company Registration No. SC452463
- 2 -
JMC AGRICULTURAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
Company information

JMC Agricultural Contracts Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoiced value of agricultural contracting services provided by the company, net of Value Added Tax and trade discounts.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks
- 3 -

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

JMC AGRICULTURAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
1.6
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account.

 

Rentals applicable to operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
- 4 -
JMC AGRICULTURAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
1,220,094
11,600
1,231,694
Additions
154,060
9,500
163,560
Disposals
(2,500)
(10,267)
(12,767)
At 30 June 2024
1,371,654
10,833
1,382,487
Depreciation and impairment
At 1 July 2023
269,714
5,480
275,194
Depreciation charged in the year
102,595
2,563
105,158
Eliminated in respect of disposals
(800)
(4,897)
(5,697)
At 30 June 2024
371,509
3,146
374,655
Carrying amount
At 30 June 2024
1,000,145
7,687
1,007,832
At 30 June 2023
950,380
6,120
956,500
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
50
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2023
50
Disposals
(50)
At 30 June 2024
-
Carrying amount
At 30 June 2024
-
At 30 June 2023
50
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JMC AGRICULTURAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
289,891
191,755
Prepayments and accrued income
540
205
290,431
191,960
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
162,053
150,548
Obligations under finance leases (secured)
178,005
165,322
Trade creditors
46,430
35,325
Other taxation and social security
87,807
53,992
Other creditors
35,128
12,073
Directors current accounts
256,469
204,768
Accruals and deferred income
5,175
2,900
771,067
624,928
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,000
20,000
Obligations under finance leases (secured)
331,778
278,435
341,778
298,435
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
179,553
178,682
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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