Silverfin false false 30/04/2024 01/05/2023 30/04/2024 C W Down 16/04/2015 J W Down 28/04/2015 L Down 28/11/2022 S R J Down 16/04/2015 08 January 2025 The principal activity of the Company during the financial year was dairy farming. 09546474 2024-04-30 09546474 bus:Director1 2024-04-30 09546474 bus:Director2 2024-04-30 09546474 bus:Director3 2024-04-30 09546474 bus:Director4 2024-04-30 09546474 2023-04-30 09546474 core:CurrentFinancialInstruments 2024-04-30 09546474 core:CurrentFinancialInstruments 2023-04-30 09546474 core:Non-currentFinancialInstruments 2024-04-30 09546474 core:Non-currentFinancialInstruments 2023-04-30 09546474 core:ShareCapital 2024-04-30 09546474 core:ShareCapital 2023-04-30 09546474 core:RetainedEarningsAccumulatedLosses 2024-04-30 09546474 core:RetainedEarningsAccumulatedLosses 2023-04-30 09546474 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-04-30 09546474 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2024-04-30 09546474 core:LandBuildings 2023-04-30 09546474 core:LeaseholdImprovements 2023-04-30 09546474 core:PlantMachinery 2023-04-30 09546474 core:Vehicles 2023-04-30 09546474 core:LandBuildings 2024-04-30 09546474 core:LeaseholdImprovements 2024-04-30 09546474 core:PlantMachinery 2024-04-30 09546474 core:Vehicles 2024-04-30 09546474 core:ConsumableBiologicalAssetClass1 2023-04-30 09546474 core:ConsumableBiologicalAssetClass1 2024-04-30 09546474 core:CostValuation 2023-04-30 09546474 core:AdditionsToInvestments 2024-04-30 09546474 core:CostValuation 2024-04-30 09546474 5 2024-04-30 09546474 5 2023-04-30 09546474 6 2024-04-30 09546474 6 2023-04-30 09546474 core:CurrentFinancialInstruments core:Secured 2024-04-30 09546474 2023-05-01 2024-04-30 09546474 bus:FilletedAccounts 2023-05-01 2024-04-30 09546474 bus:SmallEntities 2023-05-01 2024-04-30 09546474 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09546474 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09546474 bus:Director1 2023-05-01 2024-04-30 09546474 bus:Director2 2023-05-01 2024-04-30 09546474 bus:Director3 2023-05-01 2024-04-30 09546474 bus:Director4 2023-05-01 2024-04-30 09546474 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-05-01 2024-04-30 09546474 core:LeaseholdImprovements core:TopRangeValue 2023-05-01 2024-04-30 09546474 core:PlantMachinery 2023-05-01 2024-04-30 09546474 core:Vehicles 2023-05-01 2024-04-30 09546474 2022-05-01 2023-04-30 09546474 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-05-01 2024-04-30 09546474 core:LandBuildings 2023-05-01 2024-04-30 09546474 core:LeaseholdImprovements 2023-05-01 2024-04-30 09546474 core:ConsumableBiologicalAssetClass1 2023-05-01 2024-04-30 09546474 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 09546474 (England and Wales)

J, S AND J DOWN LIMITED

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

J, S AND J DOWN LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

J, S AND J DOWN LIMITED

BALANCE SHEET

As at 30 April 2024
J, S AND J DOWN LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 2,777,924 1,200,057
Biological assets 5 279,300 272,000
Investments 6 136,791 128,293
3,194,015 1,600,350
Current assets
Stocks 7, 8 389,214 299,113
Debtors 9 104,654 220,195
Cash at bank and in hand 56,180 251,163
550,048 770,471
Creditors: amounts falling due within one year 10 ( 612,266) ( 480,506)
Net current (liabilities)/assets (62,218) 289,965
Total assets less current liabilities 3,131,797 1,890,315
Creditors: amounts falling due after more than one year 11 ( 887,552) 0
Provision for liabilities ( 212,127) ( 157,410)
Net assets 2,032,118 1,732,905
Capital and reserves
Called-up share capital 520 520
Profit and loss account 2,031,598 1,732,385
Total shareholders' funds 2,032,118 1,732,905

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.

Directors' responsibilities:

The financial statements of J, S and J Down Limited (registered number: 09546474) were approved and authorised for issue by the Board of Directors on 08 January 2025. They were signed on its behalf by:

C W Down
Director
S R J Down
Director
J W Down
Director
L Down
Director
J, S AND J DOWN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
J, S AND J DOWN 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, S and J Down 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom. The principal place of business is Park Farm, Lower Street, Curry Mallet, Taunton, Somerset, TA3 6TD.

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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 the sale of milk, livestock , crops and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch of the sale of milk, livestock and crops and in the period to which government grants relate.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Government grants

Income from government grants is recognised within turnover when the conditions of receipt have been complied with and there is reasonable assurance that the grant will be received.

Intangible assets

Intangible assets include Basic Payment Scheme entitlements which are stated at cost less accumulated amortisation and any provision for impairment. The entitlements have been written off at the Balance Sheet date. Amortisation has been provided at rates to write off the cost of the asset over its expected useful life as follows:

Entitlements 7 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 20 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Biological assets

Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd. Biological assets not held for continuing use within the business are classified as current assets, such assets are held with stock.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Fixed asset investments are investments in Cooperative which are measured at fair value, the valuation is reviewed at the date of the financial statements and reconciled to the members capital account.

Stocks

Stocks comprising agricultural produce (i.e crops in store) are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest. Also included in stock are Biological current assets not held for continuing use within the business. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and tillages.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Included within other creditors are amounts due to directors.

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 directors 6 6

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 May 2023 71,307 71,307
Disposals ( 71,307) ( 71,307)
At 30 April 2024 0 0
Accumulated amortisation
At 01 May 2023 71,307 71,307
Disposals ( 71,307) ( 71,307)
At 30 April 2024 0 0
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £ £
Cost
At 01 May 2023 515,595 123,599 977,581 31,495 1,648,270
Additions 1,257,607 6,283 542,658 0 1,806,548
Disposals 0 0 ( 153,945) 0 ( 153,945)
At 30 April 2024 1,773,202 129,882 1,366,294 31,495 3,300,873
Accumulated depreciation
At 01 May 2023 0 23,651 407,271 17,291 448,213
Charge for the financial year 0 7,449 175,399 2,841 185,689
Disposals 0 0 ( 110,953) 0 ( 110,953)
At 30 April 2024 0 31,100 471,717 20,132 522,949
Net book value
At 30 April 2024 1,773,202 98,782 894,577 11,363 2,777,924
At 30 April 2023 515,595 99,948 570,310 14,204 1,200,057

5. Biological assets

2024
£
Biological assets at cost 279,300

Assets held at cost:

Dairy Total
£ £
Cost
At 01 May 2023 301,000 301,000
Increase due to purchases/ transfers in 7,300 7,300
At 30 April 2024 308,300 308,300
Accumulated depreciation
At 01 May 2023 29,000 29,000
At 30 April 2024 29,000 29,000
Net book value
At 30 April 2024 279,300 279,300
At 30 April 2023 272,000 272,000

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 128,293 128,293
Additions 8,498 8,498
At 30 April 2024 136,791 136,791
Carrying value at 30 April 2024 136,791 136,791
Carrying value at 30 April 2023 128,293 128,293

7. Stocks

2024 2023
£ £
Stocks 60,540 58,525
Livestock 255,249 181,988
Crops 73,425 58,600
389,214 299,113

Livestock and Crops include current biological assets not held for continuing use in the business. See note 8.

8. Current biological assets

Assets held at cost:

Dairy Growing crops Total
£ £ £
Cost
At 01 May 2023 181,988 58,600 240,588
Increase due to purchases/ transfers in 73,261 0 73,261
Increase from new crop costs 0 73,425 73,425
Decrease resulting from harvesting 0 (58,600) (58,600)
At 30 April 2024 255,249 73,425 328,674

9. Debtors

2024 2023
£ £
Trade debtors 58,665 190,587
Other debtors 45,989 29,608
104,654 220,195

10. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 60,000 0
Trade creditors 130,369 76,019
Taxation and social security 11,093 123,459
Obligations under finance leases and hire purchase contracts (secured) 47,500 0
Other creditors 363,304 281,028
612,266 480,506

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

2024 2023
£ £
Bank loans (secured) 840,052 0
Obligations under finance leases and hire purchase contracts (secured) 47,500 0
887,552 0

The bank loans and hire purchase agreements are secured by way of a fixed charge over the assets in which they relate.

12. Related party transactions

J W Down Director Loan Account - During the year there were advances to the director of £28,691 and repayments by the director of £28,574. At 30/04/2024 the company owed J W Down £55,482 (2023: £55,599).

C J W Down & S R J Down joint Director Loan Account - During the year there were advances to the directors of £76,780 and repayments by the directors of £169,240. At 30/04/2024 the company owed C J W Down & S R J Down £116,719 (2023: £24,259).

L J Down Director Loan Account - During the year there were advances to the director of £6,738 and repayments by the director of £24,450. At 30/04/2024 the company owed L J Down £34,016 (2023: £16,304).

All Director Loan Accounts are repayable on demand.