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Company No: 03749481 (England and Wales)

J AND S FARMS TREWIDDEN LIMITED

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

J AND S FARMS TREWIDDEN LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

J AND S FARMS TREWIDDEN LIMITED

BALANCE SHEET

As at 30 April 2024
J AND S FARMS TREWIDDEN LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 99,374 102,325
Investments 916 916
100,290 103,241
Current assets
Stocks 4 84,130 92,857
Debtors 5 68,494 27,701
152,624 120,558
Creditors: amounts falling due within one year 6 ( 376,252) ( 319,531)
Net current liabilities (223,628) (198,973)
Total assets less current liabilities (123,338) (95,732)
Creditors: amounts falling due after more than one year 7 ( 42,137) ( 38,931)
Provision for liabilities ( 848) ( 6,126)
Net liabilities ( 166,323) ( 140,789)
Capital and reserves
Called-up share capital 8 10,001 10,001
Profit and loss account ( 176,324 ) ( 150,790 )
Total shareholder's deficit ( 166,323) ( 140,789)

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of J and S Farms Trewidden Limited (registered number: 03749481) were approved and authorised for issue by the Director on 22 January 2025. They were signed on its behalf by:

Mr W J Thomas
Director
J AND S FARMS TREWIDDEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
J AND S FARMS TREWIDDEN 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 and S Farms Trewidden 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:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The principal place of business is:
Trewidden Farm
Penzance
Cornwall
TR20 8TT

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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £166,323. 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

Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 and reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

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.

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 Statement of Income and Retained Earnings 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 30,362 350,109 15,882 2,494 398,847
Additions 0 530 18,300 83 18,913
Disposals 0 ( 10,070) 0 0 ( 10,070)
At 30 April 2024 30,362 340,569 34,182 2,577 407,690
Accumulated depreciation
At 01 May 2023 27,251 254,954 12,264 2,053 296,522
Charge for the financial year 3,036 14,215 3,573 234 21,058
Disposals 0 ( 9,264) 0 0 ( 9,264)
At 30 April 2024 30,287 259,905 15,837 2,287 308,316
Net book value
At 30 April 2024 75 80,664 18,345 290 99,374
At 30 April 2023 3,111 95,155 3,618 441 102,325

4. Stocks

2024 2023
£ £
Stocks 23,190 35,719
Livestock 60,940 57,138
84,130 92,857

5. Debtors

2024 2023
£ £
Trade debtors 12,221 7,704
Other debtors 56,273 19,997
68,494 27,701

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 233,045 196,062
Trade creditors 92,420 85,517
Taxation and social security 22,176 8,944
Other creditors 28,611 29,008
376,252 319,531

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

2024 2023
£ £
Bank loans 30,696 33,502
Other creditors 11,441 5,429
42,137 38,931

The bank borrowing is secured by way of a fixed and floating charge over the company assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,001 Ordinary shares of £ 1.00 each 10,001 10,001

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Director's Loan Account 39,623 13,604

During the year Mr W J Thomas had a directors loan with the company. In the year the company advanced the director £26,019. Interest was charged at 2.25% on this loan.