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Registration number: 08109668

J D R Farms Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

J D R Farms Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

J D R Farms Ltd

(Registration number: 08109668)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

32,620

44,108

Current assets

 

Stocks

6

279,828

325,709

Debtors

7

17,075

58,483

 

296,903

384,192

Creditors: Amounts falling due within one year

8

(157,629)

(276,406)

Net current assets

 

139,274

107,786

Total assets less current liabilities

 

171,894

151,894

Creditors: Amounts falling due after more than one year

8

(36,094)

(43,391)

Provisions for liabilities

(8,644)

(8,380)

Net assets

 

127,156

100,123

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

127,056

100,023

Shareholders' funds

 

127,156

100,123

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

 

J D R Farms Ltd

(Registration number: 08109668)
Statement of Financial Position as at 30 June 2024 (continued)


Mr J D Rogers
Director


Mrs Z F Rogers
Director

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
Mr J D Rogers
Director

.........................................
Mrs Z F Rogers
Director

 
     
 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Plym House,
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is farming sheep

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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 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

Computer equipment

25% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Basic payment entitlements

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Biological assets are valued at fair value. Fair value is after taking into account any accumulated depreciation and adjustment for gain or loss arising from the fair valuation of biological assets. The rates applicable are:

Sheep flock purchased and home bred rams/ewes - 6/8 years on a straight line basis.

No depreciation is applied to store and replacement animals on the basis that expenditure is incurred each year to enhance their value up to the point that they are sold or reach maturity.

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; its probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

30,000

1,781

31,781

At 30 June 2024

30,000

1,781

31,781

Amortisation

At 1 July 2023

30,000

1,781

31,781

At 30 June 2024

30,000

1,781

31,781

Carrying amount

At 30 June 2024

-

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

120,774

4,057

70,124

194,955

Additions

1,410

-

-

1,410

Disposals

(14,539)

-

-

(14,539)

At 30 June 2024

107,645

4,057

70,124

181,826

Depreciation

At 1 July 2023

93,230

4,057

53,560

150,847

Charge for the year

6,518

-

4,141

10,659

Eliminated on disposal

(12,300)

-

-

(12,300)

At 30 June 2024

87,448

4,057

57,701

149,206

Carrying amount

At 30 June 2024

20,197

-

12,423

32,620

At 30 June 2023

27,544

-

16,564

44,108

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Stocks

2024
£

2023
£

Closing biological assets

279,828

325,709

7

Debtors

2024
£

2023
£

Other debtors

2,249

43,796

Prepayments

14,826

14,687

17,075

58,483

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

51,488

147,322

Trade creditors

 

18,762

55,612

Taxation and social security

 

12,226

11,783

Accruals and deferred income

 

25,822

25,482

Other creditors

 

49,331

36,207

 

157,629

276,406

The bank overdraft, loans and hire purchase liabilities are secured.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

36,094

43,391

The bank overdraft, loans and hire purchase liabilities are secured.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

-

1,834

Other borrowings

36,094

41,557

36,094

43,391

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

33,855

124,923

Finance lease liabilities

1,834

5,500

Other borrowings

15,799

16,899

51,488

147,322

11

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr J D Rogers

Directors

(35,161)

(1,740)

23,762

(13,139)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr J D Rogers

Directors

(48,864)

(20,000)

33,703

(35,161)

Summary of transactions with other related parties

Included in creditors at the year end was an amount owed to Mr JD & Mrs ZF Rogers partnership of £35,645 (2023: £39,066 debtor). Mr JD & Mrs ZF Rogers are both directors of JDR Farms Ltd.

 

J D R Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

12

Biological assets

Flock
£

Store and animals
£

Total
£

At 1 July 2023

157,709

168,000

325,709

Movement during the year

-

(42,900)

(42,900)

Gain on biological assets at fair value through profit and loss account

16,910

-

16,910

Depreciation

(19,891)

-

(19,891)

At 30 June 2024

154,728

125,100

279,828