Company registration number 0652972 (England and Wales)
JONES BALERS FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
JONES BALERS FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JONES BALERS FARMS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,383,448
1,383,450
Current assets
Stocks
180,094
165,704
Debtors
5
275,889
391,425
Cash at bank and in hand
654,986
710,280
1,110,969
1,267,409
Creditors: amounts falling due within one year
6
(361,610)
(334,732)
Net current assets
749,359
932,677
Total assets less current liabilities
2,132,807
2,316,127
Provisions for liabilities
(123,714)
(116,404)
Net assets
2,009,093
2,199,723
Capital and reserves
Called up share capital
7
20,250
20,250
Share premium account
1,600
1,600
Revaluation reserve
8
1,148,648
1,148,648
Capital redemption reserve
15,000
15,000
Profit and loss reserves
823,595
1,014,225
Total equity
2,009,093
2,199,723

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their 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.

JONES BALERS FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr K N Jones
Director
Company Registration No. 0652972
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Jones Balers Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is North Wales Shooting School, Sealand Manor, Sealand, Deeside, Flintshire, CH5 2SB.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents shop and other sales made in the year together with the farm and other trading income relating to the year at the invoiced amount, exclusive of Value Added Tax.

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:

Land and buildings freehold
Nil
Plant and machinery
10% on reducing balance
Fixtures, fittings & equipment
10% on straight line
Computer equipment
33.33% on straight line
Motor vehicles
20% on reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

 

Valuation of freehold property

The assessment of the fair value of freehold property requires significant judgements to be made by the directors. The directors consider market-based information in making their assessment, which is reviewed on an annual basis.

 

3
Employees

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

2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
1,347,500
102,830
25,869
16,351
25,950
1,518,500
Additions
-
0
-
0
-
0
-
0
6,100
6,100
At 30 April 2024
1,347,500
102,830
25,869
16,351
32,050
1,524,600
Depreciation and impairment
At 1 May 2023
-
0
72,162
23,986
15,356
23,544
135,048
Depreciation charged in the year
-
0
3,067
839
497
1,701
6,104
At 30 April 2024
-
0
75,229
24,825
15,853
25,245
141,152
Carrying amount
At 30 April 2024
1,347,500
27,601
1,044
498
6,805
1,383,448
At 30 April 2023
1,347,500
30,668
1,882
994
2,406
1,383,450
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Tangible fixed assets
(Continued)
- 6 -

Cost or valuation of freehold property at 30 April 2024 is represented by:

 

Historical cost        £225,783

Revaluation in 1998    £850,557

Revaluation in 2005    £597,384

Revaluation in 2010    £594,435

Revaluation in 2018    £823,000

Disposals in 2019 (£1,743,659)

 

Total         £1,347,500

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
163,736
163,736
Accumulated depreciation
-
-
Carrying value
163,736
163,736

The directors consider the valuation of land and buildings on an annual basis. At 30 April 2024 the directors assessed the current valuation in relation to market based information and determined that the valuation was not materially different from book value.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,760
1,380
Corporation tax recoverable
28,971
29,160
Other debtors
239,855
359,105
Prepayments and accrued income
4,303
1,780
275,889
391,425
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
597
1,036
Trade creditors
31,640
54,686
Taxation and social security
10,041
3,075
Other creditors
319,332
275,935
361,610
334,732
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
20,250 Ordinary of £1 each
20,250
20,250
20,250
20,250
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,148,648
1,148,648
9
Related party transactions

 

During the year rent charges of £4,120 (2023 - £4,120) were made by the Michael J Field SIPPS (G J N Jones A/C) and £4,120 (2023 - £4,120) by the Michael J Field SIPPS (A J Jones A/C) to the company. At 30 April 2024 £10,300 was due to the Michael J Field SIPPS (G J N Jones A/C) (2023 - £8,240) and £10,300 was due to the Michael J Field SIPPS (A J Jones A/C)( 2023 - £8,240).

 

Included in debtors is £181,023 (2023: £271,023) due from a director. No interest has been charged on this balance and the balance is repayable on demand.

 

During the year dividends of £180,000 were paid to the directors.

 

In addition, £262,055 (2023: £231,413) was owed to the directors at the year end in respect of unpaid dividends and loans. Interest is paid on the balance at 5%.

 

 

 

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