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REGISTRAR OF COMPANIES

Registration number: 13355435

JWP Farming Limited

Unaudited Financial Statements

30 April 2024

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JWP Farming Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
JWP Farming Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of JWP Farming Limited for the year ended 30 April 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of JWP Farming Limited, as a body, in accordance with the terms of our engagement letter dated 5 April 2022. Our work has been undertaken solely to prepare for your approval the accounts of JWP Farming Limited and state those matters that we have agreed to state to the Board of Directors of JWP Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JWP Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that JWP Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of JWP Farming Limited. You consider that JWP Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of JWP Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

14 January 2025

 

JWP Farming Limited

(Registration number: 13355435)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

418,450

248,719

Current assets

 

Stocks

853,928

847,080

Debtors

5

448,659

419,809

 

1,302,587

1,266,889

Creditors: Amounts falling due within one year

6

(302,798)

(226,509)

Net current assets

 

999,789

1,040,380

Total assets less current liabilities

 

1,418,239

1,289,099

Creditors: Amounts falling due after more than one year

6

(1,195,077)

(1,116,433)

Provisions for liabilities

(92,951)

(61,002)

Net assets

 

130,211

111,664

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

130,111

111,564

Total equity

 

130,211

111,664

 

JWP Farming Limited

(Registration number: 13355435)
Balance Sheet as at 30 April 2024 (continued)

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 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 Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................

J W Pritt

Director

.........................................

E Pritt

Director

.........................................

M Astley-Arlington

Director

 

JWP Farming Limited

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

1

General information

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

The address of its registered office is:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

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.

 

JWP Farming Limited

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

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 balance sheet 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

Plant and equipment

10% Reducing balance

Motor vehicles

10% Reducing balance

Furniture, fittings and office equipment

3 Years straight line

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

JWP Farming Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 profit and loss account 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.

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 balance sheet as a finance lease obligation.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

 

JWP Farming Limited

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

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

269,700

24,506

1,821

296,027

Additions

222,622

41,986

990

265,598

Disposals

(79,535)

-

-

(79,535)

At 30 April 2024

412,787

66,492

2,811

482,090

Depreciation

At 1 May 2023

41,493

4,657

1,158

47,308

Charge for the year

23,121

4,784

772

28,677

Eliminated on disposal

(12,345)

-

-

(12,345)

At 30 April 2024

52,269

9,441

1,930

63,640

Carrying amount

At 30 April 2024

360,518

57,051

881

418,450

At 30 April 2023

228,207

19,849

663

248,719

5

Debtors

2024
£

2023
£

Trade debtors

135,337

100,139

Other debtors

313,322

319,670

448,659

419,809

 

JWP Farming Limited

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

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

34,193

45,258

Trade creditors

 

150,094

78,680

Taxation and social security

 

16,766

6,972

Corporation tax liability

 

3,033

35,980

Other creditors

 

98,712

59,619

 

302,798

226,509

Due after one year

 

Loans and borrowings

7

1,195,077

1,116,433

 

JWP Farming Limited

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

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

33,287

10,101

Other borrowings

906

35,157

34,193

45,258

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

33,287

10,101

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

95,077

16,433

Redeemable preference shares

1,100,000

1,100,000

1,195,077

1,116,433

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

95,077

16,433

Finance lease liabilities are secured on the assets to which they relate.

 

JWP Farming Limited

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

8

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 April 2024
£

J W Pritt

Directors current account

-

64,796

(24,401)

-

(37,700)

63

2,758

               
         

E Pritt

Directors current account

-

200,390

(132,721)

-

-

573

68,242

               
         

 

2023

At 1 May 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 April 2023
£

J W Pritt

Directors current account

32,006

-

(32,255)

-

-

249

-

               
         

E Pritt

Directors current account

26,657

16,860

(43,820)

-

-

303

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors (2023 - 2%).

 

JWP Farming Limited

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

9

Transition to FRS 102

For the year ended 30 April 2024 the company is no longer eligible to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102, involving a full retrospective restatement of assets and liabilities from the transition date, 1 May 2022. The only transition adjustment arising has been the recognition of a deferred tax liability.

Balance Sheet at 1 May 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

262,703

-

-

262,703

Current assets

Stocks

890,627

-

-

890,627

Debtors

163,026

-

-

163,026

1,053,653

-

-

1,053,653

Creditors: Amounts falling due within one year

(117,578)

-

-

(117,578)

Net current assets

936,075

-

-

936,075

Total assets less current liabilities

1,198,778

-

-

1,198,778

Creditors: Amounts falling due after more than one year

(1,126,857)

-

-

(1,126,857)

Provisions for liabilities

-

-

(38,661)

(38,661)

Net assets/(liabilities)

71,921

-

(38,661)

33,260

Capital and reserves

Called up share capital

100

-

-

100

Profit and loss account

71,821

-

(38,661)

33,160

Total equity

71,921

-

(38,661)

33,260

 

JWP Farming Limited

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

Balance Sheet at 30 April 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

248,719

-

-

248,719

Current assets

Stocks

847,080

-

-

847,080

Debtors

419,809

-

-

419,809

1,266,889

-

-

1,266,889

Creditors: Amounts falling due within one year

(226,509)

-

-

(226,509)

Net current assets

1,040,380

-

-

1,040,380

Total assets less current liabilities

1,289,099

-

-

1,289,099

Creditors: Amounts falling due after more than one year

(1,116,433)

-

-

(1,116,433)

Provisions for liabilities

-

-

(61,002)

(61,002)

Net assets/(liabilities)

172,666

-

(61,002)

111,664

Capital and reserves

Called up share capital

100

-

-

100

Profit and loss account

172,566

-

(61,002)

111,564

Total equity

172,666

-

(61,002)

111,664