J P Farming Limited 10781415 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Farming Digita Accounts Production Advanced 6.30.9574.0 true true 10781415 2023-06-01 2024-05-31 10781415 2024-05-31 10781415 bus:Director1 1 2024-05-31 10781415 bus:OrdinaryShareClass1 2024-05-31 10781415 core:RetainedEarningsAccumulatedLosses 2024-05-31 10781415 core:RevaluationReserve 2024-05-31 10781415 core:ShareCapital 2024-05-31 10781415 core:CurrentFinancialInstruments 2024-05-31 10781415 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10781415 core:IntangibleAssetsOtherThanGoodwill 2024-05-31 10781415 core:OtherResidualIntangibleAssets 2024-05-31 10781415 bus:SmallEntities 2023-06-01 2024-05-31 10781415 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10781415 bus:FullAccounts 2023-06-01 2024-05-31 10781415 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10781415 bus:RegisteredOffice 2023-06-01 2024-05-31 10781415 bus:Director1 2023-06-01 2024-05-31 10781415 bus:Director1 1 2023-06-01 2024-05-31 10781415 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10781415 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10781415 core:IntangibleAssetsOtherThanGoodwill 2023-06-01 2024-05-31 10781415 core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 10781415 countries:EnglandWales 2023-06-01 2024-05-31 10781415 2023-05-31 10781415 bus:Director1 1 2023-05-31 10781415 core:OtherResidualIntangibleAssets 2023-05-31 10781415 2022-06-01 2023-05-31 10781415 2023-05-31 10781415 bus:Director1 1 2023-05-31 10781415 bus:OrdinaryShareClass1 2023-05-31 10781415 core:RetainedEarningsAccumulatedLosses 2023-05-31 10781415 core:RevaluationReserve 2023-05-31 10781415 core:ShareCapital 2023-05-31 10781415 core:CurrentFinancialInstruments 2023-05-31 10781415 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10781415 core:IntangibleAssetsOtherThanGoodwill 2023-05-31 10781415 core:OtherResidualIntangibleAssets 2023-05-31 10781415 bus:Director1 1 2022-06-01 2023-05-31 10781415 bus:Director1 1 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10781415

J P Farming Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

J P Farming Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

J P Farming Limited

Company Information

Director

J E R Priestley

Registered office

Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

J P Farming Limited

(Registration number: 10781415)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

62,000

Current assets

 

Debtors

5

-

10

Creditors: Amounts falling due within one year

6

(46,372)

-

Net current (liabilities)/assets

 

(46,372)

10

Total assets less current liabilities

 

(46,372)

62,010

Provisions for liabilities

-

(11,780)

Net (liabilities)/assets

 

(46,372)

50,230

Capital and reserves

 

Called up share capital

7

10

10

Revaluation reserve

-

50,220

Retained earnings

(46,382)

-

Shareholders' (deficit)/funds

 

(46,372)

50,230

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges his 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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 February 2025
 

.........................................
J E R Priestley
Director

 

J P Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 10781415.

The address of its registered office is:
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

The principal place of business is:
Highfield
High Ferry Lane
Sibsey
Boston
PE22 0TA

These financial statements cover the individual entity, JP Farming Limited.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which depends upon the continued support and funding from the director. The balance sheet at the 31st May, 2024 is overdrawn by £46,372 and the business is being supported by a director loan. The director's loan account have no formal repayment terms, but is unlikely to be withdrawn at short notice. The financial statements therefore do not include any adjustment that would result from a failure to obtain continued support and funding from the director.

Tax

The tax expense for the period comprises current 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.

 

J P Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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
balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets have been subsequently remeasured at fair value, as this can be measured reliably on initial recognition.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2023 - 1).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

62,000

62,000

Disposals

(62,000)

(62,000)

At 31 May 2024

-

-

Amortisation

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

62,000

62,000

Intangible assets carried at revalued amounts

 

J P Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The fair value of the company's Intangible asset was revalued on 20 May 2017. An independent valuer was not involved.

31 Acres of arable land in an agricultural tenancy have been valued on the basis of 50% of the difference between vacant posession and the tenanted land value.

Had this class of asset been measured on a historical cost basis, their carrying amount would have been £Nil (2023 - £Nil).

5

Debtors

Current

2024
£

2023
£

Other debtors

-

10

 

-

10

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

46,372

-

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

46,372

-

 

J P Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Related party transactions

Transactions with the Director

2024

At 1 June 2023
£

Other payments made to Company by Director
£

At 31 May 2024
£

J E R Priestley

Interest free directors' loan account

10

(46,382)

(46,372)

       
     

 

2023

At 1 June 2022
£

At 31 May 2023
£

J E R Priestley

Interest free directors' loan account

10

10