Registration number:
J P Farming Limited
for the Year Ended 31 May 2024
J P Farming Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
J P Farming Limited
Company Information
Director |
J E R Priestley |
Registered office |
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J P Farming Limited
(Registration number: 10781415)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
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Current assets |
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Debtors |
- |
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Creditors: Amounts falling due within one year |
( |
- |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
- |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
- |
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Retained earnings |
( |
- |
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Shareholders' (deficit)/funds |
( |
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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:
• |
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• |
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
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J P Farming Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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:
The principal place of business is:
Highfield
High Ferry Lane
Sibsey
Boston
PE22 0TA
These financial statements cover the individual entity, JP Farming Limited.
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Disposals |
( |
( |
At 31 May 2024 |
- |
- |
Amortisation |
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Carrying amount |
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At 31 May 2024 |
- |
- |
At 31 May 2023 |
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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
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £Nil (2023 - £Nil).
Debtors |
Current |
2024 |
2023 |
Other debtors |
- |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Other borrowings |
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- |
J P Farming Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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 |
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Interest free directors' loan account |
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(46,382) |
( |
2023 |
At 1 June 2022 |
At 31 May 2023 |
J E R Priestley |
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Interest free directors' loan account |
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