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Company No: 11768469 (England and Wales)

JFW AGRI LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

JFW AGRI LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

JFW AGRI LIMITED

BALANCE SHEET

As at 30 June 2024
JFW AGRI LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 19,261 34,285
19,261 34,285
Current assets
Debtors
- due within one year 4 16,756 18,212
- due after more than one year 4 4,849 0
Cash at bank and in hand ( 588) 937
21,017 19,149
Creditors: amounts falling due within one year 5 ( 20,619) ( 26,070)
Net current assets/(liabilities) 398 (6,921)
Total assets less current liabilities 19,659 27,364
Creditors: amounts falling due after more than one year 6 ( 13,447) ( 21,194)
Provision for liabilities ( 3,659) ( 6,514)
Net assets/(liabilities) 2,553 ( 344)
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 2,551 ( 346 )
Total shareholder's funds/(deficit) 2,553 ( 344)

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of JFW Agri Limited (registered number: 11768469) were approved and authorised for issue by the Director on 21 March 2025. They were signed on its behalf by:

Joseph Francis John Woolley
Director
JFW AGRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
JFW AGRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

JFW Agri Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Willowbrook 2, The Street, Marden, Devizes, SN10 3RQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The company depends on the bank overdraft and loan facility; the directors are not aware that this facility will be withdrawn in the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 July 2023 8,934 42,400 51,334
Disposals 0 ( 16,500) ( 16,500)
At 30 June 2024 8,934 25,900 34,834
Accumulated depreciation
At 01 July 2023 3,355 13,694 17,049
Charge for the financial year 887 4,856 5,743
Disposals 0 ( 7,219) ( 7,219)
At 30 June 2024 4,242 11,331 15,573
Net book value
At 30 June 2024 4,692 14,569 19,261
At 30 June 2023 5,579 28,706 34,285
Leased assets included above:
Net book value
At 30 June 2024 0 14,569 14,569
At 30 June 2023 0 19,425 19,425

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 2,388 2,196
Amounts owed by director 14,368 16,016
16,756 18,212
Debtors: amounts falling due after more than one year
Other debtors 4,849 0

Other debtors of £4,849, represents taxation eventually recoverable when the loan to the director is repaid.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 3,200 3,200
Taxation and social security 11,086 3,665
Obligations under finance leases and hire purchase contracts (secured) 5,083 5,083
Other creditors 1,250 14,122
20,619 26,070

The hire purchase loan is secured on the asset concerned.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,128 6,792
Obligations under finance leases and hire purchase contracts (secured) 9,319 14,402
13,447 21,194

The hire purchase loan is secured on the asset concerned.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Loan to director 14,368 16,016

During the financial period the company made advances to a director; there are no terms for repayment. Interest has been charged at 2.25%.