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Company No: 00672745 (England and Wales)

F.G.JEANES AND SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

F.G.JEANES AND SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

F.G.JEANES AND SON LIMITED

BALANCE SHEET

As at 31 March 2024
F.G.JEANES AND SON LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 8,527,871 8,513,520
Investments 4 171,934 185,738
8,699,805 8,699,258
Current assets
Stocks 27,780 52,066
Debtors 5 288,572 210,718
Cash at bank and in hand 156,536 177,715
472,888 440,499
Creditors: amounts falling due within one year 6 ( 2,198,143) ( 2,358,497)
Net current liabilities (1,725,255) (1,917,998)
Total assets less current liabilities 6,974,550 6,781,260
Creditors: amounts falling due after more than one year 7 ( 4,147,786) ( 4,054,936)
Provision for liabilities ( 483,205) ( 435,750)
Net assets 2,343,559 2,290,574
Capital and reserves
Called-up share capital 8 10,000 10,000
Profit and loss account 10 2,333,559 2,280,574
Total shareholders' funds 2,343,559 2,290,574

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of F.G.Jeanes and Son Limited (registered number: 00672745) were approved and authorised for issue by the Board of Directors on 24 March 2025. They were signed on its behalf by:

Mr F D Jeanes
Director
F.G.JEANES AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
F.G.JEANES AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

F.G.Jeanes and Son 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 Currypool Farm, Cannington, Bridgwater, TA5 2NH, United Kingdom.

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 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Change in accounting estimate

The depreciation policy for vehicles has been changed from 20% reducing balance to 15% reducing balance. The effect of this is a decrease in the depreciation charged for the year, and an increase in the net book value of vehicles at the year end.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

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

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 [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 15 years straight line
Plant and machinery 10 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 4 years straight line
Office equipment 3 years straight line

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 Comprehensive Income 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 Comprehensive Income as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 44

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 9,081,417 1,353,278 1,265,301 0 0 11,699,996
Additions 134,699 288,641 648,682 0 6,446 1,078,468
Disposals 0 ( 541,060) ( 673,528) 0 0 ( 1,214,588)
Transfers 0 ( 346,655) 0 346,655 0 0
At 31 March 2024 9,216,116 754,204 1,240,455 346,655 6,446 11,563,876
Accumulated depreciation
At 01 April 2023 1,866,120 826,877 493,479 0 0 3,186,476
Charge for the financial year 277,529 82,940 213,124 81,667 2,149 657,409
Disposals 0 ( 482,141) ( 325,739) 0 0 ( 807,880)
Transfers 0 ( 152,299) 0 152,299 0 0
At 31 March 2024 2,143,649 275,377 380,864 233,966 2,149 3,036,005
Net book value
At 31 March 2024 7,072,467 478,827 859,591 112,689 4,297 8,527,871
At 31 March 2023 7,215,297 526,401 771,822 0 0 8,513,520

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 185,738 185,738
Movement in fair value ( 13,804) ( 13,804)
At 31 March 2024 171,934 171,934
Carrying value at 31 March 2024 171,934 171,934
Carrying value at 31 March 2023 185,738 185,738

5. Debtors

2024 2023
£ £
Trade debtors 124,733 93,456
Other debtors 163,839 117,262
288,572 210,718

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 297,161 401,187
Trade creditors 31,327 357,362
Accruals and deferred income 874,401 860,686
Taxation and social security 129,340 50,230
Obligations under finance leases and hire purchase contracts 333,660 142,116
Other creditors 532,254 546,916
2,198,143 2,358,497

The company has granted a fixed charge over certain property and a floating charge on its assets to secure the bank indebtedness.

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

2024 2023
£ £
Bank loans 3,571,304 3,619,470
Obligations under finance leases and hire purchase contracts 576,482 435,466
4,147,786 4,054,936

The company has granted a fixed charge over certain property and a floating charge on its assets to secure the bank indebtedness.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 2,713,164 2,601,000

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
F. D. Jeanes 28,442 61,340

Advances

Advances made to the director during the year ended 31 March 2024 totalled £67,368 (2023: £92,357), of which £100,266 was repaid (2023: £99,000). As at 31 March 2024, the amount due to the company was £28,442 (2023: £61,340). Interest is charged on the loan at HMRC's official rate of interest, and the loan is repayable on demand.

10. Reserves

Profit and loss account - This reserve records records retained earnings and accumulated losses. Included in the Profit and loss account is an undistributable amount of £46,196 (2023: £60,000) relating to revaluation of investment properties and investment portfolios.

In the prior year, other reserves brought forward of £55,377 were reclassified in the period as profit and loss reserves. This is shown in the Statement of Changes in Equity. The directors consider that the other reserves were distributable reserves and were better reflected within profit and loss reserves.