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REGISTERED NUMBER: 01576615 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 JUNE 2024

FOR

J.H. MEWBURN LIMITED

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


J.H. MEWBURN LIMITED

COMPANY INFORMATION
for the Year Ended 29 June 2024







DIRECTORS: M W Mewburn
J H Mewburn
Mrs D M Mewburn





REGISTERED OFFICE: Sandsfield Farm
Catwick Lane
Brandesburton
Driffield
East Yorkshire
YO25 8SB





REGISTERED NUMBER: 01576615 (England and Wales)





AUDITORS: Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

BALANCE SHEET
29 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,921,840 3,775,682
Investments 5 10,691 10,691
3,932,531 3,786,373

CURRENT ASSETS
Stocks 6 523,864 623,748
Debtors 7 275,410 188,900
Cash in hand 82 17
799,356 812,665
CREDITORS
Amounts falling due within one year 8 2,397,800 2,277,847
NET CURRENT LIABILITIES (1,598,444 ) (1,465,182 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,334,087

2,321,191

CREDITORS
Amounts falling due after more than one year 9 (1,176,425 ) (1,261,942 )

PROVISIONS FOR LIABILITIES (207,569 ) (168,484 )
NET ASSETS 950,093 890,765

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 949,993 890,665
SHAREHOLDERS' FUNDS 950,093 890,765

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:



M W Mewburn - Director


J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 June 2024


1. STATUTORY INFORMATION

J.H. Mewburn Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Sandsfield Farm, Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB.

The principal activity of the company is growing of cereals (except rice), leguminous crops and oil seeds, raising of other cattle and farm animal boarding.

The presentational currency of the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
A very wet Autumn and Winter 2023 has seen crop damage which required re-drilling with Spring crop, this resulted in a slightly below average yield but the steadying of input cost within the sector has aided profit levels to be in line with the prior years. As expected, the profits from the cattle enterprises have increased from the prior years due to the increased number of cattle.

Therefore, having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Preparation of consolidated financial statements
The financial statements contain information about J.H. Mewburn Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Sandsfield Limited, Sandsfield Farm, Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB.

J.H. Mewburn is a 75% owned subsidiary of Sandsfield Limited and the results of J.H. Mewburn Limited are included within the consolidated financial statements of Sandsfield Limited.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements.

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 June 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost and 5% on cost
Short leasehold - 4% on cost and 10% to 15% on cost
Plant and machinery - 10% to 33% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Biological assets are recognised in the balance sheet using the cost model. Biological assets represent reared livestock and cultivated crops which are held with a view to sale being made within one year. As a result of this, the directors do not consider it appropriate to depreciate these assets.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 June 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The assets of the scheme are held separately from those of the company in an independently administered fund.

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 June 2024


2. ACCOUNTING POLICIES - continued

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venture

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 10 ) .

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 June 2024


4. TANGIBLE FIXED ASSETS
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 30 June 2023 3,441,426 28,342 1,737,358 100,259 5,307,385
Additions 153,184 - 215,143 7,000 375,327
Disposals - - (137,486 ) (5,028 ) (142,514 )
At 29 June 2024 3,594,610 28,342 1,815,015 102,231 5,540,198
DEPRECIATION
At 30 June 2023 512,249 28,342 904,901 86,211 1,531,703
Charge for year 57,216 - 159,426 9,464 226,106
Eliminated on disposal - - (134,423 ) (5,028 ) (139,451 )
At 29 June 2024 569,465 28,342 929,904 90,647 1,618,358
NET BOOK VALUE
At 29 June 2024 3,025,145 - 885,111 11,584 3,921,840
At 29 June 2023 2,929,177 - 832,457 14,048 3,775,682

Included in cost of land and buildings is freehold land of £ 2,051,237 (2023 - £ 2,051,237 ) which is not depreciated.

Freehold land and buildings with a carrying amount of £3,039,888 (2023 - £2,929,177) have been pledged to secure borrowings of the company and the parent company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases:

20242023
£   £   

Motor vehicles--
Plant and machinery591,963559,225
591,963559,255

Depreciation charge78,41367,417



5. FIXED ASSET INVESTMENTS

The company holds unlisted investments, as such no reliable market value can be calculated. Other investments are included at cost.

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 June 2024


6. STOCKS
2024 2023
£    £   
Stocks and biological assets 523,864 623,748

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 65,254 15,299
Amounts owed by group undertakings 150,346 132,840
Other debtors 59,810 40,761
275,410 188,900

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 386,798 304,341
Hire purchase contracts (see note 10) 109,135 94,534
Trade creditors 146,761 137,510
Amounts owed to group undertakings 1,553,333 1,688,745
Taxation and social security 6,729 7,322
Other creditors 195,044 45,395
2,397,800 2,277,847

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,040,854 1,152,041
Hire purchase contracts (see note 10) 135,571 109,901
1,176,425 1,261,942

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 274,722 482,049

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 June 2024


10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 109,135 94,534
Between one and five years 135,571 109,901
244,706 204,435

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 195,266 136,843
Bank loans 1,232,386 1,319,539
Hire purchase contracts 244,706 204,435
1,672,358 1,660,817

Bank loans and overdrafts are secured against the freehold land and buildings. Net obligations under finance leases are secured by fixed charges on the assets to which the agreements relate.

Included within Other Creditors are other loans totalling Nil (2023 - £2,000).

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Elizabeth Blanchard BA(Hons) BFP ACA PGCE (Senior Statutory Auditor)
for and on behalf of Sowerby

13. CONTINGENT LIABILITIES

The company has guaranteed, by way of debenture over its assets and by a cross guarantee with its parent undertaking, Sandsfield Limited, and fellow group undertakings, Sandsfield Gravel Company Limited and Sandsfield Leisure Limited, the liabilities to bankers of those companies.

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

J.H. MEWBURN LIMITED (REGISTERED NUMBER: 01576615)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 June 2024


15. ULTIMATE CONTROLLING PARTY

The controlling party is Sandsfield Limited - incorporated in the UK.

The ultimate controlling party is M W Mewburn.

J.H. Mewburn Limited is a 75% owned subsidiary of Sandsfield Limited and the results of J.H. Mewburn Limited are included in the consolidated financial statements of Sandsfield Limited which are available from Companies House.