Company registration number 10565113 (England and Wales)
J H VAUDREY & SON (FARMS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
J H VAUDREY & SON (FARMS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
J H VAUDREY & SON (FARMS) LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
600
1,856
Tangible assets
4
4,236,135
2,810,185
Investment property
5
267,828
4,504,563
2,812,041
Current assets
Stocks
232,446
250,164
Debtors
6
66,903
83,040
Cash at bank and in hand
12,780
53,702
312,129
386,906
Creditors: amounts falling due within one year
7
(2,180,983)
(2,084,197)
Net current liabilities
(1,868,854)
(1,697,291)
Total assets less current liabilities
2,635,709
1,114,750
Creditors: amounts falling due after more than one year
8
(1,381,791)
(1,219,363)
Provisions for liabilities
(396,343)
(40,326)
Net assets/(liabilities)
857,575
(144,939)
Capital and reserves
Called up share capital
9
1
1
Revaluation reserve
10
1,081,026
Profit and loss reserves
11
(223,452)
(144,940)
Total equity
857,575
(144,939)
J H VAUDREY & SON (FARMS) LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr J H Vaudrey
Director
Company registration number 10565113 (England and Wales)
J H VAUDREY & SON (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
J H Vaudrey & Son (Farms) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wood Hall, Wood Hall Lane, Stoke Ash, EYE, Suffolk, IP23 7ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Entitlements
4 years straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
20% reducing balance
Freehold land and assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
J H VAUDREY & SON (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
J H VAUDREY & SON (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
J H VAUDREY & SON (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Entitlements
£
Cost
At 1 July 2023 and 30 June 2024
5,050
Amortisation and impairment
At 1 July 2023
3,194
Amortisation charged for the year
1,256
At 30 June 2024
4,450
Carrying amount
At 30 June 2024
600
At 30 June 2023
1,856
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 July 2023
2,660,050
213,300
2,873,350
Additions
8,186
7,547
15,733
Revaluation
1,441,367
1,441,367
At 30 June 2024
4,109,603
220,847
4,330,450
Depreciation and impairment
At 1 July 2023
63,165
63,165
Depreciation charged in the year
31,150
31,150
At 30 June 2024
94,315
94,315
Carrying amount
At 30 June 2024
4,109,603
126,532
4,236,135
At 30 June 2023
2,660,050
150,135
2,810,185
Land with a carrying amount of £2,438,633 was revalued to £3,880,000 at 30 June 2024 by the directors on the basis of market value. In making their valuation, the directors took into account values for similar properties in the area, the advice of valuation experts and recent disposals of similar property.
J H VAUDREY & SON (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Tangible fixed assets
(Continued)
- 7 -
The revaluation surplus is disclosed in note 10.
5
Investment property
2024
£
Fair value
At 1 July 2023
Additions
267,828
At 30 June 2024
267,828
Investment property comprises a residential bungalow occupied by staff. The property was purchased during the year and, in the opinion of the directors, has not materially changed in value before the balance sheet date.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,447
38,433
Other debtors
60,456
44,607
66,903
83,040
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
33,660
28,740
Trade creditors
89,427
98,588
Amounts owed to group undertakings
1,941,517
1,849,949
Other creditors
116,379
106,920
2,180,983
2,084,197
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,381,791
1,219,363
The long-term loans are secured by fixed charges over 181 acres of land. A loan totalling £197,153 is secured on the investment property.
J H VAUDREY & SON (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
765,598
799,903
Payable other than by instalments
304,500
304,500
1,070,098
1,104,403
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Revaluation surplus arising in the year
1,441,367
Deferred tax on revaluation of tangible assets
(360,341)
-
At the end of the year
1,081,026
-
Deferred tax arising on the revaluation of tangible fixed assets is taken to the revaluation reserve.
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(144,940)
(61,858)
Loss for the year
(78,512)
(83,082)
At the end of the year
(223,452)
(144,940)
12
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,941,517
1,849,949
J H VAUDREY & SON (FARMS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
13
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
3,530
402
(3,932)
-
3,530
402
(3,932)
-
Loans to directors are unsecured, interest-free and repayable on demand.
14
Parent company
The parent company is Joseph Day Holdings Ltd, and its registered office is Wood Hall, Wood Hall Lane, Stoke Ash, Eye, Suffolk, IP23 7ES.