REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
FOR |
J.H. MEWBURN LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 June 2024 |
DEPRECIATION |
At 30 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 June 2024 |
NET BOOK VALUE |
At 29 June 2024 |
At 29 June 2023 |
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: |
2024 | 2023 |
£ | £ |
Motor vehicles | - | - |
Plant and machinery | 591,963 | 559,225 |
591,963 | 559,255 |
Depreciation charge | 78,413 | 67,417 |
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 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
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 |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 244,706 | 204,435 |
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. |
for and on behalf of |
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 |
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. |