REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
FOR |
JTH FARMS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
FOR |
JTH FARMS LIMITED |
JTH FARMS LIMITED (REGISTERED NUMBER: 04417678) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 May 2023 to 29 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
JTH FARMS LIMITED |
COMPANY INFORMATION |
for the Period 1 May 2023 to 29 April 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
JTH FARMS LIMITED (REGISTERED NUMBER: 04417678) |
STATEMENT OF FINANCIAL POSITION |
29 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
JTH FARMS LIMITED (REGISTERED NUMBER: 04417678) |
STATEMENT OF FINANCIAL POSITION - continued |
29 April 2024 |
The financial statements were approved by the director and authorised for issue on |
JTH FARMS LIMITED (REGISTERED NUMBER: 04417678) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 May 2023 to 29 April 2024 |
1. | STATUTORY INFORMATION |
JTH Farms Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 principal accounting policies used in the preparation of the financial statements are set out below. |
Turnover |
Turnover is measured at the fair value of the consideration receivable excluding discounts, rebates and value added tax. |
Turnover is recognised at the point that the customer receives the goods. |
Tangible fixed assets |
Tangible fixed assets are stated cost less depreciation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold land and buildings - 1% on cost |
Plant and machinery etc - 15% and 25% on reducing balance |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
Financial instruments |
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, director's loan accounts, trade creditors, hire purchase creditors and accruals, |
Debt instruments that are payable or receivable within one year, typically bank accounts, trade debtors, director's loan accounts, trade creditors, hire purchase and accruals are measured initially and subsequently at the undiscounted amount of the cash that is expected to be paid or received. |
Financial instruments repayable in more than one year such as hire purchase agreements are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial. |
JTH FARMS LIMITED (REGISTERED NUMBER: 04417678) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 May 2023 to 29 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
JTH FARMS LIMITED (REGISTERED NUMBER: 04417678) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 May 2023 to 29 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 29 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for period |
At 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 30 April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
Mr J Hodge |
Shareholder and director |
Included in other creditors is £358,506 (2023: £340,127) due to the director. This amount is unsecured, interest free and repayable on demand. |