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Company registration number: 08065719

AJ & GM Cliff Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

image-name
 

AJ & GM Cliff Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

AJ & GM Cliff Ltd

Company Information

Directors

Mr AJ Cliff

Mrs GM Cliff

Registered office

Burwardsley Hall Farm
Burwardsley
Tattenhall
Chester
Chester
CH3 9PF

Accountants

Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

AJ & GM Cliff Ltd

(Registration number: 08065719)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

5

 

3,490,577

 

565,063

Biological assets

6

 

662,974

 

410,853

   

4,153,551

 

975,916

Current assets

   

 

Biological assets

7

99,050

 

90,675

 

Stocks

8

73,840

 

31,733

 

Debtors

9

158,722

 

94,719

 

Cash at bank and in hand

 

137,552

 

368,267

 

 

469,164

 

585,394

 

Creditors: Amounts falling due within one year

10

(452,387)

 

(261,850)

 

Net current assets

   

16,777

 

323,544

Total assets less current liabilities

   

4,170,328

 

1,299,460

Creditors: Amounts falling due after more than one year

10

 

(2,066,462)

 

-

Provisions for liabilities

 

(85,344)

 

(93,372)

Net assets

   

2,018,522

 

1,206,088

Capital and reserves

   

 

Called up share capital

1,386,003

 

601,003

 

Share premium reserve

99

 

99

 

Profit and loss account

632,420

 

604,986

 

Total equity

   

2,018,522

 

1,206,088

 

AJ & GM Cliff Ltd

(Registration number: 08065719)
Balance Sheet as at 31 July 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 April 2025 and signed on its behalf by:
 

Mr AJ Cliff
Director

Mrs GM Cliff
Director

 
     
 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Burwardsley Hall Farm
Burwardsley
Tattenhall
Chester
Chester
CH3 9PF

These financial statements were authorised for issue by the Board on 13 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk and livestock and in the period to which the government grant relates.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.


Basic payment scheme
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted entitlements deferred income is released to the profit and loss account as other operating income at the same rate at which the intangible asset is being amortised.
 

Asset class

Amortisation method and rate

Basic payment scheme entitlements

6-8 years straight line

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

5% reducing balance

Freehold land and property

Revaluation

Plant and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd.

Depreciation of biological non current assets
Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their useful economic life as follows:

Asset class

Depreciation method and rate

Dairy herd

Depreciated to cull value over useful life of 5 years on straight line basis

Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and beef youngstock.

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 6).

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

BPS Entitlements
£

Total
£

Cost or valuation

At 1 August 2023

67,858

67,858

At 31 July 2024

67,858

67,858

Amortisation

At 1 August 2023

67,858

67,858

At 31 July 2024

67,858

67,858

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

-

-



Basic Payment Scheme entitlements
The amortisation charge for the year is recognised within depreciation in the profit and loss. Deferred income has been released to the profit and loss account and is recognised as other operating income. The entitlements have now been fully amortised and so there is no impact on the profit and loss account this year.

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Freehold land and property
£

Buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

-

181,425

855,607

15,065

1,052,097

Additions

2,928,801

-

84,526

-

3,013,327

Disposals

-

-

(8,785)

-

(8,785)

At 31 July 2024

2,928,801

181,425

931,348

15,065

4,056,639

Depreciation

At 1 August 2023

-

62,902

415,320

8,812

487,034

Charge for the year

-

5,926

78,386

1,251

85,563

Eliminated on disposal

-

-

(6,535)

-

(6,535)

At 31 July 2024

-

68,828

487,171

10,063

566,062

Carrying amount

At 31 July 2024

2,928,801

112,597

444,177

5,002

3,490,577

At 31 July 2023

-

118,523

440,287

6,253

565,063

Included within the net book value of the above is £112,597 (2023 - £118,523) in respect of freehold buildings and £2,928,801 (2023 - £Nil) in respect of freehold land and property.
 

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Non current biological assets

Dairy herd
£

Total
£

Cost or valuation

At 1 August 2023

440,354

440,354

Additions

252,480

252,480

At 31 July 2024

692,834

692,834

Depreciation

At 1 August 2023

29,501

29,501

Charge for the year

359

359

At 31 July 2024

29,860

29,860

Carrying amount

At 31 July 2024

662,974

662,974

At 31 July 2023

410,853

410,853

7

Current biological assets

Dairy followers
£

Total
£

Cost or valuation

At 1 August 2023

90,675

90,675

Additions

8,375

8,375

At 31 July 2024

99,050

99,050

Depreciation

Carrying amount

At 31 July 2024

99,050

99,050

At 31 July 2023

90,675

90,675

8

Stocks

2024
£

2023
£

Crops in store and deadstock

73,840

31,733

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Debtors

Current

2024
£

2023
£

Trade debtors

94,416

53,993

Prepayments

12,927

9,071

Other debtors

51,379

31,655

 

158,722

94,719

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

28,747

-

Trade creditors

 

153,657

68,875

Accruals and deferred income

 

71,738

97,307

Corporation tax

 

6,890

44,212

Taxation and social security

 

1,664

1,615

Other creditors

 

189,691

49,841

 

452,387

261,850

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

2,066,462

-

 

AJ & GM Cliff Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,066,462

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

28,747

-

Bank borrowings

 

The bank overdraft is secured against all assets of the company.

The bank loans are secured against freehold property owned by the company.