IRIS Accounts Production v25.1.0.734 03181918 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031819182023-09-30031819182024-09-30031819182023-10-012024-09-30031819182022-09-30031819182022-10-012023-09-30031819182023-09-3003181918ns15:EnglandWales2023-10-012024-09-3003181918ns14:PoundSterling2023-10-012024-09-3003181918ns10:Director12023-10-012024-09-3003181918ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3003181918ns10:SmallEntities2023-10-012024-09-3003181918ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3003181918ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3003181918ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3003181918ns10:FullAccounts2023-10-012024-09-3003181918ns10:OrdinaryShareClass12023-10-012024-09-3003181918ns10:Director22023-10-012024-09-3003181918ns10:Director32023-10-012024-09-3003181918ns10:CompanySecretary12023-10-012024-09-3003181918ns10:RegisteredOffice2023-10-012024-09-3003181918ns5:CurrentFinancialInstruments2024-09-3003181918ns5:CurrentFinancialInstruments2023-09-3003181918ns5:Non-currentFinancialInstruments2024-09-3003181918ns5:Non-currentFinancialInstruments2023-09-3003181918ns5:ShareCapital2024-09-3003181918ns5:ShareCapital2023-09-3003181918ns5:SharePremium2024-09-3003181918ns5:SharePremium2023-09-3003181918ns5:RetainedEarningsAccumulatedLosses2024-09-3003181918ns5:RetainedEarningsAccumulatedLosses2023-09-3003181918ns5:LandBuildings2023-10-012024-09-3003181918ns5:PlantMachinery2023-10-012024-09-3003181918ns5:LandBuildings2023-09-3003181918ns5:PlantMachinery2023-09-3003181918ns5:LandBuildings2024-09-3003181918ns5:PlantMachinery2024-09-3003181918ns5:LandBuildings2023-09-3003181918ns5:PlantMachinery2023-09-3003181918ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3003181918ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3003181918ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-09-3003181918ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-09-3003181918ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-09-3003181918ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3003181918ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-09-3003181918ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-09-3003181918ns5:Secured2024-09-3003181918ns5:Secured2023-09-3003181918ns10:OrdinaryShareClass12024-09-3003181918ns10:Director222023-09-3003181918ns10:Director222022-09-3003181918ns10:Director222023-10-012024-09-3003181918ns10:Director222022-10-012023-09-3003181918ns10:Director222024-09-3003181918ns10:Director222023-09-30031819183ns10:Director32023-09-30031819183ns10:Director32022-09-30031819183ns10:Director32023-10-012024-09-30031819183ns10:Director32022-10-012023-09-30031819183ns10:Director32024-09-30031819183ns10:Director32023-09-30031819181ns10:Director12023-09-30031819181ns10:Director12022-09-30031819181ns10:Director12023-10-012024-09-30031819181ns10:Director12022-10-012023-09-30031819181ns10:Director12024-09-30031819181ns10:Director12023-09-30
REGISTERED NUMBER: 03181918 (England and Wales)















C.J. FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






C.J. FARMS LIMITED (REGISTERED NUMBER: 03181918)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


C.J. FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mrs H M Ireland
C R Ireland
J W Ireland





SECRETARY: Mrs H M Ireland





REGISTERED OFFICE: Ermine Street Farm
Ancaster
Grantham
Lincolnshire
NG32 3RN





REGISTERED NUMBER: 03181918 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

C.J. FARMS LIMITED (REGISTERED NUMBER: 03181918)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 4 4,677,205 4,665,906

CURRENT ASSETS
Inventories 283,801 270,959
Debtors 5 1,632,956 1,533,260
1,916,757 1,804,219
CREDITORS
Amounts falling due within one year 6 739,062 762,979
NET CURRENT ASSETS 1,177,695 1,041,240
TOTAL ASSETS LESS CURRENT LIABILITIES 5,854,900 5,707,146

CREDITORS
Amounts falling due after more than one year 7 (3,126,641 ) (3,282,220 )

PROVISIONS FOR LIABILITIES (233,627 ) (229,585 )
NET ASSETS 2,494,632 2,195,341

CAPITAL AND RESERVES
Called up share capital 9 9,250 9,250
Share premium 1,000,000 1,000,000
Retained earnings 1,485,382 1,186,091
SHAREHOLDERS' FUNDS 2,494,632 2,195,341

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:



J W Ireland - Director


C.J. FARMS LIMITED (REGISTERED NUMBER: 03181918)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

C.J. Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue
Revenue represents net sales of produce, excluding value added tax. Sales of produce are recognised upon despatch.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 6.66% on cost and 2% on reducing balance
Plant and machinery etc - 20% on reducing balance and 10% on cost

No depreciation has been provided for freehold property. It is the company's policy to maintain its property in a continual state of sound repair. In the case of long leasehold buildings, a new grain storage barn was constructed in 2004, which is being depreciated evenly over 25 years.

Inventories
Inventories have been valued at the year end on the basis of lower of cost and net realisable value. In respect of crops in store, cost of production has been used for valuation purposes.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


C.J. FARMS LIMITED (REGISTERED NUMBER: 03181918)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
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 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.

Pension costs and other post-retirement benefits
The company operates a self-administered defined contribution pension scheme to provide for retirement benefits for directors. Contributions are charged to the profit and loss account as incurred.

The company also operates a fully insured pension scheme to provide for retirement benefits for other employees. Contributions are made to an insurance company and are charged to the profit and loss account as incurred.

Basic farm payment
The Basic farm payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 3,933,432 1,328,468 5,261,900
Additions - 212,847 212,847
Disposals - (175,170 ) (175,170 )
At 30 September 2024 3,933,432 1,366,145 5,299,577
DEPRECIATION
At 1 October 2023 92,554 503,440 595,994
Charge for year 4,024 138,243 142,267
Eliminated on disposal - (115,889 ) (115,889 )
At 30 September 2024 96,578 525,794 622,372
NET BOOK VALUE
At 30 September 2024 3,836,854 840,351 4,677,205
At 30 September 2023 3,840,878 825,028 4,665,906


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,161 10,110
Other debtors 1,205,700 1,262,003
Directors' loan accounts 327,187 152,323
Prepayments and accrued income 84,908 108,824
1,632,956 1,533,260

C.J. FARMS LIMITED (REGISTERED NUMBER: 03181918)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 283,770 426,837
Hire purchase contracts 45,068 40,806
Trade creditors 138,678 136,170
Corporation tax 102,302 15,490
Social security and other taxes 827 622
Other creditors 53,599 17,167
Directors' loan accounts - 914
Accrued expenses and deferred
income 113,972 124,127
Deferred government grants 846 846
739,062 762,979

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1 to 2 years 210,368 211,155
Bank loans 2 to 5 years 604,626 635,171
Bank loans more than 5 years 2,172,570 2,331,598
Hire purchase contracts 134,004 98,377
Deferred government grants 5,073 5,919
3,126,641 3,282,220

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 2,172,570 2,331,598

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 80,490 242,326
Bank loans 3,190,844 3,362,435
Hire purchase contracts 179,072 139,183
3,450,406 3,743,944

The bank loans and overdrafts are secured by a fixed charge over the company's freehold property and book debts together with a floating charge over all other assets.

The hire purchase creditor is secured on the asset to which it relates.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,250 Ordinary £1 9,250 9,250

C.J. FARMS LIMITED (REGISTERED NUMBER: 03181918)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Mrs H M Ireland
Balance outstanding at start of year 3,856 3,799
Amounts advanced 44,973 35,057
Amounts repaid - (35,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,829 3,856

C R Ireland
Balance outstanding at start of year 148,467 142,959
Amounts advanced 5,255 7,508
Amounts repaid - (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 153,722 148,467

J W Ireland
Balance outstanding at start of year - (7,220 )
Amounts advanced 131,753 91,037
Amounts repaid (7,117 ) (83,817 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 124,636 -

The loan interest of £5,279 (2023 - £2,897) was charged in the year. The loan is repayable on demand.