J Neave (Saxby) Limited 01247631 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of mixed farming Digita Accounts Production Advanced 6.30.9574.0 true 01247631 2023-10-01 2024-09-30 01247631 2024-09-30 01247631 bus:OrdinaryShareClass1 2024-09-30 01247631 core:CapitalRedemptionReserve 2024-09-30 01247631 core:RetainedEarningsAccumulatedLosses 2024-09-30 01247631 core:ShareCapital 2024-09-30 01247631 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-30 01247631 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-09-30 01247631 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-09-30 01247631 core:CurrentFinancialInstruments 2024-09-30 01247631 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 01247631 core:Non-currentFinancialInstruments 2024-09-30 01247631 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 01247631 core:FurnitureFittingsToolsEquipment 2024-09-30 01247631 core:LandBuildings 2024-09-30 01247631 core:MotorVehicles 2024-09-30 01247631 core:OtherPropertyPlantEquipment 2024-09-30 01247631 1 2024-09-30 01247631 bus:SmallEntities 2023-10-01 2024-09-30 01247631 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01247631 bus:FilletedAccounts 2023-10-01 2024-09-30 01247631 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01247631 bus:RegisteredOffice 2023-10-01 2024-09-30 01247631 bus:CompanySecretaryDirector1 2023-10-01 2024-09-30 01247631 bus:Director4 2023-10-01 2024-09-30 01247631 bus:Director5 2023-10-01 2024-09-30 01247631 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 01247631 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01247631 core:Buildings 2023-10-01 2024-09-30 01247631 core:FurnitureFittings 2023-10-01 2024-09-30 01247631 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 01247631 core:Land 2023-10-01 2024-09-30 01247631 core:LandBuildings 2023-10-01 2024-09-30 01247631 core:MotorVehicles 2023-10-01 2024-09-30 01247631 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 01247631 core:PlantMachinery 2023-10-01 2024-09-30 01247631 countries:EnglandWales 2023-10-01 2024-09-30 01247631 1 2023-10-01 2024-09-30 01247631 2023-09-30 01247631 core:FurnitureFittingsToolsEquipment 2023-09-30 01247631 core:LandBuildings 2023-09-30 01247631 core:MotorVehicles 2023-09-30 01247631 core:OtherPropertyPlantEquipment 2023-09-30 01247631 1 2023-09-30 01247631 2022-10-01 2023-09-30 01247631 2023-09-30 01247631 bus:OrdinaryShareClass1 2023-09-30 01247631 core:CapitalRedemptionReserve 2023-09-30 01247631 core:RetainedEarningsAccumulatedLosses 2023-09-30 01247631 core:ShareCapital 2023-09-30 01247631 core:HirePurchaseContracts core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-09-30 01247631 core:HirePurchaseContracts core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2023-09-30 01247631 core:CurrentFinancialInstruments 2023-09-30 01247631 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 01247631 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-09-30 01247631 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-09-30 01247631 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 01247631 core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2023-09-30 01247631 core:FurnitureFittingsToolsEquipment 2023-09-30 01247631 core:LandBuildings 2023-09-30 01247631 core:MotorVehicles 2023-09-30 01247631 core:OtherPropertyPlantEquipment 2023-09-30 01247631 core:PreviouslyStatedAmount 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01247631

J Neave (Saxby) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

J Neave (Saxby) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

J Neave (Saxby) Limited

Company Information

Directors

C W Neave

R D Neave

Mrs S J Neave

Company secretary

Mrs S J Neave

Registered office

Sandbeck
Cliff Road Saxby
Market Rasen
Lincolnshire
LN8 2DQ

Solicitors

Wilkin Chapman Epton Blades
2 Bank Street
Lincoln
Lincolnshire
LN2 1DR

 

J Neave (Saxby) Limited

(Registration number: 01247631)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,579,108

4,438,772

Other financial assets

5

6,703

6,703

 

4,585,811

4,445,475

Current assets

 

Stocks

6

540,454

650,645

Debtors

7

126,743

139,756

 

667,197

790,401

Creditors: Amounts falling due within one year

8

(403,915)

(511,172)

Net current assets

 

263,282

279,229

Total assets less current liabilities

 

4,849,093

4,724,704

Creditors: Amounts falling due after more than one year

8

(1,636,629)

(1,583,929)

Provisions for liabilities

(460,532)

(433,473)

Net assets

 

2,751,932

2,707,302

Capital and reserves

 

Called up share capital

10

88

88

Capital redemption reserve

12

12

Retained earnings

2,751,832

2,707,202

Shareholders' funds

 

2,751,932

2,707,302

For the financial year ending 30 September 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 22 May 2025 and signed on its behalf by:
 

.........................................
R D Neave
Director

   
     
 

J Neave (Saxby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01247631.

The address of its registered office is:
Sandbeck
Cliff Road Saxby
Market Rasen
Lincolnshire
LN8 2DQ
England

These financial statements cover the individual entity J Neave (Saxby) Limited.

These financial statements were authorised for issue by the Board on 22 May 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Basic Payment Scheme is received in respect of calendar years. Receipt is contingent upon meeting certain eligibility criteria. Once the criteria have been met the income is recognised on a time apportionment basis over the calendar year to which it relates.

Tax

The tax expense for the period comprises current and deferred tax.

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.

 

J Neave (Saxby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax in revalued non-depreciable fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

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

Freehold land

Nil

Buildings and fences

10% straight line basis

Plant and machinery

10%-25% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stocks

The basis of valuation is as follows:-

Raw materials and consumables are stated at the lower of cost or net realisable value.

Tenantright is calculated by a combination of actual costs incurred and standard costs.

Produce on hand is valued at the lower of standard cost or net realisable value.

Livestock is valued at the lower of standard cost or net realisable value.

Standard costings used are based upon calculation prepared by the Central Association of Agricultural Valuers.

The basis of valuation is consistent with previous years.

 

J Neave (Saxby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance 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.

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 6 (2023 - 6).

 

J Neave (Saxby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2023

3,835,559

2,391,437

26,930

23,835

6,277,761

Additions

8,534

775,145

-

2,480

786,159

Disposals

-

(712,132)

-

-

(712,132)

At 30 September 2024

3,844,093

2,454,450

26,930

26,315

6,351,788

Depreciation

At 1 October 2023

695,446

1,098,881

25,499

19,162

1,838,988

Charge for the year

44,042

158,377

358

1,026

203,803

Eliminated on disposal

-

(270,111)

-

-

(270,111)

At 30 September 2024

739,488

987,147

25,857

20,188

1,772,680

Carrying amount

At 30 September 2024

3,104,605

1,467,303

1,073

6,127

4,579,108

At 30 September 2023

3,140,112

1,292,556

1,431

4,673

4,438,772

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

6,703

6,703

At 30 September 2024

6,703

6,703

Carrying amount

At 30 September 2024

6,703

6,703

 

J Neave (Saxby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

42,600

29,623

Produce on hand

445,301

560,979

Other inventories

52,553

60,043

540,454

650,645

7

Debtors

Current

2024
£

2023
£

Trade debtors

74,440

73,410

Prepayments and accrued income

33,871

37,652

Other debtors

18,432

28,694

 

126,743

139,756

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

113,582

139,363

Trade creditors

 

112,481

180,088

Taxation and social security

 

6,250

2,721

Other creditors

 

139,492

126,641

Accruals and deferred income

 

32,110

62,359

 

403,915

511,172

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,632,579

1,583,929

Deferred income

 

4,050

-

 

1,636,629

1,583,929

-

-

Creditors include bank loans repayable by instalments of £1,231,810.00 (2023 - £1,083,143.00) due after more than five years.

Creditors include deferred income of £2,391 (2023 - £nil) due after more than five years.

 

J Neave (Saxby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,344,317

1,400,663

Hire purchase and finance leases

288,262

183,266

1,632,579

1,583,929

Bank borrowings of £1,344,317 (2023: £1,400,663) are secured on the assets of the company.

Hire purchase of £288,262 (2023: £183,266) are secured on the assets acquired.

2024
£

2023
£

Current loans and borrowings

Bank borrowings

61,969

79,380

Bank overdrafts

51,613

59,983

HP and finance lease liabilities

135,015

118,853

Other borrowings

-

663

248,597

258,879

Bank borrowings of £61,969 (2023: £79,380) are secured on the assets of the company.

Hire purchase of £135,015 (2023: £118,853) are secured on the assets acquired.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

88

88

88

88

       

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,328 (2023 - £10,022).

12

Related party transactions

Transactions with Directors

2024

At 1 October 2023
£

Advances to Director
£

At 30 September 2024
£

Director's interest free loan account - no formal repayment terms

(663)

674

11