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COMPANY REGISTRATION NUMBER: 00720152
J M Richardson (Farming) Limited
Filleted Unaudited Financial Statements
30 April 2024
J M Richardson (Farming) Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
162,707
191,148
Investments
6
5,252
5,252
---------
---------
167,959
196,400
Current assets
Stocks
165,949
144,631
Debtors
7
34,456
9,836
Cash at bank and in hand
78,466
78,965
---------
---------
278,871
233,432
Creditors: amounts falling due within one year
8
87,252
81,919
---------
---------
Net current assets
191,619
151,513
---------
---------
Total assets less current liabilities
359,578
347,913
Provisions
Taxation including deferred tax
24,741
39,491
---------
---------
Net assets
334,837
308,422
---------
---------
Capital and reserves
Called up share capital
6,000
6,000
Profit and loss account
328,837
302,422
---------
---------
Shareholders funds
334,837
308,422
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
J M Richardson
Director
J M Richardson (Farming) Limited
Notes to the Financial Statements
Year Ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hague Hall Farm, Hemsworth, Pontefract, WF9 4DH, West Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
Nil and 10% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investments
The investments are assessed for impairment at each reporting date and amy impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Stocks
Stocks are stated at the of cost and estimated selling price less costs to complete and sell. Un-sold harvested crops are included in stock at cost of production, being direct inputs and an element of direct overheads.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Biological assets
Biological assets measured under the cost model are held at cost less any accumulated depreciation and any accumulated impairment losses.
Agricultural produce harvested from these biological assets is measured at the point of harvest at the lower of cost and estimated selling price less costs to complete and sell.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
33,872
547,147
221,984
803,003
Additions
5,800
5,800
Disposals
( 500)
( 500)
--------
---------
---------
---------
At 30 April 2024
33,872
552,447
221,984
808,303
--------
---------
---------
---------
Depreciation
At 1 May 2023
686
405,903
205,266
611,855
Charge for the year
696
29,180
4,180
34,056
Disposals
( 315)
( 315)
--------
---------
---------
---------
At 30 April 2024
1,382
434,768
209,446
645,596
--------
---------
---------
---------
Carrying amount
At 30 April 2024
32,490
117,679
12,538
162,707
--------
---------
---------
---------
At 30 April 2023
33,186
141,244
16,718
191,148
--------
---------
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
5,252
--------
Impairment
At 1 May 2023 and 30 April 2024
--------
Carrying amount
At 30 April 2024
5,252
--------
At 30 April 2023
5,252
--------
7. Debtors
2024
2023
£
£
Trade debtors
28,777
Other debtors
5,679
9,836
--------
--------
34,456
9,836
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,962
10,776
Social security and other taxes
131
1,032
Other creditors
73,159
70,111
--------
--------
87,252
81,919
--------
--------