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COMPANY REGISTRATION NUMBER: 506752
James Fairley & Sons (Farms) Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 December 2024
James Fairley & Sons (Farms) Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
2,726
2,726
Tangible assets
6
4,823,887
4,785,867
-------------
-------------
4,826,613
4,788,593
Current Assets
Stocks
320,630
211,097
Debtors
7
7,574
96,506
Cash at bank and in hand
11,128
31,475
----------
----------
339,332
339,078
Creditors: amounts falling due within one year
8
513,938
508,049
----------
----------
Net Current Liabilities
174,606
168,971
-------------
-------------
Total Assets Less Current Liabilities
4,652,007
4,619,622
Creditors: amounts falling due after more than one year
9
920,375
962,324
Provisions
Taxation including deferred tax
282,355
270,679
-------------
-------------
Net Assets
3,449,277
3,386,619
-------------
-------------
James Fairley & Sons (Farms) Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and Reserves
Called up share capital
120,000
120,000
Revaluation reserve
1,007,630
1,011,429
Other reserves
190,603
190,603
Profit and loss account
2,131,044
2,064,587
-------------
-------------
Shareholders Funds
3,449,277
3,386,619
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their 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 30 May 2025 , and are signed on behalf of the board by:
J F Fairley
Director
Company registration number: 506752
James Fairley & Sons (Farms) Limited
Notes to the Financial Statements
Year Ended 31st December 2024
1. General Information
The company is a private company limited by shares, registered in England. The address of the registered office is Wolves Hall, Tendring, Clacton-on-Sea, Essex, CO16 0DG.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year and government farming subsidies.
Income Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Operating Leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible Assets
All fixed assets are initially recorded at cost. The freehold land and buildings were valued at their open market value for existing use on 6th February 1998 by Fenn Wright, chartered surveyors. The directors have frozen this revaluation and do not intend to carry out any future revaluations.
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
-
2% straight line
Plant & machinery
-
10% straight line
Motor vehicles
-
12% straight line
Combines & tractors
-
12 % straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible Assets
Sugar Beet quota
£
Cost
At 1st January 2024 and 31st December 2024
2,726
-------
Amortisation
At 1st January 2024 and 31st December 2024
-------
Carrying amount
At 31st December 2024
2,726
-------
At 31st December 2023
2,726
-------
6. Tangible Assets
Land and buildings
Plant and machinery
Motor vehicles
Combines & tractors
Total
£
£
£
£
£
Cost
At 1st January 2024
4,760,684
559,762
30,143
558,881
5,909,470
Additions
114,121
114,121
Disposals
( 58,975)
( 58,975)
-------------
----------
---------
----------
-------------
At 31st December 2024
4,760,684
614,908
30,143
558,881
5,964,616
-------------
----------
---------
----------
-------------
Depreciation
At 1st January 2024
227,334
422,877
26,052
447,340
1,123,603
Charge for the year
12,789
27,916
2,731
32,665
76,101
Disposals
( 58,975)
( 58,975)
-------------
----------
---------
----------
-------------
At 31st December 2024
240,123
391,818
28,783
480,005
1,140,729
-------------
----------
---------
----------
-------------
Carrying amount
At 31st December 2024
4,520,561
223,090
1,360
78,876
4,823,887
-------------
----------
---------
----------
-------------
At 31st December 2023
4,533,350
136,885
4,091
111,541
4,785,867
-------------
----------
---------
----------
-------------
Included in freehold land and buildings is land valued at £4,133,951 (2023: £4,133,951) which is not depreciated.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31st December 2024
Aggregate cost
3,633,143
Aggregate depreciation
(120,212)
-------------
Carrying value
3,512,931
-------------
At 31st December 2023
Aggregate cost
3,633,143
Aggregate depreciation
(111,222)
-------------
Carrying value
3,521,921
-------------
7. Debtors
2024
2023
£
£
Trade debtors
89,521
Other debtors
7,574
6,985
-------
---------
7,574
96,506
-------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
87,243
91,748
Trade creditors
5,397
2,613
Corporation tax
21,124
21,521
Social security and other taxes
32
546
Other loans
26,944
Other creditors
400,142
364,677
----------
----------
513,938
508,049
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
871,527
962,324
Other creditors
48,848
----------
----------
920,375
962,324
----------
----------