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REGISTERED NUMBER: 00962965 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FOR

S.J.PHILLIPS & SONS (KEMBLE) LIMITED

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S.J.PHILLIPS & SONS (KEMBLE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2024







DIRECTORS: Mrs P M Phillips
N J Phillips
E J Daniels





SECRETARY: Mrs P M Phillips





REGISTERED OFFICE: Kilkenny Farm
Bibury
Cirencester
Gloucestershire
GL7 5PD





REGISTERED NUMBER: 00962965 (England and Wales)





ACCOUNTANTS: Martin and Company
Two Brewers House
50 North Street
Thame
Oxfordshire
OX9 3BH

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

BALANCE SHEET
30TH SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - 89
Tangible assets 5 4,266,823 4,418,960
Investments 6 2 2
Investment property 7 8,640,000 8,640,000
12,906,825 13,059,051

CURRENT ASSETS
Stocks 8 1,245,342 1,053,486
Debtors 9 1,537,236 1,474,591
Cash at bank and in hand 8,699 9,040
2,791,277 2,537,117
CREDITORS
Amounts falling due within one year 10 758,056 941,146
NET CURRENT ASSETS 2,033,221 1,595,971
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,940,046

14,655,022

CREDITORS
Amounts falling due after more than one
year

11

(3,197,521

)

(3,016,103

)

PROVISIONS FOR LIABILITIES 13 (2,324,959 ) (2,358,493 )
NET ASSETS 9,417,566 9,280,426

CAPITAL AND RESERVES
Called up share capital 2,194 2,194
Fair value reserve 14 6,111,172 6,111,172
Retained earnings 3,304,200 3,167,060
SHAREHOLDERS' FUNDS 9,417,566 9,280,426

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th 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.

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

BALANCE SHEET - continued
30TH SEPTEMBER 2024


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 27th May 2025 and were signed on its behalf by:





N J Phillips - Director


S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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


1. STATUTORY INFORMATION

S.J.Phillips & Sons (Kemble) 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.

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.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost and 2% on cost
Improvements to property - 20% on cost, 15% on reducing balance, 10% on cost and 2% on cost
Plant and machinery - 15% on reducing balance and 10% on cost
Tractors and combines - 15% on reducing balance
Motor vehicles - 20% on reducing balance and 15% on reducing balance
Office equipment - 25% on cost and 15% on cost

All fixed assets are initially recorded at cost.

Freehold land is not depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

The directors will review the fair value of the investment property on an annual basis. They will appoint the services of qualified third party experts periodically and as regularly as they deem necessary in order to determine the fair value of the investment property held.

Stocks
Agricultural stock is valued by the directors and is based on the cost of production. Other stocks and work in progress are valued at the lower of cost and net realisable value.


S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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


2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 11 ) .

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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


4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 1st October 2023 5,005
Disposals (5,005 )
At 30th September 2024 -
AMORTISATION
At 1st October 2023 4,916
Amortisation for year 89
Eliminated on disposal (5,005 )
At 30th September 2024 -
NET BOOK VALUE
At 30th September 2024 -
At 30th September 2023 89

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st October 2023 3,077,386 1,427,710 868,388
Additions - - 76,669
Disposals - - (22,450 )
At 30th September 2024 3,077,386 1,427,710 922,607
DEPRECIATION
At 1st October 2023 518,452 864,550 681,496
Charge for year 49 17,287 34,142
Eliminated on disposal - - (11,761 )
At 30th September 2024 518,501 881,837 703,877
NET BOOK VALUE
At 30th September 2024 2,558,885 545,873 218,730
At 30th September 2023 2,558,934 563,160 186,892

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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


5. TANGIBLE FIXED ASSETS - continued

Tractors
and Motor Office
combines vehicles equipment Totals
£    £    £    £   
COST
At 1st October 2023 1,560,097 118,872 7,351 7,059,804
Additions - - - 76,669
Disposals - - - (22,450 )
At 30th September 2024 1,560,097 118,872 7,351 7,114,023
DEPRECIATION
At 1st October 2023 495,154 74,735 6,457 2,640,844
Charge for year 159,742 6,620 277 218,117
Eliminated on disposal - - - (11,761 )
At 30th September 2024 654,896 81,355 6,734 2,847,200
NET BOOK VALUE
At 30th September 2024 905,201 37,517 617 4,266,823
At 30th September 2023 1,064,943 44,137 894 4,418,960

Included within the net book value of £4,266,823 is £529,184 (2023 - £557,209) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the period in respect of such assets amounted to £89,525 (2023 - £39,875).

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st October 2023
and 30th September 2024 2
NET BOOK VALUE
At 30th September 2024 2
At 30th September 2023 2

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2023
and 30th September 2024 8,640,000
NET BOOK VALUE
At 30th September 2024 8,640,000
At 30th September 2023 8,640,000

8. STOCKS
2024 2023
£    £   
Valuation 1,124,442 954,586
Biological assets (cattle) 120,900 98,900
1,245,342 1,053,486

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 186,246 105,341
S455 tax repayable - 28,374
Kilkenny Properties Limited 332,460 298,655
VAT 21,478 24,601
Prepayments and accrued income 997,052 1,017,620
1,537,236 1,474,591

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 246,968 466,842
Hire purchase contracts 142,848 122,101
Trade creditors 116,080 132,806
Tax 167,914 111,520
Social security and other taxes 9,587 10,377
Other creditors 3,218 13,036
Directors' current accounts 2,594 50,738
Accruals and deferred income 68,847 33,726
758,056 941,146

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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


11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 574,396 217,365
Bank loans - 2-5 years 1,222,529 1,044,943
Bank loans - more than 5 years 1,262,612 1,509,594
Hire purchase contracts 137,984 244,201
3,197,521 3,016,103

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years 1,262,612 1,509,594

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 29,603 256,438
Bank loans 3,276,902 2,982,306
3,306,505 3,238,744

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,324,959 2,358,493

Deferred
tax
£   
Balance at 1st October 2023 2,358,493
Credit to Statement of Income and Retained Earnings during year (33,534 )
Balance at 30th September 2024 2,324,959

14. RESERVES
Fair
value
reserve
£   
At 1st October 2023
and 30th September 2024 6,111,172

S.J.PHILLIPS & SONS (KEMBLE) LIMITED (REGISTERED NUMBER: 00962965)

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


15. RELATED PARTY DISCLOSURES

At the 30 September 2024 the director Mr N J Phillips was owed £2,585 by the company (2023 : £947).

At the 30 September 2024 the company owed Mrs P M Phillips £9 (2023 : £49,791).

At the 30 September 2024 the company was owed £332,460 (2023: £298,655) from entities related to the directors.