Company registration number 00754613 (England and Wales)
J.W.FINDING (FARMS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
J.W.FINDING (FARMS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
J.W.FINDING (FARMS) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
130,314
154,322
Investment properties
5
453,253
453,253
Investments
6
47,762
160,162
631,329
767,737
Current assets
Stocks
8
317,311
540,979
Debtors
9
219,761
766,701
Cash at bank and in hand
2,351,338
309,092
2,888,410
1,616,772
Creditors: amounts falling due within one year
10
(356,810)
(194,894)
Net current assets
2,531,600
1,421,878
Total assets less current liabilities
3,162,929
2,189,615
Creditors: amounts falling due after more than one year
11
(2,233)
(6,700)
Provisions for liabilities
(33,415)
(105,034)
Net assets
3,127,281
2,077,881
Capital and reserves
Called up share capital
12
173,030
173,030
Revaluation reserve
13
130,942
130,942
Other reserves
28,412
28,412
Profit and loss reserves
2,794,897
1,745,497
Total equity
3,127,281
2,077,881

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

J.W.FINDING (FARMS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
N A Finding
Director
Company Registration No. 00754613
J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

J.W.Finding (Farms) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stag Gates House, 63/64 The Avenue, Southampton, Hampshire, SO17 1XS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group. The company and its dormant subsidiary comprise a small sized group. The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts.

1.2
Turnover

Turnover is stated net of VAT and comprises amounts invoiced by the company to outside customers, individual entitlements including those under the Basic Payment Scheme, together with transfers to the production herd at the cost of rearing and the profit or loss on the disposal of animals. Revenue is recognised as earned when the company obtains the right to the consideration.

Rental income is recognised on an accruals basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenants improvements
10% reducing balance
Harvesters, cultivators, tractors and general equipment
20%/15% reducing balance
Fixtures & fittings
10% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Investments consist of shares in listed and unlisted companies and an interest in a limited liability partnership. The unlisted investments include interests in a dormant subsidiary.

 

Investments in listed companies are measured at fair value through the profit and loss account.

 

Unlisted investments are measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses, or reversals of impairment losses, are recognised immediately in the the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stock is made up of biological assets and other stock.

 

Biological assets relate to growing crops and livestock. Growing crops are stated at cost and no depreciation is charged on the basis that the growing crops continue to increase in cost and value. Livestock, including animals forming part of the production herd, is stated at the lower of cost and estimated selling price less costs to sell. No depreciation is charged on livestock as it is considered that the effect of any such charge would not be material to the valuation.

 

Other stock, including harvested agricultural produce, is valued at the lower of cost and estimated selling price less costs to complete and sell.

 

In the case of home produced livestock and agricultural produce, cost is arrived at by taking open market value less a specific percentage of this value, in accordance with the provisions of HM Revenue & Customs guidance HS232.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

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

 

Assets held under finance leases and hire purchase agreements are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments and hire purchase payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss on a straight line basis.

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
229,897
535,945
765,842
Additions
-
0
8,871
8,871
Disposals
-
0
(4,299)
(4,299)
At 30 September 2024
229,897
540,517
770,414
Depreciation and impairment
At 1 October 2023
209,798
401,722
611,520
Depreciation charged in the year
2,010
28,532
30,542
Eliminated in respect of disposals
-
0
(1,962)
(1,962)
At 30 September 2024
211,808
428,292
640,100
Carrying amount
At 30 September 2024
18,089
112,225
130,314
At 30 September 2023
20,099
134,223
154,322
5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
453,253
J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
6
Fixed asset investments
2024
2023
£
£
Investments
47,762
160,162

 

7
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indigo SVG Ltd
Lot #30, Middle Street, Kingstown, St. Vincent & the Grenadines
Ordinary
100.00

During the year Indigo SVG Ltd was incorporated, which is a wholly owned subsidiary of J.W. Finding (Farms) Limited.

 

In addition, Bere Streams Farms Limited was a 100% subsidiary in the prior year. The company was dissolved on 1 October 2024.

 

8
Stocks
2024
2023
£
£
Stocks
317,311
540,979
317,311
540,979

Stocks include biological assets of £3,100 (2023: £122,279).

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
86,676
2,432
Amounts owed by group undertakings
113,962
-
0
Other debtors
19,123
764,269
219,761
766,701
J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
4,467
4,746
Trade creditors
63,823
23,023
Corporation tax
166,581
65,590
Other taxation and social security
-
0
6,859
Other creditors
87,819
-
0
Accruals and deferred income
34,120
94,676
356,810
194,894

Amounts payable under finance lease are secured against the assets concerned.

11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
2,233
6,700

The amounts payable under finance lease are secured against the assets concerned.

12
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
9,400 'A' Ordinary shares of £1 each
9,400
9,400
3,600 'B' Ordinary shares of £1 each
3,600
3,600
13,000
13,000
Preference share capital
Issued and fully paid
39,230 'A' Participating preference shares of £1 each
39,230
39,230
120,800 'B' Participating preference shares of £1 each
120,800
120,800
160,030
160,030

 

13
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
130,942
130,942
J.W.FINDING (FARMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
14
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
585,000
650,000
Lessor

At the reporting end date the company had outstanding commitments for future minimum lease receipts under non-cancellable operating leases as follows:

2024
2023
£
£
79,887
62,228
15
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
N A Finding - Interest free loan
-
172,675
160,072
(311,820)
20,927
172,675
160,072
(311,820)
20,927
16
Related party transactions

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with its wholly owned subsidiary undertakings.

 

The company was previously a member of JV Energen LLP, during the year the LLP was sold. All balances owed from the LLP have been settled for the year, and a gain on disposal has been recognised in the financial statements.

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