Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr N A Finding 06/03/2002 Mr H J Mason 04/04/2006 Mr T J Merry 06/04/2011 Dr A G Williams 06/12/2021 07 July 2025 The principal activity of the Company during the financial year was farming, contract farming and agricultural contracting. 04387846 2024-12-31 04387846 bus:Director1 2024-12-31 04387846 bus:Director2 2024-12-31 04387846 bus:Director3 2024-12-31 04387846 bus:Director4 2024-12-31 04387846 2023-12-31 04387846 core:CurrentFinancialInstruments 2024-12-31 04387846 core:CurrentFinancialInstruments 2023-12-31 04387846 core:Non-currentFinancialInstruments 2024-12-31 04387846 core:Non-currentFinancialInstruments 2023-12-31 04387846 core:ShareCapital 2024-12-31 04387846 core:ShareCapital 2023-12-31 04387846 core:RetainedEarningsAccumulatedLosses 2024-12-31 04387846 core:RetainedEarningsAccumulatedLosses 2023-12-31 04387846 core:LandBuildings 2023-12-31 04387846 core:PlantMachinery 2023-12-31 04387846 core:Vehicles 2023-12-31 04387846 core:LandBuildings 2024-12-31 04387846 core:PlantMachinery 2024-12-31 04387846 core:Vehicles 2024-12-31 04387846 6 2024-12-31 04387846 6 2023-12-31 04387846 2024-01-01 2024-12-31 04387846 bus:FilletedAccounts 2024-01-01 2024-12-31 04387846 bus:SmallEntities 2024-01-01 2024-12-31 04387846 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04387846 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04387846 bus:Director1 2024-01-01 2024-12-31 04387846 bus:Director2 2024-01-01 2024-12-31 04387846 bus:Director3 2024-01-01 2024-12-31 04387846 bus:Director4 2024-01-01 2024-12-31 04387846 core:LandBuildings 2024-01-01 2024-12-31 04387846 core:PlantMachinery 2024-01-01 2024-12-31 04387846 core:Vehicles 2024-01-01 2024-12-31 04387846 2023-01-01 2023-12-31 04387846 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 04387846 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 04387846 (England and Wales)

J V FARMING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

J V FARMING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

J V FARMING LIMITED

BALANCE SHEET

As at 31 December 2024
J V FARMING LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,415,487 1,228,152
1,415,487 1,228,152
Current assets
Stocks 4, 5 174,830 195,078
Debtors 6 158,724 73,701
Cash at bank and in hand 226,866 200,753
560,420 469,532
Creditors: amounts falling due within one year 7 ( 351,768) ( 411,034)
Net current assets 208,652 58,498
Total assets less current liabilities 1,624,139 1,286,650
Creditors: amounts falling due after more than one year 8 ( 614,533) ( 498,975)
Provision for liabilities ( 232,949) ( 176,443)
Net assets 776,657 611,232
Capital and reserves
Called-up share capital 90,040 90,040
Profit and loss account 686,617 521,192
Total shareholders' funds 776,657 611,232

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of J V Farming Limited (registered number: 04387846) were approved and authorised for issue by the Board of Directors on 07 July 2025. They were signed on its behalf by:

Mr N A Finding
Director
J V FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
J V FARMING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J V Farming Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of crops and provision of contracting services. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of crops and straight line over the period in which services are provided to customers.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 % reducing balance
Plant and machinery 15 - 25 % reducing balance
Vehicles 20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Biological assets

Biological assets not held for continuing use within the business are classified as current assets and are included within stocks. Such assets are measured at cost less accumulated impairment. Assets within the classification comprise tillages.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Stocks

Stocks comprising agricultural produce (i.e. crops in store) and other stocks such as fuel, sprays and fertiliser are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e. crops in store) harvested from biological assets are measured at the point of harvest. Included within stocks are current biological assets being tillages.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity. Preference shares are classified as equity and are redeemable at the option of the company. 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 the present value basis.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2024 30,213 1,067,050 1,303,326 2,400,589
Additions 0 6,800 659,295 666,095
Disposals 0 ( 177,950) ( 378,271) ( 556,221)
At 31 December 2024 30,213 895,900 1,584,350 2,510,463
Accumulated depreciation
At 01 January 2024 2,669 641,310 528,458 1,172,437
Charge for the financial year 5,509 102,180 173,274 280,963
Disposals 0 ( 97,708) ( 260,716) ( 358,424)
At 31 December 2024 8,178 645,782 441,016 1,094,976
Net book value
At 31 December 2024 22,035 250,118 1,143,334 1,415,487
At 31 December 2023 27,544 425,740 774,868 1,228,152

4. Stocks

2024 2023
£ £
Crops 19,554 27,931
Other stock 155,276 167,147
174,830 195,078

Included within crops are current biological assets as detailed in note 5.

5. Current biological assets

Assets held at cost:

Growing crops Total
£ £
Cost
At 01 January 2024 27,931 27,931
Decrease resulting from harvesting (8,377) (8,377)
At 31 December 2024 19,554 19,554

6. Debtors

2024 2023
£ £
Trade debtors 113,483 47,962
Prepayments and accrued income 33,154 25,739
VAT recoverable 12,087 0
158,724 73,701

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,404 10,149
Trade creditors 54,446 129,026
Other taxation and social security 4,204 9,855
Obligations under finance leases and hire purchase contracts (secured) 277,366 255,894
Other creditors 5,348 6,110
351,768 411,034

The hire purchase agreements are secured against the associated assets.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,401 14,805
Obligations under finance leases and hire purchase contracts (secured) 610,132 484,170
614,533 498,975

The hire purchase agreements are secured against the associated assets.

9. Financial commitments

The total amount of financial commitments not included in the balance sheet is £5,765 (2023 - £52,212). These financial commitments represent non-cancellable operating leases.