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REGISTERED NUMBER: 07361510 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 OCTOBER 2024

FOR

M J GENT FARMS LIMITED

M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M J GENT FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 OCTOBER 2024







DIRECTORS: M J Gent
Mrs S K Gent
Miss M J Gent





REGISTERED OFFICE: Avenue Farm
Avenue Farm Road
Sutton Bridge
Spalding
Lincolnshire
PE12 9QF





REGISTERED NUMBER: 07361510 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)

BALANCE SHEET
30 OCTOBER 2024

30.10.24 30.10.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 253,695 174,972
253,695 174,972

CURRENT ASSETS
Stocks 311,291 207,517
Debtors 6 188,561 343,378
Cash at bank 80,974 7,578
580,826 558,473
CREDITORS
Amounts falling due within one year 7 425,708 333,952
NET CURRENT ASSETS 155,118 224,521
TOTAL ASSETS LESS CURRENT
LIABILITIES

408,813

399,493

CREDITORS
Amounts falling due after more than one
year

8

(64,739

)

(93,151

)

PROVISIONS FOR LIABILITIES (72,200 ) (48,700 )
NET ASSETS 271,874 257,642

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 271,774 257,542
SHAREHOLDERS' FUNDS 271,874 257,642

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

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

M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)

BALANCE SHEET - continued
30 OCTOBER 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 22 July 2025 and were signed on its behalf by:





M J Gent - Director


M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2024

1. STATUTORY INFORMATION

M J Gent Farms 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.

Sugar Beet Quota are being amortised evenly over their estimated useful life of three years.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

The directors consider that leasehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

The directors perform annual impairment reviews in accordance with the requirements of the Financial Reporting Standard 102 to ensure that the recoverable amount is not lower than the carrying value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Sugar
Beet
Quota Entitlements Totals
£    £    £   
COST
At 31 October 2023
and 30 October 2024 940 214 1,154
AMORTISATION
At 31 October 2023
and 30 October 2024 940 214 1,154
NET BOOK VALUE
At 30 October 2024 - - -
At 30 October 2023 - - -

M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)

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

5. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 31 October 2023 8,833 560,342 22,000 591,175
Additions - 133,520 - 133,520
Disposals - (8,040 ) - (8,040 )
At 30 October 2024 8,833 685,822 22,000 716,655
DEPRECIATION
At 31 October 2023 - 408,299 7,904 416,203
Charge for year - 51,131 3,523 54,654
Eliminated on disposal - (7,897 ) - (7,897 )
At 30 October 2024 - 451,533 11,427 462,960
NET BOOK VALUE
At 30 October 2024 8,833 234,289 10,573 253,695
At 30 October 2023 8,833 152,043 14,096 174,972

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 31 October 2023 59,000 22,000 81,000
Transfer to ownership (59,000 ) - (59,000 )
Reclassification/transfer 43,000 - 43,000
At 30 October 2024 43,000 22,000 65,000
DEPRECIATION
At 31 October 2023 44,999 7,906 52,905
Charge for year 10,750 3,523 14,273
Transfer to ownership (44,999 ) - (44,999 )
At 30 October 2024 10,750 11,429 22,179
NET BOOK VALUE
At 30 October 2024 32,250 10,571 42,821
At 30 October 2023 14,001 14,094 28,095

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.10.24 30.10.23
£    £   
Trade debtors 87,318 261,088
Other debtors 101,243 82,290
188,561 343,378

M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.10.24 30.10.23
£    £   
Bank loans and overdrafts 28,000 30,252
Hire purchase contracts (see note 9) 17,479 4,935
Trade creditors 201,533 175,354
Taxation and social security 17,308 35,937
Other creditors 161,388 87,474
425,708 333,952

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.10.24 30.10.23
£    £   
Bank loans 23,370 51,334
Hire purchase contracts (see note 9) 1,369 1,817
Other creditors 40,000 40,000
64,739 93,151

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors' loan accounts 40,000 40,000

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.10.24 30.10.23
£    £   
Net obligations repayable:
Within one year 17,479 4,935
Between one and five years 1,369 1,817
18,848 6,752

Non-cancellable operating leases
30.10.24 30.10.23
£    £   
Within one year 114,694 108,194

M J GENT FARMS LIMITED (REGISTERED NUMBER: 07361510)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

30.10.24 30.10.23
£    £   
Bank overdraft - 2,252
Hire purchase contracts 18,848 36,752
18,848 39,004

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 October 2024 and 30 October 2023:

30.10.24 30.10.23
£    £   
M J Gent and Mrs S K Gent
Balance outstanding at start of year 578 5,509
Amounts advanced 18,268 13,088
Amounts repaid (18,846 ) (18,019 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 578

E F Gent Deceased
Balance outstanding at start of year 5,245 3,077
Amounts advanced 5,196 5,245
Amounts repaid (10,441 ) (3,077 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,245