| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| J.W.Padfield Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| J.W.Padfield Limited |
| J.W.Padfield Limited (Registered number: 00590809) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| J.W.Padfield Limited |
| Company Information |
| for the Year Ended 31 March 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| J.W.Padfield Limited (Registered number: 00590809) |
| Abridged Balance Sheet |
| 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| J.W.Padfield Limited (Registered number: 00590809) |
| Abridged Balance Sheet - continued |
| 31 March 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| J.W.Padfield Limited (Registered number: 00590809) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| JW Padfield Limited is a private company, limited by shares, registered in England. 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 |
| Turnover |
| Turnover represents the share of partnership profit from farming activities and is invoiced at the year end date. |
| Tangible fixed assets |
| Plant & Machinery - 20% reducing balance |
| Motor Vehicles - 25% reducing balance |
| Tractors & Combines - 15% reducing balance |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Associate undertaking |
| The company has entered into a partnership arrangement with one other individual as set out in the related party note below. This comprises an associated undertaking in accordance with FRS 9. The company takes advantage of the small companies exemption not to prepare group accounts and the appropriate disclosures relating to the associated undertaking are set out in the related party note. |
| J.W.Padfield Limited (Registered number: 00590809) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| Despite positive trading results in terms of arable margin and profit share from J W Padfield Farms, the Company shows a negative current assets position at 31 March 2025 of £103,191 (2024: £228,414). This is due to the large amount of fixed assets held on hire purchase. |
| Overdraft facilities are not currently provided by the bank and there is no set date for renewal of these terms. The Directors believe they will not require any additional facilities in the foreseeable future. |
| This conclusion is arrived at as the Company has the ability to draw down on the investment held within the partnership at 31 March 2025: £587,691 (2024: £723,074). With this ability available, the Directors have reasonable expectations that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing accounts. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| The net value of assets held under hire purchase contracts at 31 March 2025 is £559,112 (2024: £377,661). |
| J.W.Padfield Limited (Registered number: 00590809) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST |
| At 1 April 2024 | 723,074 |
| Additions | (135,383 | ) |
| At 31 March 2025 | 587,691 |
| NET BOOK VALUE |
| At 31 March 2025 | 587,691 |
| At 31 March 2024 | 723,074 |
| The partnership investment relates to an interest held in J W Padfield Farms. Additions in the year are net transactions between the partnership and J W Padfield Limited including the profit share received. |
| 6. | PROVISIONS FOR LIABILITIES |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Deferred tax | 172,084 | 152,668 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2024 |
| Provided during year |
| Balance at 31 March 2025 |
| 7. | CALLED UP SHARE |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.25 | 31.3.24 |
| value: | £ | £ |
| Ordinary | £1 | 10,000 | 10,000 |