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REGISTERED NUMBER: 00590809 (England and Wales)
















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: N W Padfield
Miss S M Corrigan





SECRETARY: N W Padfield





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





REGISTERED NUMBER: 00590809 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
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 4 688,335 610,672
Investments 5 587,691 723,074
1,276,026 1,333,746

CURRENT ASSETS
Debtors - 29,920
Cash at bank 1,171 419
1,171 30,339
CREDITORS
Amounts falling due within one year 104,362 258,753
NET CURRENT LIABILITIES (103,191 ) (228,414 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,172,835

1,105,332

CREDITORS
Amounts falling due after more than one
year

(154,422

)

(98,500

)

PROVISIONS FOR LIABILITIES 6 (172,084 ) (152,668 )
NET ASSETS 846,329 854,164

CAPITAL AND RESERVES
Called up share 7 10,000 10,000
Retained earnings 836,329 844,164
SHAREHOLDERS' FUNDS 846,329 854,164

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

J.W.Padfield Limited (Registered number: 00590809)

Abridged Balance Sheet - continued
31 March 2025


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





N W Padfield - Director


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
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
Turnover represents the share of partnership profit from farming activities and is invoiced at the year end date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 2 (2024 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2024 1,009,416
Additions 284,328
Disposals (178,050 )
At 31 March 2025 1,115,694
DEPRECIATION
At 1 April 2024 398,744
Charge for year 134,123
Eliminated on disposal (105,508 )
At 31 March 2025 427,359
NET BOOK VALUE
At 31 March 2025 688,335
At 31 March 2024 610,672

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 152,668
Provided during year 19,416
Balance at 31 March 2025 172,084

7. CALLED UP SHARE

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.25 31.3.24
value: £    £   
10,000 Ordinary £1 10,000 10,000