REGISTERED NUMBER: 00574466 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2025

for

J.F.Temple & Son Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

5

-

-

Tangible assets

6

1,169,480

1,260,475

Investments

7

32,082

30,174

Investment property

8

595,000

595,000

1,796,562

1,885,649

Current assets

Stocks

349,072

391,877

Debtors

9

159,483

188,351

Cash at bank and in hand

330,446

427,687

839,001

1,007,915

Creditors

Amounts falling due within one year

10

(112,468

)

(130,264

)

Net current assets

726,533

877,651

Total assets less current liabilities

2,523,095

2,763,300

Provisions for liabilities

(255,104

)

(279,277

)

Net assets

2,267,991

2,484,023

Capital and reserves

Called up share capital

20,000

20,000

Retained earnings

2,247,991

2,464,023

2,267,991

2,484,023

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

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

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 1 September 2025 and were signed on its behalf by:

Dr S J Temple - Director

Dr C M Temple - Director

1.	Statutory information

J.F.Temple & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00574466

Registered office:

Copys Green Farm

Wighton

Wells-Next-The-Sea

Norfolk

NR23 1NY

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

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible fixed assets are in respect of milk quota purchased.

The milk quota is stated at its recoverable amount after a write down as a result of an impairment review.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increased in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 10%, 25%, 33.3% Reducing Balance

Motor Vehicles - 25% Reducing Balance

Freehold Property - 10%, 25% Reducing Balance

Freehold Land held within Freehold Property is held at cost or valuation of the asset and is not depreciated.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Investments in subsidiaries

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Investment property

Investment property is initially recorded at cost, which included purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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.

4.	Employees and directors

The average number of employees during the year was 12 (2024 - 12 ) .

5.	Intangible fixed assets

Milk and

sugar beet

quota

£

Cost

At 1 February 2024

and 31 January 2025

218,864

Amortisation

At 1 February 2024

and 31 January 2025

218,864

Net book value

At 31 January 2025

-

At 31 January 2024

-

6.	Tangible fixed assets

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Cost

At 1 February 2024

954,925

2,000,142

119,976

3,075,043

Additions

20,715

14,481

-

35,196

Disposals

-

(49,153

)

-

(49,153

)

At 31 January 2025

975,640

1,965,470

119,976

3,061,086

Depreciation

At 1 February 2024

359,223

1,353,388

101,957

1,814,568

Charge for year

16,364

95,664

4,505

116,533

Eliminated on disposal

-

(39,495

)

-

(39,495

)

At 31 January 2025

375,587

1,409,557

106,462

1,891,606

Net book value

At 31 January 2025

600,053

555,913

13,514

1,169,480

At 31 January 2024

595,702

646,754

18,019

1,260,475

At 31 January 2020 two freehold properties were reclassified as investment properties and revalued by Cruso & Wilkin to a market value of £595,000. The directors consider that this remains the market value as at 31 January 2025.

A deferred tax provision has been included on the revaluation of the investment properties. As at 31 January 2025 a provision of £109,753 (2024: 128,194) was included in the total deferred tax provision.

7.	Fixed asset investments

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

Cost or valuation

At 1 February 2024

120

30,054

30,174

Revaluations

-

1,908

1,908

At 31 January 2025

120

31,962

32,082

Net book value

At 31 January 2025

120

31,962

32,082

At 31 January 2024

120

30,054

30,174

Cost or valuation at 31 January 2025 is represented by:

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

Valuation in 2022

120

26,097

26,217

Valuation in 2023

-

2,091

2,091

Valuation in 2024

-

1,866

1,866

Valuation in 2025

-

1,908

1,908

120

31,962

32,082

8.	Investment property

Total

£

Fair value

At 1 February 2024

595,000

Additions

6,960

Revaluations

(6,960

)

At 31 January 2025

595,000

Net book value

At 31 January 2025

595,000

At 31 January 2024

595,000

Fair value at 31 January 2025 is represented by:

£

Valuation in 2020

595,000

9.

Debtors: amounts falling due within one year

31.1.25

31.1.24

£

£

Trade debtors

108,793

141,672

Other debtors

50,690

46,679

159,483

188,351

10.

Creditors: amounts falling due within one year

31.1.25

31.1.24

£

£

Trade creditors

54,838

29,808

Tax

-

3,904

Social security and other taxes

7,896

7,071

Other creditors

1,238

1,207

Directors' loan accounts

32,464

62,572

Accrued expenses

16,032

25,702

112,468

130,264

11.	Financial instruments

The carrying amount for each category of financial instrument is as follows:

2025

2024

£

£

Financial assets measured at fair value through profit or loss

627,082

625,174