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Registered number:
AUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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FARMER J LIMITED
COMPANY INFORMATION
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FARMER J LIMITED
CONTENTS
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FARMER J LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024
The directors present their strategic report for the 52 week period ending 29 December 2024.
Farmer J is a quick service restaurant group operating in the UK, with a focus on providing freshly prepared, seasonal and balanced meals. The business is centred around our signature "Fieldtrays," designed to offer high-quality food served quickly, at an accessible price point.
Our strategy is built on three core pillars: • Growth of our restaurant portfolio in high-footfall urban locations. • Commitment to fresh, responsibly sourced ingredients, working with trusted suppliers across the UK. • Focus on customer experience, blending convenience with quality and consistency. The Group continues to strengthen its presence in London and surrounding areas, targeting locations that benefit from high density of office workers, commuters and local residents. Business Model Farmer J generates revenue through direct sales in restaurants and delivery channels. Our business model is underpinned by: • A centralised kitchen and supply chain, ensuring quality control and efficiency. • Strong brand positioning in the premium fast-casual sector, appealing to health-conscious consumers. • Multi-channel sales including eat-in, takeaway and delivery partnerships. Review of the Year The Group has delivered another year of strong growth, with revenue increasing circa 56% compared with the prior year, reflecting both new restaurant openings and continued like-for-like sales growth. Highlights included: • Opening of three new restaurants, bringing the total estate to thirteen. • Continued investment in digital ordering platforms, enhancing customer convenience. • Strong demand across delivery channels, which now account for circa 25% of sales. The business has also taken steps to manage inflationary pressures, particularly food and energy costs, through supplier negotiations, menu optimisation and operational efficiencies.
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FARMER J LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
The Group faces risks and uncertainties which could affect future performance, including:
• Consumer demand risk: discretionary spending is sensitive to macroeconomic conditions and cost-of- living pressures. • Supply chain and inflation risk: fluctuations in food, labour and energy costs may impact margins. • Operational risk: ensuring consistent quality and service standards across a growing estate. • Regulatory risk: compliance with food safety, employment and environmental legislation. Mitigating actions include diversified sourcing arrangements, continuous menu engineering, rigorous training programmes and strong financial controls.
The directors monitor sales and profitability of the Company which are shown on the face of the consolidated statement of income and retained earnings. The directors also monitor non-financial items. Key Performance Indicators (KPIs) monitored by the Board include:
• Like-for-like sales growth • Restaurant contribution margin • Customer satisfaction scores • Employee retention and engagement levels The Directors receive regular updates on progress against key performance indicators.
The Directors of Farmer J Limited are mindful of their duty under section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to:
- the likely consequences of any decision in the long term; - the interests of the Company’s employees; - the need to foster business relationships with suppliers, customers and others; - the impact of the Company’s operations on the community and the environment; - the desirability of the Company maintaining a reputation for high standards of business conduct; and - the need to act fairly between members of the Company.
This report was approved by the board and signed on its behalf.
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FARMER J LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024
The directors present their report and the financial statements for the 52 week period ending 29 December 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The results for the period are set out in the statement of income and retained earnings on page 10.
2024 was another strong year for the business, and we saw sales grow by 56% and company EBITDA increase by circa 240%. After accounting for pre-opening costs, exceptional costs depreciation, amortisation and interest costs, the loss for the year amounted to £879,609 (2023: £703,230). The Directors do not recommend the payment of a dividend for 52 week period ending 29 December 2024 (2023: £nil). Review of Business A review of the business, including key developments during the year and an indication of likely future developments, is set out in the Strategic Report.
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FARMER J LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
The directors who served during the period and up to the date of approval of these financial statements were:
The Group intends to continue expanding its restaurant footprint in London and other major UK cities. Investment will also be directed towards strengthening the digital ordering experience, enhancing operational systems, and developing leadership capability within the organisation to support scale.
Sustainability remains a priority, with ongoing initiatives to reduce food waste, increase use of recyclable packaging, and work closely with suppliers on responsible sourcing practices. In the first quarter of 2025 a further two Farmer J sites were open in London, with a further three sites secured and to be open by the end of 2025 in London. A site in New York has also been secured and is due to open by the end of 2025. By the end of 2025 we expect to have 18 sites open in the UK and one in USA. The business continues to develop the site pipeline and expect to roll out a further six sites in the UK in 2026 as well as an additional site in New York. To ensure the business is sufficiently capitalised to deliver the growth plan, a revolving credit facility has been secured with our bank, and we have raised further equity in a funding round which closed in the summer of 2025.
The Group recognises that the dedication and engagement of its employees are critical to its success. Regular communication, training, and development programmes are in place to support staff across all restaurants and head office functions. The Group continues to invest in leadership development and wellbeing initiatives.
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FARMER J LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
The Directors value strong relationships with suppliers and customers, and recognise their importance to the long-term success of the business. The Group maintains regular engagement with key stakeholders, ensuring open communication and alignment with its sustainability and quality commitments.
Going Concern The Directors have reviewed forecasts and projections, taking account of current trading performance and the principal risks and uncertainties facing the business. Based on this review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements are prepared on a going concern basis.
The company opened a further two sites as well as securing a further three sites in London and one in New York, USA.
The company secured a rolling credit facility with HSBC. The company successfully secured additional equity from existing and new investors to ensure the company is sufficiently capitalised to continue to expand both in the UK and USA.
The auditors, Wellers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Wellers have indicated their willingness to continue in office. A resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board and signed on its behalf.
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FARMER J LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED
We have audited the financial statements of Farmer J Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 29 December 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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FARMER J LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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FARMER J LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)
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FARMER J LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the key laws and regulations that are applicable to the company. We determined that the most significant laws and regulations in the context of the financial statements included but were not limited to the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation. We also assessed which areas of the financial statements are more susceptible to misstatement. We considered the opportunities and incentives that may exist within the organisation for fraud, and identified the greatest potential for fraud in revenue recognition, particularly in respect of any manual adjustments made to revenue outside of the day to day recording of transaction and also the potential for off balance sheet items to be considered on balance sheet. We are also mandated to perform specific procedures under ISAs (UK) to respond to the risk of management override. The primary responsibility for the prevention and detection of fraud and irregularities rests with those charged with governance of the company and management. We are not responsible for preventing irregularities. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience; • Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • Making enquiries of management regarding any instances of known or suspected fraud or non- compliance with laws and regulations, as well as any actual or potential litigation and claims; • Gaining an understanding of the design and implementation of the processes and controls in place within the company which are designed to prevent, detect or correct fraud or error within the financial statements.
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FARMER J LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we: • Reviewed correspondence with legal and regulatory bodies where applicable; • Performed analytical procedures to identify any unusual or unexpected relationships; • Reviewed the detail of certain nominal accounts for indications of management override;; • Identified and tested journal entries which we considered to be unusual and may be indicative of bias on the part of management or those charged with governance, investigating the rationale behind significant or unusual transactions; • Reviewed the minutes of meetings of management and those charged with governance; In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • We agreed the financial statements disclosures to underlying supporting documentation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Accountants
Statutory Auditors
1 Vincent Square
SW1P 2PN
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FARMER J LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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FARMER J LIMITED
REGISTERED NUMBER: 09266719
CONSOLIDATED BALANCE SHEET
AS AT 29 DECEMBER 2024
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FARMER J LIMITED
REGISTERED NUMBER: 09266719
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 29 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 45 form part of these financial statements.
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FARMER J LIMITED
REGISTERED NUMBER: 09266719
COMPANY BALANCE SHEET
AS AT 29 DECEMBER 2024
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FARMER J LIMITED
REGISTERED NUMBER: 09266719
COMPANY BALANCE SHEET (CONTINUED)
AS AT 29 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 45 form part of these financial statements.
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FARMER J LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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FARMER J LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
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FARMER J LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 29 DECEMBER 2024
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Farmer J Limited is a limited company, incorporated in the United Kingdom under the Companies Act. The registered office address is 3rd Floor, The Coade, 98 Vauxhall Walk, SE11 5EL.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2015.
The Group recorded a loss of £872,692 (2023: £703,230) for the period ended 29 December 2024 and had net current assets of £6,418,186 (2023: £1,600,436) at the balance sheet date.
The Group continues to meet its day to day working requirements from loans leveraged by the company and to associated business interests. The Group is therefore dependent upon repayment of those loans to continue as a going concern. The directors are satisfied that they can continue to finance the operations of the business in this manner and enable the company to achieve profitability. Accordingly, the directors consider it appropriate to prepare these accounts on a going concern basis.
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
The items in the financial statements where these adjustments have been made include the useful life of fixed assets and accruals for invoices not yet received at the year end.
Page 24
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Analysis of turnover by country of destination:
Page 25
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 26
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 27
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
11.Taxation (continued)
The company has tax losses of £8,711,009 to offset against future profits.
Page 28
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 29
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
12.Intangible assets (continued)
Page 30
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 31
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
13.Tangible fixed assets (continued)
Page 32
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
13.Tangible fixed assets (continued)
Page 33
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
13.Tangible fixed assets (continued)
Page 34
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 35
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 36
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Subsidiary undertakings (continued)
Page 37
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 38
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 39
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 40
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 41
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
During the period:
1,166 Ordinary shares of £0.01 each were issued 175 Ordinary shares of £0.01 each were issued at a premium of £8.75 per share 1,051 Ordinary shares of £0.01 each were issued at a premium of £191 per share 2,386 Ordinary shares of £0.01 each were issued at a premium of £225 per share 206 Ordinary shares of £0.01 each were issued at a premium of £255 per share 228 Ordinary shares of £0.01 each were issued at a premium of £329.36 per share 12,509 Ordinary shares of £0.01 each were issued at a premium of £439.67 per share
Share premium account
Other reserves
Profit and loss account
Page 42
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Page 43
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
A contingent liability with regards to the lease dilapidation provisions have been considered in detail, however a reliable estimate has not been arrived at nor adjusted in the accounts. Due to the nature of the lease works the Directors do not expect these to represent significant costs to the company.
The Group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,701 (2023: £56,345). Contributions totaling £2,671 (2023: £10,676) were payable to the fund at the balance sheet date and are included in creditors.
Page 44
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FARMER J LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
The company has taken the exemptions provided under s402 of the Companies Act 2006, whereby under s405 the following subsidiary undertaking are not material for the purpose of giving a true and fair view:
Farmer J (Jubilee Place) Limited Farmer J (Leadenhall) Limited Farmer J (London Bridge) Limited Farmer J (Paternoster Square) Ltd Farmer J (Regent Street) Ltd Farmer J (Fenchurch Street) Limited Farmer J (Holborn) Limited Farmer J (North Audley St) Ltd Farmer J (Orchard Place) Ltd Farmer J (Piccadilly) Ltd Farmer J (Hammersmith) Ltd The company secured a rolling credit facility with HSBC. The company successfully secured additional equity from existing and new investors to ensure the company is sufficiently capitalised to continue to expand both in the UK and USA.
The ultimate controlling party is J Recanati, by virtue of his significant control and influence over the business.
Page 45
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