REGISTERED NUMBER: 01805914 (England and Wales)

J. E. G. FARMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E Grant

Miss A E Grant

W J Grant

SECRETARY:

Mrs E Grant

REGISTERED OFFICE:

Fold Hill

Old Leake

Boston

Lincolnshire

PE22 9PJ

REGISTERED NUMBER:

01805914 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe

Chartered Certified Accountants

The Old Vicarage

Church Close

Boston

Lincolnshire

PE21 6NA

FIXED ASSETS

Intangible assets

3

2,059

2,229

Tangible assets

4

5,216,314

2,447,952

5,218,373

2,450,181

CURRENT ASSETS

Stocks

1,105,256

1,388,998

Debtors

5

1,820,964

2,787,044

Cash at bank

76,814

820,945

3,003,034

4,996,987

CREDITORS

Amounts falling due within one year

1,642,541

3,096,024

NET CURRENT ASSETS

1,360,493

1,900,963

TOTAL ASSETS LESS CURRENT LIABILITIES

6,578,866

4,351,144

CREDITORS

Amounts falling due after more than one year

6

(2,252,502

)

(442,777

)

PROVISIONS FOR LIABILITIES

(215,379

)

(103,876

)

NET ASSETS

4,110,985

3,804,491

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,110,885

3,804,391

SHAREHOLDERS' FUNDS

4,110,985

3,804,491

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

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

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 December 2024 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 26 September 2025 and were signed on its behalf by:

Mrs E Grant - Director

1.	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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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

Intangible fixed assets and amortisation

Entitlements are stated at cost, less amortisation. They have been amortised over the estimated economic life of ten 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.

Buildings - 20% on cost

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 10% on reducing balance

Solar system - 4% on cost

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the financial charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

No director is accruing benefits in the money purchase scheme.

Valuation

Stocks and farm valuation are prepared by Brown & Co, Chartered Surveyor & Valuer, Holland House, 16 High Street, Spalding. The basis of valuation is cost of production and is consistent with Statement of Standard Accounting Practice No 9 and Business Economic Note No 19.

Rents receivable

Amounts received as rental for land temporarily not farmed by the company are recognised on a straight line basis over the term of the lease.

Government grants

Grants received to fund the purchase of tangible fixed assets are included within provisions as deferred assets, and are credited to the profit and loss account over the expected useful lives of the related assets.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

and 31 December 2024

23,689

AMORTISATION

At 1 January 2024

21,460

Amortisation for year

170

At 31 December 2024

21,630

NET BOOK VALUE

At 31 December 2024

2,059

At 31 December 2023

2,229

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

5,572,513

Additions

3,124,937

Disposals

(1,603,966

)

Reclassification/transfer

(80,399

)

At 31 December 2024

7,013,085

DEPRECIATION

At 1 January 2024

3,124,561

Charge for year

254,932

Transfer to ownership

(1,502,323

)

Reclassification/transfer

(80,399

)

At 31 December 2024

1,796,771

NET BOOK VALUE

At 31 December 2024

5,216,314

At 31 December 2023

2,447,952

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2024

146,000

Additions

1,032,500

Transfer to ownership

(146,000

)

At 31 December 2024

1,032,500

DEPRECIATION

At 1 January 2024

36,500

Charge for year

142,156

Transfer to ownership

(36,500

)

At 31 December 2024

142,156

NET BOOK VALUE

At 31 December 2024

890,344

At 31 December 2023

109,500

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other debtors

619,500

619,500

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2024

2023

£

£

Repayable by instalments

Bank loans more 5 yr by instal

1,721,499

353,572

7.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

1,961,638

463,959

Hire purchase contracts

456,986

81,000

2,418,624

544,959

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mrs E Grant

Balance outstanding at start of year

169,933

94,922

Amounts advanced

-

75,011

Amounts repaid

(169,933

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

169,933

W J Grant

Balance outstanding at start of year

420

-

Amounts advanced

-

420

Amounts repaid

(420

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

420

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the estate of Mr J E Grant deceased by virtue of his shareholding in the company.