Company No: 03369331 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	3,713,416		3,901,286
Biological assets	5	185,052		190,030
Investments	6	690		690
		3,899,158		4,092,006
Current assets
Stocks	7	1,582,905		1,491,238
Debtors	8	275,831		1,474,738
Cash at bank and in hand		9,627		877
		1,868,363		2,966,853
Creditors: amounts falling due within one year	9	( 2,872,618)		( 2,205,447)
Net current (liabilities)/assets		(1,004,255)		761,406
Total assets less current liabilities		2,894,903		4,853,412
Creditors: amounts falling due after more than one year	10	( 2,207,209)		( 2,537,107)
Provision for liabilities		( 15,300)		( 309,502)
Net assets		672,394		2,006,803
Capital and reserves
Called-up share capital		150,000		150,000
Profit and loss account		522,394		1,856,803
Total shareholders' funds		672,394		2,006,803

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of AJB Farming Ltd (registered number: 03369331) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Mr H Butler Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AJB Farming Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bromham House Farm, Bromham, Chippenham, SN15 2DX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Biological assets

The Company measures biological assets at cost less accumulated depreciation and accumulated impairment losses as follows:

Biological assets - 10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 October 2023	80,000		80,000
Disposals	( 80,000)		( 80,000)
At 30 September 2024	0		0
Accumulated amortisation
At 01 October 2023	80,000		80,000
Disposals	( 80,000)		( 80,000)
At 30 September 2024	0		0
Net book value
At 30 September 2024	0		0
At 30 September 2023	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 October 2023	2,759,099		2,004,447		92,568		4,856,114
Additions	0		42,475		9,500		51,975
Disposals	0		( 40,865)		0		( 40,865)
At 30 September 2024	2,759,099		2,006,057		102,068		4,867,224
Accumulated depreciation
At 01 October 2023	95,821		803,692		55,315		954,828
Charge for the financial year	14,668		179,370		12,550		206,588
Disposals	0		( 7,608)		0		( 7,608)
At 30 September 2024	110,489		975,454		67,865		1,153,808
Net book value
At 30 September 2024	2,648,610		1,030,603		34,203		3,713,416
At 30 September 2023	2,663,278		1,200,755		37,253		3,901,286

5. Biological assets

	2024
	£
Biological assets at cost	185,052

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 October 2023	266,205		266,205
Increase due to purchases/ transfers in	32,200		32,200
Decrease attributable to sales/ transfers out	( 54,486)		( 54,486)
At 30 September 2024	243,919		243,919
Accumulated depreciation
At 01 October 2023	76,175		76,175
Charge for the financial year	9,703		9,703
Decrease attributable to sales/ transfers out	( 27,011)		( 27,011)
At 30 September 2024	58,867		58,867
Net book value
At 30 September 2024	185,052		185,052
At 30 September 2023	190,030		190,030

6. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 October 2023	690		690
At 30 September 2024	690		690
Carrying value at 30 September 2024	690		690
Carrying value at 30 September 2023	690		690

7. Stocks

	2024		2023
	£		£
Stocks	1,582,905		1,491,238

8. Debtors

	2024		2023
	£		£
Trade debtors	62,491		54,750
Amounts owed by directors	35,126		0
Prepayments and accrued income	113,741		132,066
VAT recoverable	0		6,926
Other debtors	64,473		1,280,996
	275,831		1,474,738

9. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	1,182,717		886,925
Trade creditors	1,396,842		917,200
Taxation and social security	11,848		87,202
Obligations under finance leases and hire purchase contracts	187,884		215,403
Other creditors	93,327		98,717
	2,872,618		2,205,447

10. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured £ 2,086,737)	2,094,043		2,239,200
Obligations under finance leases and hire purchase contracts (secured)	113,166		297,907
	2,207,209		2,537,107

The bank loans are secured by way of fixed and floating charges over all assets held by the company.

The hire purchase contracts are secured against the assets to which they relate.

11. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Mr & Mrs D Butler	35,126		0

In the year the directors received advances of £157,771 and made repayments of £122,645. Where appropriate, interest has been charged at the official HMRC rate.

Other related party transactions

Included within other debtors is a loan owed from an associated company of £64,473 (2023 £82,073). The loan is interest free and repayable on demand.

Included within other debtors is a loan owed from an associated company of £nil (2023 £1,198,923). The loan was interest free and repayable on demand. This loan has been written off in the year to the profit and loss account as an exceptional item. The associated company has been placed into administration and the full amount of £1,528,977, owing at the time of administration, has been deemed irrecoverable.