IRIS Accounts Production v25.3.0.601 00239575 Board of Directors 1.3.24 28.2.25 28.2.25 true false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 00239575 2024-02-29 00239575 2025-02-28 00239575 2024-03-01 2025-02-28 00239575 2023-02-28 00239575 2023-03-01 2024-02-29 00239575 2024-02-29 00239575 ns15:EnglandWales 2024-03-01 2025-02-28 00239575 ns14:PoundSterling 2024-03-01 2025-02-28 00239575 ns10:Director1 2024-03-01 2025-02-28 00239575 ns10:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 00239575 ns10:SmallEntities 2024-03-01 2025-02-28 00239575 ns10:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 00239575 ns10:SmallCompaniesRegimeForDirectorsReport 2024-03-01 2025-02-28 00239575 ns10:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 00239575 ns10:FullAccounts 2024-03-01 2025-02-28 00239575 ns10:Director2 2024-03-01 2025-02-28 00239575 ns10:Director3 2024-03-01 2025-02-28 00239575 ns10:CompanySecretary1 2024-03-01 2025-02-28 00239575 ns10:RegisteredOffice 2024-03-01 2025-02-28 00239575 ns5:CurrentFinancialInstruments 2025-02-28 00239575 ns5:CurrentFinancialInstruments 2024-02-29 00239575 ns5:ShareCapital 2025-02-28 00239575 ns5:ShareCapital 2024-02-29 00239575 ns5:RetainedEarningsAccumulatedLosses 2025-02-28 00239575 ns5:RetainedEarningsAccumulatedLosses 2024-02-29 00239575 ns5:LandBuildings 2024-02-29 00239575 ns5:PlantMachinery 2024-02-29 00239575 ns5:FurnitureFittings 2024-02-29 00239575 ns5:MotorVehicles 2024-02-29 00239575 ns5:LandBuildings 2024-03-01 2025-02-28 00239575 ns5:PlantMachinery 2024-03-01 2025-02-28 00239575 ns5:FurnitureFittings 2024-03-01 2025-02-28 00239575 ns5:MotorVehicles 2024-03-01 2025-02-28 00239575 ns5:LandBuildings 2025-02-28 00239575 ns5:PlantMachinery 2025-02-28 00239575 ns5:FurnitureFittings 2025-02-28 00239575 ns5:MotorVehicles 2025-02-28 00239575 ns5:LandBuildings 2024-02-29 00239575 ns5:PlantMachinery 2024-02-29 00239575 ns5:FurnitureFittings 2024-02-29 00239575 ns5:MotorVehicles 2024-02-29 00239575 ns5:CostValuation 2024-02-29 00239575 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-02-28 00239575 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-02-29

REGISTERED NUMBER: 00239575 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 28 February 2025 |

| for |

| J.L. Farms Limited |

| J.L. Farms Limited (Registered number: 00239575) |

Contents of the Financial Statements

for the Year Ended 28 February 2025

Page |

| Company Information | 1 |

| Chartered Accountants' Report | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 4 |

| J.L. Farms Limited |

Company Information

for the Year Ended 28 February 2025

| DIRECTORS: | J L van Geest

| Miss F H van Geest

| Mrs A J Morris

| SECRETARY: | Camamile Limited

| REGISTERED OFFICE: | Fulney Farm Centre

| Rangell Gate

| Low Fulney

| Spalding

| Lincolnshire

| PE12 6EW

| REGISTERED NUMBER: | 00239575 (England and Wales)

| ACCOUNTANTS: | Wright Vigar Limited

| Chartered Accountants & Business Advisers

| 15 Newland

| Lincoln

| Lincolnshire

| LN1 1XG

| SOLICITORS: | Roythorne Solicitors

| Enterprise Way

| Spalding

| Lincolnshire

| PE11 3YR

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

J.L. Farms Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J.L. Farms Limited for the year ended 28 February 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of J.L. Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J.L. Farms Limited and state those matters that we have agreed to state to the Board of Directors of J.L. Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.L. Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J.L. Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J.L. Farms Limited. You consider that J.L. Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J.L. Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

20 October 2025

| J.L. Farms Limited (Registered number: 00239575) |

Balance Sheet

28 February 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 3,723,572 |  | 4,002,762 |  |

Investments | 5 | 47,062 |  | 47,062 |  |

3,770,634 |  | 4,049,824 |  |

CURRENT ASSETS

Stocks | 447,624 |  | 660,532 |  |

Debtors | 6 | 1,156,229 |  | 299,283 |  |

Cash at bank and in hand | 1,867,671 |  | 2,107,751 |  |

3,471,524 |  | 3,067,566 |  |

CREDITORS

Amounts falling due within one year | 7 | 882,556 |  | 923,457 |  |

NET CURRENT ASSETS | 2,588,968 |  | 2,144,109 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,359,602 |  | 6,193,933 |  |

PROVISIONS FOR LIABILITIES | 154,552 |  | - |  |

NET ASSETS | 6,205,050 |  | 6,193,933 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 6,920,644 |  | 6,920,644 |  |

Retained earnings | (715,594 | ) | (726,711 | ) |

SHAREHOLDERS' FUNDS | 6,205,050 |  | 6,193,933 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2025 and were signed on its behalf by:

J L van Geest - Director

| J.L. Farms Limited (Registered number: 00239575) |

Notes to the Financial Statements

for the Year Ended 28 February 2025

1. | STATUTORY INFORMATION

| J.L. Farms Limited is a private company, limited by shares , registered in England and Wales. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Freehold Land & Houses |  | - |  | Not depreciated |  |

| Buildings & Capitalised Property Improvements |  | - |  | Straight Line over 25 years |  |

| Motor Vehicles & Car Trailers |  | - |  | 25% Reducing Balance |  |

| Tractors & Self-Propelled Machinery |  | - |  | 20% Reducing Balance |  |

| Farm Plant & Machinery |  | - |  | 15% Reducing Balance |  |

| Office Equipment & Computers |  | - |  | Straight Line over 4 years |  |

| Solar Panels |  | - |  | Straight Line over 20 years |  |

| Field Drainage |  | - |  | Straight Line over 20 years |  |

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

| 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 taxation

| Deferred tax is recognised in respect of all material 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.

| J.L. Farms Limited (Registered number: 00239575) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

2. | ACCOUNTING POLICIES - continued

| Investments

| Shares in subsidiaries are stated at cost less provision for diminution in value. Investments held as current assets are stated at the lower of cost or net realisable value.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 6 (2024 - 5 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Land and |  | Plant and |  | and |  | Motor |

| Buildings |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 March 2024 | 3,711,016 |  | 1,109,031 |  | 5,477 |  | 75,327 |  | 4,900,851 |  |

| Additions | 24,669 |  | 11,096 |  | 849 |  | - |  | 36,614 |  |

| Disposals | (70,752 | ) | (95,472 | ) | (1,927 | ) | - |  | (168,151 | ) |

| At 28 February 2025 | 3,664,933 |  | 1,024,655 |  | 4,399 |  | 75,327 |  | 4,769,314 |  |

| DEPRECIATION

| At 1 March 2024 | 591,808 |  | 252,587 |  | 3,396 |  | 50,298 |  | 898,089 |  |

| Charge for year | 35,036 |  | 147,241 |  | 744 |  | 6,615 |  | 189,636 |  |

| Eliminated on disposal | (70,468 | ) | 30,412 |  | (1,927 | ) | - |  | (41,983 | ) |

| At 28 February 2025 | 556,376 |  | 430,240 |  | 2,213 |  | 56,913 |  | 1,045,742 |  |

| NET BOOK VALUE

| At 28 February 2025 | 3,108,557 |  | 594,415 |  | 2,186 |  | 18,414 |  | 3,723,572 |  |

| At 29 February 2024 | 3,119,208 |  | 856,444 |  | 2,081 |  | 25,029 |  | 4,002,762 |  |

| Included in cost of land and buildings is freehold land of £ 1,974,752 (2024 - £ 1,974,752 ) which is not depreciated.

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 715,346 |  |

| PROVISIONS

| At 1 March 2024

| and 28 February 2025 | 668,284 |  |

| NET BOOK VALUE

| At 28 February 2025 | 47,062 |  |

| At 29 February 2024 | 47,062 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 296,724 |  | 136,211 |  |

| Amounts owed by group undertakings | 750,483 |  | 47,166 |  |

| Other debtors | 109,022 |  | 115,906 |  |

1,156,229 |  | 299,283 |  |

| J.L. Farms Limited (Registered number: 00239575) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 14,140 |  | 69,995 |  |

| Amounts owed to group undertakings | 29,008 |  | 28,024 |  |

| Taxation and social security | 127,053 |  | 11,910 |  |

| Other creditors | 712,355 |  | 813,528 |  |

882,556 |  | 923,457 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: |  | Class: |  | Nominal |  | 2025 |  |  | 2024 |  |

|  | value: |  | £ |  |  | £ |  |

| 70,644 |  | 'A' Ordinary |  | £1 |  | 70,644 |  |  | 70,644 |  |

| 1,200,000 |  | 'B' Ordinary |  | £1 |  | 1,200,000 |  |  | 1,200,000 |  |

| 900,000 |  | 'C' Ordinary |  | £1 |  | 900,000 |  |  | 900,000 |  |

| 2,500,000 |  | Redeemable Preference |  | £1 |  | 2,500,000 |  |  | 2,500,000 |  |

| 2,250,000 |  | Redeemable Preference 2014 |  | £1 |  | 2,250,000 |  |  | 2,250,000 |  |

|  | 6,920,644 |  |  | 6,920,644 |  |

| The voting rights of the different classes of share capital are as follows:

|  | 'A' Ordinary Shares |  | 100 votes per share |

|  | 'B' Ordinary Shares |  | 1 vote per share |

|  | 'C' Ordinary Shares |  | 1 vote per share |

|  | Redeemable Preference Shares |  | 1 vote per share |

|  | Redeemable Preference Shares 2014 |  | 1 vote per share |

| On a return of assets on liquidation, surplus assets shall be applied firstly to the holders of 'C' Ordinary Shares a sum equal to the amounts paid up, secondly to the holders of Preference Shares and Redeemable Preference Shares 2014 the amounts paid up, and thirdly to the holders of 'A' & 'B' Ordinary Shares (pari passu) the amounts paid up. Thereafter the balance of such assets shall be distributed amongst the Shareholders pro rata to the amounts paid up. The holders of the Redeemable Preferred Shares and the Redeemable Preference Shares 2014 are not entitled to received notice of or to attend at general meetings of the company.

9. | EVENT AFTER THE REPORTING DATE - SHARE CAPITAL REDUCTION

| Subsequent to the reporting date, the company undertook a reduction in its share capital through the redemption and payout of shares. The total capital reduction amounted to £2,000,000. This transaction was executed in accordance with the terms set out in the respective share agreements and approved by the board of directors.

| The redemption was funded through available reserves and did not impact the company's ability to meet its ongoing financial obligations. The reduction in share capital will be reflected in the next reporting period and has no material effect on the company's operational capacity or strategic direction.

10. | DEPRECIATION ADJUSTMENT - CHANGE IN ACCOUNTING ESTIMATE

| During the current financial year, management identified that despite them changing the accounting estimates with regards to depreciation of Farm Plant and Machinery and Tractor and Self-Propelled Machinery in prior periods this was never actually actioned in the actual charges recognised.

| The omission has been corrected in the current year’s financial statements. In accordance with FRS 102 Section 10, the adjustment has been recognised in the current year as retrospective restatement of prior periods was deemed impracticable or unnecessary.

| Impact on Current Year:

| - Depreciation expense has increased by £26,489.

| - Profit before tax has been reduced by £26,489.

| - Net book value of the asset has been adjusted accordingly.

| Management has reviewed the depreciation policy to ensure appropriate application going forward.