Company No: 04685119 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,417,011		620,634
Investment property	4	1,064,951		1,064,951
Investments	5	0		205,840
		2,481,962		1,891,425
Current assets
Stocks	6	72,069		82,408
Debtors	7	97,365		112,397
Cash at bank and in hand		61,594		115,226
		231,028		310,031
Creditors: amounts falling due within one year	8	( 1,012,119)		( 369,126)
Net current liabilities		(781,091)		(59,095)
Total assets less current liabilities		1,700,871		1,832,330
Provision for liabilities		( 66,137)		( 87,950)
Net assets		1,634,734		1,744,380
Capital and reserves
Called-up share capital		4		4
Share premium account		58,998		58,998
Fair value reserve		115,972		122,544
Profit and loss account		1,459,760		1,562,834
Total shareholders' funds		1,634,734		1,744,380

For the financial year ending 31 March 2025 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 Profit and Loss Account has not been delivered.

The financial statements of J L Bryce Farms Limited (registered number: 04685119) were approved and authorised for issue by the Board of Directors on 17 December 2025. They were signed on its behalf by:

E Bryce Director

J L Bryce 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

J L Bryce Farms Limited (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 Butlers Lands Farm, Mortimer Lane Mortimer, Reading, RG7 2AG, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of crops, contracting, rental and furnished holiday lets, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	25 years straight line
Assets under construction	not depreciated
Plant and machinery	15 - 25 % reducing balance
Vehicles	15 - 25 % reducing balance
Fixtures and fittings	15 - 25 % reducing balance
Other property, plant and equipment	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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Crops comprising agricultural produce (i.e crops in store and crops in the ground) and other stock such as fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest. Included in stock are current biological assets including crop tillages, which are stated at cost.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Leasehold improve- ments		Assets under construc- tion		Plant and machinery		Vehicles		Fixtures and fittings		Other property, plant and equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 April 2024	134,742		288,023		405,376		65,005		3,477		15,473		912,096
Additions	( 23,991)		861,230		30,030		0		0		0		867,269
At 31 March 2025	110,751		1,149,253		435,406		65,005		3,477		15,473		1,779,365
Accumulated depreciation
At 01 April 2024	13,948		130,362		87,040		43,443		2,583		14,086		291,462
Charge for the financial year	5,655		9,008		52,036		3,712		134		347		70,892
At 31 March 2025	19,603		139,370		139,076		47,155		2,717		14,433		362,354
Net book value
At 31 March 2025	91,148		1,009,883		296,330		17,850		760		1,040		1,417,011
At 31 March 2024	120,794		157,661		318,336		21,562		894		1,387		620,634

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	1,064,951
As at 31 March 2025	1,064,951

Investment properties, which are all freehold, were revalued to fair value at 31 March 2025, based on a valuation undertaken by the directors. The method of determining fair value was on the basis of market value for existing use.

5. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	205,840		205,840
Disposals	( 201,720)		( 201,720)
Movement in fair value	( 4,120)		( 4,120)
At 31 March 2025	0		0
Carrying value at 31 March 2025	0		0
Carrying value at 31 March 2024	205,840		205,840

6. Stocks

	2025		2024
	£		£
Crops	44,989		45,293
Other stock	27,080		37,115
	72,069		82,408

Included within crops are current biological assets comprising crop tillages of £24,289 (2024 £43,293).

7. Debtors

	2025		2024
	£		£
Trade debtors	2,793		30,214
Corporation tax	0		12,773
Other debtors	94,572		69,410
	97,365		112,397

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	0		1,006
Trade creditors	103,436		84,092
Taxation and social security	503		7,019
Obligations under finance leases and hire purchase contracts (secured)	0		77,895
Other creditors	908,180		199,114
	1,012,119		369,126

Included in other creditors are accruals, amounts owned to directors and connect parties, deposits and deferred income.

The loan is secured by a fixed charge over the assets of the company.

The hire purchase contract is secured over the asset that it relates.

9. Financial commitments

Other financial commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £148,800 (2024 £49,600).