Year Ended
Registration number:
Jelly Farming Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investment property |
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Investments |
1 |
1 |
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Current assets |
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Stocks |
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|
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Debtors |
|
|
|
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Biological assets |
42,148 |
36,263 |
|
|
Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
|
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
( |
- |
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Profit and loss account |
( |
( |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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......................................... |
Company Registration Number: 13534353
Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
For property rental income turnover is recognised for tenancy periods during the year. For farming sales, turnover is recognised once livestock or crops are delivered.
Tax
Tax is recognised in profit or loss, 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.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Buildings |
2% straight line |
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Plant and machinery |
25% reducing balance |
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Computer equipment |
33% reducing balance |
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Motor vehicles |
25% reducing balance |
Investment property
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Intangible assets |
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Entitlements |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Disposals |
( |
( |
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At 31 December 2024 |
- |
- |
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Amortisation |
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At 1 January 2024 |
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|
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Amortisation eliminated on disposals |
( |
( |
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At 31 December 2024 |
- |
- |
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Carrying amount |
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At 31 December 2024 |
- |
- |
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At 31 December 2023 |
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Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Tangible assets |
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Land and buildings |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
|||||
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At 1 January 2024 |
|
- |
- |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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- |
- |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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- |
- |
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Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Investment properties |
|
2024 |
|
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At 1 January |
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Additions |
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Fair value adjustments |
( |
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At 31 December |
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The investment properties are stated at their market value. The market values have been advised by Savills, a professional property advisor. No formal valuation has been undertaken during the year; however, the directors have considered the current market conditions and do not believe there has been a significant change in the valuation of the investment properties compared to the market values advised by Savills at the balance sheet date. The historical cost of investment property at the balance sheet date was £4,187,500 (2023: £4,119,109)
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Other financial assets (current and non-current) |
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Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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Other non-current financial assets |
1 |
1 |
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At 31 December 2024 |
1 |
1 |
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Impairment |
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Carrying amount |
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At 31 December 2024 |
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1 |
Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Biological assets |
Total |
|
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Biological assets |
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Cost or valuation |
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At 1 January 2024 |
36,263 |
36,263 |
|
Additions |
42,148 |
42,148 |
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Transfers |
(36,263) |
(36,263) |
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At 31 December 2024 |
42,148 |
42,148 |
|
Carrying amount |
||
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At 31 December 2024 |
|
42,148 |
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Stocks |
|
2024 |
2023 |
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Other inventories |
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Debtors |
|
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
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Due within one year |
|||
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
|
- |
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Accruals and deferred income |
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Other creditors |
|
- |
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
20,291,001 |
|
15,000,001 |
On 26 November 2024, 5,291,000 £1 shares were issued to Jelly Holdings Limited. Consideration for this was debited to the amount owed to Jelly Holdings Limited on the balance sheet.
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Revaluation reserve |
Total |
|
|
Surplus/deficit on property, plant and equipment revaluation |
( |
( |
|
|
||
Jelly Farming Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Related party transactions |
Included within creditors is £202,380 (2023: £700,000) owed to Jelly Holdings Limited, the parent company.
This loan is interest free and does not have a set repayment date.
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Transactions with the director |
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
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Mr T Gatacre |
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Director's loan account |
- |
|
( |
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The balance was repaid post year end within 9 months of the balance date.
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Audit report |