REGISTERED NUMBER: 06382463 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2025

for

NJ & S Smith Farming Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N J Smith

S Smith

SECRETARY:

S Smith

REGISTERED OFFICE:

Marriott Farm

Cotes-De-Val

Gilmorton

Lutterworth

Leicestershire

LE17 4LY

REGISTERED NUMBER:

06382463 (England and Wales)

ACCOUNTANTS:

Barker & Co

Chartered Accountants

Watling Offices

Smockington Lane

Wolvey

Hinckley

Leicestershire

LE10 3AY

FIXED ASSETS

Intangible assets

4

6,459

8,959

Tangible assets

5

350,146

418,855

Dairy herd

6

169,737

173,537

526,342

601,351

CURRENT ASSETS

Stocks

123,234

133,735

Debtors

7

322,578

163,978

Investments

8

50

50

Cash at bank

-

202,513

445,862

500,276

CREDITORS

Amounts falling due within one year

9

180,159

230,625

NET CURRENT ASSETS

265,703

269,651

TOTAL ASSETS LESS CURRENT LIABILITIES

792,045

871,002

CREDITORS

Amounts falling due after more than one year

10

-

(17,292

)

PROVISIONS FOR LIABILITIES

(75,000

)

(87,000

)

NET ASSETS

717,045

766,710

CAPITAL AND RESERVES

Called up share capital

12

500

500

Retained earnings

716,545

766,210

SHAREHOLDERS' FUNDS

717,045

766,710

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 30th December 2025 and were signed on its behalf by:

N J Smith - Director

S Smith - Director

1.	STATUTORY INFORMATION

NJ & S Smith Farming 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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty 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.

Improvements to property

-

Straight line over 8 years

Fixtures and equipment

-

15% on reducing balance

Tractors and JCB

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks, excluding dairy cows are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Homebred livestock, excluding dairy cows are valued at 60% of current market value.

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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Milk

Goodwill

quota

Totals

£

£

£

COST

At 1st April 2024

and 31st March 2025

50,000

222,950

272,950

AMORTISATION

At 1st April 2024

41,041

222,950

263,991

Amortisation for year

2,500

-

2,500

At 31st March 2025

43,541

222,950

266,491

NET BOOK VALUE

At 31st March 2025

6,459

-

6,459

At 31st March 2024

8,959

-

8,959

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Tractors

Motor

property

equipment

and JCB

vehicles

Totals

£

£

£

£

£

COST

At 1st April 2024

315,165

545,249

303,089

20,488

1,183,991

Additions

-

4,181

17,200

-

21,381

Disposals

-

-

(18,600

)

-

(18,600

)

At 31st March 2025

315,165

549,430

301,689

20,488

1,186,772

DEPRECIATION

At 1st April 2024

244,624

342,693

160,777

17,042

765,136

Charge for year

19,712

30,381

37,739

862

88,694

Eliminated on disposal

-

-

(17,204

)

-

(17,204

)

At 31st March 2025

264,336

373,074

181,312

17,904

836,626

NET BOOK VALUE

At 31st March 2025

50,829

176,356

120,377

2,584

350,146

At 31st March 2024

70,541

202,556

142,312

3,446

418,855

6.	DAIRY HERD

Dairy

herd

£

COST

At 1st April 2024

173,537

Additions

51,800

Disposals

(55,600

)

At 31st March 2025

169,737

NET BOOK VALUE

At 31st March 2025

169,737

At 31st March 2024

173,537

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

110,224

158,089

Directors' current account

204,949

-

Prepayments

7,405

5,889

322,578

163,978

8.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Investments

50

50

£

Anglia Farmers 50 shares

50

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

8,121

-

Hire purchase contracts

11,067

15,168

Trade creditors

97,517

97,757

Corporation tax

52,400

50,100

Social security and other taxes

8,519

19,780

Directors' current account

-

24,624

Accrued expenses

2,535

23,196

180,159

230,625

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

17,292

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdraft

8,121

-

Hire purchase contracts

11,067

32,460

19,188

32,460

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

500

Ordinary

£1

500

500

13.	OTHER LEASING COMMITMENTS

The company entered into a non-cancellable operating lease for the period of 10 years until 2027 on premises at Marriott Farm, Cotes-De-Val, Gilmorton, Lutterworth, Leicestershire LE17 4LY. The annual commitment is currently £12,210.

2025

2024

The leasing commitment is:

£

£

Between 1 & 5 years

21,033

12,210

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director's made the following advances to the company during the year:-

NJ & S Smith

Dividend drawn

48,000

Wages not taken

(25,002

)

Private expenses paid

350,575

Own consumption

6,000

Interest has been charged in the year on the director's overdrawn loan account of £2,101 (2024 £Nil) at a rate of 2.25%