The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Jones Balers Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is North Wales Shooting School, Sealand Manor, Sealand, Deeside, Flintshire, CH5 2SB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

Turnover represents shop and other sales made in the year together with the farm and other trading income relating to the year at the invoiced amount, exclusive of Value Added Tax.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Valuation of freehold property

The assessment of the fair value of freehold property requires significant judgements to be made by the directors. The directors consider market-based information in making their assessment, which is reviewed on an annual basis.

The average monthly number of persons (including directors) employed by the company during the year was:

Cost or valuation of Freehold property at 30 April 2025 is represented by:

Historical cost        £225,783

Revaluation in 1998    £850,557

Revaluation in 2005    £597,384

Revaluation in 2010    £594,435

Revaluation in 2018    £823,000

Disposals in 2019 (£1,743,659)

Additions in 2025         £11,203

Total         £1,358,703

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

The directors consider the valuation of land and buildings on an annual basis. At 30 April 2025 the directors assessed the current valuation in relation to market based information and determined that the valuation was not materially different from book value.

During the year rent charges of £4,120 (2024 - £4,120) were made by the Michael J Field SIPPS (G J N Jones A/C) and £4,120 (2024 - £4,120) by the Michael J Field SIPPS (A J Jones A/C) to the company. At 30 April 2025 £8,240 was due to the Michael J Field SIPPS (G J N Jones A/C) (2024 - £10,300) and £8,240 was due to the Michael J Field SIPPS (A J Jones A/C)( 2024 - £10,300).

Included in debtors is £91,023 (2024: £181,023) due from a director. No interest has been charged on this balance and the balance is repayable on demand.

During the year dividends of £180,000 were paid to the directors.

In addition, £234,183 (2024: £262,055) was owed to the directors at the year end in respect of unpaid dividends and loans. Interest is paid on the balance at 5%.