| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2025 |
| for |
| J.F. Greaves & Sons (Farmers) Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2025 |
| for |
| J.F. Greaves & Sons (Farmers) Limited |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2025 |
| Page |
| Chartered Accountants' Report | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| J.F. Greaves & Sons (Farmers) 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 Statement of Financial Position. 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.F. Greaves & Sons (Farmers) Limited for the year ended 31 October 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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.F. Greaves & Sons (Farmers) 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.F. Greaves & Sons (Farmers) Limited and state those matters that we have agreed to state to the Board of Directors of J.F. Greaves & Sons (Farmers) 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.F. Greaves & Sons (Farmers) Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that J.F. Greaves & Sons (Farmers) 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.F. Greaves & Sons (Farmers) Limited. You consider that J.F. Greaves & Sons (Farmers) 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.F. Greaves & Sons (Farmers) 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. |
| Chartered Accountants & Business Advisers |
| Alexandra House |
| 43 Alexandra St |
| Nottingham |
| Nottinghamshire |
| NG5 1AY |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Statement of Financial Position |
| 31 October 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 11 |
| Fair value reserve |
| Retained earnings | 776,794 | 741,106 |
| 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. |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Statement of Financial Position - continued |
| 31 October 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2025 |
| 1. | STATUTORY INFORMATION |
| J.F. Greaves & Sons (Farmers) Limited is a |
| Registered number: |
| Registered office: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the total amount receivable for the sale of livestock, milk, crops and work done, excluding value added tax, and also includes the Single Farm Payment. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. An increase in the carrying amount of an asset, as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. |
| Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
| Farm improvements - Drainage 25 years and buildings over remaining lease term |
| Plant and machinery - 12.5% - 20% straight line |
| Tractors - 14% - 25% straight line |
| Motor vehicles - 25% straight line |
| Stocks |
| The valuation of livestock, produce, stores and cultivations is carried out by professional valuers, Shouler & Sons of Melton Mowbray. The livestock, produce and stores are valued at the lower of cost and net realisable value. Cost of produce, home bred, or substantially home reared livestock, is deemed cost under HS232 being 75% of market value for produce and 60% of market value for such livestock. Cost of stores is invoice price. Cultivations represent the estimated cost of production of crops currently growing. |
| Animals in the herd are valued at depreciated cost of purchase or deemed cost of production. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Fixed asset investments |
| Fixed asset investments are initially recorded at cost. |
| Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 November 2024 |
| and 31 October 2025 |
| AMORTISATION |
| At 1 November 2024 |
| Charge for year |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Farm | Plant & |
| property | improvements | implements |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2024 |
| Additions |
| Disposals |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year |
| Eliminated on disposal |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| Motor |
| Tractors | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year | ( |
) |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| Cost or valuation at 31 October 2025 is represented by: |
| Freehold | Farm | Plant & |
| property | improvements | implements |
| £ | £ | £ |
| Valuation in 2020 | 1,080,716 | - | - |
| Cost | 677,251 | 26,973 | 454,715 |
| 1,757,967 | 26,973 | 454,715 |
| Motor |
| Tractors | vehicles | Totals |
| £ | £ | £ |
| Valuation in 2020 | - | - | 1,080,716 |
| Cost | 574,055 | 2,549 | 1,735,543 |
| 574,055 | 2,549 | 2,816,259 |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| If freehold property had not been revalued it would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 779,788 | 779,788 |
| Aggregate depreciation | 153,287 | 140,548 |
| Value of land in freehold land and buildings | 626,501 | 639,240 |
| Freehold property was valued on a market valuation basis on 31 October 2020 by Messrs Shouler & Son Land & Estate Agents . |
| 6. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| COST OR VALUATION |
| At 1 November 2024 |
| Revaluations |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| The following investments were originally received by the company at no cost. |
| Listed investment - 1371 Genus plc ordinary 10p shares. |
| Unlisted investments - 72 Agricultural Central Trading Limited Ordinary £1 shares and 1 National Milk Registers Limited Ordinary 10p shares. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Finance leases |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| J.F. Greaves & Sons (Farmers) Limited (Registered number: 00990339) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Finance leases |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 302,231 | 322,600 |
| The HSBC bank holds legal charges over the land as security for flexible business loans. |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| 11. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 November 2024 |
| Reserve adjustment | (64,343 | ) |
| At 31 October 2025 |