Company No: 04387846 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,315,220		1,415,487
		1,315,220		1,415,487
Current assets
Debtors	5	535,056		333,554
Cash at bank and in hand		138,688		226,866
		673,744		560,420
Creditors: amounts falling due within one year	6	( 568,539)		( 351,768)
Net current assets		105,205		208,652
Total assets less current liabilities		1,420,425		1,624,139
Creditors: amounts falling due after more than one year	7	( 471,163)		( 614,533)
Provision for liabilities		( 218,282)		( 232,949)
Net assets		730,980		776,657
Capital and reserves
Called-up share capital		90,040		90,040
Profit and loss account		640,940		686,617
Total shareholders' funds		730,980		776,657

For the financial year ending 31 December 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 V Farming Limited (registered number: 04387846) were approved and authorised for issue by the Board of Directors on 07 August 2026. They were signed on its behalf by:

N A Finding 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 V Farming 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.

Prior year adjustment

The prior year comparative information has been restated to reflect retrospective reclassifications. Prepaid expenses, which were previously classified as stock, have been reclassified to the appropriate balance sheet category. Additional information regarding this reclassification is disclosed in the notes to the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of crops and provision of contracting services. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of crops and straight line over the period in which services are provided to customers.

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:

Land and buildings	20 % reducing balance
Plant and machinery	15 - 25 % reducing balance
Vehicles	20 - 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.

Lease payments are apportioned between finance costs in the Profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. 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

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received. Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Ordinary share capital

The ordinary share capital of the Company is presented as equity. Preference shares are classified as equity and are redeemable at the option of the company. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. if payment is deferred and the time value of money is material, the initial measurement is on the present value basis.

2. Prior year adjustment

The Company had previously disclosed amounts within crops and other stock; however, these amounts related to prepaid expenses incurred by the Company on behalf of its customers. The comparative figures have therefore been reclassified to reflect their appropriate presentation.

		As previously reported		Adjustment		As restated
Year ended 31 December 2024		£		£		£
Crops		19,554		(19,554)		0
Other stock		155,276		(155,276)		0
Prepayments		3,255		174,830		178,085

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 January 2025	30,213		895,900		1,584,350		2,510,463
Additions	0		83,244		204,660		287,904
Disposals	0		( 85,900)		( 164,600)		( 250,500)
Transfers	0		82,450		( 82,450)		0
At 31 December 2025	30,213		975,694		1,541,960		2,547,867
Accumulated depreciation
At 01 January 2025	8,178		645,782		441,016		1,094,976
Charge for the financial year	4,407		77,991		223,259		305,657
Disposals	0		( 72,865)		( 95,121)		( 167,986)
Transfers	0		2,748		( 2,748)		0
At 31 December 2025	12,585		653,656		566,406		1,232,647
Net book value
At 31 December 2025	17,628		322,038		975,554		1,315,220
At 31 December 2024	22,035		250,118		1,143,334		1,415,487

5. Debtors

	2025		2024
	£		£
Trade debtors	159,028		113,483
Prepayments and accrued income	376,028		207,984
VAT recoverable	0		12,087
	535,056		333,554

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	4,417		10,404
Trade creditors	158,785		54,446
Other taxation and social security	52,245		4,204
Obligations under finance leases and hire purchase contracts (secured)	258,486		277,366
Other creditors	94,606		5,348
	568,539		351,768

The hire purchase agreements are secured against the associated assets.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		4,401
Obligations under finance leases and hire purchase contracts (secured)	471,163		610,132
	471,163		614,533

The hire purchases are secured against the assets in which they relate.

8. Financial commitments

The total amount of financial commitments not included in the balance sheet is £824 (2024 - £5,765). These financial commitments represent non-cancellable operating leases.