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Company No: 04685119 (England and Wales)

# J L BRYCE FARMS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2026
Pages for filing with the registrar

J L BRYCE FARMS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2026

Contents

J L BRYCE FARMS LIMITED

## BALANCE SHEET

As at 31 March 2026
J L BRYCE FARMS LIMITED

## BALANCE SHEET (continued)

As at 31 March 2026

| Note | 2026 |  | 2025
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 362,817 |  | 1,417,011
Investment property | 5 | 1,794,951 |  | 1,064,951
|  | 2,157,768 |  | 2,481,962
Current assets |  |  |  |
Stocks | 6, 7 | 80,729 |  | 72,069
Debtors | 8 | 111,524 |  | 97,365
Cash at bank and in hand |  | 62,652 |  | 61,594
|  | 254,905 |  | 231,028
Creditors: amounts falling due within one year | 9 | ( 1,517,544) |  | ( 1,012,119)
Net current liabilities |  | (1,262,639) |  | (781,091)
Total assets less current liabilities |  | 895,129 |  | 1,700,871
Provision for liabilities |  | ( 54,905) |  | ( 66,137)
Net assets |  | 840,224 |  | 1,634,734
Capital and reserves |  |  |  |
Called-up share capital |  | 4 |  | 4
Share premium account |  | 58,998 |  | 58,998
Fair value reserve |  | 0 |  | 115,972
Profit and loss account |  | 781,222 |  | 1,459,760
Total shareholders' funds |  | 840,224 |  | 1,634,734

For the financial year ending 31 March 2026 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 L Bryce Farms Limited (registered number: 04685119) were approved and authorised for issue by the Board of Directors on 08 April 2026. They were signed on its behalf by:

E Bryce Director |  | J L Bryce Director

J L BRYCE FARMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2026
J L BRYCE FARMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2026

##### 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 L Bryce Farms 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 Butlers Lands Farm, Mortimer Lane Mortimer, Reading, RG7 2AG, 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 £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £840,224. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Prior year adjustment

Prior period errors are accounted for retrospectively by restating the comparative accounts for the prior period.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of crops, contracting, rental and furnished holiday lets, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### 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.

##### Other operating income

Other operating income comprises rents receivable for commercial units and residential properties. Income is recognised in the period which it is due.

##### 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:

Leasehold improvements | 25 years straight line
Assets under construction | not depreciated
Plant and machinery | 15 - 25 % reducing balance
Vehicles | 15 - 25 % reducing balance
Fixtures and fittings | 0 - 15 % reducing balance
Other property, plant and equipment | 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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### Stocks

Crops comprising agricultural produce (i.e crops in store and crops in the ground) and other stock such as fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e crops in store) harvested from biological assets are measured at the point of harvest. Included in stock are current biological assets including crop tillages, which are stated at cost.

##### 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.

##### Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Prior year adjustment

Commercial and residential property income has been restated to be shown within other operating income rather than turnover. Commercial and residential property expenses have been restated to be shown within administrative expenses rather than cost of sales. As a result of these reclassifications, turnover for the year ended 31 March 2025 has decreased by £235,312, with a corresponding increase in other operating income of £235,312. Cost of sales has decreased by £106,654, with a corresponding increase in administrative expenses of £106,654. These reclassifications have no impact on the profit or loss for the year.

#### 3. Employees

| 2026 |  | 2025
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 5 |  | 5

#### 4. Tangible assets

| Leasehold improve- ments |  | Assets under construc- tion |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Other property, plant and equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |  |  |  |  |
At 01 April 2025 | 110,751 |  | 1,149,253 |  | 435,406 |  | 65,005 |  | 3,477 |  | 15,473 |  | 1,779,365
Additions | 0 |  | 459,729 |  | 10,653 |  | 0 |  | 0 |  | 0 |  | 470,382
Disposals | 0 |  | 0 |  | ( 4,148) |  | 0 |  | ( 3,477) |  | 0 |  | ( 7,625)
Transfers | 0 |  | ( 1,608,982) |  | 0 |  | 0 |  | 0 |  | 0 |  | ( 1,608,982)
At 31 March 2026 | 110,751 |  | 0 |  | 441,911 |  | 65,005 |  | 0 |  | 15,473 |  | 633,140
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |
At 01 April 2025 | 19,603 |  | 139,370 |  | 139,076 |  | 47,155 |  | 2,717 |  | 14,433 |  | 362,354
Charge for the financial year | 4,695 |  | 0 |  | 45,548 |  | 2,650 |  | 0 |  | 260 |  | 53,153
Reversal of past impairment losses | 0 |  | ( 139,370) |  | 0 |  | 0 |  | 0 |  | 0 |  | ( 139,370)
Disposals | 0 |  | 0 |  | ( 3,097) |  | 0 |  | ( 2,717) |  | 0 |  | ( 5,814)
At 31 March 2026 | 24,298 |  | 0 |  | 181,527 |  | 49,805 |  | 0 |  | 14,693 |  | 270,323
Net book value |  |  |  |  |  |  |  |  |  |  |  |  |
At 31 March 2026 | 86,453 |  | 0 |  | 260,384 |  | 15,200 |  | 0 |  | 780 |  | 362,817
At 31 March 2025 | 91,148 |  | 1,009,883 |  | 296,330 |  | 17,850 |  | 760 |  | 1,040 |  | 1,417,011

#### 5. Investment property

| Investment property
| £
Valuation |
As at 01 April 2025 | 1,064,951
Fair value movement | (878,983)
Transfers to and from property, plant and equipment | 1,608,983
As at 31 March 2026 | 1,794,951

Valuation

Investment properties, which are all freehold, were revalued to fair value at 31 March 2026, based on a valuation undertaken by the directors. The method of determining fair value was on the basis of market value for existing use.

#### 6. Stocks

| 2026 |  | 2025
| £ |  | £
Crops | 46,739 |  | 44,989
Other stock | 33,990 |  | 27,080
| 80,729 |  | 72,069

Included within crops are current biological assets not held for continuing use in the business as detailed in note 7.

#### 7. Current biological assets

Assets held at cost:

| Growing crops |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2025 | 24,289 |  | 24,289
Increase from new crop costs | 28,289 |  | 28,289
Decrease resulting from harvesting | (24,289) |  | (24,289)
At 31 March 2026 | 28,289 |  | 28,289

#### 8. Debtors

| 2026 |  | 2025
| £ |  | £
Trade debtors | 18,595 |  | 2,793
Prepayments and accrued income | 21,976 |  | 33,457
VAT recoverable | 0 |  | 9,395
Other debtors | 70,953 |  | 51,720
| 111,524 |  | 97,365

Included within other debtors is amounts owed from connected parties.

#### 9. Creditors: amounts falling due within one year

| 2026 |  | 2025
| £ |  | £
Trade creditors | 80,915 |  | 103,436
Taxation and social security | 10,801 |  | 503
Other creditors | 1,425,828 |  | 908,180
| 1,517,544 |  | 1,012,119

Included in other creditors are accruals, amounts owed to directors and connected parties, deposits and deferred income.

#### 10. Financial commitments

Other financial commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £99,200 (2025 £148,800).