Company registration number:
for the Year Ended
J V Farming Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
J V Farming Limited
(Registration number: 04387846)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Biological assets |
38,911 |
54,231 |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(72,925) |
(57,729) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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J V Farming Limited
(Registration number: 04387846)
Balance Sheet as at 31 December 2019
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
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.
J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
Tax
The tax expense for the period comprises deferred tax. 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 is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles and tractors |
15%-25% reducing balance |
Plant and machinery |
15%- 25% reducing balance and 15% straight line |
Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise growing crops.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
Stocks
Stocks comprising agricultural produce (i.e crops in store) and deadstock such as fuel 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
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.
J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
Share capital
Ordinary shares are classified 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 a present value basis.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Motor vehicles and tractors |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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Disposals |
( |
( |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
Biological assets |
Tillages |
Total current assets |
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Cost or valuation |
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At 1 January 2019 |
54,231 |
54,231 |
New crop costs |
38,911 |
38,911 |
Old crop harvested |
(54,231) |
(54,231) |
At 31 December 2019 |
38,911 |
38,911 |
Carrying amount |
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At 31 December 2019 |
38,911 |
38,911 |
At 31 December 2018 |
54,231 |
54,231 |
Stocks |
2019 |
2018 |
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Crops in store |
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Crops in store and deadstock |
65,390 |
14,744 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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2019 |
2018 |
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Due after more than five years |
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After more than five years by instalments |
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J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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Obligations under finance leases and hire purchase contracts |
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2019 |
2018 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Bank borrowings and hire purchase contracts
Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.
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Loans and borrowings due in greater than five years
Included in the loans and borrowings are the following amounts due after more than five years:
2019 |
2018 |
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After more than five years by instalments |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
J V Farming Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2019
Related party transactions |
Summary of transactions with other related parties
Bardolf Farms Limited
(Shareholder)
During the year sales and purchases with this company totalled £123,203 (2018 - £147,754) and £228,347 (2018 - £102,040) respectively. Included in debtors is £123,230 (2018 - £67,207) due from Bardolf Farms Limited. Included in creditors is £99,974 (2018 - £74,799) due to Bardolf Farms Limited. The balance outstanding at 31 December 2019 is due on demand. On 28 June 2002 Bardolf Farms Limited entered into a guarantee to HSBC Bank Plc on behalf of this company to a maximum liability of £30,000 plus costs. Bardolf Farms Limited may terminate this guarantee by giving three months' notice.
J W Finding (Farms) Limited
(Shareholder)
A director holds 100% of these shares as nominee for J W Finding (Farms) Limited and has no beneficial interest in these shares. During the year sales and purchases with this company totalled £579,343 (2018 - £193,836) and £74,906 (2018 - £99,113) respectively. Included in debtors is £100,378 (2018 - £25,120) due from J W Finding (Farms) Limited. Included in creditors is £117,996 (2018 - £30,000) due to J W Finding (Farms) Limited. The balance outstanding at 31 December 2019 is due on demand. On 28 June 2002 J W Finding (Farms) Limited entered into a guarantee to HSBC Bank Plc on behalf of this company to a maximum liability of £30,000 plus costs. J W Finding (Farms) Limited may terminate this guarantee by giving three months' notice.
Herringston Estates Company Limited
(Shareholder)
During the year sales and purchases with this company totalled £112,534 (2018 -£393,115) and £143,597 (2018 -£328,648) respectively. Included in debtors is £8,526 (2018 - £5,487) due from Herringston Estates Company Limited. Included in creditors is £247 (2018 - £1,700) due to Herringston Estates Company Limited. The balance outstanding at 31 December 2019 is due on demand.