Company Registration No. 0652972 (England and Wales)
JONES BALERS FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
JONES BALERS FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JONES BALERS FARMS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,377,758
1,382,714
Current assets
Stocks
127,808
162,714
Debtors
4
723,714
307,237
Cash at bank and in hand
835,528
1,489,555
1,687,050
1,959,506
Creditors: amounts falling due within one year
5
(235,873)
(326,621)
Net current assets
1,451,177
1,632,885
Total assets less current liabilities
2,828,935
3,015,599
Provisions for liabilities
(86,654)
(78,004)
Net assets
2,742,281
2,937,595
Capital and reserves
Called up share capital
6
20,250
20,250
Share premium account
1,600
1,600
Revaluation reserve
1,148,648
1,156,841
Capital redemption reserve
15,000
15,000
Profit and loss reserves
1,556,783
1,743,904
Total equity
2,742,281
2,937,595
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 2020 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.
T
he 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
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2020
30 April 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 December 2020 and are signed on its behalf by:
Mr K N Jones
Director
Company Registration No. 0652972
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
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.
1.1
Accounting convention
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 a
mounts
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 and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
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.
1.3
Tangible fixed assets
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:
Land and buildings Freehold
Nil
Plant and machinery
10% on reducing balance
Fixtures, fittings & equipment
10% on straight line
Computer equipment
33.33% on straight line
Motor vehicles
20% on reducing balance
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity
;
such
gains and loss
es
are recognised in profit or loss.
1.4
Stocks
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.
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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
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.
1.6
Employee benefits
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2019
1,347,500
91,362
32,314
20,378
29,450
1,521,004
Additions
-
1,772
-
-
-
1,772
At 30 April 2020
1,347,500
93,134
32,314
20,378
29,450
1,522,776
Depreciation and impairment
At 1 May 2019
-
74,412
19,095
19,381
25,403
138,291
Depreciation charged in the year
-
1,843
3,173
997
714
6,727
At 30 April 2020
-
76,255
22,268
20,378
26,117
145,018
Carrying amount
At 30 April 2020
1,347,500
16,879
10,046
-
3,333
1,377,758
At 30 April 2019
1,347,500
16,950
13,220
997
4,047
1,382,714
Cost or valuation of Freehold and Leasehold property at 30 April 2020 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)
Total
£1,347,50
0
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
3
Tangible fixed assets
(Continued)
- 6 -
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:
2020
2019
£
£
Cost
121,019
121,019
Accumulated depreciation
-
-
Carrying value
121,019
121,019
The directors consider the valuation of land and buildings on an annual basis. At 30 April 2020 the directors assessed the current valuation in relation to market based information and determined that the valuation was not materially different from book value.
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
721,568
305,163
Prepayments and accrued income
2,146
2,074
723,714
307,237
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
-
512
Trade creditors
23,790
95,396
Taxation and social security
104,398
113,115
Other creditors
107,685
117,598
235,873
326,621
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
20,250 Ordinary of £1 each
20,250
20,250
20,250
20,250
7
Related party transactions
JONES BALERS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
7
Related party transactions
(Continued)
- 7 -
During the year rent charges of £4,120 (2019 - £3,881) were made by the Michael J Field SIPPS (G J N Jones A/C) and £4,120 (2019 - £4,120) by the Michael J Field SIPPS (A J Jones A/C) to the company. At 30 April 2020 £2,060 was due to the Michael J Field SIPPS (G J N Jones A/C) (2019 - £2,060) and £2,060 was due to the Michael J Field SIPPS (A J Jones A/C)( 2019 - £2,060).
During the year rent of £nil (2019: £4,071) was charged to the company by one of the directors. The amount due at the year end was £nil (2019: £10,527).
During the year, an interest free loan was made to one of the directors for £430,023 (2019: £305,000). This is repayable on demand. The amount due from the director at the year end was £530,023 (2019: £215,000).
During the year dividends of £180,000 were paid to the directors.
In addition, £140,434 was owed to the directors at the year end in respect of unpaid dividends and loans.