Joseph Camm Farms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00718522 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

FOR

JOSEPH CAMM FARMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M E Morrell

Mrs R M Girdham

Mrs B M Easterbrook

M Easterbrook

SECRETARY:

M Pickard

REGISTERED OFFICE:

Upper Morton

Babworth

Retford

Nottinghamshire

DN22 8HG

REGISTERED NUMBER:

00718522 (England and Wales)

ACCOUNTANTS:

Lemans

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

FIXED ASSETS

Intangible assets

4

350

950

Tangible assets

5

9,158,411

9,329,190

Investments

6

207,000

484,500

9,365,761

9,814,640

CURRENT ASSETS

Stocks

7

1,735,030

1,511,761

Debtors

8

280,482

248,667

Investments

9

1,358,952

1,162,422

Cash at bank

2,837,497

2,451,366

6,211,961

5,374,216

CREDITORS

Amounts falling due within one year

10

506,425

501,043

NET CURRENT ASSETS

5,705,536

4,873,173

TOTAL ASSETS LESS CURRENT LIABILITIES

15,071,297

14,687,813

PROVISIONS FOR LIABILITIES

(314,000

)

(302,000

)

ACCRUALS AND DEFERRED INCOME

(141,495

)

(74,146

)

NET ASSETS

14,615,802

14,311,667

CAPITAL AND RESERVES

Called up share capital

11

38,747

38,747

Capital redemption reserve

12

11,003

11,003

Fair value reserve

12

753,685

665,223

Retained earnings

12

13,812,367

13,596,694

SHAREHOLDERS' FUNDS

14,615,802

14,311,667

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 March 2020 and were signed on its behalf by:

Mrs B M Easterbrook - Director

1.	STATUTORY INFORMATION

Joseph Camm Farms Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements have been prepared for the year to 31 August 2019. The comparatives relate to the 17

months ended 31 August 2018.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax

and trade discounts together with amounts receivable under the Basic Payment Scheme.

Intangible fixed assets

Intangible fixed assets are stated at cost less amortisation. Amortisation is calculated on a straight line basis over

the following expected useful lives:

Sugar Beet quota - 5 years

Liquor licence - 5 years

Payment entitlement - 10 years

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Freehold buildings - 2% or 5% on cost

Leasehold land and buildings - 5% on cost

Plant and machinery - 25% on reducing balance

Freehold land is not depreciated

Government grants

Government grants are recognised at the fair value of the asset received when there is reasonable assurance that

the company will comply with conditions attaching to them and the grants will be received using the accrual

model.

Grants are credited to deferred revenue and released to the profit and loss account in accordance with the

expected useful life of the asset to which the grant relates.

Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is determined on a first

in first out basis, and includes all direct costs incurred and attributable production overheads. Net realisable

value is based on estimated selling price allowing for all further costs of completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and the pension charge in the profit and loss

account represents the amounts payable by the company to the fund in respect of the year.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the

transaction price.

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

Fixed and current investments

Investments are recognised initially at cost and are subsequently measured at fair value through the profit and

loss account. The shares are publicly traded and their market value has been used to ascertain the fair value of

£207,000 for the fixed asset investments and £1,358,952 for the current asset investments. The fair value

movement of £56,462 has been accounted for in the profit and loss account for the period and £88,462 has been

credited to the fair value reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2018 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Sugar

Beet

Payment

Liquor

Quota

Entitlement

licence

Totals

£

£

£

£

COST

At 1 September 2018

and 31 August 2019

25,900

39,333

3,000

68,233

AMORTISATION

At 1 September 2018

25,900

39,333

2,050

67,283

Amortisation for year

-

-

600

600

At 31 August 2019

25,900

39,333

2,650

67,883

NET BOOK VALUE

At 31 August 2019

-

-

350

350

At 31 August 2018

-

-

950

950

5.	TANGIBLE FIXED ASSETS

Land and

Plant and

buildings

machinery

Totals

£

£

£

COST

At 1 September 2018

8,441,441

5,245,143

13,686,584

Additions

103,191

296,385

399,576

Disposals

-

(168,207

)

(168,207

)

At 31 August 2019

8,544,632

5,373,321

13,917,953

DEPRECIATION

At 1 September 2018

1,356,664

3,000,730

4,357,394

Charge for year

71,699

471,122

542,821

Eliminated on disposal

-

(140,673

)

(140,673

)

At 31 August 2019

1,428,363

3,331,179

4,759,542

NET BOOK VALUE

At 31 August 2019

7,116,269

2,042,142

9,158,411

At 31 August 2018

7,084,777

2,244,413

9,329,190

Included in cost of land and buildings is freehold land of £ 5,778,301 (2018 - £ 5,778,301 ) which is not

depreciated.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 September 2018

484,500

Disposals

(242,250

)

Revaluations

(35,250

)

At 31 August 2019

207,000

NET BOOK VALUE

At 31 August 2019

207,000

At 31 August 2018

484,500

Cost or valuation at 31 August 2019 is represented by:

Other

investments

£

Valuation in 2019

207,000

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.8.19

31.8.18

£

£

Cost

3,938

7,877

Fixed asset investments were valued on a market value basis on 31 August 2019 by the Directors .

7.

STOCKS

31.8.19

31.8.18

£

£

Growing crops

668,873

601,885

Crops in store

829,730

782,061

Sundry stocks

236,427

127,815

1,735,030

1,511,761

8.

DEBTORS

31.8.19

31.8.18

£

£

Amounts falling due within one year:

Trade debtors

170,067

168,490

Other debtors

96,626

62,694

266,693

231,184

31.8.19

31.8.18

£

£

Amounts falling due after more than one year:

Other debtors

13,789

17,483

Aggregate amounts

280,482

248,667

9.	CURRENT ASSET INVESTMENTS

31.8.19

31.8.18

£

£

Listed investments

1,358,952

1,162,422

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade creditors

204,516

110,821

Corporation tax

139,983

249,839

Social security and other taxes

37,424

32,271

Other creditors

124,502

108,112

506,425

501,043

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

38,747

Share capital 1

£1

38,747

38,747

12.

RESERVES

Capital

Fair

Retained

redemption

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 September 2018

13,596,694

11,003

665,223

14,272,920

Profit for the year

481,125

-

-

481,125

Dividends

(176,990

)

-

-

(176,990

)

Transfer of revaluation net of deferred tax

(88,462

)

-

88,462

-

At 31 August 2019

13,812,367

11,003

753,685

14,577,055

13.	CAPITAL COMMITMENTS

31.8.19

31.8.18

£

£

Contracted but not provided for in the

financial statements

-

14,120

14.	RELATED PARTY DISCLOSURES

Land rental charges were paid to Mrs R M Girdham, a director of the company, totalling £36,682 (2018 -

£49,673).

Land rental charges were paid to Mrs B M Easterbrook, a director of the company, totalling £19,600 (2018 -

£26,542).

Land rental charges were paid to the Trustees of the J H Morrell and B M Easterbrook settlement totalling

£34,673 (2018 - £46,953).