J.H.P. Farming Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02776446 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

J.H.P. FARMING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Peploe

Mrs K L Peploe

SECRETARY:

Mrs K L Peploe

REGISTERED OFFICE:

Medbourne Farm

Liddington

Swindon

Wiltshire

SN4 0EY

REGISTERED NUMBER:

02776446 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

FIXED ASSETS

Intangible assets

4

26,588

26,588

Tangible assets

5

228,267

251,231

254,855

277,819

CURRENT ASSETS

Stocks

18,267

9,063

Debtors

6

127,046

113,979

Cash at bank

26,195

133

171,508

123,175

CREDITORS

Amounts falling due within one year

7

165,001

174,092

NET CURRENT ASSETS/(LIABILITIES)

6,507

(50,917

)

TOTAL ASSETS LESS CURRENT LIABILITIES

261,362

226,902

CREDITORS

Amounts falling due after more than one year

8

10,633

15,033

NET ASSETS

250,729

211,869

CAPITAL AND RESERVES

Called up share capital

15,002

15,002

Other reserves

14,256

15,047

Retained earnings

221,471

181,820

SHAREHOLDERS' FUNDS

250,729

211,869

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 30 November 2020 and were signed on its behalf by:

J H Peploe - Director

Mrs K L Peploe - Director

1.	STATUTORY INFORMATION

J.H.P. Farming 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Milk quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Improvements to property

-

10% on cost and 5% on reducing balance

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Milk

quota

£

COST

At 1 January 2019

and 31 December 2019

65,402

AMORTISATION

At 1 January 2019

and 31 December 2019

38,814

NET BOOK VALUE

At 31 December 2019

26,588

At 31 December 2018

26,588

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

750,529

348,073

50,896

1,168

1,150,666

Additions

1,457

-

19,500

1,350

22,307

Disposals

-

-

(12,000

)

(1,168

)

(13,168

)

At 31 December 2019

751,986

348,073

58,396

1,350

1,159,805

DEPRECIATION

At 1 January 2019

556,349

292,714

49,522

850

899,435

Charge for year

31,208

8,319

5,217

202

44,946

Eliminated on disposal

-

-

(11,993

)

(850

)

(12,843

)

At 31 December 2019

587,557

301,033

42,746

202

931,538

NET BOOK VALUE

At 31 December 2019

164,429

47,040

15,650

1,148

228,267

At 31 December 2018

194,180

55,359

1,374

318

251,231

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

27,936

48,861

Other debtors

11,967

33,691

Taxation

19,947

19,947

VAT

7,804

6,845

Prepayments and accrued income

59,392

4,635

127,046

113,979

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

-

83,428

Hire purchase contracts

4,400

4,400

Trade creditors

62,378

31,007

Tax

15,189

13,612

Directors' current accounts

76,614

-

Accrued expenses

6,420

41,645

165,001

174,092

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

10,633

15,033

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank overdraft

-

83,428

Hire purchase contracts

15,033

19,433

15,033

102,861

Bank overdrafts are secured by a charge over all of the company's fixed and current assets.

Hire purchase loans are secured by the relevant asset.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, Mr J H Peploe and Mrs K L Peploe.