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 2021

FOR

JOSEPH CAMM FARMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs R M Girdham

Miss P S C Girdham

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

-

-

Tangible assets

5

1,752,329

8,829,755

Investments

6

-

279,750

1,752,329

9,109,505

CURRENT ASSETS

Stocks

7

789,829

1,637,159

Debtors

8

487,610

222,382

Investments

9

-

1,372,776

Cash at bank

1,478,276

3,503,049

2,755,715

6,735,366

CREDITORS

Amounts falling due within one year

10

441,559

435,514

NET CURRENT ASSETS

2,314,156

6,299,852

TOTAL ASSETS LESS CURRENT LIABILITIES

4,066,485

15,409,357

PROVISIONS FOR LIABILITIES

(124,000

)

(316,000

)

ACCRUALS AND DEFERRED INCOME

-

(134,079

)

NET ASSETS

3,942,485

14,959,278

CAPITAL AND RESERVES

Called up share capital

11

38,747

38,747

Capital redemption reserve

12

11,003

11,003

Fair value reserve

12

-

830,863

Retained earnings

12

3,892,735

14,078,665

SHAREHOLDERS' FUNDS

3,942,485

14,959,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 25 May 2022 and were signed on its behalf by:

Mrs R M Girdham - 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

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.

During the year Government grants were received in the form of the Job Retention Scheme which has been included in the profit and loss account when receivable.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Sugar

Beet

Payment

Liquor

Quota

Entitlement

licence

Totals

£

£

£

£

COST

At 1 September 2020

25,900

39,333

3,000

68,233

Disposals

-

(39,333

)

-

(39,333

)

Transfer re demerger

-

-

(3,000

)

(3,000

)

At 31 August 2021

25,900

-

-

25,900

AMORTISATION

At 1 September 2020

25,900

39,333

3,000

68,233

Eliminated on disposal

-

(39,333

)

-

(39,333

)

Transfer re demerger

-

-

(3,000

)

(3,000

)

At 31 August 2021

25,900

-

-

25,900

NET BOOK VALUE

At 31 August 2021

-

-

-

-

At 31 August 2020

-

-

-

-

5.	TANGIBLE FIXED ASSETS

Land and

Plant and

buildings

machinery

Totals

£

£

£

COST

At 1 September 2020

8,563,748

5,457,059

14,020,807

Additions

79,608

414,487

494,095

Disposals

(112,468

)

(214,300

)

(326,768

)

Transfer re demerger

(6,202,200

)

(2,495,665

)

(8,697,865

)

Transfer by dividend in specie

(181,766

)

-

(181,766

)

At 31 August 2021

2,146,922

3,161,581

5,308,503

DEPRECIATION

At 1 September 2020

1,486,795

3,704,257

5,191,052

Charge for year

40,590

316,947

357,537

Eliminated on disposal

-

(197,191

)

(197,191

)

Transfer re demerger

(418,501

)

(1,376,723

)

(1,795,224

)

At 31 August 2021

1,108,884

2,447,290

3,556,174

NET BOOK VALUE

At 31 August 2021

1,038,038

714,291

1,752,329

At 31 August 2020

7,076,953

1,752,802

8,829,755

Included in cost of land and buildings is freehold land of £ 819,919 (2020 - £ 5,778,301 ) which is not depreciated.

6.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 September 2020

279,750

Revaluations

(19,350

)

Transfer by dividend in specie

(260,400

)

At 31 August 2021

-

NET BOOK VALUE

At 31 August 2021

-

At 31 August 2020

279,750

7.

STOCKS

31.8.21

31.8.20

£

£

Growing crops

459,069

1,023,292

Crops in store

277,448

368,505

Sundry stocks

53,312

245,362

789,829

1,637,159

8.

DEBTORS

31.8.21

31.8.20

£

£

Amounts falling due within one year:

Trade debtors

226,864

103,433

Other debtors

260,746

110,474

487,610

213,907

Amounts falling due after more than one year:

Other debtors

-

8,475

Aggregate amounts

487,610

222,382

9.	CURRENT ASSET INVESTMENTS

31.8.21

31.8.20

£

£

Listed investments

-

1,372,776

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade creditors

256,343

149,527

Corporation tax

43,775

139,595

Social security and other taxes

9,326

29,966

Other creditors

132,115

116,426

441,559

435,514

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.8.21

31.8.20

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 2020

14,078,665

11,003

830,863

14,920,531

Profit for the year

246,610

-

-

246,610

Dividends

(11,263,403

)

-

-

(11,263,403

)

Transfer of revaluation net of deferred tax

830,863

-

(830,863

)

-

At 31 August 2021

3,892,735

11,003

-

3,903,738

On 22 January 2021 the company's investments and part of the land were transferred to Joseph Camm Farms Investments Limited, by way of a dividend in specie.

On 1 May 2021 part of the company's assets and trade were transferred to Pheasantry Farms and Brewery Limited, by way of a dividend in specie as part of a demerger.

13.	CAPITAL COMMITMENTS

31.8.21

31.8.20

£

£

Contracted but not provided for in the

financial statements

232,000

70,000

14.	RELATED PARTY DISCLOSURES

Demerger

On 22 January 2021, by way of a dividend in specie, the company's fixed and current investments were transferred to an investment company, the shareholders of which being common to both companies.

On 1 May 2021, by way of a demerger, part of the company's assets and trade were transferred to a limited company, the shareholders of which being common to both companies.

Other

Included in other debtors is £32,906 owed from Joseph Camm Farms Investments Ltd, the shareholders of which being common to both companies.