S.J.Farrant & Son Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00507887 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

S.J.FARRANT & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P Farrant

H A Farrant

G N S Farrant

E J T Farrant

S L Farrant

SECRETARY:

S L Farrant

REGISTERED OFFICE:

Manor Farm

Drayton St. Leonard

Wallingford

Oxfordshire

OX10 7BE

REGISTERED NUMBER:

00507887 (England and Wales)

ACCOUNTANTS:

Martin and Company

Two Brewers House

50 North Street

Thame

Oxfordshire

OX9 3BH

FIXED ASSETS

Tangible assets

4

1,773,820

1,812,792

Investment property

5

3,863,263

3,863,263

5,637,083

5,676,055

CURRENT ASSETS

Stocks

599,035

387,117

Debtors

6

88,401

94,049

Cash at bank

1,156,886

904,247

1,844,322

1,385,413

CREDITORS

Amounts falling due within one year

7

285,851

144,065

NET CURRENT ASSETS

1,558,471

1,241,348

TOTAL ASSETS LESS CURRENT LIABILITIES

7,195,554

6,917,403

CREDITORS

Amounts falling due after more than one year

8

-

(39,154

)

PROVISIONS FOR LIABILITIES

(118,031

)

(117,770

)

NET ASSETS

7,077,523

6,760,479

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Fair value reserve

9

3,467,292

3,467,292

Retained earnings

3,590,231

3,273,187

SHAREHOLDERS' FUNDS

7,077,523

6,760,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 3 February 2023 and were signed on its behalf by:

G N S Farrant - Director

E J T Farrant - Director

1.	STATUTORY INFORMATION

S.J.Farrant & Son 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land - not depreciated

Buildings - 2% straight line

Plant and machinery - 25% reducing balance

Motor vehicles - 25% reducing balance

Computer equipment - 25% reducing balance

Investment property, non investment land and buildings

Investment property, non investment land and buildings are all shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

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.

Pensions

The company pays into defined contribution pension schemes. Contributions are recognised in the profit and loss account in which period they become payable in accordance with the rules of the schemes.

Investment properties

Investment properties are revalued annually at their open market value in accordance with FRS102 (effective October 2016). The surplus or deficit is deemed to be permanent and reduced the property below its historical cost, in which case it is taken to the profit and loss account.

The treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflect in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2021

1,186,907

1,670,939

44,045

8,256

2,910,147

Additions

-

150,480

8,200

-

158,680

Disposals

-

(26,700

)

(3,250

)

-

(29,950

)

At 30 September 2022

1,186,907

1,794,719

48,995

8,256

3,038,877

DEPRECIATION

At 1 October 2021

91,228

963,568

34,807

7,752

1,097,355

Charge for year

13,123

177,281

3,085

126

193,615

Eliminated on disposal

-

(23,308

)

(2,605

)

-

(25,913

)

At 30 September 2022

104,351

1,117,541

35,287

7,878

1,265,057

NET BOOK VALUE

At 30 September 2022

1,082,556

677,178

13,708

378

1,773,820

At 30 September 2021

1,095,679

707,371

9,238

504

1,812,792

During the year, the land and buildings in tangible fixed assets have been included at original cost in accordance with FRS102.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2021

and 30 September 2022

3,863,263

NET BOOK VALUE

At 30 September 2022

3,863,263

At 30 September 2021

3,863,263

Fair value at 30 September 2022 is represented by:

£

Valuation in 2018

3,800,000

Valuation in 2019

63,263

3,863,263

The investment properties class of fixed assets was revalued on 27 July 2014 by S P Alden MRICS FAAV and A G Chandler MRICS FAAV for and behalf of Adkin who is external to the company. The basis of this valuation was to value the property at open market value in accordance with the Royal Institution of Chartered Surveyors - Professional Standards 2014. This class of assets has a current value of £3,863,263 (2021 - £3,863,263) and a carrying amount at historical cost of £332,707 (2021 - £332,707). On 31st July 2019 0.5 acres of land at Marshland was purchased to extend the current property held by the company for £63,263.

The directors have not had the property revalued at the year end as they believe there is no material change from the valuation dated 27 July 2014.

The last full valuation of freehold land and buildings was carried out on 27 July 2014.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

46,175

47,948

Other debtors

7,364

9,915

Farrant Farming Limited

-

1,363

Directors' current accounts

4,313

8,719

VAT

6,929

2,804

Prepayments and accrued income

23,620

23,300

88,401

94,049

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Hire purchase contracts

39,154

39,154

Trade creditors

52,372

44,355

Tax

80,521

20,284

Social security and other taxes

8,331

7,797

Pensions

20,500

-

Other creditors

3,150

3,150

Accruals

26,300

17,800

Deferred income

55,523

11,525

285,851

144,065

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Hire purchase contracts

-

39,154

9.

RESERVES

Fair

value

reserve

£

At 1 October 2021

and 30 September 2022

3,467,292

10.	DIRECTORS LOAN ACCOUNTS

At the year end date, the director's loan accounts are overdrawn by £4,313 (2021: £8,719). These have all been repaid in full within 9 months of this year end date.