Joseph Camm Farms Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00718522 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

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

1,800

2,400

Tangible assets

5

8,737,123

8,865,450

Investments

6

383,850

442,683

9,122,773

9,310,533

CURRENT ASSETS

Stocks

7

1,419,428

1,675,996

Debtors

8

603,054

519,451

Investments

9

1,016,541

838,415

Cash at bank

2,230,997

1,181,027

5,270,020

4,214,889

CREDITORS

Amounts falling due within one year

10

503,727

441,200

NET CURRENT ASSETS

4,766,293

3,773,689

TOTAL ASSETS LESS CURRENT LIABILITIES

13,889,066

13,084,222

PROVISIONS FOR LIABILITIES

320,000

328,000

NET ASSETS

13,569,066

12,756,222

CAPITAL AND RESERVES

Called up share capital

11

38,747

38,747

Capital redemption reserve

12

11,003

11,003

Fair value reserve

12

548,971

372,873

Retained earnings

12

12,970,345

12,333,599

SHAREHOLDERS' FUNDS

13,569,066

12,756,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 31 October 2017 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.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 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

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

Investments

Investments are accounted for at fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 .

4.	INTANGIBLE FIXED ASSETS

Sugar

Beet

Payment

Liquor

Quota

Entitlement

licence

Totals

£

£

£

£

COST

At 1 April 2016

and 31 March 2017

25,900

39,333

3,000

68,233

AMORTISATION

At 1 April 2016

25,900

39,333

600

65,833

Amortisation for year

-

-

600

600

At 31 March 2017

25,900

39,333

1,200

66,433

NET BOOK VALUE

At 31 March 2017

-

-

1,800

1,800

At 31 March 2016

-

-

2,400

2,400

5.	TANGIBLE FIXED ASSETS

Land and

Plant and

buildings

machinery

Totals

£

£

£

COST

At 1 April 2016

8,367,338

4,635,630

13,002,968

Additions

-

564,678

564,678

Disposals

-

(737,846

)

(737,846

)

At 31 March 2017

8,367,338

4,462,462

12,829,800

DEPRECIATION

At 1 April 2016

1,188,188

2,949,330

4,137,518

Charge for year

75,673

375,774

451,447

Eliminated on disposal

-

(496,288

)

(496,288

)

At 31 March 2017

1,263,861

2,828,816

4,092,677

NET BOOK VALUE

At 31 March 2017

7,103,477

1,633,646

8,737,123

At 31 March 2016

7,179,150

1,686,300

8,865,450

Included in cost of land and buildings is freehold land of £ 5,778,301 (2016 - £ 5,778,301 ) which is not

depreciated.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2016

442,683

Disposals

(122,733

)

Revaluations

63,900

At 31 March 2017

383,850

NET BOOK VALUE

At 31 March 2017

383,850

At 31 March 2016

442,683

Cost or valuation at 31 March 2017 is represented by:

Other

investments

£

Valuation in 2017

383,850

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

31.3.17

31.3.16

£

£

Cost

7,877

10,899

Fixed asset investments were valued on a market value basis on 31 March 2017 by the Directors .

7.

STOCKS

31.3.17

31.3.16

£

£

Growing crops

595,730

571,300

Crops in store

511,271

836,876

Sundry stocks

312,427

267,820

1,419,428

1,675,996

8.

DEBTORS

31.3.17

31.3.16

£

£

Amounts falling due within one year:

Trade debtors

306,330

391,769

Other debtors

274,293

102,147

580,623

493,916

Amounts falling due after more than one year:

Other debtors

22,431

25,535

Aggregate amounts

603,054

519,451

9.	CURRENT ASSET INVESTMENTS

31.3.17

31.3.16

£

£

Listed investments

1,016,541

838,415

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

229,550

181,386

Corporation tax

212,633

193,843

Social security and other taxes

22,664

32,951

Other creditors

38,880

33,020

503,727

441,200

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

38,747

Share capital 1

£1

38,747

38,747

12.

RESERVES

Capital

Fair

Retained

redemption

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 April 2016

12,333,599

11,003

372,873

12,717,475

Profit for the year

942,408

-

-

942,408

Dividends

(129,564

)

-

-

(129,564

)

Transfer of revaluation net of deferred tax

(176,098

)

-

176,098

-

At 31 March 2017

12,970,345

11,003

548,971

13,530,319

13.	CAPITAL COMMITMENTS

31.3.17

31.3.16

£

£

Contracted but not provided for in the

financial statements

272,155

-

14.	RELATED PARTY DISCLOSURES

Land rental charges were paid to Mrs R M Girdham, a director of the company, totalling £32,096 (2016 -

£32,096).

Land rental charges were paid to Mrs B M Easterbrook, a director of the company, totalling £17,150 (2016 -

£17,150).

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

£30,339 (2016 - £30,339).

15.	FIRST YEAR ADOPTION

Following transition to FRS 102 from the previous accounting framework, investments are accounted for at fair

value and deferred tax on the uplifted valuation is included in the accounts as a provision.