Company registration number 00821217 (England and Wales)
W.J. OSBORN & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
W.J. OSBORN & SONS LIMITED
COMPANY INFORMATION
Directors
Mr A J Osborn
Mr R J Osborn
Secretary
Mr A J Osborn
Company number
00821217
W.J. OSBORN & SONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
W.J. OSBORN & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
Tangible assets
4
1,574,916
1,594,357
Investments
5
129,291
129,291
1,704,207
1,723,648
Current assets
Stocks
255,179
257,810
Debtors
6
81,661
99,835
Cash at bank and in hand
811,237
728,891
1,148,077
1,086,536
Creditors: amounts falling due within one year
7
(333,808)
(450,924)
Net current assets
814,269
635,612
Total assets less current liabilities
2,518,476
2,359,260
Provisions for liabilities
(206,996)
(157,373)
Net assets
2,311,480
2,201,887
Capital and reserves
Called up share capital
90
90
Profit and loss reserves
8
2,311,390
2,201,797
Total equity
2,311,480
2,201,887
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr A J Osborn
Director
Company Registration No. 00821217
W.J. OSBORN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
W.J. Osborn & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tolverne Barton, Philleigh, Truro, TR2 5NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Milk Quota
evenly over their economic lives of 10 years and 3 years
SFP Entitlements
evenly over their economic lives of 3 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Freehold land is not depreciated.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% and 25% per annum on the straight line method
Plant and machinery
15% and 25% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Listed investments are measured at fair value with changes recognised in the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably.
The directors consider the carrying amounts of the other investments at amortised cost in the financial statements is approximate to their fair values.
W.J. OSBORN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The company measures biological assets at cost less accumulated depreciation. The residual value is higher than cost, therefore no depreciation is charged.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
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 transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
W.J. OSBORN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Intangible fixed assets
Milk Quota
Other
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
128,625
8,761
137,386
Amortisation and impairment
At 1 April 2022 and 31 March 2023
128,625
8,761
137,386
Carrying amount
At 31 March 2023
At 31 March 2022
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
994,654
2,245,484
105,919
3,346,057
Additions
192,055
192,055
Disposals
(267,877)
(267,877)
At 31 March 2023
994,654
2,169,662
105,919
3,270,235
Depreciation and impairment
At 1 April 2022
230,635
1,430,680
90,385
1,751,700
Depreciation charged in the year
19,025
144,442
3,883
167,350
Eliminated in respect of disposals
(223,731)
(223,731)
At 31 March 2023
249,660
1,351,391
94,268
1,695,319
Carrying amount
At 31 March 2023
744,994
818,271
11,651
1,574,916
At 31 March 2022
764,019
814,804
15,534
1,594,357
W.J. OSBORN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Fixed asset investments
2023
2022
£
£
Investments
129,291
129,291
The directors consider that the carrying amounts of the other investments at amortised cost in the financial statements is approximate to their fair values.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2022 & 31 March 2023
129,291
Carrying amount
At 31 March 2023
129,291
At 31 March 2022
129,291
6
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
29,494
25,754
Corporation tax recoverable
2,851
2,851
Other debtors
49,316
71,230
81,661
99,835
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
223,821
375,395
Corporation tax
34,753
Other taxation and social security
1,375
1,197
Other creditors
73,859
74,332
333,808
450,924
W.J. OSBORN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
2,201,797
2,070,918
Profit for the year
109,593
130,879
At the end of the year
2,311,390
2,201,797