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COMPANY REGISTRATION NUMBER: SC245653
J R Henderson & Sons Limited
Filleted Unaudited Financial Statements
31 March 2023
J R Henderson & Sons Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
J R Henderson & Sons Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
22,116
24,874
Current assets
Stocks
242,980
260,980
Debtors
7
77,718
88,920
---------
---------
320,698
349,900
Creditors: amounts falling due within one year
8
239,532
185,558
---------
---------
Net current assets
81,166
164,342
---------
---------
Total assets less current liabilities
103,282
189,216
Creditors: amounts falling due after more than one year
9
95,759
111,400
Provisions
Taxation including deferred tax
3,162
3,457
---------
---------
Net assets
4,361
74,359
---------
---------
J R Henderson & Sons Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,261
74,259
-------
--------
Shareholders funds
4,361
74,359
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
PC Henderson
Director
Company registration number: SC245653
J R Henderson & Sons Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is New Elgin Road, ELGIN, IV30 6BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stock (and work in progress)
Stocks (and work in progress) have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans and directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Other operating income
Amount receivable in respect of government grant income received. Amounts included in the prior year include business interruption insurance received.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 11 ).
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
69,482
14,206
76,733
9,561
169,982
Additions
2,295
2,295
--------
--------
--------
-------
---------
At 31 March 2023
71,777
14,206
76,733
9,561
172,277
--------
--------
--------
-------
---------
Depreciation
At 1 April 2022
58,882
11,475
66,961
7,790
145,108
Charge for the year
1,934
410
2,443
266
5,053
--------
--------
--------
-------
---------
At 31 March 2023
60,816
11,885
69,404
8,056
150,161
--------
--------
--------
-------
---------
Carrying amount
At 31 March 2023
10,961
2,321
7,329
1,505
22,116
--------
--------
--------
-------
---------
At 31 March 2022
10,600
2,731
9,772
1,771
24,874
--------
--------
--------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023
----
At 31 March 2022
7,813
-------
7. Debtors
2023
2022
£
£
Trade debtors
77,718
62,760
Other debtors
26,160
--------
--------
77,718
88,920
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
44,973
47,266
Trade creditors
64,957
66,866
Corporation tax
2,920
23,648
Social security and other taxes
50,619
35,780
Other creditors
76,063
11,998
---------
---------
239,532
185,558
---------
---------
Included within bank loans and overdrafts is a loan of £6,537 (2022 - £6,592) which is secured by the directors. Obligations under hire purchase agreements of £nil (2022 - £3,241) included within other creditors are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
95,759
111,400
--------
---------
Included within creditors: amounts falling due after more than one year is an amount of £32,265 (2022: £44,609) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within bank loans and overdrafts is a loan of £68,708 (2022 - £79,733) which is secured by the directors.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
JIR Henderson
14,281
( 14,281)
D Johnston
11,879
( 11,879)
--------
----
--------
----
26,160
( 26,160)
--------
----
--------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
JIR Henderson
15,640
14,281
( 15,640)
14,281
D Johnston
6,647
11,879
( 6,647)
11,879
--------
--------
--------
--------
22,287
26,160
( 22,287)
26,160
--------
--------
--------
--------
11. Related party transactions
JIR Henderson & PC Henderson provided security for the loan outstanding of £75,245, this amount is included within bank loans and overdrafts. The directors received dividends of £81,875 (2022 - £39,100) during the financial year.