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REGISTERED NUMBER: 00548232 (England and Wales)















DE NICKOLS & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8

Accountants' Report 9

DE NICKOLS & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: D Nickols
A Nickols
R J Nickols
P T Nickols
Mrs J M Collins





SECRETARY: P T Nickols





REGISTERED OFFICE: 18 Northgate
Sleaford
Lincolnshire
NG34 7BJ





BUSINESS ADDRESS: Willow Farm
Little Hale Fen
Sleaford
Lincolnshire
NG34 9BG





REGISTERED NUMBER: 00548232 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,201,077 2,018,167
Investment property 6 597,549 597,549
2,798,626 2,615,716

CURRENT ASSETS
Valuation 426,486 409,478
Debtors 7 205,439 212,612
Cash at bank - 3,270
631,925 625,360
CREDITORS
Amounts falling due within one year 8 278,864 300,860
NET CURRENT ASSETS 353,061 324,500
TOTAL ASSETS LESS CURRENT LIABILITIES 3,151,687 2,940,216

CREDITORS
Amounts falling due after more than one year 9 (574,815 ) (553,969 )

PROVISIONS FOR LIABILITIES (229,000 ) (144,092 )
NET ASSETS 2,347,872 2,242,155

CAPITAL AND RESERVES
Called up share capital 11 66,045 66,045
Retained earnings 2,281,827 2,176,110
SHAREHOLDERS' FUNDS 2,347,872 2,242,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





R J Nickols - Director


DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

DE Nickols & Sons 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 25% on reducing balance, 10% on reducing balance and 4% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
A professional valuation is carried out each year by an independent agricultural valuer. The valuation is prepared at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving items. Costs include any cost of production incurred to bring the stock to its state at the balance sheet date.

Machinery stock is valued at the lower of cost and fair value less costs to complete and sell after making due allowance for obsolete and slow moving items.

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Basic farm payment
The basic farm payment is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022
and 30 June 2023 63,980
AMORTISATION
At 1 July 2022
and 30 June 2023 63,980
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 1,598,377 1,612,355 3,210,732
Additions - 408,810 408,810
Disposals - (314,126 ) (314,126 )
At 30 June 2023 1,598,377 1,707,039 3,305,416
DEPRECIATION
At 1 July 2022 312,701 879,864 1,192,565
Charge for year 2,589 95,450 98,039
Eliminated on disposal - (186,265 ) (186,265 )
At 30 June 2023 315,290 789,049 1,104,339
NET BOOK VALUE
At 30 June 2023 1,283,087 917,990 2,201,077
At 30 June 2022 1,285,676 732,491 2,018,167

Included in cost of land and buildings is freehold land of £ 1,259,787 (2022 - £ 1,259,787 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 472,431 (2022 - £ 355,753 ) in respect of assets held under hire purchase contracts.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 597,549
NET BOOK VALUE
At 30 June 2023 597,549
At 30 June 2022 597,549

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. INVESTMENT PROPERTY - continued

Investment property was valued on an open market basis in 2017 by the directors.

The directors feel that the value of the investment property has not moved materially between the valuation date and the financial reporting date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 115,840 134,679
Other debtors 89,599 77,933
205,439 212,612

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 90,173 72,192
Hire purchase contracts 107,246 80,912
Trade creditors 50,258 67,519
Taxation and social security 1,141 46,279
Other creditors 30,046 33,958
278,864 300,860

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 463,065 502,599
Hire purchase contracts 111,750 51,370
574,815 553,969

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 272,914 338,010

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 51,403 34,465
Bank loans 501,835 540,326
Hire purchase contracts 218,996 132,282
772,234 707,073

The bank facilities are secured on part of the Company's freehold properties and a life insurance policy on the life of one of the directors.

The hire purchase contracts are secured on the assets to which they relate.

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
66,045 Ordinary £1 66,045 66,045

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
R J Nickols
Balance outstanding at start of year (100 ) (2,591 )
Amounts advanced 31,489 24,404
Amounts repaid (17,544 ) (21,913 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,845 (100 )

P T Nickols
Balance outstanding at start of year 14,470 14,303
Amounts advanced 28,789 21,938
Amounts repaid (19,456 ) (21,771 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 23,803 14,470

At the year end there are loans from the directors to the company totalling £8,725 (2022: £9,004), excluding the overdrawn directors loan accounts for R J and P T Nickols.

Interest on overdrawn directors' loan accounts is provided at the official rate. The balance outstanding at the end of the year is unsecured and repayable on demand.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
DE NICKOLS & SONS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DE Nickols & Sons Limited for the year ended 30 June 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of DE Nickols & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of DE Nickols & Sons Limited and state those matters that we have agreed to state to the Board of Directors of DE Nickols & Sons Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that DE Nickols & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of DE Nickols & Sons Limited. You consider that DE Nickols & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of DE Nickols & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ


Date: .............................................