Company registration number 08397905 (England and Wales)
J & L A HAIMES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
J & L A HAIMES LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
J & L A HAIMES LTD.
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,829
4,064
Tangible assets
5
103,189
164,900
Investment property
4
70,100
-
0
179,118
168,964
Current assets
Stocks
145,520
156,860
Debtors
6
40,532
66,752
Cash at bank and in hand
291,734
181,943
477,786
405,555
Creditors: amounts falling due within one year
7
(252,609)
(260,667)
Net current assets
225,177
144,888
Total assets less current liabilities
404,295
313,852
Provisions for liabilities
(26,142)
(21,424)
Net assets
378,153
292,428
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
378,053
292,328
Total equity
378,153
292,428

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

J & L A HAIMES LTD.
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 March 2024
Mr J W Haimes
Director
Company registration number 08397905 (England and Wales)
J & L A HAIMES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

J & L A Haimes Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

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.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Entitlements

Intangible assets comprise farming subsidy and other entitlements acquired. They are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

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.

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:

Land and buildings Leasehold
10% straight line
Plant and machinery
20% reducing balance
Tractors
20% reducing balance
Motor vehicles
15% reducing balance

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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).

J & L A HAIMES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks

Stock is measured at the lower of cost and net realisable value. Where animals have been home-reared and not purchased and actual cost cannot be identified, deemed cost has been used in accordance with HMRC guidance IR 232.

1.8
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.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

J & L A HAIMES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Other
£
Cost
At 1 October 2022
7,619
Additions
2,640
At 30 September 2023
10,259
Amortisation and impairment
At 1 October 2022
3,555
Amortisation charged for the year
875
At 30 September 2023
4,430
Carrying amount
At 30 September 2023
5,829
At 30 September 2022
4,064
4
Investment property
2023
£
Fair value
At 1 October 2022
-
0
Transfers
65,212
Revaluations
4,888
At 30 September 2023
70,100

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director on 30 September 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

J & L A HAIMES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
5
Tangible fixed assets
Leasehold properties
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
70,100
192,288
262,388
Additions
14,897
18,100
32,997
Disposals
-
0
(14,450)
(14,450)
Transfers
(70,100)
-
0
(70,100)
At 30 September 2023
14,897
195,938
210,835
Depreciation and impairment
At 1 October 2022
4,888
92,600
97,488
Depreciation charged in the year
529
17,760
18,289
Eliminated in respect of disposals
-
0
(3,243)
(3,243)
Transfers
(4,888)
-
0
(4,888)
At 30 September 2023
529
107,117
107,646
Carrying amount
At 30 September 2023
14,368
88,821
103,189
At 30 September 2022
65,212
99,688
164,900
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
32,310
56,930
Other debtors
8,222
9,822
40,532
66,752
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,484
4,744
Other taxation and social security
19,560
-
0
Other creditors
219,565
255,923
252,609
260,667
Included in other creditors are:
- Net obligations under finance lease and hire purchase contracts are nil (2022: £1,075) which are secured by fixed charges on the assets concerned.
- Directors loan accounts balance £201,799 (2022: £246,970)
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