Company Registration No. 00793335 (England and Wales)
J.B.SCHOFIELD & SONS LIMITED
Unaudited accounts
for the year ended 31 December 2023
J.B.SCHOFIELD & SONS LIMITED
Unaudited accounts
Contents
J.B.SCHOFIELD & SONS LIMITED
Company Information
for the year ended 31 December 2023
Company Number
00793335 (England and Wales)
Registered Office
8 GREENHEAD
LINTHWAITE
HUDDERSFIELD
HD7 5TS
Accountants
JOHN TURNER, CHARTERED ACCOUNTANT
104 PENISTONE ROAD
KIRKBURTON
HUDDERSFIELD
WEST YORKSHIRE
HD8 0TA
J.B.SCHOFIELD & SONS LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
2,116,595
2,081,450
Inventories
863,433
875,454
Cash at bank and in hand
4,053,436
3,646,465
Creditors: amounts falling due within one year
(244,186)
(209,198)
Net current assets
5,012,597
4,670,682
Total assets less current liabilities
7,129,192
6,752,132
Provisions for liabilities
Deferred tax
(355,297)
(345,059)
Net assets
6,773,895
6,407,073
Called up share capital
668
668
Capital redemption reserve
334
334
Profit and loss account
6,772,893
6,406,071
Shareholders' funds
6,773,895
6,407,073
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 March 2024 and were signed on its behalf by
R M Schofield
Director
Company Registration No. 00793335
J.B.SCHOFIELD & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
J.B.SCHOFIELD & SONS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 00793335. The registered office is 8 GREENHEAD, LINTHWAITE, HUDDERSFIELD, HD7 5TS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
0% per annum
Plant & machinery
20% per annum
Motor vehicles
25% per annum
Computer equipment
20% per annum
Other tangible fixed assets
5% per annum
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
J.B.SCHOFIELD & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
725,263
2,344,041
531,624
42,524
3,643,452
Additions
-
488,041
-
-
488,041
Disposals
-
(272,500)
(49,516)
-
(322,016)
At 31 December 2023
725,263
2,559,582
482,108
42,524
3,809,477
At 1 January 2023
53,389
1,054,066
417,512
37,035
1,562,002
Charge for the year
530
339,102
28,234
1,352
369,218
On disposals
-
(189,998)
(48,340)
-
(238,338)
At 31 December 2023
53,919
1,203,170
397,406
38,387
1,692,882
At 31 December 2023
671,344
1,356,412
84,702
4,137
2,116,595
At 31 December 2022
671,874
1,289,975
114,112
5,489
2,081,450
The assets of the company have not been re-valued in the accounts. The directors have considered their value, and are satisfied that their aggregate value as at 31 December 2023 was not less than their net book value shown in the accounts.
Amounts falling due within one year
Trade debtors
284,018
340,323
Accrued income and prepayments
55,896
17,638
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
110,215
91,298
Taxes and social security
110,523
79,312
7
Transactions with related parties
The director and shareholder of the company is interested in the issued share capital of W Oldcorn Limited, to whom goods and services to the value of £3,204 were sold during the year (2022 goods and services purchased from W Oldcorn Limited £6,305) At the financial year end the company owed W Oldcorn Limited £NIL (2022 £5100). Mr R M Schofield is a director of Schofield Reclamation Limited, to whom goods and services to the value of £22,000 (2022 £21,420) were sold during the year.
8
Average number of employees
During the year the average number of employees was 8 (2022: 8).