6 30/09/2023 2023-09-30 true false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-10-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 00375516 2022-10-01 2023-09-30 00375516 2023-09-30 00375516 2022-09-30 00375516 2021-10-01 2022-09-30 00375516 2022-09-30 00375516 2021-09-30 00375516 core:IntangibleAssetsOtherThanGoodwill 2022-10-01 2023-09-30 00375516 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00375516 core:PlantMachinery 2022-10-01 2023-09-30 00375516 bus:RegisteredOffice 2022-10-01 2023-09-30 00375516 bus:LeadAgentIfApplicable 2022-10-01 2023-09-30 00375516 bus:Director1 2022-10-01 2023-09-30 00375516 bus:Director3 2022-10-01 2023-09-30 00375516 bus:CompanySecretary1 2022-10-01 2023-09-30 00375516 core:NetGoodwill 2023-09-30 00375516 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 00375516 core:PlantMachinery 2022-09-30 00375516 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 00375516 core:PlantMachinery 2023-09-30 00375516 core:DeferredTaxation 2022-10-01 2023-09-30 00375516 core:WithinOneYear 2023-09-30 00375516 core:WithinOneYear 2022-09-30 00375516 core:AfterOneYear 2023-09-30 00375516 core:AfterOneYear 2022-09-30 00375516 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 00375516 core:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 00375516 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 00375516 core:ShareCapital 2023-09-30 00375516 core:ShareCapital 2022-09-30 00375516 core:RevaluationReserve 2023-09-30 00375516 core:RevaluationReserve 2022-09-30 00375516 core:CapitalRedemptionReserve 2023-09-30 00375516 core:CapitalRedemptionReserve 2022-09-30 00375516 core:RetainedEarningsAccumulatedLosses 2023-09-30 00375516 core:RetainedEarningsAccumulatedLosses 2022-09-30 00375516 core:ShareCapital 2021-09-30 00375516 core:RevaluationReserve 2021-09-30 00375516 core:CapitalRedemptionReserve 2021-09-30 00375516 core:RetainedEarningsAccumulatedLosses 2021-09-30 00375516 core:NetGoodwill 2022-09-30 00375516 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 00375516 core:AcceleratedTaxDepreciationDeferredTax 2022-09-30 00375516 core:RevaluationPropertyPlantEquipmentDeferredTax 2023-09-30 00375516 core:RevaluationPropertyPlantEquipmentDeferredTax 2022-09-30 00375516 core:PlantMachinery 2022-09-30 00375516 core:DeferredTaxation 2022-09-30 00375516 core:DeferredTaxation 2023-09-30 00375516 bus:SmallEntities 2022-10-01 2023-09-30 00375516 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 00375516 bus:FullAccounts 2022-10-01 2023-09-30 00375516 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 00375516 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 00375516 1 2022-10-01 2023-09-30
Company registration number: 00375516
J. L. Ashby & Company Limited
Unaudited filleted financial statements
30 September 2023
J. L. Ashby & Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
J. L. Ashby & Company Limited
Directors and other information
Directors Mr R. J. Ashby
Mr M. J. Ashby
Secretary Mrs E. A. Ashby
Company number 00375516
Registered office 19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
Business address Armston Lodge
Armston
Near Oundle
Peterborough
PE8 5PR
Accountants Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
J. L. Ashby & Company Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of J. L. Ashby & Company Limited
Year ended 30th September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J. L. Ashby & Company Limited for the year ended 30th September 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of J. L. Ashby & Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J. L. Ashby & Company Limited and state those matters that we have agreed to state to the board of directors of J. L. Ashby & Company Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J. L. Ashby & Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J. L. Ashby & Company 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 J. L. Ashby & Company Limited. You consider that J. L. Ashby & Company 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 J. L. Ashby & Company 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.
Hardcastle Blake
ICAEW
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
11th April 2024
J. L. Ashby & Company Limited
Statement of financial position
30th September 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 7,974,146 7,947,060
___________ ___________
7,974,146 7,947,060
Current assets
Stocks 487,546 479,080
Debtors 7 64,673 27,182
Cash at bank and in hand 126,009 -
___________ ___________
678,228 506,262
Creditors: amounts falling due
within one year 8 ( 718,270) ( 671,339)
___________ ___________
Net current liabilities ( 40,042) ( 165,077)
___________ ___________
Total assets less current liabilities 7,934,104 7,781,983
Creditors: amounts falling due
after more than one year 9 ( 2,129,044) ( 2,204,445)
Provisions for liabilities 10 ( 681,141) ( 512,520)
___________ ___________
Net assets 5,123,919 5,065,018
___________ ___________
Capital and reserves
Called up share capital 19,375 19,375
Revaluation reserve 4,377,531 4,377,531
Capital redemption reserve 5,625 5,625
Profit and loss account 721,388 662,487
___________ ___________
Shareholders funds 5,123,919 5,065,018
___________ ___________
For the year ending 30 September 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 April 2024 , and are signed on behalf of the board by:
Mr R. J. Ashby Mr M. J. Ashby
Director Director
Company registration number: 00375516
J. L. Ashby & Company Limited
Statement of changes in equity
Year ended 30th September 2023
Called up share capital Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1st October 2021 19,375 4,377,531 5,625 471,132 4,873,663
Profit for the year 201,355 201,355
___________ ___________ ___________ ___________ ___________
Total comprehensive income for the year - - - 201,355 201,355
Dividends paid and payable ( 10,000) ( 10,000)
___________ ___________ ___________ ___________ ___________
Total investments by and distributions to owners - - - ( 10,000) ( 10,000)
___________ ___________ ___________ ___________ ___________
At 30th September 2022 and 1st October 2022 19,375 4,377,531 5,625 662,487 5,065,018
Profit for the year 68,901 68,901
___________ ___________ ___________ ___________ ___________
Total comprehensive income for the year - - - 68,901 68,901
Dividends paid and payable ( 10,000) ( 10,000)
___________ ___________ ___________ ___________ ___________
Total investments by and distributions to owners - - - ( 10,000) ( 10,000)
___________ ___________ ___________ ___________ ___________
At 30th September 2023 19,375 4,377,531 5,625 721,388 5,123,919
___________ ___________ ___________ ___________ ___________
J. L. Ashby & Company Limited
Notes to the financial statements
Year ended 30th September 2023
1. General information
The company is a private company limited by shares, registered in United Kingdon. The address of the registered office is 19 New Road, Drayton Parslow, Milton Keynes, MK17 0JH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of farm produce is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Entitlements - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 0 % straight line
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 and the performance 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.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st October 2022 and 30th September 2023 17,136 17,136
___________ ___________
Amortisation
At 1st October 2022 and 30th September 2023 17,136 17,136
___________ ___________
Carrying amount
At 30th September 2023 - -
___________ ___________
At 30th September 2022 - -
___________ ___________
6. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1st October 2022 7,675,811 695,144 8,370,955
Additions - 77,434 77,434
Disposals - ( 20,000) ( 20,000)
___________ ___________ ___________
At 30th September 2023 7,675,811 752,578 8,428,389
___________ ___________ ___________
Depreciation
At 1st October 2022 - 423,895 423,895
Charge for the year - 50,310 50,310
Disposals - ( 19,962) ( 19,962)
___________ ___________ ___________
At 30th September 2023 - 454,243 454,243
___________ ___________ ___________
Carrying amount
At 30th September 2023 7,675,811 298,335 7,974,146
___________ ___________ ___________
At 30th September 2022 7,675,811 271,249 7,947,060
___________ ___________ ___________
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30th September 2023
Aggregate cost 2,837,297 2,837,297
Aggregate depreciation - -
___________ ___________
Carrying amount 2,837,297 2,837,297
___________ ___________
At 30th September 2022
Aggregate cost 2,837,297 2,837,297
Aggregate depreciation - -
___________ ___________
Carrying amount 2,837,297 2,837,297
___________ ___________
7. Debtors
2023 2022
£ £
Trade debtors 1,619 5,556
Other debtors 63,054 21,626
___________ ___________
64,673 27,182
___________ ___________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 75,000 85,868
Trade creditors 135,355 74,936
Corporation tax 58,646 21,383
Other creditors 449,269 489,152
___________ ___________
718,270 671,339
___________ ___________
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 2,129,044 2,204,445
___________ ___________
Included within creditors: amounts falling due after more than one year is an amount of £ 1,786,378 (2022 £ 1,921,671 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The mortgage loan is repayable in annual equal instalments over 30 years. The current rate of interest is 3.18%. The total loan of £2,173,738 (2022 : £2,236,579) is secured by way of a first charge against the farm land acquired by way of this loan
The total figure also includes £21,666 in relation to the amount falling due after more than one year in relation to a bounce back loan.
10. Provisions
Deferred tax (note 11) Total
£ £
At 1st October 2022 512,520 512,520
Additions 168,621 168,621
___________ ___________
At 30th September 2023 681,141 681,141
___________ ___________
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 681,141 512,520
___________ ___________
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 74,584 51,537
Revaluation of tangible assets 606,557 460,983
___________ ___________
681,141 512,520
___________ ___________
12. Controlling party
The Company is ultimately controlled by Mr R J Ashby.