J. A. MAXFIELD & SON LTD
Filleted Accounts
31 March 2024
Registered number
01688798
J. A. MAXFIELD & SON LTD
Registered number: 01688798
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 515,015 321,638
Current assets
Stocks 1,300 1,300
Debtors 4 144,268 179,598
Cash at bank and in hand 282,565 269,746
428,133 450,644
Creditors: amounts falling due within one year 5 (490,106) (401,525)
Net current (liabilities)/assets (61,973) 49,119
Total assets less current liabilities 453,042 370,757
Creditors: amounts falling due after more than one year 6 (117,572) (60,011)
Provisions for liabilities (68,977) (72,932)
Net assets 266,493 237,814
Capital and reserves
Called up share capital 1,300 1,300
Revaluation reserve 7 67,971 67,971
Profit and loss account 197,222 168,543
Shareholders' funds 266,493 237,814
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
PETER MAXFIELD
Director
Approved by the board on 25 July 2024
J. A. MAXFIELD & SON LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Expenditure on buildings 10% straight line
Other fixed assets 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 115,000 17,086 676,176 808,262
Additions - - 300,326 300,326
Disposals - - (184,850) (184,850)
At 31 March 2024 115,000 17,086 791,652 923,738
Depreciation
At 1 April 2023 - 17,086 469,538 486,624
Charge for the year - - 72,431 72,431
On disposals - - (150,332) (150,332)
At 31 March 2024 - 17,086 391,637 408,723
Net book value
At 31 March 2024 115,000 - 400,015 515,015
At 31 March 2023 115,000 - 206,638 321,638
Freehold land and buildings: 2024 2023
£ £
Historical cost 29,912 29,912
Cumulative depreciation based on historical cost - -
29,912 29,912

An independent valuation was conducted on the value of Land and buildings in July 2020 and the value was set at £115,000.

This valuation has been reviewed by the directors at 31 March 2024 and no adjustment is deemed necessary. No depreciation is provided in respect of this land and buildings.
4 Debtors 2024 2023
£ £
Trade debtors 51,341 37,242
Other debtors 92,927 142,356
144,268 179,598
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 19,992 19,992
Obligations under finance lease and hire purchase contracts 55,217 11,111
Trade creditors 42,645 32,128
Taxation and social security costs 18,621 26,188
Other creditors 353,631 312,106
490,106 401,525
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,686 41,678
Obligations under finance lease and hire purchase contracts 95,886 18,333
117,572 60,011
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 67,971 67,971
At 31 March 2024 67,971 67,971
8 Pension commitments
The company operates defined pension contribution schemes. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £7,948 (2023: £6,694).
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 10,577 12,132
10 Other information
J. A. MAXFIELD & SON LTD is a private company limited by shares and incorporated in England. Its registered office is:
154 Aughton Road
Aughton
Sheffield
South Yorkshire
S26 3XE
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