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Registration number: 01504912

J. & S. Douglas (Farmers) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

J. & S. Douglas (Farmers) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

J. & S. Douglas (Farmers) Limited

(Registration number: 01504912)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

76,401

85,742

Current assets

 

Debtors

5

75,685

75,747

Investments

6

50

50

Cash at bank and in hand

 

7,220

8,980

 

82,955

84,777

Creditors: Amounts falling due within one year

7

(122,164)

(146,086)

Net current liabilities

 

(39,209)

(61,309)

Net assets

 

37,192

24,433

Capital and reserves

 

Called up share capital

100

100

Retained earnings

37,092

24,333

Shareholders' funds

 

37,192

24,433

 

J. & S. Douglas (Farmers) Limited

(Registration number: 01504912)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

.........................................
S Douglas
Director

 

J. & S. Douglas (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ
England

These financial statements were authorised for issue by the Board on 25 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

J. & S. Douglas (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Land & buildings

2% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

J. & S. Douglas (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

97,158

79,133

176,291

Disposals

(8,911)

-

(8,911)

At 31 October 2023

88,247

79,133

167,380

Depreciation

At 1 November 2022

12,138

78,411

90,549

Charge for the year

285

145

430

At 31 October 2023

12,423

78,556

90,979

Carrying amount

At 31 October 2023

75,824

577

76,401

At 31 October 2022

85,020

722

85,742

Included within the net book value of land and buildings above is £75,824 (2022 - £85,020) in respect of freehold land and buildings.
 

 

J. & S. Douglas (Farmers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

21,172

21,172

Amounts owed by related parties

53,951

53,951

Prepayments

 

562

624

   

75,685

75,747

6

Current asset investments

2023
£

2022
£

Other investments

50

50

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,126

5,095

Accruals and deferred income

1,500

1,500

Other creditors

117,538

139,491

122,164

146,086