REGISTERED NUMBER: |
E.W.Kisby And Sons Limited |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
REGISTERED NUMBER: |
E.W.Kisby And Sons Limited |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Contents of the Financial Statements |
for the Year Ended 5 April 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
E.W.Kisby And Sons Limited |
Company Information |
for the Year Ended 5 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
BANKERS: |
West Anglia Agricultural Centre |
Peterborough |
Cambridgeshire |
PE2 8YW |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
E.W.Kisby And Sons Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of E.W.Kisby And Sons Limited for the year ended 5 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of E.W.Kisby And Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of E.W.Kisby And Sons Limited and state those matters that we have agreed to state to the Board of Directors of E.W.Kisby And Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than E.W.Kisby And Sons Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that E.W.Kisby And Sons 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 E.W.Kisby And Sons Limited. You consider that E.W.Kisby And Sons 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 E.W.Kisby And Sons 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. |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Balance Sheet |
5 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Allotted, issued and fully paid share capital |
Capital redemption reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Balance Sheet - continued |
5 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Notes to the Financial Statements |
for the Year Ended 5 April 2024 |
1. | STATUTORY INFORMATION |
E.W.Kisby And Sons Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis. |
Turnover |
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 |
Land and buildings | - |
Improvements to property | - |
Plant and machinery | - |
Tractors and harvesters | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
The company has the following biological assets within stock which are valued as disclosed: |
Growing crop - valued at the cost of inputs and cultivations up to the period end |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. |
The interest elements of these obligations is charged to the profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Land and | to | Plant and |
buildings | property | machinery |
£ | £ | £ |
COST |
At 6 April 2023 |
Additions |
Disposals | ( |
) |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
Eliminated on disposal |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Tractors |
and | Motor |
harvesters | vehicles | Totals |
£ | £ | £ |
COST |
At 6 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
Included in cost of land and buildings is freehold land of £496,988 (2023 - £619,348) which is not depreciated. |
5. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
United Oilseed Producers Ltd | 15 | 15 |
Anglia Farmers Ltd | 1 | 1 |
16 | 16 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials valuation |
Work-in-progress |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
Other debtors |
VAT |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
AMC loan |
Trade creditors |
Corporation tax payable |
Directors' current accounts |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
AMC loan due 1 to 2 years | 8,700 | 8,200 |
AMC loan due 2 to 5 years | 26,700 | 74,899 |
AMC loan due after 5 years | 164,105 | 175,196 |
AMC interest only mortgage | 183,328 | 152,251 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
AMC interest only mortgage | 183,328 | 152,251 |
Repayable by instalments |
AMC loan due after 5 years | 164,105 | 175,196 |
E.W.Kisby And Sons Limited (Registered number: 00602019) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
AMC loan |
AMC interest only mortgage |
The Barclays overdraft is secured by charges over the company's land at Downham Market, Norfolk. |
The borrowings from the Agricultural Mortgage Corporation are secured by charges over the company's land and property at Downham Market, Norfolk. The loan is split into five parts; four are interest only, with two repayable in August 2026 and two repayable in December 2029; one is repayable in increasing monthly instalments over the 25 year period of the loan to December 2038. |
Obligations under hire purchase contracts are secured by the related assets. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax - Accelerated |
Capital Allowances | 68,953 | 46,439 |
68,953 | 46,439 |
Deferred |
tax |
£ |
Balance at 6 April 2023 |
Provided during year |
Balance at 5 April 2024 |
12. | FINANCIAL COMMITMENTS |
Total financial commitments which are not included in the balance sheet amount to £112,241 (2023: £94,998). The financial commitments are due over the next 12 months and relate to land and property rent. |