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REGISTERED NUMBER: 01440166 (England and Wales)















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

JOHN BOWNES LIMITED

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


JOHN BOWNES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: J C Bownes
J D Bownes



SECRETARY: Mrs S J Langley



REGISTERED OFFICE: Courthouse Farm
Swanlow Lane
Winsford
Cheshire
CW7 4BS



REGISTERED NUMBER: 01440166 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Benson



AUDITORS: Murray Smith LLP
Chartered Accountants
Statutory Auditor
Darland House
44 Winnington Hill
Northwich
Cheshire
CW8 1AU

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their Strategic report, together with the Directors' report, the financial statements and auditors' report, for John Bownes Limited ("the company") for the year ended 31 October 2023.

REVIEW OF BUSINESS
The principal activity of the company is the sale and maintenance of tractors and other agricultural equipment.

The income statement is set out on page 7. The profit for the year after tax was £279,030 (2022: £524,727). During the year dividends were paid totalling £155,000 (2022: £147,000).

KEY PERFORMANCE INDICATORS
Two broad KPIs reflect the overall performance of the company. These are turnover and operating profit, which indicate the level of business undertaken by the company and the profitability of the work undertaken:

2023 2022
£    £   
Turnover 18,860,942 19,702,952
Operating profit 419,624 737,688

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are described below.

Economic environment - continuing economic uncertainty may cause sales to decline.

Business continuity - the risk that in the event of an adverse occurrence the business operations will not be able to operate. Main areas of risk here are the ability to generate income, and to recruit and retain key staff.

Financial/commercial - the risk of performance falling short of expectations. This includes reputational risk linked to the quality of work.

Compliance - the risk of failing to comply with all relevant legislation and regulations. The main areas of risk to the company include legal action from compliance failures.

Health, safety and environment - the risk relates to the safety of all staff, members of the public and the environment.

The company's senior management regularly reviews these risks and their potential impact on the company and takes mitigating action as necessary.

GOING CONCERN
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies in the financial statements.

ON BEHALF OF THE BOARD:





Mrs S J Langley - Secretary


30 July 2024

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
Interim dividends of £155,000 were paid during the period. The directors recommend that no final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

J C Bownes
J D Bownes

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs S J Langley - Secretary


30 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN BOWNES LIMITED

Opinion
We have audited the financial statements of John Bownes Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN BOWNES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit procedures designed to identify irregularities included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims
- Enquiry of company staff with responsibilities for compliance matters to identify any instances of
non-compliance with laws and regulations
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN BOWNES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Benson (Senior Statutory Auditor)
for and on behalf of Murray Smith LLP
Chartered Accountants
Statutory Auditor
Darland House
44 Winnington Hill
Northwich
Cheshire
CW8 1AU

31 July 2024

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 18,860,942 19,702,952

Cost of sales 17,709,212 18,295,958
GROSS PROFIT 1,151,730 1,406,994

Distribution costs 164,169 164,986
Administrative expenses 567,937 504,320
732,106 669,306
OPERATING PROFIT 4 419,624 737,688


Interest payable and similar expenses 5 63,155 53,626
PROFIT BEFORE TAXATION 356,469 684,062

Tax on profit 6 77,439 159,335
PROFIT FOR THE FINANCIAL YEAR 279,030 524,727

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 279,030 524,727


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

279,030

524,727

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 870,735 865,680
870,735 865,680

CURRENT ASSETS
Stocks 10 7,617,872 7,889,774
Debtors 11 1,528,768 1,021,239
9,146,640 8,911,013
CREDITORS
Amounts falling due within one year 12 6,148,150 6,104,008
NET CURRENT ASSETS 2,998,490 2,807,005
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,869,225

3,672,685

CREDITORS
Amounts falling due after more than one
year

13

(1,082,096

)

(999,816

)

PROVISIONS FOR LIABILITIES 17 (206,407 ) (216,177 )
NET ASSETS 2,580,722 2,456,692

CAPITAL AND RESERVES
Called up share capital 18 35,000 35,000
Retained earnings 19 2,545,722 2,421,692
SHAREHOLDERS' FUNDS 2,580,722 2,456,692

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





J C Bownes - Director


JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 35,000 2,043,965 2,078,965

Changes in equity
Dividends - (147,000 ) (147,000 )
Total comprehensive income - 524,727 524,727
Balance at 31 October 2022 35,000 2,421,692 2,456,692

Changes in equity
Dividends - (155,000 ) (155,000 )
Total comprehensive income - 279,030 279,030
Balance at 31 October 2023 35,000 2,545,722 2,580,722

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (521,205 ) (615,842 )
Interest paid (52,428 ) (32,580 )
Interest element of hire purchase payments
paid

(10,727

)

(21,046

)
Tax paid (91,402 ) (167,210 )
Net cash from operating activities (675,762 ) (836,678 )

Cash flows from investing activities
Purchase of tangible fixed assets (396,810 ) (438,547 )
Sale of tangible fixed assets 303,032 239,418
Net cash from investing activities (93,778 ) (199,129 )

Cash flows from financing activities
New loans in year - 9,669
New consignment stock 2,866,068 1,753,617
Stocking finance 2,565,800 1,680,628
New HP finance 147,201 238,890
Capital repayments in year (4,169,541 ) (2,625,819 )
Amount introduced by directors 78,000 -
Amount withdrawn by directors (68,188 ) 41,094
Equity dividends paid (155,000 ) (147,000 )
Net cash from financing activities 1,264,340 951,079

Increase/(decrease) in cash and cash equivalents 494,800 (84,728 )
Cash and cash equivalents at beginning of
year

2

(837,461

)

(752,733

)

Cash and cash equivalents at end of year 2 (342,661 ) (837,461 )

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 356,469 684,062
Depreciation charges 167,294 160,477
Profit on disposal of fixed assets (78,571 ) (46,608 )
Finance costs 63,155 53,626
508,347 851,557
Decrease/(increase) in stocks 271,902 (1,590,762 )
(Increase)/decrease in trade and other debtors (507,529 ) 147,722
Decrease in trade and other creditors (793,925 ) (24,359 )
Cash generated from operations (521,205 ) (615,842 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Bank overdrafts (342,661 ) (837,461 )
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Bank overdrafts (837,461 ) (752,733 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Bank overdrafts (837,461 ) 494,800 (342,661 )
(837,461 ) 494,800 (342,661 )
Debt
Finance leases (248,972 ) 61,443 (187,529 )
Debts falling due within 1 year (2,871,356 ) (1,439,965 ) (4,311,321 )
Debts falling due after 1 year (983,784 ) (31,006 ) (1,014,790 )
(4,104,112 ) (1,409,528 ) (5,513,640 )
Total (4,941,573 ) (914,728 ) (5,856,301 )

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

John Bownes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and key estimates
The company continually reviews its approach to estimations and judgements within the financial statements with a view to mitigate material misstatements. Historical experience along with other factors are used to create prudent accounting policies. Combining these policies with informed forecasts of the company's future, enables fair and consistent assumptions and estimates to be concluded.
Significant provisions are monitored by management and best estimates are maintained in accordance with any legal or contractual requirements.

Turnover
Turnover is the total amount, excluding value added tax, of sales of goods and services and hire charges invoiced by the company to third parties during the year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Hire fleet - 15% on reducing balance
Fixtures, fittings & computer equipment - 33.3% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Foden Traction engine - 10% on reducing balance

Stocks
Stock is valued at the lower of cost and net realisble value, after making due allowance for obsolete and slow moving items.

Cost is the amount invoiced by the supplier.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cash and cash equivalents
Cash in the statement of financial position comprises cash at banks and on hand.

Financial liabilities
A financial liability is recorded at transaction price and is derecognised when the obligation under the liability is discharged or cancelled or expires.

Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Trade debtors
Trade debtors are recognised at cost less provision for doubtful debts. The recoverability of trade debtors is reviewed on an ongoing basis. A provision for doubtful debtors is established when collection of the full nominal amount is no longer probable. Bad debts are written off as incurred.

Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period, and are discounted to present value where the effect is material.

Employee benefits
(a) Wages and salaries and annual leave
Liabilities for wages and salaries and annual leave are recognised and are measured as the amount unpaid at the reporting date at current pay rates in respect of employees' services up to that date. They are expected to be settled within one year.

(b) Pensions
The Company operates a defined contribution pension scheme. Contributions to this scheme are recognised in profit or loss in the period in which they become payable.

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,090,979 962,170
Social security costs 107,266 106,661
Other pension costs 38,719 29,712
1,236,964 1,098,543

The average number of employees during the year was as follows:
2023 2022

Administration 4 4
Sales 6 6
Distribution 1 1
Workshop 15 14
Stores 5 4
31 29

2023 2022
£    £   
Directors' remuneration 54,423 69,081
Directors' pension contributions to money purchase schemes 11,677 11,491

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 109,293 80,513
Depreciation - assets on hire purchase contracts 58,001 79,964
Profit on disposal of fixed assets (78,571 ) (46,608 )
Auditors' remuneration 6,499 6,018

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank overdraft interest 38,660 18,962
Loan interest 13,768 13,618
Hire purchase interest 10,727 21,046
63,155 53,626

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 87,209 91,402

Deferred tax (9,770 ) 67,933
Tax on profit 77,439 159,335

UK corporation tax has been charged at 22.52% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 356,469 684,062
Profit multiplied by the standard rate of corporation tax in the UK of
22.520% (2022 - 19%)

80,277

129,972

Effects of:
Other (2,838 ) 29,363
Total tax charge 77,439 159,335

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 82,000 81,500
Ordinary 'A' shares of £1 each
Interim 27,000 27,000
Ordinary 'B' shares of £1 each
Interim 46,000 38,500
155,000 147,000

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022 50,000
Disposals (50,000 )
At 31 October 2023 -
AMORTISATION
At 1 November 2022 50,000
Eliminated on disposal (50,000 )
At 31 October 2023 -
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

9. TANGIBLE FIXED ASSETS
Fixtures,
fittings Foden
Hire & computer Motor Traction
fleet equipment vehicles engine Totals
£    £    £    £    £   
COST
At 1 November 2022 749,547 437,792 735,592 61,000 1,983,931
Additions 213,418 25,970 157,422 - 396,810
Disposals (384,426 ) (1,826 ) (55,859 ) - (442,111 )
At 31 October 2023 578,539 461,936 837,155 61,000 1,938,630
DEPRECIATION
At 1 November 2022 238,920 262,987 564,347 51,997 1,118,251
Charge for year 75,305 25,486 65,603 900 167,294
Eliminated on disposal (167,480 ) (383 ) (49,787 ) - (217,650 )
At 31 October 2023 146,745 288,090 580,163 52,897 1,067,895
NET BOOK VALUE
At 31 October 2023 431,794 173,846 256,992 8,103 870,735
At 31 October 2022 510,627 174,805 171,245 9,003 865,680

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures,
fittings
Hire & computer Motor
fleet equipment vehicles Totals
£    £    £    £   
COST
At 1 November 2022 303,717 - 178,631 482,348
Additions - - 157,422 157,422
Disposals (220,793 ) - - (220,793 )
Transfer to ownership - - (114,500 ) (114,500 )
Reclassification/transfer - 45,855 - 45,855
At 31 October 2023 82,924 45,855 221,553 350,332
DEPRECIATION
At 1 November 2022 79,265 - 103,360 182,625
Charge for year 16,343 4,433 37,225 58,001
Eliminated on disposal (76,561 ) - - (76,561 )
Transfer to ownership - - (88,461 ) (88,461 )
Reclassification/transfer - 1,529 - 1,529
At 31 October 2023 19,047 5,962 52,124 77,133
NET BOOK VALUE
At 31 October 2023 63,877 39,893 169,429 273,199
At 31 October 2022 224,452 - 75,271 299,723

10. STOCKS
2023 2022
£    £   
Stocks 7,617,872 7,889,774

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,116,684 743,967
Other debtors 376,137 207,646
VAT debtor - 29,508
Prepayments and accrued income 35,947 40,118
1,528,768 1,021,239

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 342,661 837,461
Other loans (see note 14) 4,311,321 2,871,356
Hire purchase contracts (see note 15) 120,223 232,940
Trade creditors 896,086 1,535,948
Corporation tax 87,209 91,402
Social security and other taxes 114,888 34,744
Directors' current accounts 52,005 42,193
Accrued expenses 223,757 457,964
6,148,150 6,104,008

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 14) 1,014,790 983,784
Hire purchase contracts (see note 15) 67,306 16,032
1,082,096 999,816

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 342,661 837,461
Other loans 161,500 267,500
Stocking finance 4,149,821 2,603,856
4,653,982 3,708,817

Amounts falling due between one and two years:
Stocking finance 1,014,790 983,784

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 120,223 232,940
Between one and five years 67,306 16,032
187,529 248,972

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 3,640 -
Between one and five years 5,764 -
9,404 -

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 342,661 837,461
Hire purchase contracts 187,529 248,972
Stocking finance 5,164,611 3,587,640
5,694,801 4,674,073

The bank overdraft is secured by a debenture against the company's assets and a limited guarantee of £550,000 by the director, JC Bownes.

Hire purchase debts are secured against the assets to which they relate.

Stocking finance is secured on individual items held in stock.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital allowances in excess of depreciation 206,407 216,177

Deferred
tax
£   
Balance at 1 November 2022 216,177
Accelerated capital allowances (9,770 )
Balance at 31 October 2023 206,407

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
17,500 Ordinary £1 17,500 17,500
14,000 Ordinary 'A' £1 14,000 14,000
3,500 Ordinary 'B' £1 3,500 3,500
35,000 35,000

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

18. CALLED UP SHARE CAPITAL - continued

All shares are entitled to dividends and a pro rata distribution on any winding up. There are no particular restrictions on any share class.

19. RESERVES
Retained
earnings
£   

At 1 November 2022 2,421,692
Profit for the year 279,030
Dividends (155,000 )
At 31 October 2023 2,545,722

20. RELATED PARTY DISCLOSURES

During the year the following dividends were paid to the directors:

JC Bownes £82,000
JD Bownes £46,000

At the year end a total of £213,505 was due to the directors and their close families.

21. ULTIMATE CONTROLLING PARTY

During the year the company was under the control of its directors who together control 74% of the issued share capital.