REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
JOHN R.FORD & SONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
JOHN R.FORD & SONS LIMITED |
JOHN R.FORD & SONS LIMITED (REGISTERED NUMBER: 00768397) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JOHN R.FORD & SONS LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Baird House |
Seebeck Place |
Knowlhill |
Milton Keynes |
Buckinghamshire |
MK5 8FR |
JOHN R.FORD & SONS LIMITED (REGISTERED NUMBER: 00768397) |
BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
JOHN R.FORD & SONS LIMITED (REGISTERED NUMBER: 00768397) |
BALANCE SHEET - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
JOHN R.FORD & SONS LIMITED (REGISTERED NUMBER: 00768397) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
John R.Ford & Sons Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
Preparation of consolidated financial statements |
The financial statements contain information about John R.Ford & Sons Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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 |
All fixed assets are initially recorded at cost. |
In preparation of the introduction of Financial Reporting Standard 102, a revaluation of freehold property was undertaken in 2014. the company has chosen to elect this valuation of freehold property as deemed cost on transition to FRS 102 and accordingly no further movement will be adjusted through the revaluation reserve. |
Depreciation is not provided on freehold buildings which is not in accordance with the requirements of FRS 102. The departure is on the grounds that the depreciation charge and related accumulated depreciation balance are not material, owing to a long estimated useful life and high residual value. |
The directors perform annual impairment reviews to ensure that the carrying values are not lower than the recoverable amounts. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 R.FORD & SONS LIMITED (REGISTERED NUMBER: 00768397) |
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. |
Investments |
Fixed asset investments are included at historical cost. |
Operating lease income |
Rentals received under operating leases are credited to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 700,000 (2022 - £ 700,000 ) which is not depreciated. |
Land and buildings are used by the subsidiary under operating lease arrangements. |
The directors do not consider there to be any material change in valuation between 1 April 2014 (date of last valuation) up to the date of transition to FRS 102. |
A deferred tax liability in relation to the revaluation has not been provided on transition to FRS 102 on the basis that it is not material to the financial statements. |
JOHN R.FORD & SONS LIMITED (REGISTERED NUMBER: 00768397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 October 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 1994 | 217,887 |
Valuation in 2014 | 246,017 |
Cost | 936,096 |
1,400,000 |
Freehold land and buildings were valued on an open market basis on 1 April 2014 by Stimpsons Eves Chartered Surveyors . |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 11 Ampthill Road, Shefford, Bedfordshire, SG17 5BE. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
John R. Ford and Sons (Shefford) Limited is a company registered in England and Wales. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by associates |
JOHN R.FORD & SONS LIMITED (REGISTERED NUMBER: 00768397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 25,000 | 25,000 |
9. | RELATED PARTY DISCLOSURES |
During the year there were the following arms length transactions with the subsidiary company, John R. Ford and Sons (Shefford) Limited as follows: |
Management charges to the subsidiary £27,786 (2022 :£27,808) |
Rent charged to the subsidiary £98,500 (2022: £98,500) |
Management charges from the subsidiary £45,000 (2022: £45,000). |
John R.Ford & Sons Limited operates a loan account with its subsidiary. The balance owing to the subsidiary as at 31 October 2023 was £303,797 (2022: £229,767). |
There is an inter-company guarantee in favour of Nat West Bank Plc between John R.Ford & Sons Limited and the subsidiary John R. Ford and Sons (Shefford) Ltd. The guarantee is supported by charges against freehold property. |
The majority shareholding is held in trust of which R W Ford and S J Ford are both trustees and beneficiaries. |
Amounts owed by associates £1,210,000 (2022: £1,210,000) is due from S & R Ford Properties Ltd, a company controlled by R W Ford and S J Ford. |
10. | ULTIMATE CONTROLLING PARTY |
The majority shareholding is held in trusts of which R W Ford & S J Ford are the trustees. |