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REGISTERED NUMBER: 00495822 (England and Wales)














J W E Banks Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023






J W E Banks Limited (Registered number: 00495822)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 8


J W E Banks Limited

Company Information
for the Year Ended 30 November 2023







Directors: C H Banks
A W Banks
J M Banks





Registered office: St Guthlac's Lodge
Spalding Road
Crowland
Peterborough
PE6 0JW





Registered number: 00495822 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
J W E Banks 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 Statement of financial position. Readers are cautioned that the Income statement 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 J W E Banks Limited for the year ended 30 November 2023 which comprise the Statement of income and retained earnings, Statement of financial position 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 J W E Banks Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of J W E Banks Limited and state those matters that we have agreed to state to the Board of Directors of J W E Banks 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 J W E Banks Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J W E Banks 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 J W E Banks Limited. You consider that J W E Banks 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 J W E Banks 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


27 June 2024

J W E Banks Limited (Registered number: 00495822)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 3,616,940 3,197,957
Investments 6 1,653,047 1,632,350
5,269,987 4,830,307

Current assets
Stocks 762,361 1,010,237
Debtors 7 413,365 509,799
Cash at bank and in hand 31,502 263,796
1,207,228 1,783,832
Creditors
Amounts falling due within one year 8 1,911,733 2,190,988
Net current liabilities (704,505 ) (407,156 )
Total assets less current liabilities 4,565,482 4,423,151

Provisions for liabilities 10 199,564 152,796
Net assets 4,365,918 4,270,355

Capital and reserves
Called up share capital 11 40,054 40,054
Retained earnings 4,325,864 4,230,301
Shareholders' funds 4,365,918 4,270,355

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

J W E Banks Limited (Registered number: 00495822)

Statement of Financial Position - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 27 June 2024 and were signed on its behalf by:




C H Banks - Director A W Banks - Director




J M Banks - Director


J W E Banks Limited (Registered number: 00495822)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. Statutory information

J W E Banks 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. Statement of compliance

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property-10 years straight line
Tractors -25% reducing balance
Implements -15% to 25% reducing balance
Computers -3 years straight line / 20% reducing balance
Motor vehicles-25% reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

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

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 statement of financial position date.


J W E Banks Limited (Registered number: 00495822)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

4. Employees and directors

The average number of employees during the year was 11 (2022 - 11 ) .

5. Tangible fixed assets
Freehold Plant and Motor
property machinery Tractors vehicles Totals
£    £    £    £    £   
Cost
At 1 December 2022 2,610,121 1,341,863 673,672 63,588 4,689,244
Additions 431,097 25,406 98,750 - 555,253
Disposals - (31,750 ) - - (31,750 )
At 30 November 2023 3,041,218 1,335,519 772,422 63,588 5,212,747
Depreciation
At 1 December 2022 107,855 877,597 461,745 44,090 1,491,287
Charge for year 5,860 61,152 49,256 4,874 121,142
Eliminated on disposal - (16,622 ) - - (16,622 )
At 30 November 2023 113,715 922,127 511,001 48,964 1,595,807
Net book value
At 30 November 2023 2,927,503 413,392 261,421 14,624 3,616,940
At 30 November 2022 2,502,266 464,266 211,927 19,498 3,197,957

Freehold property includes land and buildings costing £2,874,757 (2022 - £2,443,660) on which no depreciation has been charged.

J W E Banks Limited (Registered number: 00495822)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


6. Fixed asset investments
Interest
in
associate
£   
Cost
At 1 December 2022 1,632,350
Additions 20,697
At 30 November 2023 1,653,047
Net book value
At 30 November 2023 1,653,047
At 30 November 2022 1,632,350

J W E Banks Limited is a partner in the farming partnership, J W E Banks and Partners. The above balance represents the capital account balance.

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 385,029 490,284
Prepayments and accrued income 28,336 19,515
413,365 509,799

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 53,496 193,127
Amounts owed to associates 1,571,492 1,700,913
Tax 70,039 81,364
VAT 7,156 20,337
Other creditors 172,610 160,402
Accruals and deferred income 36,940 34,845
1,911,733 2,190,988

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Between one and five years 12,500 12,500

J W E Banks Limited (Registered number: 00495822)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


10. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 152,796 158,273
Other timing differences 46,768 (5,477 )
199,564 152,796

Deferred
tax
£   
Balance at 1 December 2022 152,796
Provided during year 46,768
Balance at 30 November 2023 199,564

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
26,703 Ordinary A 1 26,703 26,703
13,351 Ordinary B 1 13,351 13,351
40,054 40,054

12. Related party disclosures

The following balances were owed to related parties at the year end:

2023 2022
Claypack Limited £527,144 £392,503
J W E Banks and Partners £1,024,348 £1,419,990
LaSource Automotive Limited £20,000 -

These balances are repayable on demand and no interest has been charged.