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Registration number: 00047791

Henry Cole & Company Ltd

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Henry Cole & Company Ltd

Contents

Statement of Directors' Responsibilities

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 13

 

Henry Cole & Company Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 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.

 

Henry Cole & Company Ltd

(Registration number: 00047791)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

881,838

889,064

Investments

6

20

20

 

881,858

889,084

Current assets

 

Stocks

7

564,107

682,426

Debtors

8

1,579,677

1,637,271

Cash at bank and in hand

 

132,559

192,849

 

2,276,343

2,512,546

Creditors: Amounts falling due within one year

9

(2,164,660)

(2,366,846)

Net current assets

 

111,683

145,700

Total assets less current liabilities

 

993,541

1,034,784

Creditors: Amounts falling due after more than one year

9

(576,947)

(617,119)

Provisions for liabilities

(18,112)

(20,344)

Net assets

 

398,482

397,321

Capital and reserves

 

Called up share capital

10

24,515

24,515

Revaluation reserve

150,207

150,207

Retained earnings

223,760

222,599

Shareholders' funds

 

398,482

397,321

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr A G Christie
Director

 

Henry Cole & Company Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2023

24,515

150,207

222,599

397,321

Profit for the year

-

-

13,419

13,419

Dividends

-

-

(12,258)

(12,258)

At 30 April 2024

24,515

150,207

223,760

398,482

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

24,515

150,207

115,974

290,696

Profit for the year

-

-

115,205

115,205

Dividends

-

-

(8,580)

(8,580)

At 30 April 2023

24,515

150,207

222,599

397,321

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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:
Gosditch House
5 Gosditch Street
Cirencester
Gloucestershire
GL7 2AG

These financial statements were authorised for issue by the Board on 31 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 17 July 2024 was Mr S J Bates FCA, who signed for and on behalf of Wenn Townsend.

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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 deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Freehold Land and Buildings are included in the accounts at fair value and are professionally revalued every three years. Any change in fair value is recognised in the finanacial statements.

The freehold property is carried at a professionally revalued amount.

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

Short leasehold improvements

Length of the lease

Fixtures, fittings and equipment

25% straight line

Plant and machinery

20% straight line

Motor vehicles

20% reducing balance

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years 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.

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 40).

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

180,072

180,072

At 30 April 2024

180,072

180,072

Amortisation

At 1 May 2023

180,072

180,072

At 30 April 2024

180,072

180,072

Carrying amount

At 30 April 2024

-

-

The goodwill relates to the purchase of the trade Bones South West.

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

770,000

371,562

105,235

1,246,797

Additions

-

24,619

-

24,619

Disposals

-

(2,055)

(16,945)

(19,000)

At 30 April 2024

770,000

394,126

88,290

1,252,416

Depreciation

At 1 May 2023

-

312,945

44,788

357,733

Charge for the year

-

16,271

15,015

31,286

Eliminated on disposal

-

(1,977)

(16,464)

(18,441)

At 30 April 2024

-

327,239

43,339

370,578

Carrying amount

At 30 April 2024

770,000

66,887

44,951

881,838

At 30 April 2023

770,000

58,617

60,447

889,064

Included within the net book value of land and buildings above is £770,000 (2023 - £770,000) in respect of freehold land and buildings.
 

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Revaluation

The fair value of the company's Land and Buildings was revalued on 5 April 2022 by an independent valuer. The name and qualification of the independent valuer is Vickery Holeman Property Consultants.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £619,793 (2023 - £619,793).

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

20

20

Subsidiaries

£

Cost or valuation

At 1 May 2023

20

Provision

Carrying amount

At 30 April 2024

20

At 30 April 2023

20

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

564,107

682,426

8

Debtors

2024
£

2023
£

Trade debtors

1,514,179

1,569,818

Prepayments

35,238

27,520

Other debtors

30,260

39,933

1,579,677

1,637,271

 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

668,303

774,229

Trade creditors

 

1,230,126

1,226,967

Taxation and social security

 

22,425

30,146

Accruals and deferred income

 

239,193

330,829

Other creditors

 

4,613

4,675

 

2,164,660

2,366,846


Lloyds Bank Commercial Finance Limited has a fixed and floating charge over the company's assets dated 8 November 2016. Lloyds Bank Plc has a fixed and floating charge over the company's assets dated 2 December 2020. National Westmister Bank Plc has a charge over the buildings at Hatchmoor Industrial Estate, Hatherleigh dated 30 November 2022.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

576,947

617,119


The amount includes £529,740 for a fixed rate loan. This is repayable on an end date September 2047. The £23,433 relates to a Government bounce back loan. Three hire purchase agreements amount to £23,744.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

24,515

24,515

24,515

24,515

       
 

Henry Cole & Company Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

11

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

14,944

13,591

Later than one year and not later than five years

23,774

38,722

38,718

52,313

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

151,085

198,600

Later than one year and not later than five years

174,020

258,755

Later than five years

37,100

74,200

362,205

531,555

The amount of non-cancellable operating lease payments recognised as an expense during the year was £247,621 (2023 - £194,367).

12

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £0.50 (2023 - £0.35) per each Ordinary Shares

12,258

8,580

 

 

13

Related party transactions

There were no material related party transactions during the year.