IRIS Accounts Production v24.2.0.383 00539865 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh005398652023-03-31005398652024-03-31005398652023-04-012024-03-31005398652022-03-31005398652022-04-012023-03-31005398652023-03-3100539865ns15:EnglandWales2023-04-012024-03-3100539865ns14:PoundSterling2023-04-012024-03-3100539865ns10:Director12023-04-012024-03-3100539865ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100539865ns10:SmallEntities2023-04-012024-03-3100539865ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3100539865ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3100539865ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100539865ns10:FullAccounts2023-04-012024-03-310053986512023-04-012024-03-3100539865ns10:Director22023-04-012024-03-3100539865ns10:Director32023-04-012024-03-3100539865ns10:Director42023-04-012024-03-3100539865ns10:RegisteredOffice2023-04-012024-03-3100539865ns5:CurrentFinancialInstruments2024-03-3100539865ns5:CurrentFinancialInstruments2023-03-3100539865ns5:Non-currentFinancialInstruments2024-03-3100539865ns5:Non-currentFinancialInstruments2023-03-3100539865ns5:ShareCapital2024-03-3100539865ns5:ShareCapital2023-03-3100539865ns5:RevaluationReserve2024-03-3100539865ns5:RevaluationReserve2023-03-3100539865ns5:CapitalRedemptionReserve2024-03-3100539865ns5:CapitalRedemptionReserve2023-03-3100539865ns5:RetainedEarningsAccumulatedLosses2024-03-3100539865ns5:RetainedEarningsAccumulatedLosses2023-03-3100539865ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3100539865ns5:LandBuildings2023-04-012024-03-3100539865ns5:PlantMachinery2023-04-012024-03-3100539865ns5:IntangibleAssetsOtherThanGoodwill2023-03-3100539865ns5:IntangibleAssetsOtherThanGoodwill2024-03-3100539865ns5:IntangibleAssetsOtherThanGoodwill2023-03-3100539865ns5:LandBuildings2023-03-3100539865ns5:PlantMachinery2023-03-3100539865ns5:LandBuildings2024-03-3100539865ns5:PlantMachinery2024-03-3100539865ns5:LandBuildings2023-03-3100539865ns5:PlantMachinery2023-03-3100539865ns5:CostValuation2023-03-3100539865ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3100539865ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100539865ns5:Secured2024-03-3100539865ns5:Secured2023-03-31
REGISTERED NUMBER: 00539865 (England and Wales)















G.H.HOYLES,LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


G.H.HOYLES,LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J H R Hoyles
P G W Hoyles
D G W Hoyles
J G Hoyles





REGISTERED OFFICE: Monmouth House
Monmouth Lane
Lutton
Spalding
Lincolnshire
PE12 9LH





REGISTERED NUMBER: 00539865 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,248,553 2,976,847
Investments 6 50,923 50,923
3,299,476 3,027,770

CURRENT ASSETS
Valuation 632,398 543,071
Debtors 7 550,850 324,234
Cash at bank 189 186
1,183,437 867,491
CREDITORS
Amounts falling due within one year 8 706,810 1,059,459
NET CURRENT ASSETS/(LIABILITIES) 476,627 (191,968 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,776,103 2,835,802

CREDITORS
Amounts falling due after more than one year 9 (637,663 ) (523,030 )

PROVISIONS FOR LIABILITIES (332,569 ) (288,983 )
NET ASSETS 2,805,871 2,023,789

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Revaluation reserve 747,114 747,114
Capital redemption reserve 6,717 6,717
Retained earnings 2,050,040 1,267,958
SHAREHOLDERS' FUNDS 2,805,871 2,023,789

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





D G W Hoyles - Director


G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

G.H.Hoyles,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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of produce, excluding value added tax.
Sales of produce are recognised upon despatch.

The Basic Farm Payment is recognised in the financial statements in accordance with current HM Revenue & Customs guidance.

Intangible fixed assets
Amortisation is provided on intangible fixed assets at rates to write off each asset over its estimated useful life being:

Basic farm payment entitlement - straight line over 3 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost, at variable rates on reducing balance, Nil and Straight line over 25 years
Plant and machinery etc - 25% on cost, 20% on cost, 4% on cost and at variable rates on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Valuation are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items. Produce on hand is valued at deemed cost of production in line with current HMRC guidance

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to 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 AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 108,209
AMORTISATION
At 1 April 2023
and 31 March 2024 108,209
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 3,244,736 3,738,330 6,983,066
Additions 343,621 219,228 562,849
Disposals - (315,477 ) (315,477 )
At 31 March 2024 3,588,357 3,642,081 7,230,438
DEPRECIATION
At 1 April 2023 1,365,790 2,640,429 4,006,219
Charge for year 105,077 153,826 258,903
Eliminated on disposal - (283,237 ) (283,237 )
At 31 March 2024 1,470,867 2,511,018 3,981,885
NET BOOK VALUE
At 31 March 2024 2,117,490 1,131,063 3,248,553
At 31 March 2023 1,878,946 1,097,901 2,976,847

Included in cost or valuation of land and buildings is freehold land of £ 1,135,330 (2023 - £ 1,135,580 ) which is not depreciated.

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2007 747,115 - 747,115
Cost 2,841,242 3,642,081 6,483,323
3,588,357 3,642,081 7,230,438

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,841,242 2,493,311
Aggregate depreciation 1,470,867 1,126,226

Value of land in freehold land and buildings 388,215 388,215

Freehold land and buildings were valued on an open market basis on 12 July 2007 by Brown & Co, Kings Lynn, Norfolk .


G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 50,923
NET BOOK VALUE
At 31 March 2024 50,923
At 31 March 2023 50,923

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 447,631 254,703
Other debtors 103,219 69,531
550,850 324,234

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 247,128 589,953
Hire purchase contracts - 27,874
Trade creditors 133,400 138,492
Taxation and social security 255,543 86,717
Other creditors 70,739 216,423
706,810 1,059,459

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 454,802 427,412
Other creditors 182,861 95,618
637,663 523,030

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 255,083 276,999

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 139,599 464,997
Bank loans 562,331 552,368
701,930 1,017,365

The bank overdraft and loans are secured by charges over the company's freehold land buildings.

G.H.HOYLES,LIMITED (REGISTERED NUMBER: 00539865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £ £
1,000 Ordinary A shares £1 1,000 1,000
500 Ordinary B shares £1 500 500
500 Ordinary C shares £1 500 500
2,000 2,000