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REGISTERED NUMBER: 00558216 (England and Wales)














Unaudited Financial Statements

For The Year Ended 31 March 2024

for

E. Falkingham and Sons Limited

E. Falkingham and Sons Limited (Registered number: 00558216)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Abridged Balance Sheet 3

Notes to the Financial Statements 5


E. Falkingham and Sons Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: Mrs M A Falkingham
I E Falkingham
A P Falkingham
Mrs S M Falkingham



SECRETARY: Mrs S M Falkingham



REGISTERED OFFICE: Denby House
Rudston
Driffield
East Yorkshire
YO25 3DL



REGISTERED NUMBER: 00558216 (England and Wales)



ACCOUNTANTS: Charles A. Wood & Co.
Chartered Accountants
15 Prospect Street
Bridlington
East Yorkshire
YO15 2AE



BANKERS: HSBC Bank plc
12 Market Place
Driffield
East Yorkshire
YO25 6AQ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
E. Falkingham and Sons 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 Balance Sheet. 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 E. Falkingham and Sons Limited for the year ended 31 March 2024 which comprise the Income Statement, Abridged Balance Sheet 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 E. Falkingham and Sons Limited, as a body, in accordance with the terms of our engagement letter dated 5 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of E. Falkingham and Sons Limited and state those matters that we have agreed to state to the Board of Directors of E. Falkingham and Sons 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 E. Falkingham and Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that E. Falkingham and Sons 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 loss of E. Falkingham and Sons Limited. You consider that E. Falkingham and Sons 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 E. Falkingham and Sons 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.






Charles A. Wood & Co.
Chartered Accountants
15 Prospect Street
Bridlington
East Yorkshire
YO15 2AE


31 July 2024

E. Falkingham and Sons Limited (Registered number: 00558216)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,304,062 3,295,492
Investments 6 3,300 2,770
3,307,362 3,298,262

CURRENT ASSETS
Stocks 592,641 711,243
Debtors 7 314,651 301,777
Cash at bank and in hand 271,912 505,842
1,179,204 1,518,862
CREDITORS
Amounts falling due within one year 1,156,381 1,396,696
NET CURRENT ASSETS 22,823 122,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,330,185

3,420,428

CREDITORS
Amounts falling due after more than one
year

8

(1,050,174

)

(969,198

)

PROVISIONS FOR LIABILITIES 11 (578,676 ) (590,428 )

ACCRUALS AND DEFERRED INCOME (5,865 ) (2,593 )
NET ASSETS 1,695,470 1,858,209

CAPITAL AND RESERVES
Called up share capital 12 15,888 15,888
Capital redemption reserve 2,760 2,760
Retained earnings 1,676,822 1,839,561
SHAREHOLDERS' FUNDS 1,695,470 1,858,209

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.

E. Falkingham and Sons Limited (Registered number: 00558216)

Abridged Balance Sheet - 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




I E Falkingham - Director



A P Falkingham - Director


E. Falkingham and Sons Limited (Registered number: 00558216)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

E. Falkingham and Sons 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic payment scheme is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Straight line over 25 years
Wind turbines - Straight line over 20 years
Plant and machinery - 33% on reducing balance and 15% on reducing balance
Combine harvester - 20% on reducing balance
Tractors and motor vehicles - 25% on reducing balance

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

Own produced stock has been valued at cost of production.

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.


E. Falkingham and Sons Limited (Registered number: 00558216)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

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.

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.

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.

Government grants
Government grants in respect of capital assets are included as a liability on the balance sheet as deferred income and released to the profit and loss account in order to match the depreciation of the related capital asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 104,475
AMORTISATION
At 1 April 2023
and 31 March 2024 104,475
NET BOOK VALUE

At 31 March 2024 -
At 31 March 2023 -

E. Falkingham and Sons Limited (Registered number: 00558216)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 6,312,228
Additions 550,597
Disposals (230,788 )
At 31 March 2024 6,632,037
DEPRECIATION
At 1 April 2023 3,016,736
Charge for year 433,929
Eliminated on disposal (122,690 )
At 31 March 2024 3,327,975
NET BOOK VALUE
At 31 March 2024 3,304,062
At 31 March 2023 3,295,492

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2023 262,500
Transfer to ownership (83,000 )
At 31 March 2024 179,500
DEPRECIATION
At 1 April 2023 114,844
Charge for year 25,242
Transfer to ownership (36,313 )
At 31 March 2024 103,773
NET BOOK VALUE
At 31 March 2024 75,727
At 31 March 2023 147,656

E. Falkingham and Sons Limited (Registered number: 00558216)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2023 2,770
Additions 530
At 31 March 2024 3,300
NET BOOK VALUE
At 31 March 2024 3,300
At 31 March 2023 2,770

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other debtors 21,311 17,230

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans 276,606 440,743

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 153,928 219,829
Other loans 115,116 148,553
269,044 368,382

Amounts falling due between one and two years:
Bank loans 155,262 128,568
Other loans 72,716 46,308
227,978 174,876

Amounts falling due between two and five years:
Bank loans 474,151 326,079
Other loans 71,439 -
545,590 326,079

E. Falkingham and Sons Limited (Registered number: 00558216)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

9. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 276,606 440,743

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,059,947 1,115,219
Hire purchase contracts 27,500 61,250
Other loans 258,184 194,861
1,345,631 1,371,330

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 659,549 649,372
Short term timing differences (80,873 ) (58,944 )
578,676 590,428

Deferred
tax
£   
Balance at 1 April 2023 590,428
Credit to Income Statement during year (11,752 )
Balance at 31 March 2024 578,676

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
15,888 Ordinary £1 15,888 15,888

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company has paid rent to I E Falkingham of £20,000 (2022 - £20,000) during the year in respect of farm land owned by him.

The company has paid rent to A P Falkingham of £50,000 (2022- £50,000) during the year in respect of farm land owned by him.

E. Falkingham and Sons Limited (Registered number: 00558216)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

14. RELATED PARTY DISCLOSURES

The following balances were due to the Directors:
2024 2023
£    £   
Mrs M A Falkingham 1,314 184

Interest was paid to the Directors as follows:
2024 2023
£    £   
Mrs M A Falkingham 60 79

The following balances were due to the Directors:
2024 2023
£    £   
Mr & Mrs I E Falkingham 162,511 127,540

Interest was paid to the Directors as follows:
2024 2023
£    £   
Mr & Mrs I E Falkingham 5,513 5,478

The following balances were due to the Director:
2024 2023
£   
A P Falkingham 97,143 57,569

Interest was paid to the Director as follows:
2024 2023
£    £   
A P Fakingham 2,687 2,575

15. ULTIMATE CONTROLLING PARTY

The controlling party is I E Falkingham and A P Falkingham.