Company registration number 05267248 (England and Wales)
John Horsfall & Sons Limited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
John Horsfall & Sons Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
John Horsfall & Sons Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,666
Tangible assets
4
163,273
108,423
163,273
125,089
Current assets
Stocks
1,335,630
2,307,021
Debtors
3,510,132
3,407,509
Cash at bank and in hand
965,896
2,142,216
5,811,658
7,856,746
Creditors: amounts falling due within one year
(4,987,366)
(7,062,737)
Net current assets
824,292
794,009
Net assets
987,565
919,098
Capital and reserves
Called up share capital
5
250,000
250,000
Profit and loss reserves
737,565
669,098
Total equity
987,565
919,098
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
P H Benson
Director
Company registration number 05267248 (England and Wales)
John Horsfall & Sons Limited
Notes to the Financial Statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Appropriate provisions have been made to maintain the company's ability to service it's customer base. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover is recognised on the supply of goods to the customer.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Branding and intellectual property
33% straight line
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% straight line and 25% reducing balance
Fixtures and fittings
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
John Horsfall & Sons Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 3 -
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
16
John Horsfall & Sons Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
- 4 -
3
Intangible fixed assets
Total
£
Cost
At 1 January 2023 and 31 December 2023
50,000
Amortisation and impairment
At 1 January 2023
33,334
Amortisation charged for the year
16,666
At 31 December 2023
50,000
Carrying amount
At 31 December 2023
At 31 December 2022
16,666
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
190,883
20,974
98,463
310,320
Additions
16,852
110,557
127,409
Disposals
(53,015)
(53,015)
At 31 December 2023
207,735
20,974
156,005
384,714
Depreciation and impairment
At 1 January 2023
135,435
20,220
46,242
201,897
Depreciation charged in the year
18,075
188
38,046
56,309
Eliminated in respect of disposals
(36,765)
(36,765)
At 31 December 2023
153,510
20,408
47,523
221,441
Carrying amount
At 31 December 2023
54,225
566
108,482
163,273
At 31 December 2022
55,448
754
52,221
108,423
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,000
250,000
250,000
250,000
John Horsfall & Sons Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
- 5 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Charles R Moorby
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
3 September 2024
7
Related party transactions
The company is exempt from disclosing related party transactions with group companies as its results are included in the consolidated accounts of its parent undertaking.
8
Parent company
The ultimate undertaking is considered to be John Horsfall & Sons (Greetland) Limited, a company incorporated in England and Wales whose registered office is situated at Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB. John Horsfall & Sons (Greetland) Limited is the company which prepares consolidated accounts for the group.
9
Company information
John Horsfall & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB.