Company registration number 02369313 (England and Wales)
JOHN SAUL LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
John Saul Limited
JOHN SAUL LIMITED
Company Information
Directors
Mr O Saul
Mr A Saul
Mrs MM Saul
Company number
02369313
Registered office
Hall Farm Office Outgate
Leverton
Boston
Lincolnshire
England
PE22 0AA
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
John Saul Limited
JOHN SAUL LIMITED
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
John Saul Limited
JOHN SAUL LIMITED
Balance Sheet
As At 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,305,174
4,295,946
Investments
6
21,663
21,663
4,326,837
4,317,609
Current assets
Stocks
7
1,697,975
1,739,982
Debtors
8
3,946,226
5,813,730
Cash at bank and in hand
2,685,732
524,730
8,329,933
8,078,442
Creditors: amounts falling due within one year
9
(736,462)
(1,376,372)
Net current assets
7,593,471
6,702,070
Total assets less current liabilities
11,920,308
11,019,679
Creditors: amounts falling due after more than one year
10
(733,478)
(833,301)
Provisions for liabilities
(620,198)
(521,611)
Net assets
10,566,632
9,664,767
Capital and reserves
Called up share capital
97,032
97,032
Share premium account
353,332
353,332
Revaluation reserve
784,167
784,167
Capital redemption reserve
10,000
10,000
Profit and loss reserves
9,322,101
8,420,236
Total equity
10,566,632
9,664,767
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
John Saul Limited
JOHN SAUL LIMITED
Balance Sheet (Continued)
As At 31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr O Saul
Director
Company registration number 02369313 (England and Wales)
John Saul Limited
JOHN SAUL LIMITED
Statement Of Changes In Equity
For The Year Ended 31 December 2023
- 3 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
97,032
353,332
765,354
10,000
7,901,809
9,127,527
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
-
580,292
580,292
Dividends
-
-
-
-
(43,052)
(43,052)
Transfers
-
-
-
(18,813)
(18,813)
Other movements
-
-
18,813
-
-
18,813
Balance at 31 December 2022
97,032
353,332
784,167
10,000
8,420,236
9,664,767
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
1,001,936
1,001,936
Dividends
-
-
-
-
(100,071)
(100,071)
Balance at 31 December 2023
97,032
353,332
784,167
10,000
9,322,101
10,566,632
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 4 -
1
Accounting policies
Company information
John Saul Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hall Farm Office Outgate, Leverton, Boston, Lincolnshire, England, PE22 0AA.
1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Basic payment entitlements are stated at cost less amortisation which is provided at a rate calculated to write off the cost of the entitlements over their expected useful life.
1.4
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.
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
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:
Freehold land and buildings
At varying rates from 0% to 4% on cost
Leasehold land and buildings
At varying rates from 0% to 4% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on cost
Motor vehicles
15% reducing balance
Tractors
15% reducing balance
Combines
15% 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.
1.5
Fixed asset investments
Investments held as fixed assets are stated at cost less provision for impairment.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Biological assets are living plants controlled by the company from which it expects to derive future economic benefit. These are measured at the lower of cost and estimated selling price, less costs to sell.
1.8
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 profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 7 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
18
4
Intangible fixed assets
Basic Payment Scheme Entitlements
£
Cost
At 1 January 2023 and 31 December 2023
181,390
Amortisation and impairment
At 1 January 2023 and 31 December 2023
181,390
Carrying amount
At 31 December 2023
At 31 December 2022
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 8 -
5
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Tractors
Combines
Total
£
£
£
£
£
£
£
£
Cost or Valuation
At 1 January 2023
2,111,778
1,776,270
3,954,486
119,720
75,590
1,733,029
905,829
10,676,702
Additions
18,618
438,870
24,500
197,751
679,739
Disposals
(1,515)
(419,381)
(395)
(22,291)
(358,615)
(802,197)
At 31 December 2023
2,128,881
1,776,270
3,973,975
119,325
77,799
1,572,165
905,829
10,554,244
Depreciation and impairment
At 1 January 2023
63,017
1,167,847
3,330,608
118,667
37,304
984,877
678,436
6,380,756
Depreciation charged in the year
235
52,711
156,558
263
10,459
187,167
56,849
464,242
Eliminated in respect of disposals
(302,951)
(395)
(14,650)
(277,932)
(595,928)
At 31 December 2023
63,252
1,220,558
3,184,215
118,535
33,113
894,112
735,285
6,249,070
Carrying amount
At 31 December 2023
2,065,629
555,712
789,760
790
44,686
678,053
170,544
4,305,174
At 31 December 2022
2,048,761
608,423
623,878
1,053
38,286
748,152
227,393
4,295,946
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 9 -
Land and buildings with a carrying amount of £2,621,341 were previously revalued. At year end by the directors consider the valuation to not be materially different from fair value.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildings
2023
2022
£
£
Cost
2,978,796
2,961,693
Accumulated depreciation
(1,283,810)
(1,230,864)
Carrying value
1,694,986
1,730,829
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
21,663
21,663
7
Stocks
2023
2022
£
£
Growing crop
108,211
227,461
Crop in store
1,310,585
1,126,767
Consumables
279,179
385,754
1,697,975
1,739,982
Biological assets included within stock are as follows:
Biological assets - growing crop
2023
2022
£
£
As at 1 January
227,461
298,604
Net movement on cultivations
(119,250)
(71,143)
As at 31 December
108,211
227,461
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 10 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
729,451
419,484
Other debtors
201,765
2,379,236
931,216
2,798,720
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
3,015,010
3,015,010
Total debtors
3,946,226
5,813,730
Included in other debtors is £70,951 that is due from one of the directors. This balance was fully repaid in April 2024.
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
26,567
13,133
Obligations under finance leases
150,382
204,151
Trade creditors
175,682
472,982
Corporation tax
272,494
538,300
Other taxation and social security
11,218
Other creditors
9,177
9,372
Accruals and deferred income
90,942
138,434
736,462
1,376,372
10
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
688,198
728,199
Obligations under finance leases
45,280
105,102
733,478
833,301
Bank loans are secured against land and property. Hire purchase loans are secured against the assets to which they relate.
John Saul Limited
JOHN SAUL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 11 -
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
478,011
379,424
Revaluations
142,187
142,187
620,198
521,611
2023
Movements in the year:
£
Liability at 1 January 2023
521,611
Charge to profit or loss
98,587
Liability at 31 December 2023
620,198
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,510
36,033
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the year end £3,218 was outstanding.
13
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
109,370
109,370
Lease commitments are in respect of agreements concerning land used within the company's trade.
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