P.R. ALCOCK & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Company Registration Number: 00510692
P.R. ALCOCK & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
P.R. ALCOCK & SONS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTORS
Mr C J Alcock
Mr D L Alcock
Mr J W Alcock
Mr M J Alcock
SECRETARY
Mr M J Alcock
REGISTERED OFFICE
Castle Street
Banbury
Oxfordshire
OX16 5NX
COMPANY REGISTRATION NUMBER
00510692 England and Wales
P.R. ALCOCK & SONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 5 763 670
Tangible assets 6 81,944 82,396
Investments 7 2,572,440 2,522,000
2,655,147 2,605,066
CURRENT ASSETS
Stock 6,635 10,149
Debtors 8 110,079 62,671
Cash at bank and in hand 205,351 184,295
322,065 257,115
CREDITORS: Amounts falling due within one year 9 127,691 99,852
NET CURRENT ASSETS 194,374 157,263
TOTAL ASSETS LESS CURRENT LIABILITIES 2,849,521 2,762,329
Provisions for liabilities and charges 476,556 347,686
NET ASSETS 2,372,965 2,414,643
CAPITAL AND RESERVES
Called up share capital 7,600 7,600
Distributable profit and loss account 788,210 752,713
Non distributable profit and loss account 1,577,155 1,654,330
SHAREHOLDERS' FUNDS 2,372,965 2,414,643
P.R. ALCOCK & SONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr D L Alcock
Director
Date approved by the board: 23 September 2024
P.R. ALCOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 GENERAL INFORMATION
P.R. Alcock & Sons Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Castle Street
Banbury
Oxfordshire
OX16 5NX
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of building and joinery services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 10 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
P.R. ALCOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Land and buildings Straight line basis at 4% per annum
Plant and machinery Reducing balance basis at 15% per annum
Motor vehicles Straight line basis at 25% per annum
Fixtures, fittings and computer equipment Reducing balance basis at 15% and straight line basis at 4% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
P.R. ALCOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises materials, direct labour and an appropriate proportion of production overheads.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Payments received under operating leases are recognised as income over the lease term on a straight-line basis.
P.R. ALCOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 7 7
P.R. ALCOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 INTANGIBLE FIXED ASSETS
Website
£
Cost
At 1 January 2023 670
Additions 825
Disposals (670)
At 31 December 2023 825
Accumulated amortisation and impairments
Charge for year 62
At 31 December 2023 62
Net book value
At 1 January 2023 670
At 31 December 2023 763
P.R. ALCOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
6 TANGIBLE ASSETS
Land and buildings Plant and machinery Motor vehicles Fixtures, fittings and computer equipment Total
£ £ £ £ £
Cost
At 1 January 2023 87,979 71,980 56,158 14,730 230,847
Additions - 782 - 1,507 2,289
At 31 December 2023 87,979 72,762 56,158 16,237 233,136
Accumulated depreciation and impairments
At 1 January 2023 13,705 66,259 56,158 12,329 148,451
Charge for year 1,289 907 - 545 2,741
At 31 December 2023 14,994 67,166 56,158 12,874 151,192
Net book value
At 1 January 2023 74,274 5,721 - 2,401 82,396
At 31 December 2023 72,985 5,596 - 3,363 81,944
7 FIXED ASSET INVESTMENTS
Investment properties
£
Cost
At 1 January 2023 2,522,000
Revaluation 50,440
At 31 December 2023 2,572,440
Net book value
At 1 January 2023 2,522,000
At 31 December 2023 2,572,440
P.R. ALCOCK & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8 DEBTORS
2023 2022
£ £
Trade debtors 82,593 40,187
Prepayments and accrued income 12,072 8,020
Other debtors 15,414 14,464
110,079 62,671
9 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 26,273 46,349
Taxation and social security 81,049 43,364
Accruals and deferred income 20,369 10,139
127,691 99,852
10 SECURED DEBTS
The company has a charge in place on all monies due or to become due from the company with Lloyds Bank PLC, which is secured on Castlemead, 61 Castle Street, Banbury, Oxfordshire, OX16 5NX.
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