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REGISTERED NUMBER: 01316034 (England and Wales)















W.A. JAINES & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






W.A. JAINES & SON LIMITED (REGISTERED NUMBER: 01316034)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


W.A. JAINES & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: R W Jaines
D J Jaines





SECRETARY: R W Jaines





REGISTERED OFFICE: Warwick Road
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0YB





REGISTERED NUMBER: 01316034 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

W.A. JAINES & SON LIMITED (REGISTERED NUMBER: 01316034)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 489,172 555,252

CURRENT ASSETS
Stocks 11,105 25,840
Debtors 5 351,892 322,573
Cash at bank 50 126
363,047 348,539
CREDITORS
Amounts falling due within one year 6 458,546 447,845
NET CURRENT LIABILITIES (95,499 ) (99,306 )
TOTAL ASSETS LESS CURRENT LIABILITIES 393,673 455,946

CREDITORS
Amounts falling due after more than one year 7 - (26,250 )

PROVISIONS FOR LIABILITIES (95,230 ) (80,135 )
NET ASSETS 298,443 349,561

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 297,443 348,561
SHAREHOLDERS' FUNDS 298,443 349,561

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 12 June 2024 and were signed on its behalf by:





R W Jaines - Director


W.A. JAINES & SON LIMITED (REGISTERED NUMBER: 01316034)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

W.A. Jaines & Son 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 represents amounts charged to customers for services provided during the year, excluding value added tax and trade discounts.

Tangible fixed assets
Tangible fixed assets other than freehold land are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold Buildings2% on cost
TrailersOver life of vehicle, with maximum life expectancy of 20 years
Equipment15% on reducing balance
Motor VehiclesOver life of vehicle, with maximum life expectancy of 20 years

Stocks
Stocks 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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


W.A. JAINES & SON LIMITED (REGISTERED NUMBER: 01316034)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 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 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
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.

Pension costs and other post-retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year in accordance with FRS 17.

Going concern
Despite net current liabilities of £95,499 (2023: £99,306) the accounts have been prepared on a going concern basis as included in current liabilities are loans from the directors amounting to £128,411 (2023: £116,690). These will not be repaid until the company can afford to repay them without effecting its ability to trade. The directors will continue to support the company for the next 12 months to ensure it will continue to trade.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 270,474 41,846 815,950 935 1,129,205
Additions - - 23,750 - 23,750
Disposals - - (36,200 ) - (36,200 )
At 30 April 2024 270,474 41,846 803,500 935 1,116,755
DEPRECIATION
At 1 May 2023 158,356 37,148 377,525 924 573,953
Charge for year 4,796 701 76,330 3 81,830
Eliminated on disposal - - (28,200 ) - (28,200 )
At 30 April 2024 163,152 37,849 425,655 927 627,583
NET BOOK VALUE
At 30 April 2024 107,322 3,997 377,845 8 489,172
At 30 April 2023 112,118 4,698 438,425 11 555,252

Included in cost of land and buildings is freehold land of £30,619 (2023 - £30,619) which is not depreciated in accordance with the companies accounting policies as set out on page 5.

The net book value of tangible fixed assets includes £ 73,645 (2023 - £ 123,287 ) in respect of assets held under hire purchase contracts.

W.A. JAINES & SON LIMITED (REGISTERED NUMBER: 01316034)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS - continued

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 259,039 249,700
Other debtors 92,853 72,873
351,892 322,573

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 52,770 76,056
Hire purchase contracts 35,000 46,750
Trade creditors 182,816 157,814
Taxation and social security 53,886 44,674
Other creditors 134,074 122,551
458,546 447,845

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 26,250

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 52,770 76,056
Hire purchase contracts 35,000 73,000
87,770 149,056

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is the loan account for the director Mr R Jaines of £127,726 (2023: £116,005) and the loan account for the director Mr D Jaines of £685 (2023: £685). These loans are not secured and no interest is charged on them. They are recoverable on demand

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,020 (2023: £12,288).