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REGISTERED NUMBER: 00462720 (England and Wales)






John Baker & Sons (Furnishers) Limited

Financial Statements

for the Year Ended 31 March 2024






John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


John Baker & Sons (Furnishers) Limited

Company Information
for the year ended 31 March 2024







DIRECTOR: Mr S J Baker



SECRETARY: Mrs E J Baker



REGISTERED OFFICE: 1-3 Gills Yard
Off Northgate
Wakefield
West Yorkshire
WF1 3BZ



REGISTERED NUMBER: 00462720 (England and Wales)



ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX



BANKERS: Virgin Money
6-10 Northgate
Wakefield
WF1 1TA

John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 225,516 246,734
Investment property 5 1,495,000 1,620,000
1,720,516 1,866,734

CURRENT ASSETS
Stocks 1,499 230,695
Debtors 6 12,814 10,099
Cash at bank and in hand 200,329 69,212
214,642 310,006
CREDITORS
Amounts falling due within one year 7 119,631 197,004
NET CURRENT ASSETS 95,011 113,002
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,815,527

1,979,736

CREDITORS
Amounts falling due after more than one year 8 (68,758 ) (15,570 )

PROVISIONS FOR LIABILITIES (77,984 ) (97,165 )
NET ASSETS 1,668,785 1,867,001

John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 9 1,500 1,500
Retained earnings 10 1,667,285 1,865,501
SHAREHOLDERS' FUNDS 1,668,785 1,867,001

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 director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





Mr S J Baker - Director


John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Notes to the Financial Statements
for the year ended 31 March 2024


1. STATUTORY INFORMATION

John Baker & Sons (Furnishers) 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 functional and presentational currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.

The company's turnover from its principal activity of retailing new and second hand furniture ceased at 31 March 2024.
However, the company has continued with its other primary activity of the rental of investment property.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

All fixed assets are initially recorded at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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.

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.

Where the company retains substantially all the risks and rewards of ownership of an asset subject to a lease, as lessor, the asset is shown within fixed assets. Rental income from these leases is recognised on a straight line basis over the period of the lease.

John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates an auto-enrolment pension scheme on behalf of its employees and makes defined contributions into the scheme. During the financial year the company also made employer contributions into a director's personal pension scheme. Contributions payable to these pension schemes are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
COST
At 1 April 2023 300,000 29,250 82,468 411,718
Additions - 315 - 315
Disposals - (27,752 ) - (27,752 )
At 31 March 2024 300,000 1,813 82,468 384,281
DEPRECIATION
At 1 April 2023 84,000 21,761 59,223 164,984
Charge for year 6,000 263 7,748 14,011
Eliminated on disposal - (20,230 ) - (20,230 )
At 31 March 2024 90,000 1,794 66,971 158,765
NET BOOK VALUE
At 31 March 2024 210,000 19 15,497 225,516
At 31 March 2023 216,000 7,489 23,245 246,734


John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 April 2023
and 31 March 2024 30,993
DEPRECIATION
At 1 April 2023 7,748
Charge for year 7,748
At 31 March 2024 15,496
NET BOOK VALUE
At 31 March 2024 15,497
At 31 March 2023 23,245

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 1,620,000
Disposals (125,000 )
At 31 March 2024 1,495,000
NET BOOK VALUE
At 31 March 2024 1,495,000
At 31 March 2023 1,620,000

The director is satisfied that the investment properties are valued at a fair market valuation at the balance sheet date.

If the investment properties had not been revalued they would have been included at an historical cost figure of £741,701.


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 3,770 -
Prepayments and accrued income 9,044 10,099
12,814 10,099

John Baker & Sons (Furnishers) Limited (Registered number: 00462720)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 16,767 -
Hire purchase contracts - 6,673
Trade creditors 6,412 122,421
Tax - 675
Social security and other taxes 703 2,009
VAT 12,427 15,693
Other creditors 42,367 21,919
Director's current account 32,232 18,232
Accruals and deferred income 8,723 9,382
119,631 197,004

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans due after one year 16,767 -
Bank loans - 2-5 years 51,991 -
Hire purchase contracts - 15,570
68,758 15,570

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,500 Ordinary £1 1,500 1,500

10. RESERVES

Included in retained earnings at 31 March 2024 is an amount of £679,194 (2023: £749,503) which is not distributable. This relates to an accumulated increase in the fair value of investment property, net of deferred tax.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 (2023 - £40,800) were paid to the director .