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COMPANY REGISTRATION NUMBER: 00435991
F. G. Battle & Sons Limited
Filleted Unaudited Financial Statements
For the year ended
6 April 2024
F. G. Battle & Sons Limited
Statement of Financial Position
6 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
3,605,608
3,220,861
Investments
7
44,570
44,570
-------------
-------------
3,650,178
3,265,431
Current assets
Stocks
554,736
618,547
Debtors
8
328,806
247,023
Cash at bank and in hand
896,818
1,352,048
-------------
-------------
1,780,360
2,217,618
Creditors: amounts falling due within one year
9
295,427
491,856
-------------
-------------
Net current assets
1,484,933
1,725,762
-------------
-------------
Total assets less current liabilities
5,135,111
4,991,193
Creditors: amounts falling due after more than one year
10
498,353
514,051
Provisions
Taxation including deferred tax
205,936
169,056
-------------
-------------
Net assets
4,430,822
4,308,086
-------------
-------------
F. G. Battle & Sons Limited
Statement of Financial Position (continued)
6 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
15,000
15,000
Profit and loss account
4,415,822
4,293,086
-------------
-------------
Shareholders funds
4,430,822
4,308,086
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 6 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
R.M. Battle
W.J. Battle
Director
Director
Company registration number: 00435991
F. G. Battle & Sons Limited
Notes to the Financial Statements
Year ended 6 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Hall, Potterhanworth, Lincoln, LN4 2DS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the director to ensure that they reflect both external and internal factors.
Revenue recognition
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
SFP entitlement
-
20% straight line
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 estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Equipment
-
10%-25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
The professional valuation has been prepared by Messrs Jas Martin & Co. Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
During the year the company has continued to adopt the presentational aspects of FRS 25. In accordance with this standard, preference shares of the company have been classified as liabilities and dividends relating to these shares have been classified as interest payable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 16 ).
5. Intangible assets
SFP Entitlement
£
Cost
At 7 April 2023 and 6 April 2024
35,378
---------
Amortisation
At 7 April 2023 and 6 April 2024
35,378
---------
Carrying amount
At 6 April 2024
---------
At 6 April 2023
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 7 April 2023
2,621,570
1,450,541
41,302
6,531
4,119,944
Additions
248,145
273,849
30,500
552,494
Disposals
( 185,000)
( 19,634)
( 204,634)
-------------
-------------
---------
-------
-------------
At 6 April 2024
2,869,715
1,539,390
52,168
6,531
4,467,804
-------------
-------------
---------
-------
-------------
Depreciation
At 7 April 2023
858,907
34,895
5,281
899,083
Charge for the year
92,680
8,943
188
101,811
Disposals
( 120,201)
( 18,497)
( 138,698)
-------------
-------------
---------
-------
-------------
At 6 April 2024
831,386
25,341
5,469
862,196
-------------
-------------
---------
-------
-------------
Carrying amount
At 6 April 2024
2,869,715
708,004
26,827
1,062
3,605,608
-------------
-------------
---------
-------
-------------
At 6 April 2023
2,621,570
591,634
6,407
1,250
3,220,861
-------------
-------------
---------
-------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 6 April 2024
385,155
----------
At 6 April 2023
313,983
----------
7. Investments
Other investments other than loans
£
Cost
At 7 April 2023 and 6 April 2024
44,570
---------
Impairment
At 7 April 2023 and 6 April 2024
---------
Carrying amount
At 6 April 2024
44,570
---------
At 6 April 2023
44,570
---------
8. Debtors
2024
2023
£
£
Trade debtors
225,610
141,256
Other debtors
103,196
105,767
----------
----------
328,806
247,023
----------
----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
76,392
119,555
Corporation tax
19,492
Social security and other taxes
5,646
3,787
Other creditors
213,389
349,022
----------
----------
295,427
491,856
----------
----------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
454,270
456,968
Other creditors
44,083
57,083
----------
----------
498,353
514,051
----------
----------
11. Charges on assets
The bank loans are secured against certain property owned by the company.
12. Directors' advances, credits and guarantees
Included within debtors is a loan of £3,564 to Mr R M Battle (2023: £4,056). This loan has been repaid since the year end. Included within debtors is a loan of £197 to Mr W J Battle (2023: £164). This loan has been repaid since the year end. Included within debtors is a loan of £683 to Mr M Battle (2023: £736). This loan has been repaid since the year end. Included within debtors is a loan of £101 to Mr C R Battle (2023: £82). This loan has been repaid since the year end. During the year under review rents amounting to £9,324 were paid to directors and shareholders (2023: £19,764).