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COMPANY REGISTRATION NUMBER: 00572361
G. H. Caudwell Limited
Filleted Unaudited Financial Statements
For the year ended
5 April 2024
G. H. Caudwell Limited
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,341,235
1,415,351
Investments
6
1
1
-------------
-------------
1,341,236
1,415,352
Current assets
Stocks
25,810
112,337
Debtors
7
17,699
30,357
Cash at bank and in hand
138,083
142,593
----------
----------
181,592
285,287
Creditors: amounts falling due within one year
8
237,692
302,346
----------
----------
Net current liabilities
56,100
17,059
-------------
-------------
Total assets less current liabilities
1,285,136
1,398,293
Creditors: amounts falling due after more than one year
9
60,017
Provisions
Taxation including deferred tax
68,599
90,621
-------------
-------------
Net assets
1,216,537
1,247,655
-------------
-------------
G. H. Caudwell Limited
Statement of Financial Position (continued)
5 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
5,500
5,500
Profit and loss account
1,211,037
1,242,155
-------------
-------------
Shareholders funds
1,216,537
1,247,655
-------------
-------------
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 5 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 11 September 2024 , and are signed on behalf of the board by:
Mr R H Caudwell
Director
Company registration number: 00572361
G. H. Caudwell Limited
Notes to the Financial Statements
Year ended 5 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 Rookery, Friskney, Boston, Lincs, PE22 8QU.
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.
Going concern
The company has net current liabilities at the balance sheet date. The accounts have been prepared on a going concern basis on the assumption that repayment of the loans from family shareholders and directors will not be sought without appropriate funds being available. At 5 April 2024 these loans total £185,956 - as included in other creditors in Note 9 to the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Land and buildings
-
10% straight line
Plant and machinery
-
25% reducing balance
Office equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost.
Stocks
The professional farm valuation has been prepared by Messrs.Willsons on the basis of 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Office Equipment
Total
£
£
£
£
Cost
At 6 April 2023
1,166,920
1,040,624
6,257
2,213,801
Additions
16,629
26,166
42,795
-------------
-------------
-------
-------------
At 5 April 2024
1,183,549
1,066,790
6,257
2,256,596
-------------
-------------
-------
-------------
Depreciation
At 6 April 2023
105,454
687,356
5,640
798,450
Charge for the year
2,585
114,234
92
116,911
-------------
-------------
-------
-------------
At 5 April 2024
108,039
801,590
5,732
915,361
-------------
-------------
-------
-------------
Carrying amount
At 5 April 2024
1,075,510
265,200
525
1,341,235
-------------
-------------
-------
-------------
At 5 April 2023
1,061,466
353,268
617
1,415,351
-------------
-------------
-------
-------------
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 5 April 2024
31,667
---------
At 5 April 2023
60,882
---------
6. Investments
Investments
£
Cost
At 6 April 2023 and 5 April 2024
1
----
Impairment
At 6 April 2023 and 5 April 2024
----
Carrying amount
At 5 April 2024
1
----
At 5 April 2023
1
----
7. Debtors
2024
2023
£
£
Trade debtors
11,626
278
Other debtors
6,073
30,079
---------
---------
17,699
30,357
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,553
36,741
Corporation tax
8,136
5,854
Social security and other taxes
700
Other creditors
210,303
259,751
----------
----------
237,692
302,346
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
45,892
Other creditors
14,125
----
---------
60,017
----
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £3,131) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
14,124
14,125
Later than 1 year and not later than 5 years
23,853
---------
---------
14,124
37,978
---------
---------