16 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00731268 2023-04-01 2024-03-31 00731268 2024-03-31 00731268 2023-03-31 00731268 2022-04-01 2023-03-31 00731268 2023-03-31 00731268 2022-03-31 00731268 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00731268 core:MotorVehicles 2023-04-01 2024-03-31 00731268 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00731268 core:LandBuildings 2023-03-31 00731268 core:FurnitureFittings 2023-03-31 00731268 core:MotorVehicles 2023-03-31 00731268 core:LandBuildings 2024-03-31 00731268 core:FurnitureFittings 2024-03-31 00731268 core:MotorVehicles 2024-03-31 00731268 core:LandBuildings 2023-04-01 2024-03-31 00731268 core:FurnitureFittings 2023-04-01 2024-03-31 00731268 core:WithinOneYear 2024-03-31 00731268 core:WithinOneYear 2023-03-31 00731268 core:ShareCapital 2024-03-31 00731268 core:ShareCapital 2023-03-31 00731268 core:RetainedEarningsAccumulatedLosses 2024-03-31 00731268 core:RetainedEarningsAccumulatedLosses 2023-03-31 00731268 core:LandBuildings 2023-03-31 00731268 core:FurnitureFittings 2023-03-31 00731268 core:MotorVehicles 2023-03-31 00731268 bus:Director2 2023-04-01 2024-03-31 00731268 bus:SmallEntities 2023-04-01 2024-03-31 00731268 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00731268 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00731268 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00731268 bus:FullAccounts 2023-04-01 2024-03-31 00731268 bus:OrdinaryShareClass1 2024-03-31 00731268 bus:OrdinaryShareClass1 2023-03-31 00731268 core:PlantMachinery 2023-04-01 2024-03-31 00731268 core:PlantMachinery 2023-03-31 00731268 core:PlantMachinery 2024-03-31
COMPANY REGISTRATION NUMBER: 00731268
J.J.FIELD AND COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
J.J.FIELD AND COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,437,054
1,214,431
CURRENT ASSETS
Stocks
22,422
20,926
Debtors
6
482,111
478,819
Cash at bank and in hand
524,859
640,899
------------
------------
1,029,392
1,140,644
CREDITORS: amounts falling due within one year
7
278,695
326,325
------------
------------
NET CURRENT ASSETS
750,697
814,319
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,187,751
2,028,750
PROVISIONS
Taxation including deferred tax
225,383
168,969
------------
------------
NET ASSETS
1,962,368
1,859,781
------------
------------
CAPITAL AND RESERVES
Called up share capital
8
6,550
6,550
Profit and loss account
1,955,818
1,853,231
------------
------------
SHAREHOLDERS FUNDS
1,962,368
1,859,781
------------
------------
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 31 March 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 .
J.J.FIELD AND COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
G J FIELD MRS S M WALKER
Directors
Company registration number: 00731268
J.J.FIELD AND COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 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 Red Hill Garage, Prospect Row, Dudley, Worcestershire, DY2 8SG.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of income and retained earnings. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover represents the invoiced value of services and goods supplied, stated net of value added tax, during the period. Haulage income is recognised on the date that the job is carried out, repairs income is recognised when the repair has been completed.
Taxation
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.
Fixed assets
Fixed assets are initially recorded at cost.
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
-
2% straight line
Fixtures, fittings and computer equipment
-
10% reducing balance and 20% reducing balance
Motor vehicles
-
20% reducing balance
Garage equipment
-
10% reducing balance
Land included as part of freehold property is not depreciated.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis, with net realisable value representing estimated selling price. Provision is made for slow moving, obsolete or damaged stock where net realisable value is less than cost.
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.
Defined contribution plans
The costs of providing pensions in respect of the company's defined contribution schemes are charged to the profit and loss account in the period to which they relate.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 16 (2023: 15 ).
5. TANGIBLE ASSETS
Land and buildings
Fixtures, fittings and computer equipment
Motor vehicles
Garage equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
599,083
39,513
1,621,083
45,642
2,305,321
Additions
5,959
439,558
1,500
447,017
---------
--------
------------
--------
------------
At 31 March 2024
599,083
45,472
2,060,641
47,142
2,752,338
---------
--------
------------
--------
------------
Depreciation
At 1 April 2023
57,838
32,359
973,812
26,881
1,090,890
Charge for the year
3,237
1,764
217,367
2,026
224,394
---------
--------
------------
--------
------------
At 31 March 2024
61,075
34,123
1,191,179
28,907
1,315,284
---------
--------
------------
--------
------------
Carrying amount
At 31 March 2024
538,008
11,349
869,462
18,235
1,437,054
---------
--------
------------
--------
------------
At 31 March 2023
541,245
7,154
647,271
18,761
1,214,431
---------
--------
------------
--------
------------
The cost of depreciable assets included in freehold property at 31 March 2024 was £161,868 (2023 : £161,868).
6. DEBTORS
2024
2023
£
£
Trade debtors
432,012
438,495
Other debtors
50,099
40,324
---------
---------
482,111
478,819
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
111,954
147,776
Corporation tax
37,405
59,314
Social security and other taxes
52,542
44,147
Other creditors
76,794
75,088
---------
---------
278,695
326,325
---------
---------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
6,550
6,550
6,550
6,550
-------
-------
-------
-------