J H Bacon Limited 01162522 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Farming Digita Accounts Production Advanced 6.30.9574.0 true true 01162522 2023-05-01 2024-04-30 01162522 2024-04-30 01162522 bus:OrdinaryShareClass1 2024-04-30 01162522 bus:OrdinaryShareClass2 2024-04-30 01162522 bus:OrdinaryShareClass3 2024-04-30 01162522 core:FinanceLeases core:CurrentFinancialInstruments 2024-04-30 01162522 core:FinanceLeases core:Non-currentFinancialInstruments 2024-04-30 01162522 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-04-30 01162522 core:CurrentFinancialInstruments 2024-04-30 01162522 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 01162522 core:Non-currentFinancialInstruments 2024-04-30 01162522 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 01162522 core:Goodwill 2024-04-30 01162522 core:FurnitureFittingsToolsEquipment 2024-04-30 01162522 core:LandBuildings 2024-04-30 01162522 core:MotorVehicles 2024-04-30 01162522 core:OtherPropertyPlantEquipment 2024-04-30 01162522 core:OtherRelatedParties 2024-04-30 01162522 bus:SmallEntities 2023-05-01 2024-04-30 01162522 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01162522 bus:FullAccounts 2023-05-01 2024-04-30 01162522 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 01162522 bus:RegisteredOffice 2023-05-01 2024-04-30 01162522 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 01162522 bus:Director2 2023-05-01 2024-04-30 01162522 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 01162522 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 01162522 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 01162522 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01162522 bus:Agent1 2023-05-01 2024-04-30 01162522 core:OtherResidualIntangibleAssets 2023-05-01 2024-04-30 01162522 core:Buildings 2023-05-01 2024-04-30 01162522 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 01162522 core:LandBuildings 2023-05-01 2024-04-30 01162522 core:MotorVehicles 2023-05-01 2024-04-30 01162522 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 01162522 core:PlantMachinery 2023-05-01 2024-04-30 01162522 core:OtherRelatedParties 2023-05-01 2024-04-30 01162522 countries:EnglandWales 2023-05-01 2024-04-30 01162522 2023-04-30 01162522 core:Goodwill 2023-04-30 01162522 core:FurnitureFittingsToolsEquipment 2023-04-30 01162522 core:LandBuildings 2023-04-30 01162522 core:MotorVehicles 2023-04-30 01162522 core:OtherPropertyPlantEquipment 2023-04-30 01162522 core:OtherRelatedParties 2023-04-30 01162522 2022-05-01 2023-04-30 01162522 2023-04-30 01162522 bus:OrdinaryShareClass1 2023-04-30 01162522 bus:OrdinaryShareClass2 2023-04-30 01162522 bus:OrdinaryShareClass3 2023-04-30 01162522 core:FinanceLeases core:CurrentFinancialInstruments 2023-04-30 01162522 core:FinanceLeases core:Non-currentFinancialInstruments 2023-04-30 01162522 core:CurrentFinancialInstruments 2023-04-30 01162522 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 01162522 core:Non-currentFinancialInstruments 2023-04-30 01162522 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 01162522 core:FurnitureFittingsToolsEquipment 2023-04-30 01162522 core:LandBuildings 2023-04-30 01162522 core:MotorVehicles 2023-04-30 01162522 core:OtherPropertyPlantEquipment 2023-04-30 01162522 core:OtherRelatedParties 2023-04-30 01162522 core:OtherRelatedParties 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01162522

J H Bacon Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

J H Bacon Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

J H Bacon Limited

Company Information

Directors

E J H Bacon

L M Bacon

Company secretary

E J H Bacon

Registered office

Riby Grove
Riby
Grimsby
DN37 8NP

Bankers

Virgin Money
Scunthorpe
122, 124 High Street
Scunthorpe
DN15 6ES

 

J H Bacon Limited

(Registration number: 01162522)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

19,070,143

19,285,666

Other financial assets

6

41

41

 

19,070,184

19,285,707

Current assets

 

Stocks

7

457,647

549,989

Debtors

8

122,007

238,629

 

579,654

788,618

Creditors: Amounts falling due within one year

9

(754,308)

(891,108)

Net current liabilities

 

(174,654)

(102,490)

Total assets less current liabilities

 

18,895,530

19,183,217

Creditors: Amounts falling due after more than one year

9

(10,621,699)

(10,832,142)

Provisions for liabilities

(338,876)

(325,317)

Net assets

 

7,934,955

8,025,758

Capital and reserves

 

Called up share capital

10

21,000

21,000

Retained earnings

7,913,955

8,004,758

Shareholders' funds

 

7,934,955

8,025,758

For the financial year ending 30 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................
E J H Bacon
Company secretary and director

 

J H Bacon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01162522.

The address of its registered office is:
Riby Grove
Riby
Grimsby
DN37 8NP

These financial statements cover the individual entity J H Bacon Limited.

These financial statements were authorised for issue by the Board on 4 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants toward revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Basic Payment Scheme is received in respect of calendar years. Receipt is contigent upon meeting certain eligibility criteria. Once the criteria have been met the income is recognised on a time apportioned basis over the calendar year to which it relates.

 

J H Bacon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

No depreciation

Building and capital improvements

10% straight line and no depreciation

Self propelled machinery/fixed plant

15% reducing balance

Motor vehicles

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

BPS Entitlements

Over 2-4 harvest years

Stocks

The basis of valuation is as follows:-

Raw materials and consumables are stated at the lower of cost or net realisable value.

Tenantright is calculated by a combination of actual costs incurred and standard costs.

Produce on hand is valued at standard cost.

Livestock is valued at the lower of cost or net realisable value.

Standard costings are based uopn calculations prepared by the Central Association of Agricultural Valuers.

The basis of valuation is consistent with previous years.

 

J H Bacon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 9 (2023 - 8).

4

Intangible assets

Entitlements
£

Total
£

Cost or valuation

At 1 May 2023

49,803

49,803

At 30 April 2024

49,803

49,803

Amortisation

At 1 May 2023

49,803

49,803

At 30 April 2024

49,803

49,803

Carrying amount

At 30 April 2024

-

-

 

J H Bacon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Implements and grain drying machinery
£

Motor vehicles
 £

Tractors and harvesters
£

Total
£

Cost or valuation

At 1 May 2023

17,806,071

912,915

186,107

1,234,094

20,139,187

Additions

-

6,329

66,284

-

72,613

Disposals

-

(2,249)

(63,178)

(11,341)

(76,768)

At 30 April 2024

17,806,071

916,995

189,213

1,222,753

20,135,032

Depreciation

At 1 May 2023

22,151

496,354

45,225

289,791

853,521

Charge for the year

-

63,340

23,019

140,720

227,079

Eliminated on disposal

-

(1,075)

(9,477)

(5,159)

(15,711)

At 30 April 2024

22,151

558,619

58,767

425,352

1,064,889

Carrying amount

At 30 April 2024

17,783,920

358,376

130,446

797,401

19,070,143

At 30 April 2023

17,783,920

416,561

140,882

944,303

19,285,666

 

J H Bacon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

41

41

At 30 April 2024

41

41

Impairment

Carrying amount

At 30 April 2024

41

41

7

Stocks

2024
£

2023
£

Raw materials and consumables

3,098

5,740

Work in progress

267,118

366,432

Other inventories

187,431

177,817

457,647

549,989

8

Debtors

2024
£

2023
£

Trade debtors

44,597

180,270

Prepayments

54,855

43,317

Other debtors

22,555

15,042

122,007

238,629

 

J H Bacon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

469,944

498,853

Hire purchase

 

138,157

193,798

Trade creditors

 

104,533

75,889

Taxation and social security

 

5,771

86,256

Other creditors

 

12,933

8,393

Accruals and deferred income

 

22,970

27,919

 

754,308

891,108

Due after one year

 

Loans and borrowings

11

10,621,699

10,832,142

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £1 each

20,000

20,000

20,000

20,000

B Ordinary shares of £1 each

990

990

990

990

C Ordinary shares of £1 each

10

10

10

10

 

21,000

21,000

21,000

21,000

 

J H Bacon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,320,899

10,393,186

Hire purchase

300,800

438,956

10,621,699

10,832,142

Bank borrowings of £10,320,899 (2023: £10,393,186) are secured upon the assets of the company.

Hire purchase of £300,800 (2023: £438,956) are secured on the assets acquired.

2024
£

2023
£

Current loans and borrowings

Bank borrowings

70,908

65,592

Bank overdrafts

399,036

433,261

Hire purchase

138,157

193,798

Other borrowings

2,240

1,281

610,341

693,932

Bank borrowings of £469,944 (2023: £498,853) are secured on the assets of the company.

Hire purchase of £138,157 (2023: £193,798) are secured upon the assets acquired.

12

Related party transactions

Summary of transactions with other related parties

Directors - interest free loan account and no formal repayment terms.
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

9,520

9,520

Repaid

(9,520)

(9,520)

At end of period

-

-

2023

Other related parties
£

Total
£

Advanced

9,520

9,520

At end of period

9,520

9,520