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REGISTRAR OF COMPANIES

Registration number: 04634081

A E Banks and Son Limited

Unaudited Financial Statements

31 January 2024

image-name

 

A E Banks and Son Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
A E Banks and Son Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A E Banks and Son Limited for the year ended 31 January 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of A E Banks and Son Limited, as a body, in accordance with the terms of our engagement letter dated 22 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of A E Banks and Son Limited and state those matters that we have agreed to state to the Board of Directors of A E Banks and Son Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A E Banks and Son Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A E Banks and Son Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of A E Banks and Son Limited. You consider that A E Banks and Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of A E Banks and Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

23 October 2024

 

A E Banks and Son Limited

(Registration number: 04634081)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,093,366

2,729,128

Other financial assets

5

43,899

15,491

 

3,137,265

2,744,619

Current assets

 

Stocks

1,820,107

1,731,935

Debtors

6

955,206

1,555,403

Cash at bank and in hand

 

120,083

1,008,833

 

2,895,396

4,296,171

Creditors: Amounts falling due within one year

7

(2,046,577)

(3,318,751)

Net current assets

 

848,819

977,420

Total assets less current liabilities

 

3,986,084

3,722,039

Creditors: Amounts falling due after more than one year

7

(2,035,516)

(2,146,626)

Provisions for liabilities

(383,227)

(223,627)

Net assets

 

1,567,341

1,351,786

Capital and reserves

 

Allotted, called up and fully paid share capital

1,000

1,000

Capital redemption reserve

1,200,000

-

Profit and loss account

366,341

1,350,786

Total equity

 

1,567,341

1,351,786

 

A E Banks and Son Limited

(Registration number: 04634081)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 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 23 October 2024 and signed on its behalf by:
 

.........................................

J P Banks

Company secretary and director

.........................................

A R Banks

Director

.........................................

S A Banks

Director

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wildon Grange
Kilburn Road
Coxwold
YORK
YO61 4AF

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

10% reducing balance and 5% straight line basis

Plant and equipment

15% reducing balance and 3 year straight line basis

Motor vehicles

25% reducing balance basis

Tractors

15% reducing balance basis

Included in land and buildings is short leasehold property which relates to tenants improvements on land leased by the company from the directors. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% straight line and 10% reducing balance basis over their useful economic life.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

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.

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 15).

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Tractors
 £

Total
£

Cost or valuation

At 1 February 2023

1,206,107

2,275,255

72,650

474,057

4,028,069

Additions

-

596,234

27,500

131,650

755,384

Disposals

-

(3,250)

-

(29,000)

(32,250)

At 31 January 2024

1,206,107

2,868,239

100,150

576,707

4,751,203

Depreciation

At 1 February 2023

255,479

835,425

36,085

171,952

1,298,941

Charge for the year

60,290

255,315

12,580

53,055

381,240

Eliminated on disposal

-

(1,478)

-

(20,866)

(22,344)

At 31 January 2024

315,769

1,089,262

48,665

204,141

1,657,837

Carrying amount

At 31 January 2024

890,338

1,778,977

51,485

372,566

3,093,366

At 31 January 2023

950,628

1,439,830

36,565

302,105

2,729,128

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

43,899

15,491

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

15,491

15,491

Additions

28,408

28,408

At 31 January 2024

43,899

43,899

Carrying amount

At 31 January 2024

43,899

43,899

6

Debtors

2024
£

2023
£

Trade debtors

238,854

237,287

Other debtors

716,352

1,318,116

955,206

1,555,403

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,622,378

2,829,162

Trade creditors

 

328,567

215,199

Taxation and social security

 

4,143

2,201

Corporation tax liability

 

28,823

215,454

Other creditors

 

62,666

56,735

 

2,046,577

3,318,751

Due after one year

 

Loans and borrowings

9

2,030,898

2,145,384

Other creditors

 

4,618

1,242

 

2,035,516

2,146,626

2024
£

2023
£

After more than five years by instalments

1,493,982

1,610,527

1,493,982

1,610,527

8

Reserves

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

122,378

129,162

Redeemable preference shares

1,500,000

2,700,000

1,622,378

2,829,162

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

122,378

129,162

Bank borrowings are secured by fixed and floating charges over the company's assets.


 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,030,898

2,145,384

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

2,030,898

2,145,384

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

A E Banks and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 January 2024
£

J P Banks

Loan

275,479

356,454

(343,340)

-

(26,765)

7,169

268,997

               
         

A R Banks

Loan

297,734

70,553

(335,905)

-

(25,710)

4,102

10,774

               
         

S A Banks

Loan

247,896

310,993

(315,000)

-

(25,011)

6,652

225,530

               
         

 

2023

At 1 February 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 January 2023
£

J P Banks

Loan

-

300,773

(23,308)

-

(2,444)

458

275,479

               
         

A R Banks

Loan

-

316,241

(16,558)

-

(2,444)

495

297,734

               
         

S A Banks

Loan

-

262,028

(12,544)

-

(2,000)

412

247,896

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors up to March 2023, thereafter, interest has been charged at a rate of 2.25%.