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Company registration number: 04913011
JONES & EDWARDS (AGRICULTURAL ENGINEERS) LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 January 2024
JONES & EDWARDS (AGRICULTURAL ENGINEERS) LTD
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 43,632 40,650
_______ _______
43,632 40,650
Current assets
Stocks 265,154 270,762
Debtors 7 123,558 81,456
Cash at bank and in hand 295,666 255,983
_______ _______
684,378 608,201
Creditors: amounts falling due
within one year 8 ( 208,566) ( 147,576)
_______ _______
Net current assets 475,812 460,625
_______ _______
Total assets less current liabilities 519,444 501,275
Provisions for liabilities ( 7,724) ( 7,724)
_______ _______
Net assets 511,720 493,551
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 511,718 493,549
_______ _______
Shareholders funds 511,720 493,551
_______ _______
For the 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 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr R P Jones
Director
Company registration number: 04913011
JONES & EDWARDS (AGRICULTURAL ENGINEERS) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Jones & Edwards (Agricultural Engineers) Ltd, Bausley House Farm, Coedway, Shrewsbury, Shropshire, SY5 9AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Depreciation
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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 and machinery - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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 in finance costs 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 4 (2023: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 13,018 11,642
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 February 2023 84,121 56,750 140,871
Additions - 16,000 16,000
_______ _______ _______
At 31 January 2024 84,121 72,750 156,871
_______ _______ _______
Depreciation
At 1 February 2023 61,231 38,990 100,221
Charge for the year 4,578 8,440 13,018
_______ _______ _______
At 31 January 2024 65,809 47,430 113,239
_______ _______ _______
Carrying amount
At 31 January 2024 18,312 25,320 43,632
_______ _______ _______
At 31 January 2023 22,890 17,760 40,650
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 123,558 81,456
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 31,903 13,598
Social security and other taxes 40,936 27,243
Other creditors 135,727 106,735
_______ _______
208,566 147,576
_______ _______
9. Controlling party
The company is controlled by the directors.