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REGISTERED NUMBER: 01344109 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: Mr J Cornthwaite
Mrs C Whiteside





REGISTERED OFFICE: Elm Farm
Station Lane
Nateby
Preston
PR3 0LT





REGISTERED NUMBER: 01344109 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

BALANCE SHEET
31ST JANUARY 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,556,639 1,392,889

CURRENT ASSETS
Stocks 5 5,707,803 5,000,660
Debtors 6 548,423 825,343
6,256,226 5,826,003
CREDITORS
Amounts falling due within one year 7 (4,868,209 ) (4,161,180 )
NET CURRENT ASSETS 1,388,017 1,664,823
TOTAL ASSETS LESS CURRENT LIABILITIES 3,944,656 3,057,712

CREDITORS
Amounts falling due after more than
one year

8

(19,114

)

(115,058

)

PROVISIONS FOR LIABILITIES 10 (218,756 ) (51,932 )
NET ASSETS 3,706,786 2,890,722

CAPITAL AND RESERVES
Called up share capital 11 300 300
Revaluation reserve 12 1,053,828 -
Capital redemption reserve 12 100 100
Retained earnings 12 2,652,558 2,890,322
SHAREHOLDER FUNDS 3,706,786 2,890,722

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

BALANCE SHEET - continued
31ST JANUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st October 2024 and were signed on its behalf by:





Mr J Cornthwaite - Director


JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024


1. STATUTORY INFORMATION

John Cornthwaite (Farm Machinery) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In preparing these financial statements, management has made judgements, estimates and assumptions in applying the Company's accounting policies such as depreciation rates and estimated useful lives of assets. Estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - at varying rates on cost
Motor vehicles - 20% on cost
Assets for hire - at varying rates on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 16 ) .

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Assets
property machinery vehicles for hire Totals
£    £    £    £    £   
COST OR VALUATION
At 1st February 2023 1,140,497 112,140 244,540 370,953 1,868,130
Additions - 5,089 40,000 51,010 96,099
Disposals - - (40,000 ) (95,220 ) (135,220 )
Revaluations 1,274,134 - - - 1,274,134
At 31st January 2024 2,414,631 117,229 244,540 326,743 3,103,143
DEPRECIATION
At 1st February 2023 107,275 103,768 150,639 113,560 475,242
Charge for year 7,356 4,196 34,204 75,735 121,491
Eliminated on disposal - - - (50,229 ) (50,229 )
At 31st January 2024 114,631 107,964 184,843 139,066 546,504
NET BOOK VALUE
At 31st January 2024 2,300,000 9,265 59,697 187,677 2,556,639
At 31st January 2023 1,033,222 8,372 93,901 257,393 1,392,888

Cost or valuation at 31st January 2024 is represented by:

Freehold Plant and Motor Assets
property machinery vehicles for hire Totals
£    £    £    £    £   
Valuation in 2024 1,274,134 - - - 1,274,134
Cost 1,140,497 117,229 244,540 326,743 1,829,009
2,414,631 117,229 244,540 326,743 3,103,143

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.1.24 31.1.23
£    £   
Cost 1,140,497 -

Value of land in freehold land and buildings 2,414,631 -

Freehold land and buildings were valued on an open market basis on 17th January 2024 by Armistead Barnett LLP .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor Assets
vehicles for hire Totals
£    £    £   
COST OR VALUATION
At 1st February 2023 70,000 247,577 317,577
Additions - 51,010 51,010
At 31st January 2024 70,000 298,587 368,587
DEPRECIATION
At 1st February 2023 9,333 - 9,333
Charge for year 14,000 55,467 69,467
At 31st January 2024 23,333 55,467 78,800
NET BOOK VALUE
At 31st January 2024 46,667 243,120 289,787
At 31st January 2023 60,667 247,577 308,244

5. STOCKS
31.1.24 31.1.23
£    £   
Parts 543,000 474,776
Work-in-progress 70,896 17,079
Finished goods 5,093,907 4,508,805
5,707,803 5,000,660

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 532,441 652,393
Other debtors 15,982 172,950
548,423 825,343

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 1,122,320 804,549
Hire purchase contracts 114,441 160,917
Trade creditors 3,456,509 2,760,566
Taxation and social security 8,828 63,147
Other creditors 166,111 372,001
4,868,209 4,161,180

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans 19,114 28,333
Hire purchase contracts - 86,725
19,114 115,058

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank Loans - 50,000
Stocking loans 592,568 945,518
592,568 995,518

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future dated 15 April 2009.

First Legal Charge dated 15 April 2009 over Freehold Property known as Elm Farm and The Orchard, Station Lane, Nateby, Lancashire.

Stocking loans are secured against the assets to which the relate to.

10. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax
Accelerated capital allowances 41,417 60,523
Tax losses carried forward (42,967 ) (8,591 )
Deferred tax 220,306 -
218,756 51,932

Deferred
tax
£   
Balance at 1st February 2023 51,932
Charge to Statement of Income and Retained Earnings during
year

166,824
Balance at 31st January 2024 218,756

JOHN CORNTHWAITE (FARM MACHINERY)
LIMITED (REGISTERED NUMBER: 01344109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
300 Ordinary A £1 300 300

12. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1st February 2023 2,890,322 - 100 2,890,422
Profit for the year 816,064 816,064
Revaluation Reserve (1,274,134 ) 1,274,134 - -
Deferred Tax 220,306 (220,306 ) - -
At 31st January 2024 2,652,558 1,053,828 100 3,706,486