J N Coxhead Ltd 05584339 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is provision of haulage and letting of owned real estate Digita Accounts Production Advanced 6.30.9574.0 true true 05584339 2023-04-01 2024-03-31 05584339 2024-03-31 05584339 core:RetainedEarningsAccumulatedLosses 2024-03-31 05584339 core:ShareCapital 2024-03-31 05584339 core:CurrentFinancialInstruments 2024-03-31 05584339 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05584339 core:Non-currentFinancialInstruments 2024-03-31 05584339 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05584339 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 05584339 core:Goodwill 2024-03-31 05584339 core:LandBuildings 2024-03-31 05584339 core:MotorVehicles 2024-03-31 05584339 core:OtherPropertyPlantEquipment 2024-03-31 05584339 1 2024-03-31 05584339 bus:SmallEntities 2023-04-01 2024-03-31 05584339 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05584339 bus:FilletedAccounts 2023-04-01 2024-03-31 05584339 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05584339 bus:RegisteredOffice 2023-04-01 2024-03-31 05584339 bus:CompanySecretary1 2023-04-01 2024-03-31 05584339 bus:Director1 2023-04-01 2024-03-31 05584339 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05584339 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 05584339 core:Goodwill 2023-04-01 2024-03-31 05584339 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 05584339 core:LandBuildings 2023-04-01 2024-03-31 05584339 core:MotorVehicles 2023-04-01 2024-03-31 05584339 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05584339 1 2023-04-01 2024-03-31 05584339 countries:AllCountries 2023-04-01 2024-03-31 05584339 2023-03-31 05584339 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 05584339 core:Goodwill 2023-03-31 05584339 core:LandBuildings 2023-03-31 05584339 core:MotorVehicles 2023-03-31 05584339 core:OtherPropertyPlantEquipment 2023-03-31 05584339 2022-04-01 2023-03-31 05584339 2023-03-31 05584339 core:RetainedEarningsAccumulatedLosses 2023-03-31 05584339 core:ShareCapital 2023-03-31 05584339 core:CurrentFinancialInstruments 2023-03-31 05584339 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05584339 core:Non-currentFinancialInstruments 2023-03-31 05584339 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05584339 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 05584339 core:Goodwill 2023-03-31 05584339 core:LandBuildings 2023-03-31 05584339 core:MotorVehicles 2023-03-31 05584339 core:OtherPropertyPlantEquipment 2023-03-31 05584339 1 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 05584339

J N Coxhead Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

J N Coxhead Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

J N Coxhead Ltd

Company Information

Director

Mr J N Coxhead

Company secretary

Mrs T R Coxhead

Registered office

6 Royalty Avenue
New Longton
Preston
PR4 4JN

 

J N Coxhead Ltd

(Registration number: 05584339)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

16,138

18,416

Tangible assets

5

86,155

84,309

 

102,293

102,725

Current assets

 

Debtors

6

4,621

2,861

Cash at bank and in hand

 

(1,492)

1,269

 

3,129

4,130

Creditors: Amounts falling due within one year

7

(23,278)

(21,946)

Net current liabilities

 

(20,149)

(17,816)

Total assets less current liabilities

 

82,144

84,909

Creditors: Amounts falling due after more than one year

7

(171,655)

(182,128)

Net liabilities

 

(89,511)

(97,219)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(89,512)

(97,220)

Shareholders' deficit

 

(89,511)

(97,219)

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 November 2024
 

.........................................
Mr J N Coxhead
Director

 

J N Coxhead Ltd

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

1

General information

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

The address of its registered office is:
6 Royalty Avenue
New Longton
Preston
PR4 4JN
United Kingdom

These financial statements were authorised for issue by the director on 18 November 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.

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

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

Plant and machinery

20% reducing balance

Land and buildings

2% reducing balance

Motor vehicles

25% reducing balance

 

J N Coxhead Ltd

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

5% straight line

Website

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

 

J N Coxhead Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Website costs
£

Total
£

Cost or valuation

At 1 April 2023

38,500

1,412

39,912

At 31 March 2024

38,500

1,412

39,912

Amortisation

At 1 April 2023

20,790

706

21,496

Amortisation charge

1,925

353

2,278

At 31 March 2024

22,715

1,059

23,774

Carrying amount

At 31 March 2024

15,785

353

16,138

At 31 March 2023

17,710

706

18,416

 

J N Coxhead Ltd

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

5

Tangible assets

Farm buildings
£

Motor vehicles
 £

Plant and Machinery
 £

Total
£

Cost or valuation

At 1 April 2023

85,007

31,733

6,780

123,520

Additions

-

-

8,232

8,232

At 31 March 2024

85,007

31,733

15,012

131,752

Depreciation

At 1 April 2023

15,153

22,702

1,356

39,211

Charge for the year

1,397

2,258

2,731

6,386

At 31 March 2024

16,550

24,960

4,087

45,597

Carrying amount

At 31 March 2024

68,457

6,773

10,925

86,155

At 31 March 2023

69,854

9,031

5,424

84,309

Included within the net book value of land and buildings above is £68,457 (2023 - £69,854) in respect of long leasehold land and buildings.
 

 

J N Coxhead Ltd

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

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

499

Directors loan accounts

4,621

2,362

 

4,621

2,861

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

20,689

20,278

Trade creditors

 

1,253

212

Accruals and deferred income

 

1,336

1,456

 

23,278

21,946

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

171,655

182,128

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank loans

164,977

175,432

Hire purchase

6,678

6,696

171,655

182,128

2024
£

2023
£

Current loans and borrowings

Bank loans

15,183

16,459

Hire purchase

5,506

3,819

20,689

20,278

 

J N Coxhead Ltd

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

Bank borrowings

The carrying amount at year end is £140,963 (2023 - £148,512).

Security held against agricultural land and property at Ash Grove, New Longton, Preston valued at £475,000 on the 12th December 2019.