Company registration number SC031385 (Scotland)
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
COMPANY INFORMATION
Directors
Mrs A C Crook
Mr W S Crook
Secretary
Mrs A C Crook
Company number
SC031385
Registered office
60 Needless Road
Perth
PH2 0LA
Accountants
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Crook & Sons. (Agricultural Merchants) Limited for the year ended 30 June 2024 set out on pages 2 to 6 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 of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of John Crook & Sons. (Agricultural Merchants) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of John Crook & Sons. (Agricultural Merchants) Limited and state those matters that we have agreed to state to the board of directors of John Crook & Sons. (Agricultural Merchants) Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Crook & Sons. (Agricultural Merchants) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that John Crook & Sons. (Agricultural Merchants) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John Crook & Sons. (Agricultural Merchants) Limited. You consider that John Crook & Sons. (Agricultural Merchants) 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 financial statements of John Crook & Sons. (Agricultural Merchants) 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 financial statements.
MMG Chartered Accountants
12 November 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
68
88
Investment property
4
180,000
180,000
180,068
180,088
Current assets
Debtors
5
2,188
8,535
Cash at bank and in hand
78,349
81,018
80,537
89,553
Creditors: amounts falling due within one year
6
(5,548)
(5,727)
Net current assets
74,989
83,826
Total assets less current liabilities
255,057
263,914
Provisions for liabilities
(4,283)
(4,271)
Net assets
250,774
259,643
Capital and reserves
Called up share capital
8,500
8,500
Other reserves
164,680
164,680
Profit and loss reserves
77,594
86,463
Total equity
250,774
259,643
The notes on pages 4 to 6 form part of these financial statements.
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
Mrs A C Crook
Director
Company registration number SC031385 (Scotland)
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
John Crook & Sons. (Agricultural Merchants) Limited is a private company limited by shares incorporated in Scotland. The registered office is 60 Needless Road, Perth, PH2 0LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Directors confirm that, after making appropriate enquiries, they have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern bass in preparing these financial statements.
1.3
Turnover
Turnover comprises the total rents due from properties owned by the company and are included in the year in which they are receivable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% on cost
Computers
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
14,665
3,318
17,983
Depreciation and impairment
At 1 July 2023
14,665
3,230
17,895
Depreciation charged in the year
20
20
At 30 June 2024
14,665
3,250
17,915
Carrying amount
At 30 June 2024
68
68
At 30 June 2023
88
88
JOHN CROOK & SONS. (AGRICULTURAL MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
180,000
Investment properties were valued on an open market basis on 30 June 2023 by the directors.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,188
8,535
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,322
3,576
Other creditors
2,226
2,151
5,548
5,727
7
Directors' transactions
The following advances and credits to Mrs A C Crook a director subsisted during the year ended 30 June 2022:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Overdrawn directors current account
-
7,024
635
(7,024)
635
7,024
635
(7,024)
635
The director's current account overdrawn balance was repaid in full after the year end.