Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01No description of principal activity55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00412895 2023-04-01 2024-03-31 00412895 2022-04-01 2023-03-31 00412895 2024-03-31 00412895 2023-03-31 00412895 c:Director2 2023-04-01 2024-03-31 00412895 d:Buildings 2023-04-01 2024-03-31 00412895 d:Buildings 2024-03-31 00412895 d:Buildings 2023-03-31 00412895 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00412895 d:PlantMachinery 2023-04-01 2024-03-31 00412895 d:PlantMachinery 2024-03-31 00412895 d:PlantMachinery 2023-03-31 00412895 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00412895 d:ComputerEquipment 2023-04-01 2024-03-31 00412895 d:ComputerEquipment 2024-03-31 00412895 d:ComputerEquipment 2023-03-31 00412895 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00412895 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00412895 d:FreeholdInvestmentProperty 2024-03-31 00412895 d:FreeholdInvestmentProperty 2023-03-31 00412895 d:CurrentFinancialInstruments 2024-03-31 00412895 d:CurrentFinancialInstruments 2023-03-31 00412895 d:Non-currentFinancialInstruments 2024-03-31 00412895 d:Non-currentFinancialInstruments 2023-03-31 00412895 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00412895 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00412895 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00412895 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00412895 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 00412895 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 00412895 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 00412895 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 00412895 d:ShareCapital 2024-03-31 00412895 d:ShareCapital 2023-03-31 00412895 d:RevaluationReserve 2024-03-31 00412895 d:RevaluationReserve 2023-03-31 00412895 d:InvestmentPropertiesRevaluationReserve 2024-03-31 00412895 d:InvestmentPropertiesRevaluationReserve 2023-03-31 00412895 d:RetainedEarningsAccumulatedLosses 2024-03-31 00412895 d:RetainedEarningsAccumulatedLosses 2023-03-31 00412895 c:FRS102 2023-04-01 2024-03-31 00412895 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00412895 c:FullAccounts 2023-04-01 2024-03-31 00412895 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00412895 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 00412895 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 00412895 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 00412895 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 00412895 5 2023-04-01 2024-03-31 00412895 6 2023-04-01 2024-03-31 00412895 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00412895 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00412895 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 00412895 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 00412895 d:OtherDeferredTax 2024-03-31 00412895 d:OtherDeferredTax 2023-03-31 00412895 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 00412895 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 00412895 d:LeasedAssetsHeldAsLessee 2024-03-31 00412895 d:LeasedAssetsHeldAsLessee 2023-03-31 00412895 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 00412895















J.PEACOCK & SONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 MARCH 2024

 
J.PEACOCK & SONS LIMITED
REGISTERED NUMBER:00412895

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
407,757
372,397

Investments
 5 
32
32

Investment property
 6 
1,145,000
1,145,000

  
1,552,789
1,517,429

Current assets
  

Stocks
  
226,941
260,570

Debtors: amounts falling due within one year
 7 
35,641
130,632

Cash at bank and in hand
  
2,644
632

  
265,226
391,834

Creditors: amounts falling due within one year
 8 
(608,709)
(577,151)

Net current liabilities
  
 
 
(343,483)
 
 
(185,317)

Total assets less current liabilities
  
1,209,306
1,332,112

Creditors: amounts falling due after more than one year
 9 
(3,637)
(28,158)

Provisions for liabilities
  

Deferred tax
 12 
(250,195)
(275,314)

  
 
 
(250,195)
 
 
(275,314)

Net assets
  
955,474
1,028,640


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
  
67,212
67,212

Investment property reserve
  
678,936
678,936

Profit and loss account
  
208,326
281,492

  
955,474
1,028,640


Page 1

 
J.PEACOCK & SONS LIMITED
REGISTERED NUMBER:00412895
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mrs P M Atkin
Director

Date: 21 November 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

J Peacock & Sons Limited is a private company limited by shares and incorporated in England and Wales, registration number is 00412895. The registered office is Field Farm, Hockwold, Thetford, Norfolk, IP26 4JW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold buildings and improvements
-
Not depreciated except for property improvements, 10% straight line
Plant and machinery
-
15 - 25% reducing balance
Computer equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 6

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
262,415
983,122
3,690
1,249,227


Additions
65,355
29,852
-
95,207



At 31 March 2024

327,770
1,012,974
3,690
1,344,434



Depreciation


At 1 April 2023
177,378
695,831
3,621
876,830


Charge for the year on owned assets
3,094
56,728
25
59,847



At 31 March 2024

180,472
752,559
3,646
936,677



Net book value



At 31 March 2024
147,298
260,415
44
407,757



At 31 March 2023
85,037
287,291
69
372,397

Page 7

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
58,939
113,819

58,939
113,819


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
32



At 31 March 2024
32




Page 8

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
1,145,000



At 31 March 2024
1,145,000

The 2024 valuations were made by the directors, on an open market value for an existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 April 2023
678,936
575,328

Net surplus/(deficit) in movement properties
-
103,608

At 31 March 2024
678,936
678,936



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
266,108
266,108

Accumulated depreciation and impairments
(19,720)
(19,720)

246,388
246,388

Page 9

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
27,190
53,790

Other debtors
1,831
4,377

Prepayments and accrued income
6,620
72,465

35,641
130,632



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
27,379
38,692

Bank loans
17,454
17,454

Trade creditors
4,885
4,395

Other taxation and social security
1,246
1,367

Obligations under finance lease and hire purchase contracts
7,066
34,845

Other creditors
541,400
471,623

Accruals and deferred income
9,279
8,775

608,709
577,151



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,637
21,092

Net obligations under finance leases and hire purchase contracts
-
7,066

3,637
28,158


The loan is secured by a floating and fixed charge on the assets of the company.

Page 10

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
17,454
17,454


17,454
17,454

Amounts falling due 1-2 years

Bank loans
3,637
17,454


3,637
17,454

Amounts falling due 2-5 years

Bank loans
-
3,638


-
3,638


21,091
38,546


Page 11

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within 1 year
7,066
34,845

Between 1-5 years
-
7,066

7,066
41,911

Page 12

 
J.PEACOCK & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024


£






At beginning of year
(275,314)


Charged to profit or loss
25,119



At end of year
(250,195)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(72,726)
(87,013)

Tax losses carried forward
41,618
31,374

Investment property revaluation
(219,087)
(219,675)

(250,195)
(275,314)


13.


Transactions with directors

As at the 31 March 2024 there was a credit balance due to the directors' current accounts of £541,400  2023 (£471,623).
iInterest was charged during the year in respect of the directors' current account balances.
During the year land was rented to the company at a cost of £6,000, the rent being paid to a director of the company.


Page 13