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REGISTERED NUMBER: 00573067 (England and Wales)













C.H. Scholey & Sons Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024






C.H. Scholey & Sons Limited (Registered number: 00573067)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


C.H. Scholey & Sons Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: AH Scholey
SA Scholey
R H Scholey
M J Scholey



SECRETARY: SA Scholey



REGISTERED OFFICE: Lodge Farm,
Frickley,
Nr Doncaster
DN5 7BX



REGISTERED NUMBER: 00573067 (England and Wales)



ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF



BANKERS: HSBC Bank plc
Montgomery Road
Wath upon Dearne
Rotherham
South Yorkshire
S63 7QW

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
C.H. Scholey & Sons Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C.H. Scholey & Sons Limited for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of C.H. Scholey & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of C.H. Scholey & Sons Limited and state those matters that we have agreed to state to the Board of Directors of C.H. Scholey & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C.H. Scholey & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that C.H. Scholey & Sons 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 C.H. Scholey & Sons Limited. You consider that C.H. Scholey & Sons 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 C.H. Scholey & Sons 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.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


29 November 2024

C.H. Scholey & Sons Limited (Registered number: 00573067)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,294,402 3,259,869
Investments 5 - 27,782
3,294,402 3,287,651

CURRENT ASSETS
Stocks 6 513,182 827,360
Debtors 7 181,281 262,684
Cash at bank and in hand 110,802 1,097
805,265 1,091,141
CREDITORS
Amounts falling due within one year 8 289,162 446,405
NET CURRENT ASSETS 516,103 644,736
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,810,505

3,932,387

CREDITORS
Amounts falling due after more than one
year

9

(526,156

)

(744,699

)

PROVISIONS FOR LIABILITIES 11 (229,334 ) (222,750 )
NET ASSETS 3,055,015 2,964,938

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 20,000 20,000
Retained earnings 3,035,015 2,944,938
SHAREHOLDERS' FUNDS 3,055,015 2,964,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

C.H. Scholey & Sons Limited (Registered number: 00573067)

Balance Sheet - continued
30 April 2024


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 29 November 2024 and were signed on its behalf by:





AH Scholey - Director


C.H. Scholey & Sons Limited (Registered number: 00573067)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

C.H. Scholey & Sons 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.

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.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 20% on reducing balance and 4% on cost
Tractors and vehicles - 25% on reducing balance

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.

The company has the following biological assets within stock which are valued as disclosed:

Crops in store - valued at their estimated cost with reference to current market values
Growing crop - valued at the cost of inputs and cultivations up to the period end

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.


C.H. Scholey & Sons Limited (Registered number: 00573067)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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 useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

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.

Listed fixed asset investments
Listed fixed asset investments are measured at fair value with reference to quoted market prices. Revaluations relating to changes in the market value of the investments are recognised through the profit and loss account.

3. EMPLOYEES

The average number of employees during the year was 7 (2023 - 6 ) .

C.H. Scholey & Sons Limited (Registered number: 00573067)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. TANGIBLE FIXED ASSETS
Tractors
Freehold Plant and and
property machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 2,429,383 1,138,103 1,229,747 4,797,233
Additions - 129,890 85,000 214,890
Disposals - (1,435 ) (73,490 ) (74,925 )
At 30 April 2024 2,429,383 1,266,558 1,241,257 4,937,198
DEPRECIATION
At 1 May 2023 - 590,153 947,211 1,537,364
Charge for year - 86,123 91,133 177,256
Eliminated on disposal - (1,336 ) (70,488 ) (71,824 )
At 30 April 2024 - 674,940 967,856 1,642,796
NET BOOK VALUE
At 30 April 2024 2,429,383 591,618 273,401 3,294,402
At 30 April 2023 2,429,383 547,950 282,536 3,259,869

Included in cost of land and buildings is freehold land of £ 2,429,383 (2023 - £ 2,429,383 ) which is not depreciated.

The net book value of tangible fixed assets includes £63,750 (2023 - £118,969) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 1 May 2023 27,782
Disposals (27,782 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 27,782


C.H. Scholey & Sons Limited (Registered number: 00573067)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


6. STOCKS
2024 2023
£    £   
Raw materials 14,620 10,000
Work-in-progress 308,857 394,363
Finished goods 189,705 422,997
513,182 827,360

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,239 5,222
Directors' loan accounts 4,856 -
VAT 39,999 47,818
Prepayments and accrued income 133,187 209,644
181,281 262,684

As shown above the directors have small overdrawn loan accounts at the year end. No interest has been charged.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 59,000 86,125
Hire purchase contracts 16,446 53,674
Trade creditors 149,483 147,605
Corporation tax payable 55,966 69,558
Social security and other taxes 2,367 3,889
Directors' loan accounts - 61,243
Accruals and deferred income 5,900 24,311
289,162 446,405

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 59,000 70,000
Bank loans - 2-5 years 148,600 191,570
Bank loans more than 5 years 293,065 483,129
Hire purchase contracts 25,491 -
526,156 744,699

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 293,065 483,129

C.H. Scholey & Sons Limited (Registered number: 00573067)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 559,665 814,699
Hire purchase contracts 41,937 53,674
601,602 868,373

The bank loan is secured against 132.59 acres of land at Summerhouse Farm as well as a fixed and floating legal charge over all the assets and undertakings of C.H. Scholey & Sons Limited. Hire purchase contracts are secured against the asset to which they relate.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax - accelerated
capital allowances 216,257 207,623
Deferred tax - other
timing differences 13,077 15,127
229,334 222,750

Deferred
tax
£   
Balance at 1 May 2023 222,750
Accelerated capital allowances 8,634
Other timing differences (2,050 )
Balance at 30 April 2024 229,334

12. FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £105,499 (2023 - £98,999). The financial commitments relate to land and property rent for annual tenancies, therefore the commitment is for rents due in less than one year.