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REGISTERED NUMBER: 00636201 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2024

for

George Hay & Sons Limited

George Hay & Sons Limited (Registered number: 00636201)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


George Hay & Sons Limited

Company Information
for the Year Ended 31 May 2024







Directors: Mrs C H Hay
A J Hay





Secretary: Mrs C H Hay





Registered office: Wykeham Abbey
Wykeham
Spalding
Lincolnshire
PE12 6HE





Business address: Wragg Marsh Farm
Spalding Marsh
Spalding
Lincolnshire
PE12 6HQ





Registered number: 00636201 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
George Hay & 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 Statement of financial position. Readers are cautioned that the Income statement 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 George Hay & Sons Limited for the year ended 31 May 2024 which comprise the Statement of income and retained earnings, Statement of financial position 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 George Hay & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 19 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of George Hay & Sons Limited and state those matters that we have agreed to state to the Board of Directors of George Hay & 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 George Hay & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that George Hay & 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 George Hay & Sons Limited. You consider that George Hay & 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 George Hay & 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


28 November 2024

George Hay & Sons Limited (Registered number: 00636201)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 6,651,560 6,825,021
Investments 6 52 52
6,651,612 6,825,073

Current assets
Stocks 1,014,683 1,012,039
Debtors 7 664,038 405,853
Cash in hand 114 114
1,678,835 1,418,006
Creditors
Amounts falling due within one year 8 1,200,059 1,103,029
Net current assets 478,776 314,977
Total assets less current liabilities 7,130,388 7,140,050

Creditors
Amounts falling due after more than one
year

9

(32,909

)

(158,974

)

Provisions for liabilities (316,914 ) (273,211 )
Net assets 6,780,565 6,707,865

Capital and reserves
Called up share capital 10 300,148 300,148
Share premium 135,015 135,015
Revaluation reserve 11 1,962,017 1,962,017
Retained earnings 4,383,385 4,310,685
Shareholders' funds 6,780,565 6,707,865

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

George Hay & Sons Limited (Registered number: 00636201)

Statement of Financial Position - continued
31 May 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 27 November 2024 and were signed on its behalf by:





A J Hay - Director


George Hay & Sons Limited (Registered number: 00636201)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. Statutory information

George Hay & 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.

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


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about George Hay & Sons Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Freehold land - not depreciated
Leasehold buildings - 4% on cost
Farm buildings - 4% on cost
Motor vehicles - 25% on written down value
Tractors, combines and motor machinery - 20/25% on written down value
Implements,machinery and equipment - 20% on written down value
Storage boxes - 25% on cost
Photovoltaic equipment - 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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


George Hay & Sons Limited (Registered number: 00636201)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to 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.

Farm support income
De-linked farm support income accrues evenly up to 31 December in each claim year in the financial statements.

4. Employees and directors

The average number of employees during the year was 9 (2023 - 9 ) .

George Hay & Sons Limited (Registered number: 00636201)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. Tangible fixed assets
Freehold Long
property leasehold Tractors
£    £    £   
Cost
At 1 June 2023 6,564,233 562,795 1,474,602
Additions - - 122,000
Disposals - - -
At 31 May 2024 6,564,233 562,795 1,596,602
Depreciation
At 1 June 2023 853,991 562,795 767,958
Charge for year 56,576 - 147,473
Eliminated on disposal - - -
At 31 May 2024 910,567 562,795 915,431
Net book value
At 31 May 2024 5,653,666 - 681,171
At 31 May 2023 5,710,242 - 706,644

Implements Motor
& machinery vehicles Totals
£    £    £   
Cost
At 1 June 2023 1,914,520 44,213 10,560,363
Additions 2,455 - 124,455
Disposals (3,745 ) - (3,745 )
At 31 May 2024 1,913,230 44,213 10,681,073
Depreciation
At 1 June 2023 1,511,487 39,111 3,735,342
Charge for year 92,588 1,275 297,912
Eliminated on disposal (3,741 ) - (3,741 )
At 31 May 2024 1,600,334 40,386 4,029,513
Net book value
At 31 May 2024 312,896 3,827 6,651,560
At 31 May 2023 403,033 5,102 6,825,021

Freehold land and buildings with a historic cost of £101,338 is shown at a valuation of £2,063,355, being the open market value in 1983.

George Hay & Sons Limited (Registered number: 00636201)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


6. Fixed asset investments
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
Cost
At 1 June 2023
and 31 May 2024 10 42 52
Net book value
At 31 May 2024 10 42 52
At 31 May 2023 10 42 52

Group shares

The company owns 10 Ordinary £1 shares, representing 100% of the issued share capital, in Wykeham Abbey Limited which is a dormant company.

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 571,545 310,383
Other debtors 10 10
VAT 14,879 20,159
Prepayments and accrued income 77,604 75,301
664,038 405,853

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 183,098 151,040
Trade creditors 54,418 148,276
Amounts owed to group undertakings 10 10
Corporation tax 127,461 49,702
Social security and other taxes 5,361 4,863
Other creditors 132,200 72,200
Hire purchase liabilities 166,890 157,901
Directors' current accounts 382,645 393,676
Accruals and deferred income 147,976 125,361
1,200,059 1,103,029

Obligations under hire purchase contracts are secured by the asset it is financing.

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase liabilities 32,909 158,974

Obligations under hire purchase contracts are secured by the asset it is financing.

George Hay & Sons Limited (Registered number: 00636201)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
229,676 Ordinary shares £1 229,676 229,676
70,472 A Ordinary shares £1 70,472 70,472
300,148 300,148

11. Reserves
Revaluation
reserve
£   
At 1 June 2023
and 31 May 2024 1,962,017

12. Controlling party

The parent company and ultimate holding company is Reamcourt Limited, a dormant company incorporated in England.