REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
J. B. ADAMS & PARTNERS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
J. B. ADAMS & PARTNERS LIMITED |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Company Information | 1 |
Chartered Certified Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
J. B. ADAMS & PARTNERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Mountfield House |
661 High Street |
Kingswinford |
West Midlands |
DY6 8AL |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
J. B. ADAMS & PARTNERS 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 Statement of Comprehensive Income 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 J. B. Adams & Partners Limited for the year ended 30th June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of J. B. Adams & Partners 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 J. B. Adams & Partners Limited and state those matters that we have agreed to state to the Board of Directors of J. B. Adams & Partners Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that J. B. Adams & Partners 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 J. B. Adams & Partners Limited. You consider that J. B. Adams & Partners 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 J. B. Adams & Partners 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. |
Mountfield House |
661 High Street |
Kingswinford |
West Midlands |
DY6 8AL |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
STATEMENT OF FINANCIAL POSITION |
30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
STATEMENT OF FINANCIAL POSITION - continued |
30TH JUNE 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | STATUTORY INFORMATION |
J. B. Adams & Partners Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Entitlements |
Single farm payment entitlements acquired in 2008 are being written off over their estimated useful life of 5 years. |
Tangible fixed assets |
Land and buildings | - |
Tractors & harvesters | - |
Implements | - |
Motor vehicles | - |
Office equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 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 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 |
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 estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Government grants |
Government grants in respect of fixed assets are treated as deferred income and credited to the profit and loss account over the expected useful life of the relevant assets. |
Grants relating to revenue costs are credited to the profit and loss account in line with the relevant costs. |
Covid bounce back loan scheme |
Loans received under the covid bounce back loan scheme are recorded at the transaction price ie the cash received, unless there is a material difference between the actual rate of interest on the loan and a market rate for a similar debt. Under the scheme, the loan carries a government-backed guarantee and the government makes a business loan payment, ie the government pays any fees and interest payments for the first twelve months. Accordingly the loan is grossed up and shown as government grants received and the fees and interest payments included in the profit and loss account in the period they relate to. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
AMORTISATION |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Included in cost of land and buildings is freehold land of £ 1,640,485 (2023 - £ 1,640,485 ) which is not depreciated. |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1st July 2023 |
Additions |
Transfer to ownership | (243,690 | ) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Transfer to ownership | (139,539 | ) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Fair value at 30th June 2024 is represented by: |
£ |
Valuation in 2015 | 534,083 |
Valuation in 2016 | 70,605 |
Valuation in 2017 | 51,000 |
Cost | 728,213 |
1,383,901 |
The Directors agree that there has been no significant change to the value of the investment property held as assets. No adjustment to the valuation has been made in the current year. |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Mortgage - over 5 years | 1,342,004 | 1,443,763 |
J. B. ADAMS & PARTNERS LIMITED (REGISTERED NUMBER: 05505254) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Mortgage |
Hire purchase contracts | 964,022 | 1,349,998 |
The bank borrowings are secured by legal charges on the freehold properties owned by the company. Interest rates charged vary between 0.99% and 4.89%. |
Loans under hire purchase contracts are secured on the assets that they relate to. |
The bank loan received under the Bounce Back Loan Scheme is secured on the assets of the company and carries a government-backed guarantee. The loan is repayable over 6 years, including a one year initial capital repayment holiday, at an interest rate of 2.5%. Any business loan payments made by the government in respect of fees and bank interest are grossed up and treated as government grant income. |