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J COTTON AGRICULTURAL CONTRACTORS LIMITED

Registered Number
05787191
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

J COTTON AGRICULTURAL CONTRACTORS LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Mr J Cotton

Registered Address

Milburn House, Hexham Business Park
Burn Lane
Hexham
NE46 3RU

Registered Number

05787191 (England and Wales)
J COTTON AGRICULTURAL CONTRACTORS LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-619
Tangible assets51,661,2901,435,273
Investments65,0005,000
1,666,2901,440,892
Current assets
Stocks248,352301,960
Debtors7294,455451,039
Cash at bank and on hand-130,131
542,807883,130
Creditors amounts falling due within one year8(413,123)(523,948)
Net current assets (liabilities)129,684359,182
Total assets less current liabilities1,795,9741,800,074
Creditors amounts falling due after one year9(279,609)(338,374)
Provisions for liabilities11(308,416)(280,299)
Net assets1,207,9491,181,401
Capital and reserves
Called up share capital100100
Profit and loss account1,207,8491,181,301
Shareholders' funds1,207,9491,181,401
The financial statements were approved and authorised for issue by the Director on 21 November 2024, and are signed on its behalf by:
Mr J Cotton
Director
Registered Company No. 05787191
J COTTON AGRICULTURAL CONTRACTORS LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery20-
Fixtures and fittings25-
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year68
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 July 234,2454,245
At 30 June 244,2454,245
Amortisation and impairment
At 01 July 233,6263,626
Charge for year619619
At 30 June 244,2454,245
Net book value
At 30 June 24--
At 30 June 23619619
4.Useful life of intangible assets
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.
5.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 July 23350,9092,571,68453,4271132,976,133
Additions-686,874--686,874
Disposals-(429,200)--(429,200)
At 30 June 24350,9092,829,35853,4271133,233,807
Depreciation and impairment
At 01 July 2323,9541,490,86725,9261131,540,860
Charge for year6,783271,6966,875-285,354
On disposals-(253,697)--(253,697)
At 30 June 2430,7371,508,86632,8011131,572,517
Net book value
At 30 June 24320,1721,320,49220,626-1,661,290
At 30 June 23326,9551,080,81727,501-1,435,273
6.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 July 235,0005,000
At 30 June 245,0005,000
Net book value
At 30 June 245,0005,000
At 30 June 235,0005,000

Notes

1Other investments other than loans
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables218,592435,607
Other debtors-15,432
Prepayments and accrued income75,863-
Total294,455451,039
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables67,12659,734
Bank borrowings and overdrafts26,36324,023
Taxation and social security33,429125,095
Finance lease and HP contracts211,611261,637
Other creditors70,01449,219
Accrued liabilities and deferred income4,5804,240
Total413,123523,948
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured against the assets to which they relate.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts84,091119,892
Other creditors195,518218,482
Total279,609338,374
Finance lease and HP contracts equal to £195,518 (2023 - £218,482) are included within other creditors and are secured against the assets to which they relate.
10.Creditors: amounts due after 5 years
Included within creditors: amounts falling due after more than one year is an amount of £19,595 (2023 - £38,454) in respect of liabilities payable by instalments which fall due for payment after more than five years.
11.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2024

2023

££
Net deferred tax liability (asset)308,416280,299
Total308,416280,299
12.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £308 (2023 - £181).
13.Guarantees provided on behalf of directors
The director has provided a personal guarantee limited to £50,000 (2023 - £50,000) in respect of the bank borrowings.
14.Further information regarding the company's financial position
In respect of these Financial Statements the Statement of Financial Position comparative Debtors and Creditors amounts falling due with in one year have been altered to correctly reflect certain underlying balances, these alterations have not affected the overall position of the company with the Net Asset position being unaffected