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REGISTERED NUMBER: 00548232 (England and Wales)















DE NICKOLS & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


DE NICKOLS & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D Nickols
A Nickols
R J Nickols
P T Nickols
Mrs J M Collins





SECRETARY: P T Nickols





REGISTERED OFFICE: 18 Northgate
Sleaford
Lincolnshire
NG34 7BJ





BUSINESS ADDRESS: Willow Farm
Little Hale Fen
Sleaford
Lincolnshire
NG34 9BG





REGISTERED NUMBER: 00548232 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,301,358 2,201,077
Investment property 5 597,549 597,549
2,898,907 2,798,626

CURRENT ASSETS
Valuation 450,624 426,486
Debtors 6 88,145 205,439
538,769 631,925
CREDITORS
Amounts falling due within one year 7 296,848 278,864
NET CURRENT ASSETS 241,921 353,061
TOTAL ASSETS LESS CURRENT LIABILITIES 3,140,828 3,151,687

CREDITORS
Amounts falling due after more than one year 8 (551,127 ) (574,815 )

PROVISIONS FOR LIABILITIES (234,663 ) (229,000 )
NET ASSETS 2,355,038 2,347,872

CAPITAL AND RESERVES
Called up share capital 10 66,045 66,045
Retained earnings 2,288,993 2,281,827
SHAREHOLDERS' FUNDS 2,355,038 2,347,872

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

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

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 17 January 2025 and were signed on its behalf by:




P T Nickols - Director


DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

DE Nickols & 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. 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 25% on reducing balance, 10% on reducing balance and 4% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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
A professional valuation is carried out each year by an independent agricultural valuer. The valuation is prepared at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving items. Costs include any cost of production incurred to bring the stock to its state at the balance sheet date.

Machinery stock is valued at the lower of cost and fair value less costs to complete and sell 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 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.

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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

Basic farm payment
The basic farm payment is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 1,598,377 1,707,039 3,305,416
Additions - 335,985 335,985
Disposals - (216,666 ) (216,666 )
At 30 June 2024 1,598,377 1,826,358 3,424,735
DEPRECIATION
At 1 July 2023 315,290 789,049 1,104,339
Charge for year 2,330 111,191 113,521
Eliminated on disposal - (94,483 ) (94,483 )
At 30 June 2024 317,620 805,757 1,123,377
NET BOOK VALUE
At 30 June 2024 1,280,757 1,020,601 2,301,358
At 30 June 2023 1,283,087 917,990 2,201,077

Included in cost of land and buildings is freehold land of £ 1,259,787 (2023 - £ 1,259,787 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 507,079 (2023 - £ 472,431 ) in respect of assets held under hire purchase contracts.

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 597,549
NET BOOK VALUE
At 30 June 2024 597,549
At 30 June 2023 597,549

Investment property was valued on an open market basis in 2017 by the directors.

The directors feel that the value of the investment property has not moved materially between the valuation date and the financial reporting date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 42,483 115,840
Other debtors 45,662 89,599
88,145 205,439

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 41,502 90,173
Hire purchase contracts 149,694 107,246
Trade creditors 47,724 50,258
Taxation and social security 5,893 1,141
Other creditors 52,035 30,046
296,848 278,864

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 423,873 463,065
Hire purchase contracts 127,254 111,750
551,127 574,815

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 254,073 272,914

DE NICKOLS & SONS LIMITED (REGISTERED NUMBER: 00548232)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 617 51,403
Bank loans 464,758 501,835
Hire purchase contracts 276,948 218,996
742,323 772,234

The bank facilities are secured on part of the Company's freehold properties and a life insurance policy on the life of one of the directors.

The hire purchase contracts are secured on the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
66,045 Ordinary £1 66,045 66,045

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
R J Nickols
Balance outstanding at start of year 13,845 (100 )
Amounts advanced 3,655 31,489
Amounts repaid (24,223 ) (17,544 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6,723 ) 13,845

P T Nickols
Balance outstanding at start of year 23,803 14,470
Amounts advanced 1,032 28,789
Amounts repaid (24,223 ) (19,456 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 612 23,803

At the year end there are loans from the directors to the company totalling £15,448 (2023: £8,725), excluding the overdrawn directors loan account for P T Nickols.

Interest on overdrawn directors' loan accounts is provided at the official rate. The balance outstanding at the end of the year is unsecured and repayable on demand.