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COMPANY REGISTRATION NUMBER: 01010625
Payne Brothers (East Anglia) Limited
Unaudited financial statements
31 July 2024
Payne Brothers (East Anglia) Limited
Statement of financial position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,765,280
2,097,440
Current assets
Stocks
68,000
12,000
Debtors
6
693,248
311,281
Investments
7
175,000
175,000
Cash at bank and in hand
246,909
328,162
-----------
---------
1,183,157
826,443
Creditors: Amounts falling due within one year
8
( 317,829)
( 262,413)
-----------
---------
Net current assets
865,328
564,030
-----------
-----------
Total assets less current liabilities
2,630,608
2,661,470
Creditors: Amounts falling due after more than one year
9
( 9,947)
( 19,167)
Provisions
Taxation including deferred tax
( 230,392)
( 303,853)
Accruals and deferred income
( 24,818)
( 36,068)
-----------
-----------
Net assets
2,365,451
2,302,382
-----------
-----------
Capital and reserves
Called up share capital
11
5,000
5,000
Profit and loss account
2,360,451
2,297,382
-----------
-----------
Shareholders funds
2,365,451
2,302,382
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Payne Brothers (East Anglia) Limited
Statement of financial position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
D W Payne
Director
Company registration number: 01010625
Payne Brothers (East Anglia) Limited
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fakenham Agri-Park, Swaffham Road, Hempton, Fakenham, NR21 7DY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold and leasehold buildings
-
2% straight line
Plant and equipment
-
20% straight line
Trailers
-
5% straight line
Motor vehicles
-
25% straight line
Land is not depreciated.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 10 (2023: 9 ).
5. Tangible assets
Freehold and leasehold buildings
Plant and equipment
Trailers
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 August 2023
328,908
58,157
1,422,634
82,298
761,773
2,653,770
Additions
24,510
4,666
21,000
2,000
40,492
92,668
Disposals
( 83,561)
( 224,978)
( 308,539)
---------
-------
-----------
-------
---------
-----------
At 31 July 2024
269,857
62,823
1,218,656
84,298
802,265
2,437,899
---------
-------
-----------
-------
---------
-----------
Depreciation
At 1 August 2023
155,462
49,215
313,486
38,167
556,330
Charge for the year
5,222
3,764
176,950
15,131
201,067
Disposals
( 84,778)
( 84,778)
---------
-------
-----------
-------
---------
-----------
At 31 July 2024
160,684
52,979
405,658
53,298
672,619
---------
-------
-----------
-------
---------
-----------
Carrying amount
At 31 July 2024
109,173
9,844
812,998
31,000
802,265
1,765,280
---------
-------
-----------
-------
---------
-----------
At 31 July 2023
173,446
8,942
1,109,148
44,131
761,773
2,097,440
---------
-------
-----------
-------
---------
-----------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 July 2024
Aggregate cost
215,048
Aggregate depreciation
(116,389)
---------
Carrying value
98,659
---------
At 31 July 2023
Aggregate cost
210,508
Aggregate depreciation
(111,487)
---------
Carrying value
99,021
---------
6. Debtors
2024
2023
£
£
Trade debtors
155,609
174,830
Prepayments and accrued income
82,639
85,328
Other debtors
455,000
51,123
---------
---------
693,248
311,281
---------
---------
7. Investments
2024
2023
£
£
Investments
175,000
175,000
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
102,181
229,724
Social security and other taxes
163,787
12,443
Other creditors
41,861
10,246
---------
---------
317,829
262,413
---------
---------
Included within other creditors falling due within one year are hire purchase agreements totalling £nil (2023: £5,000) which are secured on the assets concerned.
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,947
19,167
------
-------
10. Operating leases - as lessor
As at 31 July 2024 the company is due £1,836,236 (2023: £276,771), under non-cancellable operating leases.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
5,000
5,000
5,000
5,000
------
------
------
------