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REGISTERED NUMBER: 02088224 (England and Wales)


















J H McCloy & Co Limited

Financial Statements for the Year Ended 30th April 2024






J H McCloy & Co Limited (Registered number: 02088224)






Contents of the Financial Statements
for the year ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J H McCloy & Co Limited

Company Information
for the year ended 30th April 2024







DIRECTORS: Mr DP McCloy
Mr AD McCloy
Mrs SJ Foster





SECRETARY: Mrs SJ Foster





REGISTERED OFFICE: Lakeside Byram Park
Byram-cum-Sutton
Knottingley
West Yorkshire
WF11 9NG





REGISTERED NUMBER: 02088224 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

J H McCloy & Co Limited (Registered number: 02088224)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,265,806 4,005,201
Investments 6 1,801 1,801
4,267,607 4,007,002

CURRENT ASSETS
Stocks 836,552 835,838
Debtors 7 581,042 476,227
Cash at bank 3,070,490 2,496,234
4,488,084 3,808,299
CREDITORS
Amounts falling due within one year 8 1,912,127 959,883
NET CURRENT ASSETS 2,575,957 2,848,416
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,843,564

6,855,418

CREDITORS
Amounts falling due after more than one
year

9

(3,579

)

(411,593

)

PROVISIONS FOR LIABILITIES (279,196 ) (222,803 )
NET ASSETS 6,560,789 6,221,022

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 18,517 18,517
Retained earnings 6,542,172 6,202,405
SHAREHOLDERS' FUNDS 6,560,789 6,221,022

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

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

J H McCloy & Co Limited (Registered number: 02088224)

Balance Sheet - continued
30th April 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th January 2025 and were signed on its behalf by:





Mrs SJ Foster - Director


J H McCloy & Co Limited (Registered number: 02088224)

Notes to the Financial Statements
for the year ended 30th April 2024

1. STATUTORY INFORMATION

J H McCloy & Co 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historic cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents the sale of farm produce which is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. Turnover is recognised when the economic risks and rewards pass to third parties. For both the arable and livestock produce, the risks and rewards are transferred when the produce has left the farm and the terms of the contract have been fulfilled.

Intangible fixed assets
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the entitlements have been amortised in full.
The original Basic Payment Scheme commenced in 2015 and the ceased during 2021 prior to transitional rules applying.

Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% - 20% straight line
Freehold land - Nil
Plant and machinery - 25-33% written down value
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

No depreciation is provided in respect of employee occupied houses. This treatment is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets, however the directors consider that a systematic annual depreciation charge would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view.

Fixed asset investments are stated at cost unless, in the opinion of the directors, there has been a permanent diminution in value, in which case an appropriate adjustment is made.

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first in, first out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.


J H McCloy & Co Limited (Registered number: 02088224)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. ACCOUNTING POLICIES - continued
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. it is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets and recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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
The company receives government grants in respect of the Basic Payment Scheme, under the Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.
The Basic Payment Scheme is being gradually phased out with payments stopping by the end of the scheme in 2027.

Amounts receivable under the Countryside Stewardship Scheme are recognised as income in the profit and loss account when the eligibility criteria have been satisfied at the end of the scheme year.

Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate to.

J H McCloy & Co Limited (Registered number: 02088224)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st May 2023
and 30th April 2024 71,549
AMORTISATION
At 1st May 2023
and 30th April 2024 71,549
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

J H McCloy & Co Limited (Registered number: 02088224)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

5. TANGIBLE FIXED ASSETS
Freehold Freehold Plant and
property land machinery
£    £    £   
COST
At 1st May 2023 1,005,593 2,924,361 3,683,488
Additions - - 480,104
Disposals - - (234,600 )
Reclassification/transfer - - (190,902 )
At 30th April 2024 1,005,593 2,924,361 3,738,090
DEPRECIATION
At 1st May 2023 897,717 - 2,710,524
Charge for year 4,404 - 217,110
Eliminated on disposal - - (212,621 )
Reclassification/transfer - - (114,862 )
At 30th April 2024 902,121 - 2,600,151
NET BOOK VALUE
At 30th April 2024 103,472 2,924,361 1,137,939
At 30th April 2023 107,876 2,924,361 972,964

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2023 - 26,046 7,639,488
Additions 59,995 - 540,099
Disposals (49,052 ) - (283,652 )
Reclassification/transfer 190,902 - -
At 30th April 2024 201,845 26,046 7,895,935
DEPRECIATION
At 1st May 2023 - 26,046 3,634,287
Charge for year 30,182 - 251,696
Eliminated on disposal (43,233 ) - (255,854 )
Reclassification/transfer 114,862 - -
At 30th April 2024 101,811 26,046 3,630,129
NET BOOK VALUE
At 30th April 2024 100,034 - 4,265,806
At 30th April 2023 - - 4,005,201

J H McCloy & Co Limited (Registered number: 02088224)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st May 2023
and 30th April 2024 1,801
NET BOOK VALUE
At 30th April 2024 1,801
At 30th April 2023 1,801

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 308,402 274,989
Other debtors 272,640 201,238
581,042 476,227

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 31,211 67,460
Trade creditors 898,613 382,397
Taxation and social security 99,126 40,286
Other creditors 883,177 469,740
1,912,127 959,883

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 31,201
Other creditors 3,579 380,392
3,579 411,593

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 31,211 98,661

11. OTHER FINANCIAL COMMITMENTS

The company occupies land under the terms of an annual agricultural tenancy. The total lease payments recognised in expense is £45,750 (2023: £45,750). Each annual payment is dependant on the lease for each individual piece of land.

J H McCloy & Co Limited (Registered number: 02088224)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

12. RELATED PARTY DISCLOSURES

At the year end date, the company owed a balance of £375,680 (2023 £375,680) to the directors with interest charges amounting to £27,237 (2023 £15,966).

During the year the company rented land at £45,750 (2023 £45,750) per annum from Byram Park Estates Company, a partnership in which the directors are partners. The transactions with the partnership were made on normal commercial terms.

The company also has a loan from Byram Park Estates Company, a partnership in which the directors are partners, with a balance of £213,477 (2023 £213,477) at the year end date. The interest charges amounted to £15,477 (2023 £9,073).