REGISTERED NUMBER: |
J H McCloy & Co Limited |
Financial Statements for the Year Ended 30th April 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
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 |
Share premium |
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 H McCloy & Co Limited (Registered number: 02088224) |
Balance Sheet - continued |
30th April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
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 |
Freehold property | - |
Freehold land | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st May 2023 |
and 30th April 2024 |
AMORTISATION |
At 1st May 2023 |
and 30th April 2024 |
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 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer |
At 30th April 2024 |
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 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1st May 2023 |
and 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Other creditors |
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). |