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Registration number: 08025195

North & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

North & Sons Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

North & Sons Limited

(Registration number: 08025195)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

954,054

783,319

Current assets

 

Stocks

6

304,913

287,745

Debtors

7

180,014

113,092

Cash at bank and in hand

 

286,705

346,970

 

771,632

747,807

Creditors: Amounts falling due within one year

8

(950,407)

(898,122)

Net current liabilities

 

(178,775)

(150,315)

Total assets less current liabilities

 

775,279

633,004

Creditors: Amounts falling due after more than one year

8

(69,167)

-

Provisions for liabilities

(227,891)

(186,181)

Net assets

 

478,221

446,823

Capital and reserves

 

Called up share capital

306

306

Retained earnings

477,915

446,517

Shareholders' funds

 

478,221

446,823

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

 

North & Sons Limited

(Registration number: 08025195)
Balance Sheet as at 30 April 2024

.........................................
Mr N P North
Director

 

North & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 2 Healey House
Dene Road
Andover
Hampshire
SP10 2AA

These financial statements were authorised for issue by the Board on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Income is recognised when goods and services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

North & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

10% straight line

Plant and machinery

25% reducing balance

Tractors and combine

13.33% straight line

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

North & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

North & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

100,690

104,117

 

North & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Tractors, plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

114,806

1,447

27,600

1,129,760

1,273,613

Additions

-

-

-

288,300

288,300

Disposals

-

-

-

(33,750)

(33,750)

At 30 April 2024

114,806

1,447

27,600

1,384,310

1,528,163

Depreciation

At 1 May 2023

76,211

812

15,309

397,962

490,294

Charge for the year

9,103

129

3,073

88,385

100,690

Eliminated on disposal

-

-

-

(16,875)

(16,875)

At 30 April 2024

85,314

941

18,382

469,472

574,109

Carrying amount

At 30 April 2024

29,492

506

9,218

914,838

954,054

At 30 April 2023

38,595

635

12,291

731,798

783,319

Included within the net book value of land and buildings above is £29,492 (2023 - £38,595) in respect of short leasehold land and buildings.
 

 

North & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Other inventories

304,913

287,745

7

Debtors

Current

2024
£

2023
£

Trade debtors

150,467

104,105

Prepayments

14,138

8,987

Other debtors

15,409

-

 

180,014

113,092

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

889,791

812,958

Trade creditors

 

41,488

39,325

Taxation and social security

 

12,588

25,150

Accruals and deferred income

 

6,540

20,689

 

950,407

898,122

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £103,749 (2023 - £0).

9

Financial commitments, guarantees and contingencies

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

73,092

73,092

Later than one year and not later than five years

36,545

36,545

109,637

109,637

The amount of non-cancellable operating lease payments recognised as an expense during the year was £69,901 (2023 - £75,148).