REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
John A Wells Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
John A Wells Limited |
John A Wells Limited (Registered number: 00701875) |
Contents of the Financial Statements |
for the year ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
John A Wells Limited |
Company Information |
for the year ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
John A Wells Limited (Registered number: 00701875) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Inventories | 6 |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
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. |
John A Wells Limited (Registered number: 00701875) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
John A Wells Limited (Registered number: 00701875) |
Notes to the Financial Statements |
for the year ended 31 December 2024 |
1. | STATUTORY INFORMATION |
John A Wells Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Tangible fixed assets |
Land & buildings | - |
Grain stores | - |
Plant, machinery and equipment | - |
Motor vehicles | - |
No depreciation is provided on freehold property or grain stores, as the directors consider the market value of these assets to be in excess of their balance sheet carrying values. It is the company's policy to maintain these assets in a continual state of sound repair and to extend and make improvements thereto from time to time. |
Accordingly the directors consider that the lives of these assets are so long and the residual values, based on prices prevailing at the time of acquisition, are so high that further depreciation is not appropriate. Any permanent diminution in the value of such assets is charged to the profit and loss account as it arises. |
No depreciation is provided on freehold land. |
Depreciation is provided at 100% of cost on plant, machinery equipment, and motor vehicles. This depreciation rate is as a result of the directors prudent assessment of such assets estimated useful economic life. |
Stocks |
Stock is valued at the cost of production. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
John A Wells Limited (Registered number: 00701875) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for its employees. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
Fixed asset investments |
Investments in shares are included at cost less impairment. |
Current asset investments |
Investments in shares are included at fair value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant, |
machinery |
Land & | Grain | and |
buildings | stores | equipment |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
John A Wells Limited (Registered number: 00701875) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Included in cost of land and buildings is freehold land of £ 28,977,306 (2023 - £ 28,977,306 ) which is not depreciated. |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The unlisted investments refer to:- |
2024 | 2023 |
£ | £ |
210,000 shares in Nottingham City Airport Limited | 210,000 | 210,000 |
75,000 shares in Bradmore Business Park Limited | 75,000 | 75,000 |
50,000 shares in Truman Aviation Limited | 167,911 | 167,911 |
10,000 shares in Edwalton Properties Limited | 10,000 | 10,000 |
462,911 | 462,911 |
John A Wells Limited (Registered number: 00701875) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
6. | INVENTORIES |
2024 | 2023 |
£ | £ |
Farm valuation | 59,790 | 107,891 |
Grain stock |
Sundry stocks | 194,673 | 504,469 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
PW Bird Time deposit | - | 50,000 |
Prepayments |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Listed investments | 6,862,096 | 4,677,749 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation taxation |
Social security and other taxes |
VAT | 21,526 | 11,162 |
Other creditors |
Directors's loan accounts | 458,459 | 218,471 |
John A Wells Limited (Registered number: 00701875) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
A charge created 23 December 202 is outstanding with Rushcliffe Borough Council in relation to the overage agreement and associated overage payment. |
A legal mortgage created on 26 May 2011 is outstanding for all monies due or to become due on any account to HSBC Bank plc. The fixed charge is over land at Tollerton and Ruddington, with the following title deed references: NT448179 and NT300564. |
A legal charge created 8 March 2011 is outstanding for all monies due or to become due on any account to Barclays Bank plc. The charge is over land with the following title deeds references: NT292761, NT286271, NT67240, NT467713, NT349835, NT374647 and NT349266. |
A deed of charge created 23 December 2005 is outstanding on all monies due or to become due to Rushcliffe Borough Council. The charge is over property and land to the North side of the A614 at Edwalton held in the title deed referenced NT28980, and land lying to the West of Melton Road at Edwalton held in the title referenced NT289182. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 975,000 | 975,000 |
Preference | £1 | 25,000 | 25,000 |
1,000,000 | 1,000,000 |
The preference shares carry no voting rights and entitle shareholders to a maximum capital repayment of £1. |
12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2024 |
and 31 December 2024 |
13. | CONTINGENT LIABILITIES |
Banking facilities form part of a composite scheme with Edwalton Cereals Limited, Nottingham City Airport Limited and Bradmore Business Park Limited, where full set off is either allowed or charged to John A Wells Limited. |
Edwalton Cereals Limited is a co-operative managed by J B Wells and is related by that virtue. |
14. | ULTIMATE CONTROLLING PARTY |
J B Wells is a director and majority shareholder of John A Wells Limited and is the ultimate controlling party. |