Company Registration No. SC340962 (Scotland)
J C BELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
J C BELL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,576
-
0
Tangible assets
4
2,833,939
1,264,736
Investments
5
10
10
2,844,525
1,264,746
Current assets
Stocks
146,566
106,465
Debtors
6
515,967
240,053
Cash at bank and in hand
41,715
471
704,248
346,989
Creditors: amounts falling due within one year
7
(1,812,927)
(946,108)
Net current liabilities
(1,108,679)
(599,119)
Total assets less current liabilities
1,735,846
665,627
Creditors: amounts falling due after more than one year
8
(1,097,200)
-
0
Provisions for liabilities
9
(37,727)
(46,387)
Net assets
600,919
619,240
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
600,819
619,140
Total equity
600,919
619,240

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

J C BELL LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr John C Bell
Director
Company Registration No. SC340962
J C BELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

J C Bell Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.3
Turnover

Turnover comprises the invoiced value of farming goods and services supplied by the company, net of Value Added Tax and trade discounts, and agricultural subsidies and grants received in the year.

 

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

BPS Entitlements
33.33% straight line
J C BELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
not depreciated
Tenant's improvements
4% straight line
Plant and equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

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

 

 

1.8
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

J C BELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
3
3
3
Intangible fixed assets
BPS Entitlements
£
Cost
At 1 December 2022
-
0
Additions
15,864
At 31 March 2024
15,864
Amortisation and impairment
At 1 December 2022
-
0
Amortisation charged for the period
5,288
At 31 March 2024
5,288
Carrying amount
At 31 March 2024
10,576
At 30 November 2022
-
0
J C BELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Tenant's improvements
Plant and equipment
Total
£
£
£
£
Cost
At 1 December 2022
921,761
138,609
411,112
1,471,482
Additions
1,595,774
24,262
3,906
1,623,942
At 31 March 2024
2,517,535
162,871
415,018
3,095,424
Depreciation and impairment
At 1 December 2022
-
0
39,775
166,971
206,746
Depreciation charged in the period
-
0
5,256
49,483
54,739
At 31 March 2024
-
0
45,031
216,454
261,485
Carrying amount
At 31 March 2024
2,517,535
117,840
198,564
2,833,939
At 30 November 2022
921,761
98,834
244,141
1,264,736
5
Fixed asset investments
2024
2022
£
£
Other investments other than loans
10
10
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 December 2022 & 31 March 2024
10
Carrying amount
At 31 March 2024
10
At 30 November 2022
10
J C BELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
504,083
225,112
Other debtors
11,134
7,798
Prepayments and accrued income
750
7,143
515,967
240,053
7
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
56,959
11,359
Corporation tax
3,470
10,143
Other creditors
887,309
190,839
Directors current accounts
840,519
715,507
Accruals and deferred income
24,670
18,260
1,812,927
946,108
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
1,097,200
-
0
9
Provisions for liabilities
2024
2022
£
£
Deferred tax liabilities
37,727
46,387
10
Called up share capital
2024
2022
£
£
Ordinary share capital
Issued and fully paid
100 Shares of £1 each
100
100
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