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Registration number: 02550851

J Pickard & Co (Burrington) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

J Pickard & Co (Burrington) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

J Pickard & Co (Burrington) Limited

(Registration number: 02550851)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

776,350

588,098

Other financial assets

5

7,039

5,835

 

783,389

593,933

Current assets

 

Stocks

6

659,102

674,408

Debtors

7

2,012,960

2,115,066

Cash at bank and in hand

 

6,879

13,567

 

2,678,941

2,803,041

Creditors: Amounts falling due within one year

8

(1,421,225)

(1,475,743)

Net current assets

 

1,257,716

1,327,298

Total assets less current liabilities

 

2,041,105

1,921,231

Creditors: Amounts falling due after more than one year

8

(1,419,561)

(1,217,168)

Net assets

 

621,544

704,063

Capital and reserves

 

Called up share capital

158,507

158,507

Profit and loss account

463,037

545,556

Shareholders' funds

 

621,544

704,063

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

J Pickard & Co (Burrington) Limited

(Registration number: 02550851)
Statement of Financial Position as at 30 June 2024 (continued)

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 


Mrs V J P Snell
Director


G W P Short
Director

 

J Pickard & Co (Burrington) Limited

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

1

General information

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

The address of its registered office is:
Burrington
Umberleigh
DEVON
EX37 9JH

Principal activity

The principal activity of the company is that of an agricultural merchant.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Reclassification of comparative amounts

The loan to Badcock & Evered Ltd a connected company, previously shown as a current debtor has been disclosed as a long-term debtor as at 30 June 2023 to agree to the repayment terms.

 

J Pickard & Co (Burrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

15% reducing balance

Fixtures and fitting

10% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

J Pickard & Co (Burrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income 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.

 

J Pickard & Co (Burrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 23).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

360,259

10,099

300,971

56,754

488,296

1,216,379

Additions

33,089

-

100,332

4,575

153,951

291,947

Disposals

-

-

(5,250)

-

(39,278)

(44,528)

At 30 June 2024

393,348

10,099

396,053

61,329

602,969

1,463,798

Depreciation

At 1 July 2023

-

8,858

174,472

56,754

388,197

628,281

Charge for the year

-

125

33,957

1,144

64,343

99,569

Eliminated on disposal

-

-

(4,724)

-

(35,678)

(40,402)

At 30 June 2024

-

8,983

203,705

57,898

416,862

687,448

Carrying amount

At 30 June 2024

393,348

1,116

192,348

3,431

186,107

776,350

At 30 June 2023

360,259

1,241

126,499

-

100,099

588,098

Included within the net book value of land and buildings above is £393,348 (2023 - £360,259) in respect of long leasehold land and buildings.
 

 

J Pickard & Co (Burrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

5,835

5,835

Fair value adjustments

1,204

1,204

At 30 June 2024

7,039

7,039

Impairment

Carrying amount

At 30 June 2024

7,039

7,039

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

659,102

674,408

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,118,783

1,235,341

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

849,505

849,505

Prepayments

 

44,648

30,196

Other debtors

 

24

24

   

2,012,960

2,115,066

Less non-current portion

 

(824,505)

(824,505)

 

1,188,455

1,290,561

Details of non-current trade and other debtors

£824,505 (2023 -£824,505) of loans to related parties is classified as non current.

 

J Pickard & Co (Burrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

157,522

209,470

Trade creditors

 

846,863

899,014

Taxation and social security

 

11,872

4,817

Accruals and deferred income

 

72,685

37,439

Other creditors

 

332,283

325,003

 

1,421,225

1,475,743

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £48,979 (2023 - £20,110).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

552,039

567,801

Other non-current financial liabilities

 

867,522

649,367

 

1,419,561

1,217,168

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £165,006 (2023 - £40,768).

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

J Pickard & Co (Burrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

165,005

40,768

Other borrowings

387,034

527,033

552,039

567,801

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

98,543

179,360

Finance lease liabilities

48,979

20,110

157,522

209,470

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of guarantees not included in the statement of financial position is £420,000 (2023 - £420,000). This company has given a guarantee to the bank in respect of the borrowings of its parent company, J Pickard & Co (Holdings) Limited.

12

Related party transactions

Summary of transactions with other related parties

Related Party Transactions

 The company has a loan due from Badcock & Evered Ltd, a company with mutual directors, G P, J P, G W P, and N P Short. The loan is secured by way of legal charge over the property of Badcock & Evered Ltd and is charged in favour of three named individuals, J P, G W P, and N P Short, who act as trustees for all contributors, including J Pickard & Co (Burrington) Ltd. Interest is not charged on this loan amount.

The balance due from Badcock & Evered Ltd is £824,505 (2023: £824,505).

The balance owed to J Pickard & Co (Holdings) Ltd is £867,522 (2023: £649,367).