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COMPANY REGISTRATION NUMBER: 01371700
E.W. Bell & Co.
Unaudited financial statements
31 May 2024
E.W. Bell & Co.
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
494,447
528,260
Investments
6
50
50
---------
---------
494,497
528,310
Current assets
Stocks
721,858
826,113
Debtors
7
1,341,572
1,426,664
Cash at bank and in hand
1,037,264
660,496
-----------
-----------
3,100,694
2,913,273
Creditors: Amounts falling due within one year
8
( 418,699)
( 415,700)
-----------
-----------
Net current assets
2,681,995
2,497,573
-----------
-----------
Total assets less current liabilities
3,176,492
3,025,883
Provisions
Taxation including deferred tax
( 48,257)
( 55,342)
-----------
-----------
Net assets
3,128,235
2,970,541
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
3,127,235
2,969,541
-----------
-----------
Shareholders funds
3,128,235
2,970,541
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
E.W. Bell & Co.
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
Mr T W Bell
Director
Company registration number: 01371700
E.W. Bell & Co.
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wingland Grange, Terrington St Clement, Kings Lynn, Norfolk.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the amount of goods and services provided during the year, exclusive of Value Added Tax. Turnover is recognised when the goods are physically delivered or the services are actually provided to the customer.
Deferred taxation
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to Leasehold Property
-
Straight line over 10 to 20 years
Implements and machinery
-
Straight line over 7 to 10 years
Tractors and combines
-
Straight line over 5 to 10 years
Motor vehicles
-
20% reducing balance
Reservoir
-
Straight line over 20 years
It is the company's policy to maintain it's freehold property to a high standard. The freehold property is not depreciated as the residual value to the business is established to be more than the net book value.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Valuation
Commodity stocks and cultivations are valued at the lower of cost and net realisable value by the directors, after making due allowance for obsolete and slow moving items. The valuation of crops in store and cultivations includes an element of depreciation.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 4 (2023: 6 ).
5. Tangible assets
At 1 June 2023
Additions
Disposals
At 31 May 2024
£
£
£
£
Cost
Freehold property
284,430
284,430
Property improvements
210,374
210,374
Plant and machinery
956,145
43,295
( 44,000)
955,440
Tractors and combines
551,112
551,112
Motor vehicles
174,219
5,500
( 38,200)
141,519
Reservoir
56,622
56,622
-----------
-------
-------
-----------
2,232,902
48,795
( 82,200)
2,199,497
-----------
-------
-------
-----------
At 1 June 2023
Charge for the year
Disposals
At 31 May 2024
£
£
£
£
Depreciation
Freehold property
Property improvements
210,374
210,374
Plant and machinery
786,563
38,506
( 28,400)
796,669
Tractors and combines
551,112
551,112
Motor vehicles
119,790
7,009
( 19,538)
107,261
Reservoir
36,803
2,831
39,634
-----------
-------
-------
-----------
1,704,642
48,346
( 47,938)
1,705,050
-----------
-------
-------
-----------
At 31 May 2024
At 31 May 2023
£
£
Carrying amount
Freehold property
284,430
284,430
Property improvements
Plant and machinery
158,771
169,582
Tractors and combines
Motor vehicles
34,258
54,429
Reservoir
16,988
19,819
---------
---------
494,447
528,260
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 June 2023 and 31 May 2024
50
----
Impairment
At 1 June 2023 and 31 May 2024
----
Carrying amount
At 31 May 2024
50
----
At 31 May 2023
50
----
7. Debtors
2024
2023
£
£
Trade debtors
7,472
150,270
Other debtors
1,334,100
1,276,394
-----------
-----------
1,341,572
1,426,664
-----------
-----------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
35,716
22,543
Social security and other taxes
73,159
70,376
Other creditors
309,824
322,781
---------
---------
418,699
415,700
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
62,716
62,716
Later than 5 years
65,000
650,000
---------
---------
127,716
587,284
---------
---------