Company registration number 00628504 (England and Wales)
J J & T H HAYLOCK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
J J & T H HAYLOCK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
J J & T H HAYLOCK LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,410
13,660
Tangible assets
4
6,657,584
6,575,323
Investments
5
123
123
6,669,117
6,589,106
Current assets
Stocks
483,979
501,712
Debtors
6
282,871
355,544
Cash at bank and in hand
3,480
71,885
770,330
929,141
Creditors: amounts falling due within one year
7
(353,236)
(204,254)
Net current assets
417,094
724,887
Total assets less current liabilities
7,086,211
7,313,993
Creditors: amounts falling due after more than one year
8
(1,158,007)
(1,288,914)
Provisions for liabilities
(125,375)
(153,003)
Net assets
5,802,829
5,872,076
Capital and reserves
Called up share capital
11
48,000
48,000
Profit and loss reserves
5,754,829
5,824,076
Total equity
5,802,829
5,872,076
J J & T H HAYLOCK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 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 year 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.

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr A M Haylock
Mr C J Haylock
Director
Director
Company Registration No. 00628504
J J & T H HAYLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

J J & T H Haylock Limited is a private company limited by shares incorporated in England and Wales. The registered office is Copy Farm, Helions Bumpstead, Haverhill, Essex, CB9 7AB.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Camgrain Storage
10% straight line
RPA Entitlements
not depreciated
J J & T H HAYLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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
not depreciated
Leasehold Property
4% on cost
Plant and equipment
10% or 25% reducing balance
Bullsbridge Bars
20% reducing balance
Drainage
4% on cost
Motor vehicles
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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

J J & T H HAYLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

J J & T H HAYLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
9
9
3
Intangible fixed assets
Camgrain Storage
RPA Entitlements
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
80,000
160
80,160
Amortisation and impairment
At 1 June 2023
66,500
-
0
66,500
Amortisation charged for the year
2,250
-
0
2,250
At 31 May 2024
68,750
-
0
68,750
Carrying amount
At 31 May 2024
11,250
160
11,410
At 31 May 2023
13,500
160
13,660
J J & T H HAYLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
4
Tangible fixed assets
Freehold land
Leasehold Property
Plant and equipment
Bullsbridge Bars
Drainage
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 June 2023
5,340,441
2,872
1,854,521
14,851
17,753
74,013
7,304,451
Additions
-
0
-
0
221,287
1,043
-
0
-
0
222,330
Disposals
-
0
-
0
(32,571)
-
0
-
0
-
0
(32,571)
At 31 May 2024
5,340,441
2,872
2,043,237
15,894
17,753
74,013
7,494,210
Depreciation and impairment
At 1 June 2023
-
0
2,528
669,179
9,834
710
46,877
729,128
Depreciation charged in the year
-
0
115
126,338
1,212
710
4,070
132,445
Eliminated in respect of disposals
-
0
-
0
(24,947)
-
0
-
0
-
0
(24,947)
At 31 May 2024
-
0
2,643
770,570
11,046
1,420
50,947
836,626
Carrying amount
At 31 May 2024
5,340,441
229
1,272,667
4,848
16,333
23,066
6,657,584
At 31 May 2023
5,340,441
344
1,185,342
5,017
17,043
27,136
6,575,323
J J & T H HAYLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
122
122
123
123
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
156,998
316,159
Corporation tax recoverable
17,976
17,976
Amounts owed by group undertakings
23,476
-
0
Other debtors
42,935
5,101
Prepayments and accrued income
41,486
16,308
282,871
355,544
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9
117,725
40,967
Obligations under finance leases
90,289
90,289
Trade creditors
108,366
33,317
Taxation and social security
10,857
11,714
Other creditors
4,115
4,702
Accruals and deferred income
21,884
23,265
353,236
204,254

The Bank loans are secured by the Company.

8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
9
1,044,039
1,084,657
Obligations under finance leases
113,968
204,257
1,158,007
1,288,914

The Bank loans are secured by the Company

J J & T H HAYLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,087,415
1,125,624
Bank overdrafts
74,349
-
0
1,161,764
1,125,624
Payable within one year
117,725
40,967
Payable after one year
1,044,039
1,084,657

 

10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,758
4,268

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £781 (2023 - £723) were payable to the fund at the balance sheet date and are included in creditors.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary Shares of £1 each
50,000
50,000
50,000
50,000
Issued and fully paid
Ordinary Shares of £1 each
48,000
48,000
48,000
48,000
12
Related party transactions
Transactions with related parties

Balances due from the directors to the Company at 31 May 2024 were £nil (2023 £nil)

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