Company registration number 02810594 (England and Wales)
ARNOLD FUNERAL SERVICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ARNOLD FUNERAL SERVICE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ARNOLD FUNERAL SERVICE LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
328,125
415,625
Tangible assets
4
1,185,440
1,020,169
Investments
5
100
100
1,513,665
1,435,894
Current assets
Stocks
73,722
64,616
Debtors
6
5,895,475
5,510,035
Cash at bank and in hand
932,928
1,112,887
6,902,125
6,687,538
Creditors: amounts falling due within one year
7
(455,365)
(560,014)
Net current assets
6,446,760
6,127,524
Total assets less current liabilities
7,960,425
7,563,418
Creditors: amounts falling due after more than one year
8
(62,746)
Provisions for liabilities
(65,569)
(33,192)
Net assets
7,832,110
7,530,226
Capital and reserves
Called up share capital
9
3
3
Profit and loss reserves
7,832,107
7,530,223
Total equity
7,832,110
7,530,226
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 30 June 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.
ARNOLD FUNERAL SERVICE LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
P V Kenyon
Director
Company Registration No. 02810594
ARNOLD FUNERAL SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Arnold Funeral Service Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
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 measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business.
Sale of goods
Revenue arises from the sale of funeral related products.
Revenue is recognised when the customer accepts delivery of the goods.
Rendering of services
Revenue arises from the provision of funeral director services.
Revenue is recognised upon completion of the funeral service.
Rental income
Operating lease income is recognised in profit and loss on a straight-line basis over the lease term.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
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:
Land and buildings Freehold
2% straight line
Land and buildings Leasehold
20% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
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.
ARNOLD FUNERAL SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.9
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.
ARNOLD FUNERAL SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
25
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
1,750,000
Amortisation and impairment
At 1 July 2023
1,334,375
Amortisation charged for the year
87,500
At 30 June 2024
1,421,875
Carrying amount
At 30 June 2024
328,125
At 30 June 2023
415,625
ARNOLD FUNERAL SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
1,041,064
1,116,085
2,157,149
Additions
66,265
218,949
285,214
Disposals
(138,345)
(138,345)
At 30 June 2024
1,107,329
1,196,689
2,304,018
Depreciation and impairment
At 1 July 2023
155,988
980,992
1,136,980
Depreciation charged in the year
22,054
67,561
89,615
Eliminated in respect of disposals
(108,017)
(108,017)
At 30 June 2024
178,042
940,536
1,118,578
Carrying amount
At 30 June 2024
929,287
256,153
1,185,440
At 30 June 2023
885,076
135,093
1,020,169
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
551,148
571,994
Other debtors
5,344,327
4,938,041
5,895,475
5,510,035
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,845
107,683
Taxation and social security
172,811
249,119
Other creditors
228,709
203,212
455,365
560,014
ARNOLD FUNERAL SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
62,746
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
300
300
3
3
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases in respect of rent payable, as follows:
2024
2023
£
£
Within one year
28,500
32,438
Between two and five years
114,000
114,000
In over five years
99,750
128,250
242,250
274,688
11
Related party transactions
During the year the company paid rent of £22,000 (2023 - £22,000) in respect of premises used for trade purposes that are owned by the directors.
During the year the company received rent of £2,700 (2023 - £2,400) from Wallflowers Floristry Limited, a company that is an associate.
12
Parent company
The immediate & ultimate parent undertaking of Arnold Funeral Service Limited is Kenyon Family Group Limited, a company incorporated in England & Wales. Its registered office is 22 Wycombe End, Beaconsfield, United Kingdom, HP9 1NB.