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Registered number: 00517689
F.K.Coe & Son Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
TJM Accountancy Services
Waterloo House
Back Street
Gayton
Norfolk
PE32 1QR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 00517689
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,415 5,415
Tangible Assets 5 5,517,080 5,518,817
Investments 6 3,687 3,687
5,526,182 5,527,919
CURRENT ASSETS
Stocks 7 160,180 202,530
Debtors 8 171,925 287,476
Cash at bank and in hand 114,929 112,401
447,034 602,407
Creditors: Amounts Falling Due Within One Year 9 (1,257,176 ) (1,376,779 )
NET CURRENT ASSETS (LIABILITIES) (810,142 ) (774,372 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,716,040 4,753,547
Creditors: Amounts Falling Due After More Than One Year 10 (2,127,440 ) (2,040,689 )
NET ASSETS 2,588,600 2,712,858
CAPITAL AND RESERVES
Called up share capital 12 10,000 10,000
Revaluation reserve 15 2,223,360 2,223,360
Profit and Loss Account 355,240 479,498
SHAREHOLDERS' FUNDS 2,588,600 2,712,858
Page 1
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Roger Coe
Director
25/03/2025
The notes on pages 3 to 8 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
F.K.Coe & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00517689 . The registered office is Manor Farm, Gayton Road, Grimston, Norfolk, PE32 1BG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises revenue recognised by the company in respect of work done, crop sales and rents and arable subsidies received, exclusive of Value Added Tax.
Revenue is recognised in the following manner :
-Work done - on performance of the service for the customer,
-Crops and livestock sold - on physical delivery to the customer,
-Rent receivable - amounts receivable in the year,
-Subsidy income - in the year when the qualifying conditions entitling payment are met.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Sugar beet quota is stated at cost less amortisation and has been fully amortised over its estimated useful life of 3 years.
Entitlements to receive the single farm payment have not been amortised since their useful economic life is uncertain and the directors consider the residual value of these to exceed cost.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold buildings are maintained to a high standard by the company, the costs of which are charged to the profit and loss account. Consequently, the directors believe that the lives of the buildings are so long, and their residual values are so great when compared with the original cost at which the buildings are included in the accounts, that the annual depreciation charge would be immaterial.
Freehold 4% straight line
Implements & machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Tractors and harvesters 15% reducing balance
Office Equipment 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
Costs have been determined from cost of production calculations as calculated by the company's management, whilst net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet IR232 and BIM55410.
Consumable stocks are valued at cost.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.10. Herd
The herd is stated at cost and additions to the herd are dealt with in accordance with the guidance within H M Revenue & Customs help sheet BIM5530.
Replacements and permanent disposals are accounted for in accordance with BIM55535 and BIM55540 respectively. Where the specific animal(s) cannot be identified, they are removed from the herd on a first in first out basis in accordance with the guidance detailed within BIM55555.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 6 7
Manufacturing 3 6
9 13
4. Intangible Assets
Goodwill Single farm payment entitlements Total
£ £ £
Cost
As at 1 April 2023 11,208 5,415 16,623
As at 31 March 2024 11,208 5,415 16,623
Amortisation
As at 1 April 2023 11,208 - 11,208
As at 31 March 2024 11,208 - 11,208
Net Book Value
As at 31 March 2024 - 5,415 5,415
As at 1 April 2023 - 5,415 5,415
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5. Tangible Assets
Land & Property
Freehold Herd Implements & machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 4,964,297 81,600 944,793 72,164
Additions 18,133 - 44,292 -
Disposals - (81,600 ) (10,600 ) (28,115 )
As at 31 March 2024 4,982,430 - 978,485 44,049
Depreciation
As at 1 April 2023 313,640 - 668,551 45,369
Provided during the period 20,692 - 34,264 2,746
Disposals - - (5,396 ) (12,301 )
As at 31 March 2024 334,332 - 697,419 35,814
Net Book Value
As at 31 March 2024 4,648,098 - 281,066 8,235
As at 1 April 2023 4,650,657 81,600 276,242 26,795
Tractors and harvesters Office Equipment Total
£ £ £
Cost
As at 1 April 2023 895,074 71,775 7,029,703
Additions 268,910 11,246 342,581
Disposals (142,614 ) - (262,929 )
As at 31 March 2024 1,021,370 83,021 7,109,355
Depreciation
As at 1 April 2023 442,104 41,222 1,510,886
Provided during the period 96,764 10,450 164,916
Disposals (65,830 ) - (83,527 )
As at 31 March 2024 473,038 51,672 1,592,275
Net Book Value
As at 31 March 2024 548,332 31,349 5,517,080
As at 1 April 2023 452,970 30,553 5,518,817
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Tractors and harvesters 506,785 389,918
Motor Vehicles - 15,407
506,785 405,325
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6. Investments
Unlisted
£
Cost
As at 1 April 2023 3,687
As at 31 March 2024 3,687
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 3,687
As at 1 April 2023 3,687
7. Stocks
2024 2023
£ £
Stock - cultivations 144,093 141,956
Stock - livestock - 15,858
Stock - crops in store 5,736 7,999
Stock - consumables 10,351 36,717
160,180 202,530
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 150,027 178,501
Prepayments and accrued income 5,198 2,104
Other debtors 16,700 106,871
171,925 287,476
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 75,633 69,459
Trade creditors 94,377 124,053
Bank loans and overdrafts 623,243 725,709
Corporation tax 32 3,957
Other taxes and social security 7,592 7,743
VAT 68,042 34,395
Pension fund loan (2) (Current liabilities - creditors < 1 year) (4,308 ) (3,293 )
Other creditors 138,580 163,375
Accruals and deferred income 86,095 61,618
Directors' loan accounts 167,890 189,763
1,257,176 1,376,779
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The bank loans and overdraft are secured by fixed charges over the company's freehold land and buildings. The other loan is unsecured.
Obligations under finance leases and hire purchase contracts are secured on the assets financed.
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 252,287 155,870
Bank loans 1,875,153 1,884,819
2,127,440 2,040,689
The bank loans are secured by fixed charges over the compnay's freehold land & buildings.
Obligations under finance leases and hire purchase contracts are secured on the assets financed.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 20,562
Bank loans - 1,858,000
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 75,633 69,459
Later than one year and not later than five years 231,725 135,308
Later than five years 20,562 20,562
327,920 225,329
327,920 225,329
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,000 10,000
13. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held sepoerately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £240 (2023 - £240)
14. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mrs Katy Coe 5,000 11,000
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15. Reserves
Revaluation Reserve
£
As at 1 April 2023 2,223,360
As at 31 March 2024 2,223,360
16. Related Party Transactions
The company pays an annual rent of £8,800 to the Coe Pension Scheme in respect of the use of various farm buildings owned by the pension scheme. At the balance sheet date the company were owed £4,308 (2023 £3,293) from/to the pension scheme. This balance is included on other debtors.
As at 31 March 2024, the following balances were owed by the company :
Each of the balances below is included in creditors due within one year in note 11 to the financial statements.
R F Coe - director £44,732 (2023 - £49,293)
Mrs C A Coe - director £118,188 (2023 - £135,085)
Mrs L J C Woollam - director £4,970 (2023 - £4,970)
Miss K C V Coe - director £0 (2023 - £415)
17. Controlling Party
The company's controlling party is R F Coe by virtue of his ownership of 80% of the issued share capital in the company.
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