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REGISTERED NUMBER: 05426434 (England and Wales)















J. H. BAXTER & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






J. H. BAXTER & SONS LIMITED (REGISTERED NUMBER: 05426434)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7

Accountants' Report 8

J. H. BAXTER & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A J H Baxter
D A Baxter





SECRETARY: D A Baxter





REGISTERED OFFICE: 18 Northgate
Sleaford
Lincolnshire
NG34 7BJ





BUSINESS ADDRESS: Bone Mill Farm
East Road
Sleaford
Lincolnshire
NG34 8SR





REGISTERED NUMBER: 05426434 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

J. H. BAXTER & SONS LIMITED (REGISTERED NUMBER: 05426434)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,820,757 2,108,078
Investments 5 2,067,550 53,550
3,888,307 2,161,628

CURRENT ASSETS
Valuation 411,690 549,138
Debtors 6 759,768 253,200
Cash at bank and in hand 882,090 617,143
2,053,548 1,419,481
CREDITORS
Amounts falling due within one year 7 1,047,819 812,404
NET CURRENT ASSETS 1,005,729 607,077
TOTAL ASSETS LESS CURRENT LIABILITIES 4,894,036 2,768,705

CREDITORS
Amounts falling due after more than one year 8 (145,582 ) (143,440 )

PROVISIONS FOR LIABILITIES (443,161 ) (448,020 )
NET ASSETS 4,305,293 2,177,245

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 4,305,193 2,177,145
SHAREHOLDERS' FUNDS 4,305,293 2,177,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J. H. BAXTER & SONS LIMITED (REGISTERED NUMBER: 05426434)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:




A J H Baxter - Director



D A Baxter - Director


J. H. BAXTER & SONS LIMITED (REGISTERED NUMBER: 05426434)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

J. H. Baxter & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced income for contracting work completed and the sale of produce, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

J. H. BAXTER & SONS LIMITED (REGISTERED NUMBER: 05426434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recognised in the income statement when all performance criteria attached to the grant have been fulfilled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 295,857 5,749,182 6,045,039
Additions - 357,824 357,824
Disposals (263,615 ) (167,185 ) (430,800 )
At 30 June 2024 32,242 5,939,821 5,972,063
DEPRECIATION
At 1 July 2023 21,200 3,915,761 3,936,961
Charge for year 375 371,245 371,620
Eliminated on disposal - (157,275 ) (157,275 )
At 30 June 2024 21,575 4,129,731 4,151,306
NET BOOK VALUE
At 30 June 2024 10,667 1,810,090 1,820,757
At 30 June 2023 274,657 1,833,421 2,108,078

The net book value of tangible fixed assets includes £1,092,268 (2023 : £1,025,912) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Other investments not loans 2,067,550 53,550

Additional information is as follows:
Listed
investments
£   
COST
Additions 2,014,000
At 30 June 2024 2,014,000
NET BOOK VALUE
At 30 June 2024 2,014,000

Market value of listed investments at 30 June 2024 - £ 2,054,597 .


J. H. BAXTER & SONS LIMITED (REGISTERED NUMBER: 05426434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. FIXED ASSET INVESTMENTS - continued
Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Vintage tractor 53,550 53,550

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 431,650 156,035
Other debtors 328,118 97,165
759,768 253,200

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 152,016 201,078
Trade creditors 284,851 242,835
Taxation and social security 581,016 48,012
Other creditors 29,936 320,479
1,047,819 812,404

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 145,582 143,440

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 158,065 212,304
Between one and five years 147,090 150,997
305,155 363,301

Finance charges repayable:
Within one year 6,049 11,226
Between one and five years 1,508 7,557
7,557 18,783

Net obligations repayable:
Within one year 152,016 201,078
Between one and five years 145,582 143,440
297,598 344,518

J. H. BAXTER & SONS LIMITED (REGISTERED NUMBER: 05426434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 297,598 344,518

The hire purchase liabilities are secured on the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
A J H Baxter
Balance outstanding at start of year (11,477 ) 33,523
Amounts advanced 303,179 322,471
Amounts repaid (140,000 ) (367,471 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 151,702 (11,477 )

D A Baxter
Balance outstanding at start of year 58,579 119,277
Amounts advanced 282,153 306,773
Amounts repaid (178,892 ) (367,471 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 161,840 58,579

Interest on overdrawn directors current accounts is charged at the official rate. The balances outstanding at the end of the year are unsecured and repayable on demand.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
J. H. BAXTER & SONS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J. H. Baxter & Sons Limited for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of J. H. Baxter & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J. H. Baxter & Sons Limited and state those matters that we have agreed to state to the Board of Directors of J. H. Baxter & Sons Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J. H. Baxter & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J. H. Baxter & Sons Limited. You consider that J. H. Baxter & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J. H. Baxter & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ


24 March 2025