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Registration number: 00649025

Joseph Beasley & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Joseph Beasley & Sons Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Joseph Beasley & Sons Limited

Company Information

Director

Mr Aaron Ross Beasley

Registered office

White House Farm
Halesowen
Nr Birmingham
West Midlands
B63 1EZ

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Joseph Beasley & Sons Limited

Director's Report for the Year Ended 31 July 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director of the company

The director who held office during the year was as follows:

Mr Aaron Ross Beasley

Principal activity

The principal activity of the company is farming

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 26 March 2025 and signed on its behalf by:

.........................................
Mr Aaron Ross Beasley
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Joseph Beasley & Sons Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Joseph Beasley & Sons Limited for the year ended 31 July 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Joseph Beasley & Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Joseph Beasley & Sons Limited. You consider that Joseph Beasley & 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 accounts of Joseph Beasley & 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 accounts.

......................................

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

26 March 2025

 

Joseph Beasley & Sons Limited

(Registration number: 00649025)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

fixed assets

 

tangible assets

5

1,238,665

1,268,703

Current assets

 

stocks

215,129

196,618

Debtors

6

17,446

34,095

Cash at bank

 

5,758

40,431

 

238,333

271,144

Creditors: Amounts falling due within one year

7

(138,138)

(181,836)

Net current assets

 

100,195

89,308

Total assets less current liabilities

 

1,338,860

1,358,011

Provisions for liabilities

(19,504)

(25,211)

Net assets

 

1,319,356

1,332,800

capital and reserves

 

Called up share capital

1,500

1,500

Profit and loss account

1,317,856

1,331,300

Total equity

 

1,319,356

1,332,800

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 26 March 2025
 

.........................................
Mr Aaron Ross Beasley
Director

   
     
 

Joseph Beasley & Sons Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

1,500

1,331,300

1,332,800

Loss for the year

-

(1,444)

(1,444)

Dividends

-

(12,000)

(12,000)

At 31 July 2024

1,500

1,317,856

1,319,356

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

1,500

1,275,372

1,276,872

Profit for the year

-

67,928

67,928

Dividends

-

(12,000)

(12,000)

At 31 July 2023

1,500

1,331,300

1,332,800

 

Joseph Beasley & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
White House Farm
Halesowen
Nr Birmingham
West Midlands
B63 1EZ

These financial statements were authorised for issue by the director on 26 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Joseph Beasley & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The director has chosen the fair value model basis for the valuation of biological assets under FRS 102.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Joseph Beasley & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

33,738

27,423

 

Joseph Beasley & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

1,136,016

946

65,113

432,497

1,634,572

Revaluations

-

-

-

4,350

4,350

Disposals

-

-

-

(1,350)

(1,350)

At 31 July 2024

1,136,016

946

65,113

435,497

1,637,572

Depreciation

At 1 August 2023

-

862

63,468

301,539

365,869

Charge for the year

-

21

411

33,776

34,208

Eliminated on disposal

-

-

-

(1,170)

(1,170)

At 31 July 2024

-

883

63,879

334,145

398,907

Carrying amount

At 31 July 2024

1,136,016

63

1,234

101,352

1,238,665

At 31 July 2023

1,136,016

84

1,645

130,958

1,268,703

Included within the net book value of land and buildings above is £1,136,016 (2023 - £1,136,016) in respect of freehold land and buildings.
 

 

Joseph Beasley & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

debtors

Current

2024
£

2023
£

Trade debtors

6,984

17,450

Prepayments

3,831

6,279

Other debtors

6,631

10,366

 

17,446

34,095

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

14,941

60,363

Taxation and social security

4,943

7,789

Other creditors

118,254

113,684

138,138

181,836

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,500

1,500

1,500

1,500