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Registration number: 00841859

J.W.Cousins & Sons(Farmers)Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 June 2024

 

J.W.Cousins & Sons(Farmers)Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

J.W.Cousins & Sons(Farmers)Limited

(Registration number: 00841859)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,010

6,010

Tangible assets

5

544,695

503,627

 

550,705

509,637

Current assets

 

Debtors

6

159,504

147,338

Cash at bank and in hand

 

130,449

131,211

 

289,953

278,549

Creditors: Amounts falling due within one year

7

(181,350)

(152,027)

Net current assets

 

108,603

126,522

Total assets less current liabilities

 

659,308

636,159

Creditors: Amounts falling due after more than one year

7

(297,331)

(284,104)

Provisions for liabilities

(124,647)

(113,495)

Net assets

 

237,330

238,560

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

6,010

6,010

Retained earnings

231,220

232,450

Shareholders' funds

 

237,330

238,560

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

J.W.Cousins & Sons(Farmers)Limited

(Registration number: 00841859)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 


Mr John Peter Cousins
Director

   
 

J.W.Cousins & Sons(Farmers)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
The Poplars
Bridge Street
Brigg
North Lincolnshire
DN20 8NQ

Registration number: 00841859

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

J.W.Cousins & Sons(Farmers)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

 

J.W.Cousins & Sons(Farmers)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

J.W.Cousins & Sons(Farmers)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 12 (2023 - 11).

4

Intangible assets

Tenancy
 £

Total
£

Cost or valuation

At 1 July 2023

6,010

6,010

At 30 June 2024

6,010

6,010

Carrying amount

At 30 June 2024

6,010

6,010

At 30 June 2023

6,010

6,010

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

248,204

15,384

528,730

792,318

Additions

23,037

-

166,573

189,610

Disposals

-

-

(134,715)

(134,715)

At 30 June 2024

271,241

15,384

560,588

847,213

Depreciation

At 1 July 2023

106,288

12,105

170,298

288,691

Charge for the year

22,096

819

76,157

99,072

Eliminated on disposal

-

-

(85,245)

(85,245)

At 30 June 2024

128,384

12,924

161,210

302,518

Carrying amount

At 30 June 2024

142,857

2,460

399,378

544,695

At 30 June 2023

141,916

3,279

358,432

503,627

 

J.W.Cousins & Sons(Farmers)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

139,791

130,516

Prepayments

15,929

16,773

Other debtors

3,784

49

 

159,504

147,338

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

69,947

55,644

Trade payables

 

57,410

65,178

Amounts due to related parties

3,400

3,400

Social security and other taxes

 

35,171

10,705

Other payables

 

15,422

17,100

 

181,350

152,027

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £60,258 (2023 - £45,956).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

297,331

284,104

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £189,703 (2023 - £154,522).

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

J.W.Cousins & Sons(Farmers)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,689

9,688

Hire purchase contracts

60,258

45,956

69,947

55,644

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,222

20,151

Hire purchase contracts

189,703

154,522

Other borrowings

97,406

109,431

297,331

284,104