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COMPANY REGISTRATION NUMBER: 01999032
John Martin-Hoyes Limited
Filleted Financial Statements
For the year ended
30 April 2024
John Martin-Hoyes Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,340,343
1,395,677
Current assets
Debtors
6
1,668,196
1,745,013
Cash at bank and in hand
150
150
-------------
-------------
1,668,346
1,745,163
Creditors: amounts falling due within one year
7
2,074,284
1,909,665
-------------
-------------
Net current liabilities
405,938
164,502
-------------
-------------
Total assets less current liabilities
934,405
1,231,175
----------
-------------
Net assets
934,405
1,231,175
----------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
934,305
1,231,075
----------
-------------
Shareholders funds
934,405
1,231,175
----------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
J Martin-Hoyes
Director
Company registration number: 01999032
John Martin-Hoyes Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Martin House, Exchange Road, Doddington Road, Lincoln, Lincolnshire, LN6 3JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net current liabilities, which necessitates the directors to consider whether the financial statements should be prepared on a going concern basis. However, confirmation has been received from the parent company that financial support will continue to be provided by the group as and when required, consistent with previous years. In addition £1,123,864 of the creditor balance and £1,471,474 of the debtors balance relates to Intercompany balances which are not on strict commercial terms. The directors therefore do not consider there to be any material uncertainty regarding the company's ability to continue as a going concern. Accordingly, the directors have adopted the going concern basis for the preparation of these financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS102 : (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Buildings
-
5% straight line
Plant & Machinery
-
10%-25% on reducing balance
Computer Equipment
-
33% on reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 18 ).
5. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
1,864,424
2,355,141
24,166
4,243,731
Additions
10,513
10,513
Disposals
( 81,011)
( 81,011)
-------------
-------------
---------
-------------
At 30 April 2024
1,864,424
2,274,130
34,679
4,173,233
-------------
-------------
---------
-------------
Depreciation
At 1 May 2023
587,661
2,237,675
22,718
2,848,054
Charge for the year
34,965
22,794
3,110
60,869
Disposals
( 76,033)
( 76,033)
-------------
-------------
---------
-------------
At 30 April 2024
622,626
2,184,436
25,828
2,832,890
-------------
-------------
---------
-------------
Carrying amount
At 30 April 2024
1,241,798
89,694
8,851
1,340,343
-------------
-------------
---------
-------------
At 30 April 2023
1,276,763
117,466
1,448
1,395,677
-------------
-------------
---------
-------------
Freehold land and buildings includes non-depreciable land totalling £1,151,016 (2023: £1,151,016).
6. Debtors
2024
2023
£
£
Trade debtors
157,997
254,559
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,471,474
1,451,599
Other debtors
38,725
38,855
-------------
-------------
1,668,196
1,745,013
-------------
-------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
222,233
158,403
Trade creditors
292,698
531,119
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,123,864
786,092
Social security and other taxes
30,095
83,644
Other creditors
405,394
350,407
-------------
-------------
2,074,284
1,909,665
-------------
-------------
Bank loans and overdrafts are secured by a charge over the assets held by the company.
8. Summary audit opinion
The auditor's report dated 28 March 2025 was unqualified .
The senior statutory auditor was Linda Lord , for and on behalf of Streets Audit LLP .
9. Related party transactions
The company was a 100% subsidiary of John Martin-Hoyes Holdings Limited during the current and previous year. Accordingly, the company has taken advantage of the exemption in the Financial Reporting 102 from disclosing transactions with members or investees of the group.
10. Controlling party
The company was under the control of J Martin-Hoyes throughout the current and previous year. J Martin-Hoyes is the managing director and majority shareholder of the ultimate parent company, John Martin-Hoyes Holdings Limited.