Company registration number 00723442 (England and Wales)
C F BANKS LIMITED
Unaudited Financial Statements
For The Year Ended 30 June 2024
Pages For Filing With Registrar
C F Banks Limited
C F BANKS LIMITED
Company Information
Directors
Mr TS Banks
Mrs EA Banks
Mr AK Banks
Secretary
Mrs EA Banks
Company number
00723442
Registered office
Beckside House
Beckside
Scopwick
Lincoln
Lincolnshire
England
LN4 3NX
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
C F Banks Limited
C F BANKS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
C F Banks Limited
C F BANKS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of C F Banks Limited For The Year Ended 30 June 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C F Banks Limited for the year ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of C F Banks Limited, as a body, in accordance with the terms of our engagement letter dated 13 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of C F Banks Limited and state those matters that we have agreed to state to the board of directors of C F Banks Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C F Banks Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that C F Banks 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 C F Banks Limited. You consider that C F Banks 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 C F Banks 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.

Chavereys Limited
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
England
28 March 2025
C F Banks Limited
C F BANKS LIMITED
Balance Sheet
As At 30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
585,824
598,746
Investments
6
334
334
586,158
599,080
Current assets
Stocks
7
42,144
119,020
Debtors
8
1,129,866
887,555
Cash at bank and in hand
16,275
86,897
1,188,285
1,093,472
Creditors: amounts falling due within one year
9
(250,781)
(194,305)
Net current assets
937,504
899,167
Total assets less current liabilities
1,523,662
1,498,247
Provisions for liabilities
(6,177)
(8,212)
Net assets
1,517,485
1,490,035
Capital and reserves
Called up share capital
12,500
12,500
Profit and loss reserves
1,504,985
1,477,535
Total equity
1,517,485
1,490,035

The notes on pages 4 to 9 form part of these financial statements.

C F Banks Limited
C F BANKS LIMITED
Balance Sheet (Continued)
As At 30 June 2024
- 3 -

For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr AK Banks
Director
Company registration number 00723442 (England and Wales)
C F Banks Limited
C F BANKS LIMITED
Notes To The Financial Statements
For The Year Ended 30 June 2024
- 4 -
1
Accounting policies
Company information

C F Banks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beckside House, Beckside, Scopwick, Lincoln, Lincolnshire, England, LN4 3NX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
20% reducing balance
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

C F Banks Limited
C F BANKS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

C F Banks Limited
C F BANKS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
4
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
15,804
26,995
Adjustments in respect of prior periods
(25,731)
-
0
Total current tax
(9,927)
26,995
Deferred tax
Origination and reversal of timing differences
(2,035)
(7,586)
Total tax (credit)/charge
(11,962)
19,409
4
Dividends
2024
2023
£
£
Final paid
40,000
-
0
C F Banks Limited
C F BANKS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
663,337
136,222
11,420
810,979
Depreciation and impairment
At 1 July 2023
106,921
98,710
6,602
212,233
Depreciation charged in the year
4,215
7,503
1,204
12,922
At 30 June 2024
111,136
106,213
7,806
225,155
Carrying amount
At 30 June 2024
552,201
30,009
3,614
585,824
At 30 June 2023
556,416
37,512
4,818
598,746
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
334
334
7
Stocks
2024
2023
£
£
Growing crop
42,144
119,020
Biological assets included within stock are as follows:
Biological assets - growing crop
2024
2023
£
£
As at 1 July
119,020
92,981
Net movement on cultivations
(76,876)
26,039
As at 30 June
42,144
119,020
C F Banks Limited
C F BANKS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
- 8 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,441
-
0
Other debtors
945,126
875,769
Prepayments and accrued income
181,299
11,786
1,129,866
887,555
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,561
65,045
Corporation tax
15,804
26,995
Other creditors
201,808
84,520
Accruals and deferred income
31,608
17,745
250,781
194,305
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,177
8,212
2024
Movements in the year:
£
Liability at 1 July 2023
8,212
Credit to profit or loss
(2,035)
Liability at 30 June 2024
6,177
C F Banks Limited
C F BANKS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
- 9 -
11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,141
11,367

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

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