14 16 J T Corfe Limited 10234905 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of publicans. Digita Accounts Production Advanced 6.30.9574.0 true true 10234905 2023-07-01 2024-06-30 10234905 2024-06-30 10234905 bus:Director1 1 2024-06-30 10234905 bus:Director3 1 2024-06-30 10234905 bus:OrdinaryShareClass2 2024-06-30 10234905 core:CurrentFinancialInstruments 2024-06-30 10234905 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 10234905 core:Non-currentFinancialInstruments 2024-06-30 10234905 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 10234905 core:Goodwill 2024-06-30 10234905 core:FurnitureFittingsToolsEquipment 2024-06-30 10234905 core:LandBuildings 2024-06-30 10234905 bus:SmallEntities 2023-07-01 2024-06-30 10234905 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10234905 bus:FilletedAccounts 2023-07-01 2024-06-30 10234905 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10234905 bus:RegisteredOffice 2023-07-01 2024-06-30 10234905 bus:Director1 2023-07-01 2024-06-30 10234905 bus:Director1 1 2023-07-01 2024-06-30 10234905 bus:Director3 2023-07-01 2024-06-30 10234905 bus:Director3 1 2023-07-01 2024-06-30 10234905 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 10234905 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 10234905 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10234905 bus:Agent1 2023-07-01 2024-06-30 10234905 core:Goodwill 2023-07-01 2024-06-30 10234905 core:FurnitureFittings 2023-07-01 2024-06-30 10234905 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 10234905 core:LandBuildings 2023-07-01 2024-06-30 10234905 core:PlantMachinery 2023-07-01 2024-06-30 10234905 countries:AllCountries 2023-07-01 2024-06-30 10234905 2023-06-30 10234905 bus:Director1 1 2023-06-30 10234905 bus:Director3 1 2023-06-30 10234905 core:Goodwill 2023-06-30 10234905 core:FurnitureFittingsToolsEquipment 2023-06-30 10234905 core:LandBuildings 2023-06-30 10234905 2022-07-01 2023-06-30 10234905 2023-06-30 10234905 bus:Director1 1 2023-06-30 10234905 bus:Director3 1 2023-06-30 10234905 bus:OrdinaryShareClass2 2023-06-30 10234905 core:CurrentFinancialInstruments 2023-06-30 10234905 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10234905 core:Non-currentFinancialInstruments 2023-06-30 10234905 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 10234905 core:FurnitureFittingsToolsEquipment 2023-06-30 10234905 core:LandBuildings 2023-06-30 10234905 bus:Director1 1 2022-07-01 2023-06-30 10234905 bus:Director3 1 2022-07-01 2023-06-30 10234905 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 10234905 bus:Director1 1 2022-06-30 10234905 bus:Director3 1 2022-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 10234905

J T Corfe Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

J T Corfe Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

J T Corfe Limited

Company Information

Directors

Mr M R Turner

Mrs L Turner

Registered office

21 Market Place
Blandford Forum
Dorset
DT11 7AF

Accountants

Harney & Co Limited
Chartered Certified Accountants21 Market Place
Blandford Forum
Dorset
DT11 7AF

 

J T Corfe Limited

(Registration number: 10234905)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

684,933

686,137

Current assets

 

Stocks

6

9,254

10,250

Debtors

7

9,437

13,138

Cash at bank and in hand

 

581

15,431

 

19,272

38,819

Creditors: Amounts falling due within one year

8

(404,134)

(337,348)

Net current liabilities

 

(384,862)

(298,529)

Total assets less current liabilities

 

300,071

387,608

Creditors: Amounts falling due after more than one year

8

(316,241)

(378,004)

Provisions for liabilities

(686)

(914)

Net (liabilities)/assets

 

(16,856)

8,690

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

(16,956)

8,590

Shareholders' (deficit)/funds

 

(16,856)

8,690

 

J T Corfe Limited

(Registration number: 10234905)
Balance Sheet as at 30 June 2024 (continued)

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.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
Mr M R Turner
Director

.........................................
Mrs L Turner
Director

 
     
 

J T Corfe Limited

Notes to the 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 & Wales.

The address of its registered office is:
21 Market Place
Blandford Forum
Dorset
DT11 7AF

The principal place of business is:
The Duke of Wellington
7 East Street
Wareham
Dorset
BH20 4NN

These financial statements were authorised for issue by the Board on 28 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.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

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.

Tax

The tax expense for the period comprises current and deferred tax and is recognised in profit or loss account.

 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

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

Furniture , fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.

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:

Asset class

Amortisation method and rate

Goodwill

Evenly over 5 years

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 and measured at the transaction price, less any provision for impairment.

 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 unless there is an unconditional right to defer payment of the creditor for at least 12 months after the reporting date, in which case they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are recorded at transaction price, net of transaction costs. 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.

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.

Defined contribution pension obligation

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.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 16).

 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 July 2023

95,000

At 30 June 2024

95,000

Amortisation

At 1 July 2023

95,000

At 30 June 2024

95,000

Carrying amount

At 30 June 2024

-

5

Tangible assets

Freehold Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

681,324

35,805

717,129

At 30 June 2024

681,324

35,805

717,129

Depreciation

At 1 July 2023

-

30,992

30,992

Charge for the year

-

1,204

1,204

At 30 June 2024

-

32,196

32,196

Carrying amount

At 30 June 2024

681,324

3,609

684,933

At 30 June 2023

681,324

4,813

686,137

 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets (continued)

6

Stocks

2024
£

2023
£

Other inventories

9,254

10,250

7

Debtors

2024
£

2023
£

Prepayments

4,174

6,715

Other debtors

5,263

6,423

9,437

13,138

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

87,925

102,641

Trade creditors

 

72,821

41,453

Taxation and social security

 

163,860

137,891

Accruals and deferred income

 

9,691

13,170

Other creditors

 

69,837

42,193

 

404,134

337,348

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

316,241

378,004

 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

7,204

-

Other borrowings

70,721

92,641

87,925

102,641

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,167

19,167

Other borrowings

307,074

358,837

316,241

378,004

Charges and securities

Within loans and borrowings is an amount of £314,359 (2023: £351,788) which is secured by two legal charges both dated 11 July 2016 in favour of EW and JS Cutts over the property held in freehold land and buildings. The charges include a covenant to pay 144 equal monthly instalments of £5,310 expiring 30 June 2028, with an interest rate of 2.5% above the base rate of National Westminster Bank PLC, or in the circumstance that the property is sold the outstanding balance of the loan is repayable on demand. The charge gives full title guarantee by way of a fixed and floating charge over all of the property and undertakings of the company.

Also within loans and borrowings is an amount of £45,157 (2023: £55,591) owed to Mr K Johnson. The loan has a nominal interest rate of 2.5%. The loan is secured by a second legal mortgage charge over the freehold of the property dated 11 July 2016.

 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £23.53 (2023 - £72.00) per each Ordinary share

2,353

7,200

 

 

12

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr M R Turner

Transactions during the year.

(3,125)

(2,630)

3,125

(2,630)

Mrs L Turner

Transactions during the year.

(3,125)

(2,630)

3,125

(2,630)

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr M R Turner

Transactions during the year.

(751)

(2,374)

(3,125)

Mrs L Turner

Transactions during the year.

(751)

(2,374)

(3,125)

Directors' remuneration

The directors' remuneration for the year was as follows:

 

J T Corfe Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

12

Related party transactions (continued)

2024
£

2023
£

Remuneration

22,880

22,880

Contributions paid to money purchase schemes

687

687

23,567

23,567