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28 March 2025
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No description of principal activity
2023-05-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
03482697
2023-05-01
2024-04-30
03482697
2024-04-30
03482697
2023-04-30
03482697
2022-05-01
2023-04-30
03482697
2023-04-30
03482697
2022-04-30
03482697
bus:Director1
2023-05-01
2024-04-30
03482697
core:PlantMachinery
2023-04-30
03482697
core:FurnitureFittings
2023-04-30
03482697
core:PlantMachinery
2024-04-30
03482697
core:FurnitureFittings
2024-04-30
03482697
core:PlantMachinery
2023-05-01
2024-04-30
03482697
core:FurnitureFittings
2023-05-01
2024-04-30
03482697
core:WithinOneYear
2024-04-30
03482697
core:WithinOneYear
2023-04-30
03482697
core:AfterOneYear
2024-04-30
03482697
core:AfterOneYear
2023-04-30
03482697
core:ShareCapital
2024-04-30
03482697
core:ShareCapital
2023-04-30
03482697
core:RetainedEarningsAccumulatedLosses
2024-04-30
03482697
core:RetainedEarningsAccumulatedLosses
2023-04-30
03482697
core:PlantMachinery
2023-04-30
03482697
core:FurnitureFittings
2023-04-30
03482697
bus:SmallEntities
2023-05-01
2024-04-30
03482697
bus:Audited
2023-05-01
2024-04-30
03482697
bus:SmallCompaniesRegimeForAccounts
2023-05-01
2024-04-30
03482697
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
03482697
bus:FullAccounts
2023-05-01
2024-04-30
03482697
core:AfterOneYear
2023-05-01
2024-04-30
03482697
core:UltimateParent
2023-05-01
2024-04-30
COMPANY REGISTRATION NUMBER:
03482697
Filleted Financial Statements |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
|
10,660,061 |
11,017,420 |
|
|
|
|
|
Current assets
Debtors |
6 |
860,224 |
|
1,093,452 |
Cash at bank and in hand |
56,042 |
|
149,516 |
|
---------- |
|
------------- |
|
916,266 |
|
1,242,968 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
3,823,006 |
|
3,490,626 |
|
------------- |
|
------------- |
Net current liabilities |
|
2,906,740 |
2,247,658 |
|
|
-------------- |
-------------- |
Total assets less current liabilities |
|
7,753,321 |
8,769,762 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
889,287 |
1,562,873 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
1,131,014 |
1,134,318 |
|
|
------------- |
------------- |
Net assets |
|
5,733,020 |
6,072,571 |
|
|
------------- |
------------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
5,733,018 |
6,072,569 |
|
|
------------- |
------------- |
Shareholders funds |
|
5,733,020 |
6,072,571 |
|
|
------------- |
------------- |
|
|
|
|
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 statement of income and retained earnings 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:
Company registration number:
03482697
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, 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 £1,950,838 of the creditor balance and £167,835 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 entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of John Martin Hoyes Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (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 each 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.
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:
|
Plant & machinery |
- |
7.5-10% straight line |
|
Fixtures & fittings |
- |
20% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
32
(2023:
45
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 May 2023 |
24,056,946 |
18,530 |
24,075,476 |
Additions |
538,907 |
5,256 |
544,163 |
Disposals |
(
593,999) |
– |
(
593,999) |
|
-------------- |
--------- |
-------------- |
At 30 April 2024 |
24,001,854 |
23,786 |
24,025,640 |
|
-------------- |
--------- |
-------------- |
Depreciation |
|
|
|
At 1 May 2023 |
13,040,966 |
17,090 |
13,058,056 |
Charge for the year |
739,118 |
1,163 |
740,281 |
Disposals |
(
432,758) |
– |
(
432,758) |
|
-------------- |
--------- |
-------------- |
At 30 April 2024 |
13,347,326 |
18,253 |
13,365,579 |
|
-------------- |
--------- |
-------------- |
Carrying amount |
|
|
|
At 30 April 2024 |
10,654,528 |
5,533 |
10,660,061 |
|
-------------- |
--------- |
-------------- |
At 30 April 2023 |
11,015,980 |
1,440 |
11,017,420 |
|
-------------- |
--------- |
-------------- |
|
|
|
|
The net carrying amount of assets held under finance leases included in the net book value above is £4,391,825 (2023 - £4,415,897). The depreciation charge for the year on those assets was £320,630 (2023 - £350,667).
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
630,747 |
855,788 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
167,835 |
167,835 |
Other debtors |
61,642 |
69,829 |
|
---------- |
------------- |
|
860,224 |
1,093,452 |
|
---------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
478,873 |
378,908 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
1,950,838 |
1,796,051 |
Social security and other taxes |
78,157 |
44,903 |
Other creditors |
1,315,138 |
1,270,764 |
|
------------- |
------------- |
|
3,823,006 |
3,490,626 |
|
------------- |
------------- |
|
|
|
Other creditors include hire purchase agreements which are secured over the assets concerned.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
889,287 |
1,562,873 |
|
---------- |
------------- |
|
|
|
Other creditors includes hire purchase agreements which are secured over the assets concerned.
9.
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
.
10.
Related party transactions
The company was a 100% subsidiary during the current and previous year of John Martin-Hoyes (Holdings) Limited, a company registered in England at Martin House, Exchange Road, Doddington Road, Lincoln, Lincolnshire, LN6 3JZ. That company prepares consolidated group financial statements. Accordingly, the company has taken advantage of the exemption in the Financial Reporting Standard 102 from disclosing transactions with members or investees of the group in these financial statements.
11.
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 a shareholder of the ultimate parent company, John Martin-Hoyes Holdings Limited.