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Company Registration number: 08617219

J B & E J Peile Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2024

 

J B & E J Peile Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

J B & E J Peile Limited

Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,364,462

1,197,144

Investments

5

33,681

33,681

 

1,398,143

1,230,825

Current assets

 

Stocks

6

398,979

409,395

Debtors

7

87,786

132,996

Cash at bank and in hand

 

872

1,037

 

487,637

543,428

Creditors: Amounts falling due within one year

8

(786,974)

(869,701)

Net current liabilities

 

(299,337)

(326,273)

Total assets less current liabilities

 

1,098,806

904,552

Creditors: Amounts falling due after more than one year

8

(299,819)

(240,923)

Provisions for liabilities

(122,885)

(92,984)

Net assets

 

676,102

570,645

Capital and reserves

 

Called up share capital

100

100

Retained earnings

676,002

570,545

Shareholders' funds

 

676,102

570,645

 

J B & E J Peile Limited

Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 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 and 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.

Company registration number: 08617219

Approved and authorised by the Board on 27 February 2025 and signed on its behalf by:
 

.........................................
Mr J B Peile
Director

 

J B & E J Peile Limited

Notes to the financial statements for the Year Ended 31 October 2024

1

GENERAL INFORMATION

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

The address of its registered office is:
Lowlands
Greystoke Castle
Greystoke
Penrith
CA11 OTG

These financial statements were authorised for issue by the Board on 27 February 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 entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

 

J B & E J Peile Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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.
 

The current corporation 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.

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.

 

J B & E J Peile Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Tractors

25% straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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 B & E J Peile Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
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.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

J B & E J Peile Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

4

TANGIBLE ASSETS

Leasehold improvements
£

Tractors
 £

Motor vehicles
 £

Herd and flock
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

266,608

126,700

17,515

582,340

556,260

1,549,423

Additions

47,537

175,500

32,000

13,463

83,781

352,281

Disposals

-

-

(15,495)

(30,400)

(50,000)

(95,895)

At 31 October 2024

314,145

302,200

34,020

565,403

590,041

1,805,809

Depreciation

At 1 November 2023

18,513

64,617

16,237

-

252,911

352,278

Charge for the year

15,509

53,114

8,028

-

63,642

140,293

Eliminated on disposal

-

-

(14,331)

-

(36,893)

(51,224)

At 31 October 2024

34,022

117,731

9,934

-

279,660

441,347

Carrying amount

At 31 October 2024

280,123

184,469

24,086

565,403

310,381

1,364,462

At 31 October 2023

248,094

62,083

1,278

582,340

303,349

1,197,144

 

J B & E J Peile Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

5

INVESTMENTS

2024
£

At 1 November

33,681

At 31 October

33,681

6

STOCKS

2024
£

2023
£

Stocks

398,979

409,395

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

68,729

62,753

Prepayments

1,592

57,198

Other debtors

17,465

13,045

 

87,786

132,996

8

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

207,883

281,229

Trade creditors

 

66,078

40,988

Taxation and social security

 

253

12,604

Accruals and deferred income

 

3,979

4,245

Other creditors

 

508,781

530,635

 

786,974

869,701


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £61,189 (2023 - £270,429).

 

J B & E J Peile Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

8

CREDITORS (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

299,819

240,923


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £292,927 (2023 - £220,038).

Creditors include bank loans not repayable by instalments of £137,850 (2023 - £154,622) due after more than five years.

9

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

215,879

235,071

Hire purchase contracts

83,940

5,852

299,819

240,923

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,865

33,292

Bank overdrafts

137,600

227,506

Hire purchase contracts

44,418

20,431

207,883

281,229