Company Registration No. 01208025 (England and Wales)
J S HUBBUCK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
J S HUBBUCK LIMITED
CONTENTS
Page
Company information
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
J S HUBBUCK LIMITED
COMPANY INFORMATION
Directors
Mr D W Hubbuck
Mr G R Hubbuck
Secretary
Mr G R Hubbuck
Company number
01208025
Registered office
Unit 1
Hexham Auction Mart
Tyne Green
Hexham
NE46 3SG
Accountants
TC Group
St Matthews House
Hexham
Northumberland
NE46 3PU
Auditor
Counting North
Salvus House
Aykley Heads
Durham
England
Business address
Unit 1
Hexham Auction Mart
Tyne Green
Hexham
NE46 3SG
Solicitors
Nicholson Portnell
Priestpopple House
Hexham
Northumberland
NE46 1PL
J S HUBBUCK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Fair review of the business

The company's main activity continues to be that of sale of agricultural merchandise.

 

The results for the year and the financial position at the year end were considered satisfactory by the directors given the general economic downturn in the agricultural sector in which the company operates.

 

Over recent years the business has maintained gross profit margins. The directors expect fluctuations in the future until the agricultural sector sees an upturn & more stability.

Principal risks and uncertainties

The company's directors meet regularly to discuss the management of the the business. The execution of the company's strategy are subject to a number of risks, none of which are of sufficient importance to be mentioned in this report. The directors are confident the business will continue to adapt to changes in business circumstances.

Other performance indicators

Given the straight forward nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

On behalf of the board

Mr G R Hubbuck
Director
29 April 2025
J S HUBBUCK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company continued to be that of sale of agricultural merchandise.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £206,470. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D W Hubbuck
Mr G R Hubbuck
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The directors do not expect there to be any significant changes to the way the company operates in the near future.

Auditor

Counting North were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

J S HUBBUCK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
On behalf of the board
Mr G R Hubbuck
Director
29 April 2025
J S HUBBUCK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

J S HUBBUCK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J S HUBBUCK LIMITED
- 5 -
Opinion

We have audited the financial statements of J S Hubbuck Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

J S HUBBUCK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J S HUBBUCK LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

J S HUBBUCK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J S HUBBUCK LIMITED
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud.        

In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override.    

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that:        

Audit response to risks identified        

As a result of performing the above procedures, we identified the key matters related to the potential risk of fraud. Our procedures to respond to the risks identified included the following:        

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

J S HUBBUCK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J S HUBBUCK LIMITED
- 8 -

Through these procedures, we did not become aware of any material misstatement or any actual or suspected non-compliance with laws and regulations impacting on the company.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the financial statements. The more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of any non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.     

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gerald Henderson FCA FCCA (Senior Statutory Auditor)
For and on behalf of Counting North Limited
Chartered Accountants
Statutory Auditor
29 April 2025
Salvus House
Aykley Heads
Durham
England
DH1 5TS
J S HUBBUCK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
12,018,910
16,174,476
Cost of sales
(10,978,003)
(14,877,465)
Gross profit
1,040,907
1,297,011
Administrative expenses
(844,323)
(779,973)
Other operating income
55,333
38,191
Operating profit
4
251,917
555,229
Interest receivable and similar income
7
18,955
12,803
Change in fair value of fixed asset investments
8
324,000
35,868
Profit before taxation
594,872
603,900
Tax on profit
9
(103,645)
(133,943)
Profit for the financial year
491,227
469,957

The profit and loss account has been prepared on the basis that all operations are continuing operations.

J S HUBBUCK LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,208,612
1,107,591
Investment property
13
1,550,000
1,226,000
Investments
14
159,201
159,201
2,917,813
2,492,792
Current assets
Stocks
15
686,423
668,442
Debtors
16
2,824,216
3,305,414
Cash at bank and in hand
332,805
220,515
3,843,444
4,194,371
Creditors: amounts falling due within one year
17
(2,015,740)
(2,289,212)
Net current assets
1,827,704
1,905,159
Total assets less current liabilities
4,745,517
4,397,951
Provisions for liabilities
Deferred tax liability
18
243,712
180,903
(243,712)
(180,903)
Net assets
4,501,805
4,217,048
Capital and reserves
Called up share capital
20
110
110
Other reserves
717,924
426,643
Profit and loss reserves
3,783,771
3,790,295
Total equity
4,501,805
4,217,048

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

J S HUBBUCK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
Mr G R Hubbuck
Director
Company registration number 01208025 (England and Wales)
J S HUBBUCK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
110
399,742
3,574,739
3,974,591
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
469,957
469,957
Dividends
10
-
-
(227,500)
(227,500)
Transfers
-
-
(26,901)
(26,901)
Other movements
-
26,901
-
26,901
Balance at 31 July 2023
110
426,643
3,790,295
4,217,048
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
491,227
491,227
Dividends
10
-
-
(206,470)
(206,470)
Transfers
-
291,281
(291,281)
-
Balance at 31 July 2024
110
717,924
3,783,771
4,501,805
J S HUBBUCK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
641,869
240,413
Income taxes paid
(87,055)
(146,694)
Net cash inflow from operating activities
554,814
93,719
Investing activities
Purchase of tangible fixed assets
(307,510)
(401,542)
Proceeds on disposal of tangible fixed assets
52,500
179,058
Purchase of Investment
-
0
(12,010)
Interest received
17,642
11,576
Dividends received
1,313
1,227
Net cash used in investing activities
(236,055)
(221,691)
Financing activities
Dividends paid
(206,470)
(227,500)
Net cash used in financing activities
(206,470)
(227,500)
Net increase/(decrease) in cash and cash equivalents
112,289
(355,472)
Cash and cash equivalents at beginning of year
220,515
575,987
Cash and cash equivalents at end of year
332,805
220,515
J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information

J S Hubbuck Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Hexham Auction Mart, Tyne Green, Hexham, NE46 3SG.

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.

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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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.

1.4
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:

Land and buildings Freehold
Land - no depreciation, Buildings 2.5% straight line basis
Buildings - Leasehold
2.5% straight line basis
Plant and machinery
15% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis & 33% straight line basis
Motor vehicles
25% reducing balance basis
J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

An amount equivalent to any revaluation in the year, after deferred tax, is transferred from the profit and loss reserves to the property investment revaluation reserve, in other reserves, to separately identify the balances that are not available for distribution as dividends.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
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.

J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method based on the tax rates in force at the year end.
1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

FRS102 requires land which constitutes investment property to be measured at fair value at each reporting end date. The directors have considered the market evidence available at the year end to identify the current valuation which can be difficult to ascertain as the land is not directly comparable to other land. The directors are satisfied that the valuation used is a fair indication of the land valuation.

J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Fertiliser sales
6,477,025
10,326,006
Feed sales
2,361,232
2,822,635
Shop & other sales
3,180,653
3,025,835
12,018,910
16,174,476
2024
2023
£
£
Other revenue
Interest income
17,642
11,576
Dividends received
1,313
1,227

All turnover is derived from the UK.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,100
9,450
Depreciation of owned tangible fixed assets
162,214
96,750
Profit on disposal of tangible fixed assets
(8,225)
(6,608)
Operating lease charges
28,080
54,113
J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
5
Employees

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

2024
2023
Number
Number
Office & management
4
4
Sales and services
5
6
Total
9
10

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
323,028
354,010
Social security costs
27,964
32,285
Pension costs
89,120
89,908
440,112
476,203
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
77,642
76,843

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
12,914
9,798
Other interest income
4,728
1,778
Total interest revenue
17,642
11,576
Other income from investments
Dividends received
1,313
1,227
Total income
18,955
12,803
8
Fair value change of investment
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
-
0
35,868
Other gains/(losses)
Changes in the fair value of investment properties
324,000
-
324,000
35,868
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
73,555
96,022
Deferred tax
Origination and reversal of timing differences
30,090
37,921
Total tax charge
103,645
133,943
J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
594,872
603,900
Expected tax charge based on the standard rate of corporation tax in the UK of 24.29% (2023: 21.00%)
144,494
126,819
Tax effect of expenses that are not deductible in determining taxable profit
-
0
273
Permanent capital allowances in excess of depreciation
(24,640)
(32,265)
Effect of revaluations of investments
(78,700)
(7,515)
Dividend income
(319)
(257)
Deferred tax on assets
30,091
37,921
Deferred tax on investment property
32,719
8,967
Taxation charge for the year
103,645
133,943
10
Dividends
2024
2023
£
£
Interim paid
206,470
227,500
11
Intangible fixed assets
£
Cost
At 1 August 2023 and 31 July 2024
14,709
Amortisation and impairment
At 1 August 2023 and 31 July 2024
14,709
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
12
Tangible fixed assets
Land and buildings Freehold
Buildings - Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
698,153
167,208
427,480
31,531
778,806
2,103,178
Additions
-
0
-
0
103,740
-
0
203,770
307,510
Disposals
-
0
-
0
(54,000)
-
0
(68,209)
(122,209)
At 31 July 2024
698,153
167,208
477,220
31,531
914,367
2,288,479
Depreciation and impairment
At 1 August 2023
313,630
63,333
231,934
24,653
362,037
995,587
Depreciation charged in the year
17,318
3,688
30,928
847
109,433
162,214
Eliminated in respect of disposals
-
0
-
0
(36,688)
-
0
(41,246)
(77,934)
At 31 July 2024
330,948
67,021
226,174
25,500
430,224
1,079,867
Carrying amount
At 31 July 2024
367,205
100,187
251,046
6,031
484,143
1,208,612
At 31 July 2023
384,523
103,875
195,546
6,878
416,769
1,107,591
13
Investment property
2024
£
Fair value
At 1 August 2023
1,226,000
Net gains or losses through fair value adjustments
324,000
At 31 July 2024
1,550,000

Investment property comprises of land valued on an open market basis by the directors by reference to market evidence of transaction prices for similar land.

J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
14
Fixed asset investments
2024
2023
£
£
Unlisted investments
159,201
159,201
Fixed asset investments not carried at market value

£2,633 investments are included at cost, where fair value cannot be measured reliably.

15
Stocks
2024
2023
£
£
Finished goods and goods for resale
686,423
668,442
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,524,711
2,993,999
Other debtors
183,074
186,461
Prepayments and accrued income
116,431
124,954
2,824,216
3,305,414
17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,908,230
2,119,282
Corporation tax
40,836
87,055
Other taxation and social security
16,306
19,201
Other creditors
20,970
16,000
Accruals and deferred income
29,398
47,674
2,015,740
2,289,212
J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed assets
197,566
167,476
Investment property
32,719
-
Other Investments
13,427
13,427
243,712
180,903
2024
Movements in the year:
£
Liability at 1 August 2023
180,903
Charge to profit or loss
30,090
Other
32,719
Liability at 31 July 2024
243,712

The deferred tax liability set out above relates to accelerated capital allowances that are expected reverse.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,120
89,908

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.

J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
A Shares of £1 each
10
10
10
10
110
110
110
110

The "A" Ordinary shares do not entitle the holder to receive notice of or attend and vote at a general meeting of the company, unless the meeting is considering the winding up of the company, reducing its share capital or the sale or undertaking of the company. Dividends may be paid in respect of this class of shares to the exclusion of other classes of shares. The "A" Ordinary shares are capable of being converted into Ordinary shares on a flotation or winding up of the company, subject to the provisions of the Companies Act.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
24,080
23,880
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
£
£
Directors
4,000
4,000

The company has paid rent to directors, as detailed above, for use of land owned by the directors.

2024
Balance
Amounts owed by related parties
£
J S HUBBUCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
22
Related party transactions
(Continued)
- 27 -
Other companies of which the directors are also directors
171,040
2023
Balance
Other companies of which the directors are also directors
171,040

All related party loans to and from the company, together with the loan to a company of which the directors are also directors, are interest free and repayable on demand.

The Directors have given an unlimited guarantee to the company's bankers.

23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
491,227
469,957
Adjustments for:
Taxation charged
103,645
133,943
Investment income
(18,955)
(12,803)
Gain on disposal of tangible fixed assets
(8,225)
(6,608)
Fair value gain on investment properties
(324,000)
-
0
Depreciation and impairment of tangible fixed assets
162,214
96,749
Other gains and losses
-
(35,868)
Movements in working capital:
(Increase)/decrease in stocks
(17,981)
22,615
Decrease in debtors
481,198
832,718
Decrease in creditors
(227,253)
(1,260,291)
Cash generated from operations
641,870
240,412
24
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
220,515
112,290
332,805
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