Company registration number 00441235 (England and Wales)
AYERS AND SON
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
AYERS AND SON
COMPANY INFORMATION
Director
D M Ayers
Company number
00441235
Registered office
Norfolk House
Hamlin Way
Hardwick Narrows
Kings Lynn
Norfolk
England
PE30 4NG
Accountants
Whitings LLP
Norfolk House
Hamlin Way
Hardwick Narrows Industrial Estate
King's Lynn
Norfolk
PE30 4NG
AYERS AND SON
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
AYERS AND SON
DIRECTOR'S REPORT
FOR THE YEAR ENDED 26 AUGUST 2024
- 1 -

The director presents her annual report and financial statements for the year ended 26 August 2024.

Director

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

D M Ayers
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D M Ayers
Director
14 April 2025
AYERS AND SON
BALANCE SHEET
AS AT
26 AUGUST 2024
26 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
3,000
3,003
Current assets
Debtors
3
2,400
283,595
Cash at bank and in hand
613,127
101,206
615,527
384,801
Creditors: amounts falling due within one year
5
(774,531)
(554,818)
Net current liabilities
(159,004)
(170,017)
Net liabilities
(156,004)
(167,014)
Capital and reserves
Called up share capital
6
5,010
5,010
Profit and loss reserves
(161,014)
(172,024)
Total equity
(156,004)
(167,014)
AYERS AND SON
BALANCE SHEET (CONTINUED)
AS AT
26 AUGUST 2024
26 August 2024
- 3 -

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

For the financial year ended 26 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 14 April 2025
D M Ayers
Director
Company Registration No. 00441235
AYERS AND SON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 AUGUST 2024
- 4 -
1
Accounting policies
Company information

Ayers and Son is a private company limited by shares incorporated in England and Wales. The registered office is Norfolk House, Hamlin Way, Hardwick Narrows, Kings Lynn, Norfolk, England, PE30 4NG.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared on the going concern basis. This basis is considered appropriate although the company had net liabilities at the balance sheet date. The director has confirmed that she will continue to support the company and provide working capital as required by the company for the foreseeable future.

1.3
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.
1.5
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
AYERS AND SON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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.

1.8
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.

1.9
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.

1.10
Taxation

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.

1.11
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

AYERS AND SON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 AUGUST 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,192
1,584
Other debtors
-
0
281,315
Prepayments and accrued income
1,208
696
2,400
283,595
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3,000
3,000
Other investments other than loans
-
0
3
3,000
3,003
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 27 August 2023 & 26 August 2024
3,000
3
3,003
Impairment
At 27 August 2023
-
-
-
Impairment losses
-
3
3
At 26 August 2024
-
3
3
Carrying amount
At 26 August 2024
3,000
-
3,000
At 26 August 2023
3,000
3
3,003
AYERS AND SON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 AUGUST 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,221
44,323
Other creditors
769,587
507,821
Accruals and deferred income
2,723
2,674
774,531
554,818

The bank overdraft of £80,000 is secured on the assets held by the executors of Mr S C P Ayers.

AYERS AND SON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 AUGUST 2024
- 8 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
50,100
50,100
5,010
5,010
7
Shares classified as debt
2022
2021
2022
2021
Number
Number
£
£
Allotted, called up and fully paid
400,000 Preference shares of £1.00 each
400,000
400,000
400,000
400,000
In the year ended 26 August 2020 the company issued 400,000 redeemable preference shares at £1 each at par. A fixed cumulative preferential dividend is due per annum equivalent to the HMRC official rate of interest.
On 27 August 2024 100,000 preference shares were redeemd. The remaining 300,000 were redeemed on 27 February 2025.
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