J. A. MAXFIELD & SON LTD
Filleted Accounts
31 March 2025
Registered number
01688798
J. A. MAXFIELD & SON LTD
Registered number: 01688798
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 464,133 515,015
Current assets
Stocks 1,300 1,300
Debtors 4 94,955 144,268
Cash at bank and in hand 219,414 282,565
315,669 428,133
Creditors: amounts falling due within one year 5 (343,221) (490,106)
Net current (liabilities)/assets (27,552) (61,973)
Total assets less current liabilities 436,581 453,042
Creditors: amounts falling due after more than one year 6 (49,133) (117,572)
Provisions for liabilities (71,857) (68,977)
Net assets 315,591 266,493
Capital and reserves
Called up share capital 1,300 1,300
Revaluation reserve 7 67,971 67,971
Profit and loss account 246,320 197,222
Shareholders' funds 315,591 266,493
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
PETER MAXFIELD
Director
Approved by the board on 8 May 2025
J. A. MAXFIELD & SON LTD
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Expenditure on buildings 10% straight line
Other fixed assets 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2024 115,000 17,086 791,652 923,738
Additions - - 65,952 65,952
Disposals - - (82,000) (82,000)
At 31 March 2025 115,000 17,086 775,604 907,690
Depreciation
At 1 April 2024 - 17,086 391,637 408,723
Charge for the year - - 93,996 93,996
On disposals - - (59,162) (59,162)
At 31 March 2025 - 17,086 426,471 443,557
Net book value
At 31 March 2025 115,000 - 349,133 464,133
At 31 March 2024 115,000 - 400,015 515,015
Freehold land and buildings: 2025 2024
£ £
Historical cost 95,031 29,912
Cumulative depreciation based on historical cost - -
95,031 29,912

An independent valuation was conducted on the value of Land and buildings in July 2020 and the value was set at £115,000.

This valuation has been reviewed by the directors at 31 March 2025 and no adjustment is deemed necessary. No depreciation is provided in respect of this land and buildings.
4 Debtors 2025 2024
£ £
Trade debtors 43,110 51,341
Other debtors 51,845 92,927
94,955 144,268
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 19,992 19,992
Obligations under finance lease and hire purchase contracts 53,551 55,217
Trade creditors 16,581 42,645
Taxation and social security costs 16,881 18,621
Other creditors 236,216 353,631
343,221 490,106
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 1,694 21,686
Obligations under finance lease and hire purchase contracts 47,439 95,886
49,133 117,572
7 Revaluation reserve 2025 2024
£ £
At 1 April 2024 67,971 67,971
At 31 March 2025 67,971 67,971
8 Pension commitments
The company operates defined pension contribution schemes. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £8,298 (2024: £7,948).
9 Other financial commitments 2025 2024
£ £
Total future minimum payments under non-cancellable operating leases 8,594 10,577
10 Other information
J. A. MAXFIELD & SON LTD is a private company limited by shares and incorporated in England. Its registered office is:
154 Aughton Road
Aughton
Sheffield
South Yorkshire
S26 3XE
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