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REGISTRAR OF COMPANIES

Registration number: 13657020

J G Waterhouse Limited

Unaudited Financial Statements

31 December 2024

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J G Waterhouse Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J G Waterhouse Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J G Waterhouse Limited for the year ended 31 December 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J G Waterhouse Limited, as a body, in accordance with the terms of our engagement letter dated 9 September 2022. Our work has been undertaken solely to prepare for your approval the accounts of J G Waterhouse Limited and state those matters that we have agreed to state to the Board of Directors of J G Waterhouse Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J G Waterhouse Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J G Waterhouse Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J G Waterhouse Limited. You consider that J G Waterhouse Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J G Waterhouse Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

7 March 2025

 

J G Waterhouse Limited

(Registration number: 13657020)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,907

Tangible assets

5

238,817

261,243

Other financial assets

6

99,295

93,897

 

338,112

357,047

Current assets

 

Stocks

321,143

364,188

Debtors

7

36,788

32,407

Cash at bank and in hand

 

316,056

223,437

 

673,987

620,032

Creditors: Amounts falling due within one year

8

(182,492)

(687,420)

Net current assets/(liabilities)

 

491,495

(67,388)

Total assets less current liabilities

 

829,607

289,659

Creditors: Amounts falling due after more than one year

8

(476,825)

-

Provisions for liabilities

(13,451)

(12,278)

Net assets

 

339,331

277,381

Capital and reserves

 

Allotted, called up and fully paid share capital

200

200

Profit and loss account

339,131

277,181

Total equity

 

339,331

277,381

 

J G Waterhouse Limited

(Registration number: 13657020)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 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.

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

.........................................

J G Waterhouse

Director

.........................................

N J Waterhouse

Company secretary and director

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Fourth Milestone Farm
Malton Road
YORK
YO32 9TL

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Tax

The tax expense for the period comprises current and 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 income 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.

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

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.

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

Land and buildings

10% reducing balance basis

Plant and machinery

15% reducing balance basis and 25% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

25% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Arla common consolidation

5 years straight line basis

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

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.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Arla common consolidation
 £

Total
£

Cost or valuation

At 1 January 2024

18,413

18,413

At 31 December 2024

18,413

18,413

Amortisation

At 1 January 2024

16,506

16,506

Amortisation charge

1,907

1,907

At 31 December 2024

18,413

18,413

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

1,907

1,907

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2024

159,878

165,385

18,402

2,024

345,689

Additions

-

13,495

-

-

13,495

At 31 December 2024

159,878

178,880

18,402

2,024

359,184

Depreciation

At 1 January 2024

32,223

42,949

8,626

648

84,446

Charge for the year

12,765

20,368

2,444

344

35,921

At 31 December 2024

44,988

63,317

11,070

992

120,367

Carrying amount

At 31 December 2024

114,890

115,563

7,332

1,032

238,817

At 31 December 2023

127,655

122,436

9,776

1,376

261,243

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

99,295

93,897

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

93,897

93,897

Additions

5,398

5,398

At 31 December 2024

99,295

99,295

Impairment

Carrying amount

At 31 December 2024

99,295

99,295

At 31 December 2023

93,897

93,897

7

Debtors

2024
£

2023
£

Trade debtors

1,557

7,799

Other debtors

35,231

24,608

36,788

32,407

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

47,282

546,142

Trade creditors

 

5,236

8,919

Taxation and social security

 

652

609

Corporation tax liability

 

34,484

34,934

Other creditors

 

94,838

96,816

 

182,492

687,420

Due after one year

 

Loans and borrowings

9

476,825

-

2024
£

2023
£

After more than five years by instalments

343,061

-

343,061

-

 

J G Waterhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

27,127

-

Other borrowings

20,155

546,142

47,282

546,142

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

27,127

-

Bank borrowings are secured by fixed and floating charges over the company's assets.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

476,825

-

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

476,825

-

Bank borrowings are secured by fixed and floating charges over the company's assets.