J Fountain & Sons Limited 00579897 false 2024-04-05 2025-04-03 2025-04-03 The principal activity of the company is that of wholesale fruit and vegetable merchants Digita Accounts Production Advanced 6.30.9574.0 true true 00579897 2024-04-05 2025-04-03 00579897 2025-04-03 00579897 core:RetainedEarningsAccumulatedLosses 2025-04-03 00579897 core:ShareCapital 2025-04-03 00579897 core:CurrentFinancialInstruments 2025-04-03 00579897 core:CurrentFinancialInstruments core:WithinOneYear 2025-04-03 00579897 core:Non-currentFinancialInstruments core:AfterOneYear 2025-04-03 00579897 core:FurnitureFittingsToolsEquipment 2025-04-03 00579897 core:LandBuildings 2025-04-03 00579897 core:MotorVehicles 2025-04-03 00579897 core:OtherPropertyPlantEquipment 2025-04-03 00579897 bus:SmallEntities 2024-04-05 2025-04-03 00579897 bus:AuditExemptWithAccountantsReport 2024-04-05 2025-04-03 00579897 bus:FilletedAccounts 2024-04-05 2025-04-03 00579897 bus:SmallCompaniesRegimeForAccounts 2024-04-05 2025-04-03 00579897 bus:RegisteredOffice 2024-04-05 2025-04-03 00579897 bus:CompanySecretaryDirector1 2024-04-05 2025-04-03 00579897 bus:Director4 2024-04-05 2025-04-03 00579897 bus:PrivateLimitedCompanyLtd 2024-04-05 2025-04-03 00579897 core:ComputerEquipment 2024-04-05 2025-04-03 00579897 core:FurnitureFittingsToolsEquipment 2024-04-05 2025-04-03 00579897 core:LandBuildings 2024-04-05 2025-04-03 00579897 core:MotorVehicles 2024-04-05 2025-04-03 00579897 core:OfficeEquipment 2024-04-05 2025-04-03 00579897 core:OtherPropertyPlantEquipment 2024-04-05 2025-04-03 00579897 core:PlantMachinery 2024-04-05 2025-04-03 00579897 core:AllAssociates 2024-04-05 2025-04-03 00579897 core:OtherRelatedParties 2024-04-05 2025-04-03 00579897 countries:EnglandWales 2024-04-05 2025-04-03 00579897 2024-04-04 00579897 core:FurnitureFittingsToolsEquipment 2024-04-04 00579897 core:LandBuildings 2024-04-04 00579897 core:MotorVehicles 2024-04-04 00579897 core:OtherPropertyPlantEquipment 2024-04-04 00579897 2023-03-31 2024-04-04 00579897 2024-04-04 00579897 core:RetainedEarningsAccumulatedLosses 2024-04-04 00579897 core:ShareCapital 2024-04-04 00579897 core:CurrentFinancialInstruments 2024-04-04 00579897 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-04 00579897 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-04 00579897 core:FurnitureFittingsToolsEquipment 2024-04-04 00579897 core:LandBuildings 2024-04-04 00579897 core:MotorVehicles 2024-04-04 00579897 core:OtherPropertyPlantEquipment 2024-04-04 iso4217:GBP xbrli:pure

Registration number: 00579897

J Fountain & Sons Limited

Annual Report and Unaudited Filleted Financial Statements

for the Period from 5 April 2024 to 3 April 2025

 

J Fountain & Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

J Fountain & Sons Limited

Company Information

Directors

J P Fountain

Mrs N J Fountain

Company secretary

J P Fountain

Registered office

46-48 Wellington Mews
Hastings
East Sussex
TN34 1QJ

Accountants

Manningtons
Chartered Accountants
39 High Street
Battle
East Sussex
TN33 0EE

 

J Fountain & Sons Limited

(Registration number: 00579897)
Balance Sheet as at 3 April 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

460,563

463,118

Current assets

 

Stocks

5

30,409

34,008

Debtors

6

113,252

120,199

Cash at bank and in hand

 

191,820

166,877

 

335,481

321,084

Creditors: Amounts falling due within one year

7

(569,753)

(596,454)

Net current liabilities

 

(234,272)

(275,370)

Total assets less current liabilities

 

226,291

187,748

Creditors: Amounts falling due after more than one year

7

(2,615)

(19,319)

Provisions for liabilities

(30,950)

(28,080)

Net assets

 

192,726

140,349

Capital and reserves

 

Called up share capital

5,000

5,000

Retained earnings

187,726

135,349

Shareholders' funds

 

192,726

140,349

For the financial period ending 3 April 2025 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 period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 3 June 2025 and signed on its behalf by:
 

 

J Fountain & Sons Limited

(Registration number: 00579897)
Balance Sheet as at 3 April 2025

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

Mrs N J Fountain
Director

 

J Fountain & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 5 April 2024 to 3 April 2025

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:
46-48 Wellington Mews
Hastings
East Sussex
TN34 1QJ

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 presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods such as fruit, vegetables and coal in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, 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 Fountain & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 5 April 2024 to 3 April 2025

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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold land and buildings

2% straight line basis

Plant, machinery and fittings

10% reducing balance basis

Office equipment

10% reducing balance basis

Computer equipment

25% straight line basis

Motor vehicles

25% reducing balance basis

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. 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.

 

J Fountain & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 5 April 2024 to 3 April 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

J Fountain & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 5 April 2024 to 3 April 2025

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 15 (2024 - 14).

 

J Fountain & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 5 April 2024 to 3 April 2025

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Plant, machinery and fittings
 £

Total
£

Cost or valuation

At 5 April 2024

429,064

20,716

246,923

109,840

806,543

Additions

-

798

52,000

500

53,298

Disposals

-

(349)

(34,170)

-

(34,519)

At 3 April 2025

429,064

21,165

264,753

110,340

825,322

Depreciation

At 5 April 2024

114,165

15,270

135,855

78,135

343,425

Charge for the period

8,581

2,199

40,407

3,223

54,410

Eliminated on disposal

-

(349)

(32,727)

-

(33,076)

At 3 April 2025

122,746

17,120

143,535

81,358

364,759

Carrying amount

At 3 April 2025

306,318

4,045

121,218

28,982

460,563

At 4 April 2024

314,899

5,446

111,068

31,705

463,118

 

J Fountain & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 5 April 2024 to 3 April 2025

5

Stocks

2025
£

2024
£

Fruit, vegetables, coal, bags and derv

30,409

34,008

6

Debtors

2025
£

2024
£

Trade debtors

103,239

108,409

Prepayments

6,217

6,702

Other debtors

3,796

5,088

113,252

120,199

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

23,507

44,209

Trade creditors

 

17,361

19,464

Amount owed to associated company

8

460,986

475,801

Taxation and social security

 

33,375

17,055

Accruals and deferred income

 

5,101

6,760

Other creditors

 

28,333

28,018

Directors' loan accounts

 

1,090

5,147

 

569,753

596,454

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

2,615

19,319

 

J Fountain & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 5 April 2024 to 3 April 2025

8

Related party transactions

Summary of transactions with all associates

The company acquired goods amounting to £32,752 during the accounting period from its associated company, M F Fennell and Company Limited. At the balance sheet date the amount due to M F Fennell and Company Limited was £460,986 (2024 - £475,801).
 

Summary of transactions with other related parties


The son of one of the directors rents one of properties owned by the company. During the accounting period the rent receivable for this property was £6,900.