Company registration number 01217358 (England and Wales)
J.R. HARDING & SONS (FROME) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
J.R. HARDING & SONS (FROME) LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
J.R. HARDING & SONS (FROME) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
11,118,298
11,742,043
Current assets
Stocks
65,368
74,104
Debtors
6
5,152,319
970,746
Cash at bank and in hand
727,288
3,298,550
5,944,975
4,343,400
Creditors: amounts falling due within one year
7
(1,398,358)
(1,031,737)
Net current assets
4,546,617
3,311,663
Total assets less current liabilities
15,664,915
15,053,706
Provisions for liabilities
(1,955,820)
(2,019,778)
Net assets
13,709,095
13,033,928
Capital and reserves
Called up share capital
5,665
5,665
Revaluation reserve
9
4,515,357
4,707,230
Profit and loss reserves
9,188,073
8,321,033
Total equity
13,709,095
13,033,928

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
Mr T G Wakefield
Mr P Jukes
Director
Director
Company registration number 01217358 (England and Wales)
J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

J.R. Harding & Sons (Frome) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Manor Furlong, Frome, Somerset, BA11 4RJ.

 

The trading address is Manor Furlong, Marston Trading Estate, Frome, Somerset, BA11 4RJ.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Cube Cold Europe Topco Limited. These consolidated financial statements are available from Companies House

J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.2
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 customer returns, trade discounts, settlement discounts and volume rebates.

 

Warehousing storage revenue is recognised in the period during which the goods are held.

 

Haulage and commercial vehicle workshop services revenue are recognised in the period in which the service was performed and/or workshop repairs carried out.

 

Vehicle parking revenue is recognised in the period in which the parking occurred.

 

Rental income on leased storage facilities is recognised in turnover in the period in which the lease relates to.

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 company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold, 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.

1.3
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:

Freehold land and buildings
50 years straight line
Long leasehold
50 years straight line
Plant and machinery
4 to 20 years straight line
Motor vehicles
5 to 8 years straight line

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.

J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Freehold and long leasehold property is stated in the balance sheet at revalued amounts, being the fair value on the date of revaluation less any subsequent depreciation and impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that with could be determined using fair values at the reporting end date.

 

If an asset’s carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity. However, the increase shall be recognised in profit and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. The decrease of an asset’s carrying amount as a result of revaluation shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset.

 

If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Any excess depreciation on revalued assets shall be transferred from other comprehensive income to profit or loss.

 

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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 statement of financial position 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.

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.

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.

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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
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.

J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Employees

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

2024
2023
Number
Number
Total
42
38
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
101,018
273,779
Deferred tax
Total deferred tax
-
0
-
0
Total tax charge on continuing operations
101,018
273,779
Total tax charge
101,018
273,779

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(63,958)
1,469,077
J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
9,246,903
7,687,485
16,934,388
Additions
-
0
227,445
227,445
Disposals
-
0
(161,618)
(161,618)
Revaluation
(566,903)
-
0
(566,903)
At 31 December 2024
8,680,000
7,753,312
16,433,312
Depreciation and impairment
At 1 January 2024
-
0
5,192,345
5,192,345
Depreciation charged in the year
311,072
284,287
595,359
Eliminated in respect of disposals
-
0
(161,618)
(161,618)
Revaluation
(311,072)
-
0
(311,072)
At 31 December 2024
-
0
5,315,014
5,315,014
Carrying amount
At 31 December 2024
8,680,000
2,438,298
11,118,298
At 31 December 2023
9,246,903
2,495,140
11,742,043

The freehold and long leasehold land and buildings from which the company trades and with a cost of £2,197,135 was revalued at 31 July 2024 by CBRE, an independent RICS registered valuer not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The freehold and long leasehold property was valued at £8,680,000 on this date.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
716,385
726,262
Amounts owed by group undertakings
4,255,115
-
0
Other debtors
180,819
244,484
5,152,319
970,746
J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
794,531
183,814
Amounts owed to group undertakings
588
109,311
Corporation tax
119,542
273,779
Other taxation and social security
212,421
246,366
Other creditors
271,276
218,467
1,398,358
1,031,737
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
550,701
550,701
Revaluations
1,405,119
1,469,077
1,955,820
2,019,778
2024
Movements in the year:
£
Liability at 1 January 2024
2,019,778
Credit to other comprehensive income
(63,958)
Liability at 31 December 2024
1,955,820

The deferred tax charge relates to unrealised gains on the revaluation of properties.

9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
4,707,230
2,109,439
Revaluation surplus arising in the year
(255,831)
4,066,868
Deferred tax on revaluation of tangible assets
63,958
(1,469,077)
At the end of the year
4,515,357
4,707,230

This reserve is used to record increases in the fair value of tangible assets and decreases to the extent that such decrease relates to an increase on the same asset and is a non-distributable reserve.

J.R. HARDING & SONS (FROME) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Simon Essex FCA
Statutory Auditor:
Rayner Essex LLP
Date of audit report:
16 June 2025
11
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
2,861,211
3,924,711
12
Parent company

J.R. Harding & Sons (Frome) Limited is a wholly owned subsidiary of Cube Cold Europe Bido Limited and the results are included in the consolidated financial statements of Cube Cold Europe TopCo Limited, which are available from 1 Bartholomew Lane, London, EC2N 2AX.

2024-12-312024-01-01falsefalsefalse16 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr T G WakefieldMr R K HardingMr F Van HeldenMr G PaauweMr R PulleynMr H Singh RaiMr P JukesMr I Din012173582024-01-012024-12-31012173582024-12-31012173582023-12-3101217358core:LandBuildings2024-12-3101217358core:OtherPropertyPlantEquipment2024-12-3101217358core:LandBuildings2023-12-3101217358core:OtherPropertyPlantEquipment2023-12-3101217358core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3101217358core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101217358core:CurrentFinancialInstruments2024-12-3101217358core:CurrentFinancialInstruments2023-12-3101217358core:ShareCapital2024-12-3101217358core:ShareCapital2023-12-3101217358core:RevaluationReserve2024-12-3101217358core:RevaluationReserve2023-12-3101217358core:RetainedEarningsAccumulatedLosses2024-12-3101217358core:RetainedEarningsAccumulatedLosses2023-12-3101217358core:RevaluationReserve2023-12-3101217358core:RevaluationReserve2022-12-3101217358bus:Director12024-01-012024-12-3101217358bus:Director72024-01-012024-12-3101217358core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3101217358core:LandBuildingscore:LongLeaseholdAssets2024-01-012024-12-3101217358core:PlantMachinery2024-01-012024-12-3101217358core:MotorVehicles2024-01-012024-12-31012173582023-01-012023-12-3101217358core:UKTax2024-01-012024-12-3101217358core:UKTax2023-01-012023-12-3101217358core:LandBuildings2023-12-3101217358core:OtherPropertyPlantEquipment2023-12-31012173582023-12-3101217358core:LandBuildings2024-01-012024-12-3101217358core:OtherPropertyPlantEquipment2024-01-012024-12-3101217358core:WithinOneYear2024-12-3101217358core:WithinOneYear2023-12-3101217358core:RevaluationReserve2024-01-012024-12-3101217358bus:PrivateLimitedCompanyLtd2024-01-012024-12-3101217358bus:FRS1022024-01-012024-12-3101217358bus:Audited2024-01-012024-12-3101217358bus:Director22024-01-012024-12-3101217358bus:Director32024-01-012024-12-3101217358bus:Director42024-01-012024-12-3101217358bus:Director52024-01-012024-12-3101217358bus:Director62024-01-012024-12-3101217358bus:CompanySecretary12024-01-012024-12-3101217358bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3101217358bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP