Company Registration No. 04216674 (England and Wales)
R T JULIAN & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
The Old Carriage Works
Moresk Road
Truro
Cornwall
United Kingdom
TR1 1DG
R T JULIAN & SON LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
R T JULIAN & SON LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
30 October 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,095,636
4,925,229
Investment property
5
1,314,273
1,302,574
Investments
201
201
6,410,110
6,228,004
Current assets
Stocks
-
15,057
Debtors
6
2,688,304
2,318,082
Cash at bank and in hand
388,518
1,393,686
3,076,822
3,726,825
Creditors: amounts falling due within one year
8
(980,428)
(870,522)
Net current assets
2,096,394
2,856,303
Total assets less current liabilities
8,506,504
9,084,307
Creditors: amounts falling due after more than one year
9
(7,413,895)
(7,754,951)
Provisions for liabilities
11
(483,815)
(612,155)
Net assets
608,794
717,201
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
608,694
717,101
Total equity
608,794
717,201
R T JULIAN & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
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 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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 26 July 2025
Mr BJ Julian
Director
Company registration number 04216674 (England and Wales)
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
R T Julian & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Treloggan Industrial Estate, Newquay, Cornwall, England, TR7 2SX.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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..
Rent income from tenants is recognised in the period for which rental income accrues, spread evenly over the course of the underlying lease.
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.
1.3
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.
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold land and buildings
2% on cost and 5% on cost
Plant and equipment
10% on cost and straight live over 7 years
Fixtures and fittings
25% on cost
Motor vehicles
20% on cost
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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.
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
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.
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.
1.9
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.
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
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 profit and loss account, 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.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
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.
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 7 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
15
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
5,209,746
1,274,591
6,484,337
Additions
470,035
23,285
493,320
At 31 October 2024
5,679,781
1,297,876
6,977,657
Depreciation and impairment
At 1 May 2023
717,274
841,834
1,559,108
Depreciation charged in the year
151,066
171,847
322,913
At 31 October 2024
868,340
1,013,681
1,882,021
Carrying amount
At 31 October 2024
4,811,441
284,195
5,095,636
At 30 April 2023
4,492,472
432,757
4,925,229
Land and buildings included assets under construction costing £637,432 at 31 October 2024. (2023: £380,562.) The assets have not been depreciated.
Assets purchase using Hire Purchase had carrying values of £nil (2023: £43,539) with deprecation charged of £nil (2023: £14,513.) The asset purchased is secured upon the underlying asset purchased.
5
Investment property
2024
£
Fair value
At 1 May 2023
1,302,574
Additions
11,699
At 31 October 2024
1,314,273
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Investment property
(Continued)
- 9 -
Land and buildings included assets under construction costing £nil at 31 October 2024. (2023: £430,050.)
The investment properties are currently valued at cost by the Director.
Included within the carrying value are £11,699 of assets purchased using Hire Purchase. The assets purchased on secured on the underlying assets purchased. The asset is not being depreciated.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,415
50,745
Amounts owed by group undertakings
5,505
5,000
Other debtors
524,035
375,732
561,955
431,477
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,126,349
1,886,605
Total debtors
2,688,304
2,318,082
7
Ring Fenced Cash
Within the cash balance held at 31 October 2024 of £388,518, there was ring fenced cash of £77,620 that could only be used by specific purposes.
At 30 April 2023, cash was held totalling £1,393,686. Of this, £939,750 was ring fenced for specific purposes.
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
244,246
230,914
Trade creditors
29,574
262,594
Amounts owed to group undertakings
142
464
Corporation tax
173,957
99,288
Other taxation and social security
68,261
33,267
Other creditors
464,248
243,995
980,428
870,522
The director has provided personal security against the secured debts of the company in relation to the company's lenders.
The company's lenders have fixed and floating charges over both Leasehold and Investment Properties, including those own by the group holding company R T Julian & Son (Holdings) Limited.
Other creditors relate to purchases of assets under hire purchase, with the liability being secured on the asset purchase.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,379,765
7,750,070
Other creditors
34,130
4,881
7,413,895
7,754,951
The director has provided personal security against the secured debts of the company in relation to the company's lenders.
The company's lenders have fixed and floating charges over both Leasehold and Investment Properties, including those own by the group holding company R T Julian & Son (Holdings) Limited.
Other creditors relate to purchases of assets under hire purchase, with the liability being secured on the asset purchase.
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
10
Hire purchase obligations
2024
2023
Future minimum lease payments due under hire purchase
£
£
Within one year
22,700
16,534
In two to five years
34,130
4,881
56,830
21,415
Hire purchase payments represent rentals payable by the company for certain items of plant and machinery, investment property additions, and inter-group financing. Hire purchase include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
11
Provisions for liabilities
2024
2023
£
£
Retrospective rates and planning costs
210,494
301,003
Deferred tax liabilities
12
273,321
311,152
483,815
612,155
Movements on provisions apart from deferred tax liabilities:
Retrospective rates and planning costs
£
At 1 May 2023
301,003
Additional provisions in the year
50,308
Reversal of provision
(112,452)
Utilisation of provision
(28,365)
At 31 October 2024
210,494
More details on the underlying reasons for the provisions is outlined in note 3.
R T JULIAN & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
12
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
269,771
307,602
Tax losses
3,550
3,550
273,321
311,152
2024
Movements in the year:
£
Liability at 1 May 2023
311,152
Credit to profit or loss
(37,831)
Liability at 31 October 2024
273,321
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
13
Related party transactions
The director introduced net funds into his Director's current account of £360,000 and withdrew net funds of £532,789.
At 31 October 2024, the Director owed the Company £400,889 (2023: £228,100).
Loans to the Director by the company are subject to interest at HM Revenue and Customs prescribed interest rates. The loan is repayable on demand.
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