Company No: 00579967 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	0		369
Tangible assets	4	3,579,371		3,578,028
Investment property	5	9,038,325		10,130,000
Investments	6	221,250		221,250
		12,838,946		13,929,647
Current assets
Stocks		0		946,562
Debtors	7	1,823,418		571,410
Cash at bank and in hand		400,275		301,892
		2,223,693		1,819,864
Creditors: amounts falling due within one year	8	( 718,131)		( 1,397,821)
Net current assets		1,505,562		422,043
Total assets less current liabilities		14,344,508		14,351,690
Creditors: amounts falling due after more than one year	9	( 1,871,946)		( 1,985,898)
Net assets		12,472,562		12,365,792
Capital and reserves
Called-up share capital		24,500		24,500
Undistributable reserve		4,224,371		1,252,090
Profit and loss account		8,223,691		11,089,202
Total shareholders' funds		12,472,562		12,365,792

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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of J.H.Haskins & Son Ltd (registered number: 00579967) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

H J Farthing Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J.H.Haskins & Son Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 64 High Street, Shepton Mallet, Somerset, BA4 5AX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
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.

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 trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods, is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.

Revenue from the rental of property, including revenue from service charges and other costs recharged to the tenant, is recognised over the period in which the tenant is occupying the property.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

With regard to the freehold land and buildings, no depreciation is charged as in the opinion of the directors freehold land and buildings maintain residual value at least equal to their book values. Any depreciation charge would be immaterial to the financial statements.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and direct labour. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Other Operating Income

Other Operating Income is income revenue from the rental of property, including revenue from service charges and other costs recharged to the tenant, is recognised over the period in which the tenant is occupying the property.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	23		23

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 January 2024	6,363		6,363
At 31 December 2024	6,363		6,363
Accumulated amortisation
At 01 January 2024	5,994		5,994
Charge for the financial year	369		369
At 31 December 2024	6,363		6,363
Net book value
At 31 December 2024	0		0
At 31 December 2023	369		369

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost/Valuation
At 01 January 2024	3,400,000		655,400		117,836		4,173,236
Additions	0		4,375		54,004		58,379
Disposals	0		( 444,551)		0		( 444,551)
At 31 December 2024	3,400,000		215,224		171,840		3,787,064
Accumulated depreciation
At 01 January 2024	0		519,294		75,914		595,208
Charge for the financial year	0		20,637		19,481		40,118
Disposals	0		( 427,633)		0		( 427,633)
At 31 December 2024	0		112,298		95,395		207,693
Net book value
At 31 December 2024	3,400,000		102,926		76,445		3,579,371
At 31 December 2023	3,400,000		136,106		41,922		3,578,028

Revaluation of tangible assets

Freehold land and buildings with a carrying amount of £3,400,000 (2023 - £3,400,000) were valued by the directors at the year end. The directors are satisfied that the carrying amount represents the market value of all of the freehold land and buildings as at the balance sheet date.

If revalued assets were stated on historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

	2024		2023
	£		£
Historical cost	2,148,104		2,148,104
Carrying value	2,148,104		2,148,104

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	10,130,000
Additions	3,325
Fair value movement	265,000
Disposals	(1,360,000)
As at 31 December 2024	9,038,325

Valuation

Investment properties with a carrying amount of £9,038,325 (2023 - £10,130,000) have been revalued. Some properties were revalued in May 2022 by Carter Jonas, one property on 30 June 2017 by Fleurets, and others on 1 March 2017 by Davies & Way and Cushman & Wakefield, four firms of independent chartered surveyors not connected with the company, on the basis of market value. The valuations conform to International Valuation Standards and were based on recent market transactions on arm's length terms. The directors are satisfied that the carrying amount represents the market value of the properties as at the balance sheet date.

6. Fixed asset investments

	2024		2023
	£		£
Subsidiary undertakings	221,250		221,250

7. Debtors

	2024		2023
	£		£
Trade debtors	46,491		90,566
Amounts owed by Group undertakings	1,701,187		229,257
Deferred tax asset	0		59,374
Other debtors	75,740		192,213
	1,823,418		571,410

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts (secured)	143,995		206,344
Trade creditors	42,679		711,302
Taxation and social security	77,665		113,117
Obligations under finance leases and hire purchase contracts (secured)	2,375		27,669
Other creditors	451,417		339,389
	718,131		1,397,821

Bank loans are secured by a legal mortgage on investment property with a book value of £8,000,000.00 (2023: £8,000,000.00).
Hire purchase are secured against the asset in which they relate.

9. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	1,511,903		1,655,898
Obligations under finance leases and hire purchase contracts (secured)	30,043		0
Other creditors	330,000		330,000
	1,871,946		1,985,898

Bank loans are secured by a legal mortgage on investment property with a book value of £8,000,000.00 (2023: £8,000,000.00).
Hire purchase are secured against the asset in which they relate.
The amounts payable other than by instalments below, which fall due after five years, represent preference shares treated as debt.

Preference Shares of £330,000 are included other creditors. The Preference Shares shall not entitle the holders to vote at general meetings. Each Preference Share shall entitle the holder to receive a cumulative preferential cash dividend of 9% per annum. The Preference dividend shall be paid in priority to any dividend on the issued Ordinary Share capital and will take priority in a winding up. In the event of a wind up the Preference Shares will be repaid at par.

10. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2024, the balance owed by the director was £nil. During the year, £1,791 was advanced to the director, and £1,741 was repaid by the director. At 31 December 2024, the balance owed by the director was £50.

Other related party transactions

During the year, the company advanced a loan from an associated company, Haskins Furniture Shepton Mallet Ltd, which is interest free and repayable on demand. At the balance sheet date, the amount due included within debtors was £174,651 (2023: £212,457).

During the year, the company advanced a loan from an associated company, Anglo-Trading Estate Ltd, which is interest free and repayable on demand. At the balance sheet date, the amount due included within debtors was £1,526,536 (2023: £16,800).