John Cornthwaite (Farm Machinery) - Accounts to registrar (filleted)

REGISTERED NUMBER: 01344109 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2026

FOR

JOHN CORNTHWAITE (FARM MACHINERY)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Cornthwaite

Mrs C M Whiteside

REGISTERED OFFICE:

Elm Farm

Station Lane

Nateby

Preston

Lancashire

PR3 0LT

REGISTERED NUMBER:

01344109 (England and Wales)

ACCOUNTANTS:

SBCA

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Tangible assets

4

2,340,092

2,380,454

CURRENT ASSETS

Stocks

5

3,371,950

4,206,997

Debtors

6

1,030,162

967,936

Cash at bank

69

14

4,402,181

5,174,947

CREDITORS

Amounts falling due within one year

7

(3,402,184

)

(3,921,734

)

NET CURRENT ASSETS

999,997

1,253,213

TOTAL ASSETS LESS CURRENT LIABILITIES

3,340,089

3,633,667

CREDITORS

Amounts falling due after more than
one year

8

(187,500

)

(35,115

)

PROVISIONS FOR LIABILITIES

10

(77,537

)

(158,028

)

NET ASSETS

3,075,052

3,440,524

CAPITAL AND RESERVES

Called up share capital

11

300

Fair Value Reserve

12

1,053,828

Capital redemption reserve

12

100

Retained earnings

12

2,020,824

2,386,296

SHAREHOLDER FUNDS

3,075,052

3,440,524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2026 and were signed on its behalf by:

Mr J Cornthwaite - Director

1.	STATUTORY INFORMATION

John Cornthwaite (Farm Machinery) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions in applying the Company's accounting policies such as depreciation rates and estimated useful lives of assets. Estimates and underlying assumptions are reviewed on an ongoing basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

20% on cost

Assets for hire

-

at varying rates on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 cash flows 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 and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows 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 the 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 rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2025 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Assets

property

machinery

vehicles

for hire

Totals

£

COST OR VALUATION

At 1st February 2025

2,414,631

118,583

244,540

134,633

2,912,387

Additions

-

16,548

-

16,548

Disposals

-

(16,952

)

-

(16,952

)

At 31st January 2026

2,414,631

118,179

244,540

134,633

2,911,983

DEPRECIATION

At 1st February 2025

121,987

111,152

210,948

87,846

531,933

Charge for year

7,356

9,509

14,501

25,533

56,899

Eliminated on disposal

-

(16,941

)

-

(16,941

)

At 31st January 2026

129,343

103,720

225,449

113,379

571,891

NET BOOK VALUE

At 31st January 2026

2,285,288

14,459

19,091

21,254

2,340,092

At 31st January 2025

2,292,644

7,431

33,592

46,787

2,380,454

Cost or valuation at 31st January 2026 is represented by:

Freehold

Plant and

Motor

Assets

property

machinery

vehicles

for hire

Totals

£

Valuation in 2024

1,274,134

-

1,274,134

Cost

1,140,497

118,179

244,540

134,633

1,637,849

2,414,631

118,179

244,540

134,633

2,911,983

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.1.26

31.1.25

£

Cost

1,140,497

Value of land in freehold land and buildings

2,414,631

Freehold land and buildings were valued on an open market basis on 31st January 2026 by the directors .

5.

STOCKS

31.1.26

31.1.25

£

Parts

451,491

480,255

Work-in-progress

4,450

53,837

Finished goods

2,916,009

3,672,905

3,371,950

4,206,997

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.1.25

£

Trade debtors

1,006,607

946,189

Other debtors

23,555

21,747

1,030,162

967,936

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.1.25

£

Bank loans and overdrafts

777,978

1,137,875

Hire purchase contracts

26,000

39,000

Trade creditors

1,991,433

2,109,425

Taxation and social security

98,737

92,892

Other creditors

508,036

542,542

3,402,184

3,921,734

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.26

31.1.25

£

Bank loans

187,500

9,115

Hire purchase contracts

-

26,000

187,500

35,115

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.26

31.1.25

£

Bank Loans

246,615

19,115

Stocking loans

882,113

787,818

1,128,728

806,933

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future dated 15 April 2009.

First Legal Charge dated 15 April 2009 over Freehold Property known as Elm Farm and The Orchard, Station Lane, Nateby, Lancashire.

Stocking loans are secured against the assets to which the relate to.

10.	PROVISIONS FOR LIABILITIES

31.1.26

31.1.25

£

Deferred tax

Accelerated capital allowances

3,925

9,780

Tax losses carried forward

(146,694

)

(72,058

)

Deferred tax

220,306

77,537

158,028

Deferred

tax

£

Balance at 1st February 2025

158,028

Credit to Statement of Income and Retained Earnings during
year

(80,491

)

Balance at 31st January 2026

77,537

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.26

31.1.25

value:

£

300

Ordinary A

£1

300

12.

RESERVES

Fair

Capital

Retained

Value

redemption

earnings

Reserve

reserve

Totals

£

At 1st February 2025

2,386,296

1,053,828

100

3,440,224

Deficit for the year

(365,472

)

(365,472

)

At 31st January 2026

2,020,824

1,053,828

100

3,074,752