J Alston & Sons Limited Filleted accounts for Companies House (small and micro)

J Alston & Sons Limited Filleted accounts for Companies House (small and micro)

J ALSTON & SONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00459695
J Alston & Sons Limited
Unaudited financial statements
31 December 2021
J Alston & Sons Limited
Statement of financial position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Intangible assets
5
132,629
132,629
Tangible assets
6
12,464,723
12,246,324
Investments
7
98,850
98,850
------------
------------
12,696,202
12,477,803
Current assets
Stocks
8
1,487,397
1,274,453
Debtors
9
704,490
831,267
Cash at bank and in hand
5,756
11,114
-----------
-----------
2,197,643
2,116,834
Creditors: Amounts falling due within one year
10
( 1,518,313)
( 1,361,301)
-----------
-----------
Net current assets
679,330
755,533
------------
------------
Total assets less current liabilities
13,375,532
13,233,336
Creditors: Amounts falling due after more than one year
11
( 6,831,500)
( 7,029,346)
Provisions
Taxation including deferred tax
( 540,020)
( 583,304)
------------
------------
Net assets
6,004,012
5,620,686
------------
------------
Capital and reserves
Called up share capital
13
20,000
20,000
Revaluation reserve
3,456,185
3,093,224
Profit and loss account
2,527,827
2,507,462
-----------
-----------
Shareholders funds
6,004,012
5,620,686
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2021 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J Alston & Sons Limited
Statement of financial position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 21 December 2022 , and are signed on behalf of the board by:
Mr J A Alston
Director
Company registration number: 00459695
J Alston & Sons Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Park Farm, Silfield, Wymondham, Norfolk, NR19 9NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the amount of goods and services provided during the year, exclusive of Value Added Tax. Turnover is recognised when the goods are physically delivered or the services are actually provided to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% or 10% straight line
Plant and Machinery
-
15% straight line and 25% reducing balance
Office Equipment
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Freehold land is not depreciated.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Investments are included at cost less provision for diminution in value. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.
Investment income comprises dividends declared during the accounting year and interest receivable on listed and unlisted companies.
Stocks
Commodity stocks and cultivations are valued at the lower of cost and net realisable value by the directors, after making due allowance for obsolete and slow moving items. The valuation of crops in store and cultivations includes an element of depreciation.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Staff costs
The average number of employees during the year was 6 (2020: 5 ).
5. Intangible assets
Entitlements
£
Cost
At 1 January 2021 and 31 December 2021
132,629
---------
Amortisation
At 1 January 2021 and 31 December 2021
–
---------
Carrying amount
At 31 December 2021
132,629
---------
At 31 December 2020
132,629
---------
The entitlements in respect of the Basic Payment Scheme have been reflected at their fair value of £61 per acre. (2020 - £61 per acre)
6. Tangible assets
Freehold land and buildings
Plant and machinery
Office equipment
Motor vehicles
Investment properties
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2021
6,580,500
1,914,118
9,355
38,932
5,550,511
14,093,416
Additions
–
63,093
1,390
–
–
64,483
Disposals
–
( 6,800)
–
–
–
( 6,800)
Revaluations
–
–
–
–
340,821
340,821
-----------
-----------
-------
-------
-----------
------------
At 31 December 2021
6,580,500
1,970,411
10,745
38,932
5,891,332
14,491,920
-----------
-----------
-------
-------
-----------
------------
Depreciation
At 1 January 2021
494,580
1,312,665
5,244
34,603
–
1,847,092
Charge for the year
8,463
176,789
550
1,082
–
186,884
Disposals
–
( 6,779)
–
–
–
( 6,779)
-----------
-----------
-------
-------
-----------
------------
At 31 December 2021
503,043
1,482,675
5,794
35,685
–
2,027,197
-----------
-----------
-------
-------
-----------
------------
Carrying amount
At 31 December 2021
6,077,457
487,736
4,951
3,247
5,891,332
12,464,723
-----------
-----------
-------
-------
-----------
------------
At 31 December 2020
6,085,920
601,453
4,111
4,329
5,550,511
12,246,324
-----------
-----------
-------
-------
-----------
------------
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in the profit and loss.
Included within freehold land and buildings is an amount of £5,916,680 (2020 - £5,916,680) which relates to land.
7. Investments
Other investments other than loans
£
Cost
At 1 January 2021 and 31 December 2021
98,850
-------
Impairment
At 1 January 2021 and 31 December 2021
–
-------
Carrying amount
At 31 December 2021
98,850
-------
At 31 December 2020
98,850
-------
Included in the above are unlisted investments of £98,850 (2020 - £98,850).
8. Stocks
2021
2020
£
£
Raw materials and consumables
917,643
763,965
Building development
569,754
510,488
-----------
-----------
1,487,397
1,274,453
-----------
-----------
9. Debtors
2021
2020
£
£
Trade debtors
75,576
279,953
Other debtors
628,914
551,314
---------
---------
704,490
831,267
---------
---------
The debtors above include the following amounts falling due after more than one year:
2021
2020
£
£
Other debtors
–
5,041
----
------
10. Creditors: Amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
1,012,182
871,033
Trade creditors
132,232
77,579
Social security and other taxes
220,170
231,557
Other creditors
153,729
181,132
-----------
-----------
1,518,313
1,361,301
-----------
-----------
Included in creditors falling due within one year are bank loans and overdrafts of £1,012,182 (2020 - £871,033) and hire purchase agreements of £68,292 (2020 - £105,514) secured by the company.
11. Creditors: Amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
6,816,273
6,945,797
Other creditors
15,227
83,549
-----------
-----------
6,831,500
7,029,346
-----------
-----------
Included in the above are bank loans totalling £5,338,701 (2020 - £5,389,696) which are due for repayment more than 5 years from the balance sheet date.
Included in creditors falling due after more than one year are bank loans and overdrafts of £6,816,273 (2020 - £6,945,797) and hire purchase agreements of £15,227 (2020 - £83,549) secured by the company.
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2021
2020
£
£
Financial assets measured at fair value through profit or loss
Unlisted investments
98,850
98,850
-------
-------
13. Called up share capital
Authorised share capital
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
64,900
64,900
64,900
64,900
Ordinary 'A' shares of £ 1 each
400
400
400
400
Ordinary 'B' shares of £ 1 each
1,525
1,525
1,525
1,525
Ordinary 'C' shares of £ 1 each
1,525
1,525
1,525
1,525
Ordinary 'D' shares of £ 1 each
1,525
1,525
1,525
1,525
Ordinary 'E' shares of £1 each
1,525
1,525
1,525
1,525
Ordinary 'F' shares of £1 each
2,000
2,000
2,000
2,000
Ordinary 'G' shares of £1 each
1,600
1,600
1,600
1,600
-------
-------
-------
-------
75,000
75,000
75,000
75,000
-------
-------
-------
-------
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
9,900
9,900
9,900
9,900
Ordinary 'A' shares of £ 1 each
400
400
400
400
Ordinary 'B' shares of £ 1 each
1,525
1,525
1,525
1,525
Ordinary 'C' shares of £ 1 each
1,525
1,525
1,525
1,525
Ordinary 'D' shares of £ 1 each
1,525
1,525
1,525
1,525
Ordinary 'E' shares of £1 each
1,525
1,525
1,525
1,525
Ordinary 'F' shares of £1 each
2,000
2,000
2,000
2,000
Ordinary 'G' shares of £1 each
1,600
1,600
1,600
1,600
-------
-------
-------
-------
20,000
20,000
20,000
20,000
-------
-------
-------
-------
All shares rank pari passu.
14. Transactions with the directors
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Alston
10,131
7,824
( 17,955)
–
Mr J A Alston
164,388
343,663
( 278,400)
229,651
---------
---------
---------
---------
174,519
351,487
( 296,355)
229,651
---------
---------
---------
---------
2020
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Alston
( 19,163)
29,294
–
10,131
Mr J A Alston
202,449
186,939
( 225,000)
164,388
---------
---------
---------
---------
183,286
216,233
( 225,000)
174,519
---------
---------
---------
---------
Included within debtors at the year end are directors loan accounts totalling £229,651 (2020: £174,519). The maximum total overdrawn balance during the year was £250,166 (2020: £327,480). Interest of £5,212 (2020: £5,849) was charged at the official rate.