John Ling & Son Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02033617 (England and Wales)

JOHN LING & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mrs S Harris

Mrs S Ling

J S Ling

J Ling

H J B Harris

Mrs D Ling

REGISTERED OFFICE:

27-29 Lumley Avenue

Skegness

Lincolnshire

PE25 2AT

REGISTERED NUMBER:

02033617 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

27-29 Lumley Avenue

Skegness

Lincolnshire

PE25 2AT

BANKERS:

Santander

Bridle Road

Bootle

Merseyside

L30 4GB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

3,442,215

2,934,328

Investment property

6

957,998

957,998

4,400,213

3,892,326

CURRENT ASSETS

Stocks

169,364

124,278

Debtors

7

937,643

775,101

Cash at bank and in hand

1,045,499

1,358,479

2,152,506

2,257,858

CREDITORS

Amounts falling due within one year

8

853,616

963,428

NET CURRENT ASSETS

1,298,890

1,294,430

TOTAL ASSETS LESS CURRENT LIABILITIES

5,699,103

5,186,756

CREDITORS

Amounts falling due after more than one year

9

(1,216,815

)

(1,307,878

)

PROVISIONS FOR LIABILITIES

(186,114

)

(136,856

)

NET ASSETS

4,296,174

3,742,022

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

4,291,174

3,737,022

SHAREHOLDERS' FUNDS

4,296,174

3,742,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 and authorised for issue by the Board of Directors and authorised for issue on 17 January 2024 and were signed on its behalf by:

J S Ling - Director

1.	STATUTORY INFORMATION

John Ling & Son 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 25% on reducing balance

Tangible fixed assets are recognised at cost less depreciation.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2022 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

50,000

AMORTISATION

At 1 April 2022

and 31 March 2023

50,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2022

3,129,923

3,687,285

6,817,208

Additions

417,419

483,368

900,787

Disposals

-

(62,096

)

(62,096

)

At 31 March 2023

3,547,342

4,108,557

7,655,899

DEPRECIATION

At 1 April 2022

945,452

2,937,428

3,882,880

Charge for year

138,473

205,007

343,480

Eliminated on disposal

-

(12,676

)

(12,676

)

At 31 March 2023

1,083,925

3,129,759

4,213,684

NET BOOK VALUE

At 31 March 2023

2,463,417

978,798

3,442,215

At 31 March 2022

2,184,471

749,857

2,934,328

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

957,998

NET BOOK VALUE

At 31 March 2023

957,998

At 31 March 2022

957,998

The Directors believe that the cost of the property approximates market value at 31 March 2023.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

831

831

Other debtors

936,812

774,270

937,643

775,101

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

294,903

294,903

Hire purchase contracts

7,081

19,965

Trade creditors

327,676

317,210

Taxation and social security

107,886

202,792

Other creditors

116,070

128,558

853,616

963,428

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,216,815

1,300,797

Hire purchase contracts

-

7,081

1,216,815

1,307,878

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

37,203

331,808

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

1,511,718

1,595,700

Santander UK hold a fixed charge over all the companies freehold properties and a fixed floating charge over all the other company assets.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

Mrs S Harris

Balance outstanding at start of year

175,883

160,801

Amounts advanced

24,630

30,082

Amounts repaid

(10,000

)

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

190,513

175,883

Mrs S Ling

Balance outstanding at start of year

1,535

(9,689

)

Amounts advanced

2,177

11,224

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,712

1,535

J S Ling

Balance outstanding at start of year

279,184

498,655

Amounts advanced

28,427

25,529

Amounts repaid

(10,000

)

(245,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

297,611

279,184

J Ling

Balance outstanding at start of year

26,010

21,298

Amounts advanced

2,180

4,712

Amounts repaid

(881

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,309

26,010

H J B Harris

Balance outstanding at start of year

32,157

28,851

Amounts advanced

10,876

18,306

Amounts repaid

(10,000

)

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

33,033

32,157

Mrs D Ling

Balance outstanding at start of year

22,300

10,719

Amounts advanced

23,632

26,581

Amounts repaid

(10,000

)

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,932

22,300