REGISTERED NUMBER:
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W. HOYES & SONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2022 |
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REGISTERED NUMBER:
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W. HOYES & SONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2022 |
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2022 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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W. HOYES & SONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 5 APRIL 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Rollestone House |
20-22 Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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ABRIDGED BALANCE SHEET |
5 APRIL 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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ABRIDGED BALANCE SHEET - continued |
5 APRIL 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2022 |
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1. | STATUTORY INFORMATION |
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W. Hoyes & Sons Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents self billed net invoiced goods, received from corn and produce merchants, as well as goods invoiced by the company, excluding value added tax. |
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Intangible fixed assets |
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Entitlements - Straight line over 1 year |
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Tangible assets |
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Freehold property | - |
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Farm prop | - |
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Farm implements | - |
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Office equipment | - |
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Motor vehicles | - |
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Tractors | - |
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Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent impairment losses, an increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
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Government grants |
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
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Grants that become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity, with no future related costs shall be recognised in income in the period in which they become receivable. |
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Inventories and valuation |
The professional valuation was carried out by Brown & Co. Chartered Surveyors of Spalding, on the basis of cost of production, using the accepted conventions to arrive at deemed cost where actual costs are not accurately ascertainable. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
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COST |
At 6 April 2021 |
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Reclassification/transfer | ( |
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At 5 April 2022 |
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AMORTISATION |
At 6 April 2021 |
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Amortisation for year |
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Reclassification/transfer | ( |
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At 5 April 2022 |
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NET BOOK VALUE |
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At 5 April 2022 |
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At 5 April 2021 |
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W. HOYES & SONS LIMITED (REGISTERED NUMBER: 01823807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2022 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Totals |
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COST OR VALUATION |
At 6 April 2021 |
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Additions |
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Disposals | ( |
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At 5 April 2022 |
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DEPRECIATION |
At 6 April 2021 |
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Charge for year |
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Revaluation adjustments | ( |
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At 5 April 2022 |
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NET BOOK VALUE |
At 5 April 2022 |
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At 5 April 2021 |
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Cost or valuation at 5 April 2022 is represented by: |
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Totals |
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Cost | 3,833,839 |
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If Farm Properties had not been revalued they would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 187,585 | 187,585 |
Aggregate depreciation | 37,350 | 33,598 |
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Farm Properties were valued on a fair value basis on 5 April 2022 by the company directors . |
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The directors assess the fair value of the properties revalued to be the original cost in which they were purchased. The aggregate depreciation since purchase equates to the balance in the revaluation reserve therefore bringing the revalued amount back up to the original cost of the properties. |
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6. | RESERVES |
Revaluation |
reserve |
£ |
At 6 April 2021 |
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Farm property | 3,752 |
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At 5 April 2022 |
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The amount credited to the revaluation reserve in the year is in respect of the new valuation carried out at the 5 April 2022. No deferred tax adjustment has been accounted for as the new revalued amount isn't greater than the original cost of the property. |