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REGISTERED NUMBER: 00604930 (England and Wales)















SALTER & SON LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022






SALTER & SON LIMITED (REGISTERED NUMBER: 00604930)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022










Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


SALTER & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022







Director: A J H Salter





Registered office: Mountside House
Avenue Road
Ingatestone
CM4 9HB





Registered number: 00604930 (England and Wales)





Accountants: Roberts & Co
Chartered Accountants
2 Tower House
Hoddesdon
Hertfordshire
EN11 8UR

SALTER & SON LIMITED (REGISTERED NUMBER: 00604930)

BALANCE SHEET
31 MAY 2022

2022 2021
Notes £ £ £ £
Fixed assets
Investment property 4 825,000 1,012,500

Current assets
Debtors 5 30,344 41,231
Cash at bank 49,821 84,206
80,165 125,437
Creditors
Amounts falling due within one year 6 12,462 36,032
Net current assets 67,703 89,405
Total assets less current liabilities 892,703 1,101,905

Provisions for liabilities 106,917 145,620
Net assets 785,786 956,285

Capital and reserves
Called up share capital 7 10,000 10,000
Retained earnings 8 775,786 946,285
Shareholders' funds 785,786 956,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 August 2022 and were signed by:





A J H Salter - Director


SALTER & SON LIMITED (REGISTERED NUMBER: 00604930)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022


1. Statutory information

Salter & 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.

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.

Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

3. Employees and directors

The average number of employees during the year was 1 (2021 - 1 ) .

4. Investment property
Total
£
Fair value
At 1 June 2021 1,012,500
Revaluations (187,500 )
At 31 May 2022 825,000
Net book value
At 31 May 2022 825,000
At 31 May 2021 1,012,500

Included in fair value of investment property is freehold land of £ 700,000 (2021 - £ 700,000 ) which is not depreciated.

Fair value at 31 May 2022 is represented by:
£
Valuation in 2017 700,000
Valuation in 2018 312,500
Valuation in 2022 (187,500 )
825,000

SALTER & SON LIMITED (REGISTERED NUMBER: 00604930)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022


5. Debtors: amounts falling due within one year
2022 2021
£ £
Trade debtors - 11,696
Other debtors 14,620 11,505
Directors' loan accounts 12,887 16,682
Prepayments 2,837 1,348
30,344 41,231

6. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax payable - 4,501
PAYE control account 42 91
Other creditors - 20,000
Accrued expenses 11,440 11,440
Deferred income 980 -
12,462 36,032

7. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
10,000 Ordinary £1 10,000 10,000

8. Reserves
Retained
earnings
£

At 1 June 2021 946,285
Deficit for the year (154,499 )
Dividends (16,000 )
At 31 May 2022 775,786