Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-01falseThe principal activity is that of a holding company.truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10837633 2022-03-01 2023-02-28 10837633 2021-03-01 2022-02-28 10837633 2023-02-28 10837633 2022-02-28 10837633 2021-03-01 10837633 c:Director1 2022-03-01 2023-02-28 10837633 c:Director2 2022-03-01 2023-02-28 10837633 d:PlantMachinery 2022-03-01 2023-02-28 10837633 d:OfficeEquipment 2022-03-01 2023-02-28 10837633 d:ComputerEquipment 2022-03-01 2023-02-28 10837633 d:CurrentFinancialInstruments 2023-02-28 10837633 d:CurrentFinancialInstruments 2022-02-28 10837633 d:Non-currentFinancialInstruments 2023-02-28 10837633 d:Non-currentFinancialInstruments 2022-02-28 10837633 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10837633 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10837633 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10837633 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 10837633 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 10837633 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 10837633 d:ShareCapital 2023-02-28 10837633 d:ShareCapital 2022-02-28 10837633 d:ShareCapital 2021-03-01 10837633 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 10837633 d:RetainedEarningsAccumulatedLosses 2023-02-28 10837633 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 10837633 d:RetainedEarningsAccumulatedLosses 2022-02-28 10837633 d:RetainedEarningsAccumulatedLosses 2021-03-01 10837633 c:OrdinaryShareClass1 2022-03-01 2023-02-28 10837633 c:OrdinaryShareClass1 2023-02-28 10837633 c:OrdinaryShareClass1 2022-02-28 10837633 c:OrdinaryShareClass2 2022-03-01 2023-02-28 10837633 c:OrdinaryShareClass2 2023-02-28 10837633 c:OrdinaryShareClass2 2022-02-28 10837633 c:FRS102 2022-03-01 2023-02-28 10837633 c:IndependentExaminationCharity 2022-03-01 2023-02-28 10837633 c:FullAccounts 2022-03-01 2023-02-28 10837633 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10837633 d:Subsidiary1 2022-03-01 2023-02-28 10837633 d:Subsidiary1 1 2022-03-01 2023-02-28 10837633 d:Subsidiary2 2022-03-01 2023-02-28 10837633 d:Subsidiary2 1 2022-03-01 2023-02-28 10837633 d:Subsidiary3 2022-03-01 2023-02-28 10837633 d:Subsidiary3 1 2022-03-01 2023-02-28 10837633 c:Consolidated 2023-02-28 10837633 c:ConsolidatedGroupCompanyAccounts 2022-03-01 2023-02-28 10837633 6 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10837633










Somers Hills Limited










Financial statements

Information for filing with the registrar

For the year ended 28 February 2023





 
Somers Hills Limited
Registered number: 10837633

Consolidated balance sheet
As at 28 February 2023

28 February 2023
28 February 2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
920,166
1,120,962

Tangible fixed assets
  
18,211
39,568

  
938,377
1,160,530

Current assets
  

Stocks
  
345,214
154,183

Debtors: amounts falling due within one year
 8 
2,213,245
3,371,400

Cash at bank and in hand
  
723,188
1,591,474

  
3,281,647
5,117,057

Creditors: amounts falling due within one year
 9 
(2,980,261)
(4,855,787)

Net current assets
  
 
 
301,386
 
 
261,270

Total assets less current liabilities
  
1,239,763
1,421,800

Creditors: amounts falling due after more than one year
 10 
-
(306,666)

Provisions for liabilities
  

Deferred taxation
 12 
-
(3,288)

  
 
 
-
 
 
(3,288)

Net assets
  
1,239,763
1,111,846


Capital and reserves
  

Called up share capital 
 13 
214,400
214,400

Profit and loss account
  
1,025,363
897,446

Equity attributable to owners of the parent Company
  
1,239,763
1,111,846


Page 1

 
Somers Hills Limited
Registered number: 10837633

Consolidated balance sheet (continued)
As at 28 February 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
S C Merritt
................................................
M James
Director
Director
Date: 14 September 2023

The notes on pages 6 to 16 form part of these financial statements.

Page 2

 
Somers Hills Limited
Registered number: 10837633

Company balance sheet
As at 28 February 2023

28 February 2023
28 February 2022
Note
£
£

Fixed assets
  

Fixed asset investments
  
4,591,553
4,591,553

  
4,591,553
4,591,553

  

Creditors: amounts falling due within one year
 9 
(2,669,039)
(2,681,004)

Net current liabilities
  
 
 
(2,669,039)
 
 
(2,681,004)

Total assets less current liabilities
  
1,922,514
1,910,549

  

Creditors: amounts falling due after more than one year
 10 
-
(306,666)

  

Net assets
  
1,922,514
1,603,883


Capital and reserves
  

Called up share capital 
 13 
214,400
214,400

Profit and loss account brought forward
  
1,389,483
826,536

Profit for the year
  
318,631
562,947

Profit and loss account carried forward
  
1,708,114
1,389,483

  
1,922,514
1,603,883


The Directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S C Merritt
................................................
M James
Director
Director
Date: 14 September 2023

The notes on pages 6 to 16 form part of these financial statements.

Page 3

 
Somers Hills Limited
 

Consolidated statement of changes in equity
For the year ended 28 February 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2021
214,400
629,113
843,513



Profit for the year
-
265,660
265,660

Currency translation differences
-
2,673
2,673
Total comprehensive income for the year
-
268,333
268,333



At 1 March 2022
214,400
897,446
1,111,846



Profit for the year
-
133,461
133,461

Currency translation differences
-
(5,544)
(5,544)
Total comprehensive income for the year
-
127,917
127,917


At 28 February 2023
214,400
1,025,363
1,239,763


The notes on pages 6 to 16 form part of these financial statements.

Page 4

 
Somers Hills Limited
 

Company statement of changes in equity
For the year ended 28 February 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2021
214,400
826,536
1,040,936



Profit for the year
-
562,947
562,947



At 1 March 2022
214,400
1,389,483
1,603,883



Profit for the year
-
318,631
318,631


At 28 February 2023
214,400
1,708,114
1,922,514


The notes on pages 6 to 16 form part of these financial statements.

Page 5

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

1.


General information

Somers Hills Limited is a private company limited by shares and is incorporated in England with the
registration number 10837633. The address of the registered office is EPP House, Unit 8/9 Epsom
Business Park, Epsom, Surrey, KT17 1JF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

All foreign exchange gains and losses are presented in the Consolidated statement of income and
retained earnings within 'Administrative expenses'.

Page 6

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life, which is considered to be 10 years.

Page 7

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 8

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



Page 9

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and
assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
The nature of estimation is such though that actual outcomes could differ significantly from those
estimates.
The following judgements have had the most significant impact on amounts recognised in the financial
statements:
Goodwill
The group has recognised goodwill arising from business combinations with a carrying value of £920,166 at the reporting date (see note 5). On acquisition the group determined a reliable estimate of the useful life of goodwill based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash flows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill.
The group considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows.


4.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 22).

Page 10

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

5.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 March 2022
1,985,852



At 28 February 2023

1,985,852



Amortisation


At 1 March 2022
864,890


Charge for the year on owned assets
200,796



At 28 February 2023

1,065,686



Net book value



At 28 February 2023
920,166



At 28 February 2022
1,120,962



Page 11

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

6.


Tangible fixed assets

Group






Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2022
7,100
90,704
56,572
154,376



At 28 February 2023

7,100
90,704
56,572
154,376



Depreciation


At 1 March 2022
592
90,451
23,765
114,808


Charge for the year on owned assets
1,420
253
19,684
21,357



At 28 February 2023

2,012
90,704
43,449
136,165



Net book value



At 28 February 2023
5,088
-
13,123
18,211



At 28 February 2022
6,508
253
32,807
39,568


7.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 March 2022
4,591,553



At 28 February 2023
4,591,553




Page 12

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Chesswood Limited
Holding company
Ordinary
100%
European Process Plant Limited
The supply of bakery equipment
Ordinary
100%
Somers Hills (EPP Ireland) Limited
The supply of bakery equipment
Ordinary
100%


8.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
945,479
1,449,641

Other debtors
970
100

Prepayments and accrued income
1,266,349
1,921,659

Deferred taxation
447
-

2,213,245
3,371,400



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
306,668
306,667
306,668
306,667

Trade creditors
744,014
1,312,672
-
-

Amounts owed to group undertakings
-
-
2,362,371
2,374,337

Corporation tax
78,158
103,824
-
-

Other taxation and social security
282,641
584,851
-
-

Accruals and deferred income
1,568,780
2,547,773
-
-

2,980,261
4,855,787
2,669,039
2,681,004



10.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
-
306,666
-
306,666

-
306,666
-
306,666


Page 13

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

11.


Loans

Bank loans
During 2018, Somers Hills Limited took out a £1,500,000 loan with AIB Group (UK) plc. The loan was
secured by fixed and floating charges over all of the Company's assets.
Interest on the loan was been agreed at LIBOR+4.5%. The outstanding loan balance was fully repaid by
installments during 2022.
 
Loan notes
Somers Hills Limited has issued £800,000 of 5% fixed rate loan notes payable to J D Mitchell and K J
Stalker. The loan notes are secured by fixed and floating charges over all of the Company's assets.
Interest on the loan notes has been agreed at 5% above Bank of England base rate per annum on any
amounts outstanding with effect from March 2021.
The loan notes are repayable by installments beginning March 2021 and ending December 2023.


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Other loans
306,668
306,667
306,668
306,667


306,668
306,667
306,668
306,667


Amounts falling due 2-5 years

Other loans
-
306,666
-
306,666


-
306,666
-
306,666


306,668
613,333
306,668
613,333


Page 14

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

12.


Deferred taxation


Group



2023


£






At beginning of year
(3,288)


Charged to profit or loss
3,735



At end of year
447

Group
Group
2023
2022
£
£

Decelerated / (Accelerated) capital allowances
447
(3,288)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



150,080 (2022 - 150,080) Ordinary A shares of £1 each
150,080
150,080
64,320 (2022 - 64,320) Ordinary B shares of £1 each
64,320
64,320

214,400

214,400



14.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge
represents contributions payable by the Group to the fund and amounted to £71,856 (2022 - £69,126).
Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date.


15.


Commitments under operating leases

At 28 February 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Total minimum lease payments
65,544
230,395
Page 15

 
Somers Hills Limited
 

 
Notes to the financial statements
For the year ended 28 February 2023

16.


Controlling party

The Group has no controlling shareholders. 


Page 16