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COMPANY REGISTRATION NUMBER: 01645290
SKEG GRAIN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
SKEG GRAIN LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
3,416,402
3,441,762
Investments
6
100
100
------------
------------
3,416,502
3,441,862
Current assets
Stocks
45,138
19,898
Debtors
7
546,514
463,271
Cash at bank and in hand
392,383
287,720
---------
---------
984,035
770,889
Creditors: amounts falling due within one year
8
( 533,138)
( 605,648)
---------
---------
Net current assets
450,897
165,241
------------
------------
Total assets less current liabilities
3,867,399
3,607,103
Creditors: amounts falling due after more than one year
9
( 873,958)
( 898,160)
Provisions
( 191,767)
( 188,727)
------------
------------
Net assets
2,801,674
2,520,216
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,801,574
2,520,116
------------
------------
Shareholders funds
2,801,674
2,520,216
------------
------------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SKEG GRAIN LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
R B Sanderson
Director
Company registration number: 01645290
SKEG GRAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Burgh Road West, Skegness, Lincolnshire, PE24 4UF, England.
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 and 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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Produce in store has been valued on a deemed cost basis by independent valuers at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown within Government Grant Income within the financial statements.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
3,359,367
1,987,780
34,152
5,381,299
Additions
18,220
120,930
139,150
Disposals
( 7,743)
( 7,743)
------------
------------
--------
------------
At 31 March 2023
3,377,587
2,100,967
34,152
5,512,706
------------
------------
--------
------------
Depreciation
At 1 April 2022
723,415
1,185,970
30,152
1,939,537
Charge for the year
42,771
117,884
1,001
161,656
Disposals
( 4,889)
( 4,889)
------------
------------
--------
------------
At 31 March 2023
766,186
1,298,965
31,153
2,096,304
------------
------------
--------
------------
Carrying amount
At 31 March 2023
2,611,401
802,002
2,999
3,416,402
------------
------------
--------
------------
At 31 March 2022
2,635,952
801,810
4,000
3,441,762
------------
------------
--------
------------
Included within freehold property is land of £1,238,975 (2022: £1,222,125) which is not depreciated.
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
100
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
100
----
At 31 March 2022
100
----
7. Debtors
2023
2022
£
£
Trade debtors
263,220
241,497
Amounts owed by group undertakings and undertakings in which the company has a participating interest
281,769
171,325
Other debtors
1,525
50,449
---------
---------
546,514
463,271
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
22,605
21,006
Trade creditors
37,179
109,387
Amounts owed to group undertakings and undertakings in which the company has a participating interest
100
100
Corporation tax
66,214
60,666
Social security and other taxes
61,834
53,289
Other creditors
345,206
361,200
---------
---------
533,138
605,648
---------
---------
Bank loans and overdrafts are secured by fixed charges over property owned by the company.
Included within other creditors in the prior year are hire purchase liabilities which are secured on the asset concerned.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
836,458
860,660
Other creditors
37,500
37,500
---------
---------
873,958
898,160
---------
---------
Bank loans and overdrafts are secured by fixed charges over property owned by the company.
Included within creditors: amounts falling due after more than one year is an amount of £138,541 (2022: £146,637) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors: amounts falling due after more than one year is an amount of £625,000 (2022: £625,000) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
10. Contingencies
The company let some of its land for a solar farm and received a decommissioning payment from the tenant, which is included in long term liabilities. This is to restore the land to its original state which could be any time up to September 2045. The eventual cost of decommissioning the site and the timing of the work to be carried out cannot be reliably calculated.
11. Events after the end of the reporting period
On 5 April 2023 the company declared a dividend of £ 865,000 to facilitate a repurchase of shares in its holding company, Cowbridge 2018 Limited.
12. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).
13. Controlling party
The company is a wholly owned subsidiary of Cowbridge 2018 Limited . In the current year there was no individual controlling party however on 6 April 2023, following a share repurchase, the group came under the control of R Sanderson.