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Registration number: 04720982

Sanderson Maughan Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2023

 

Sanderson Maughan Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Sanderson Maughan Limited

Company Information

Directors

Mrs N J Maughan

Mr J S Maughan

Mr E J B Maughan

Company secretary

Mrs N J Maughan

Registered office

1 The Bulwark
Brecon
Powys
LD3 7LB

 

Bankers

Lloyds Bank plc
38 High Street
Brecon
Powys
LD3 7AR

Accountants

WJ James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Sanderson Maughan Limited

(Registration number: 04720982)

Balance Sheet
as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

76

Tangible assets

5

473,243

480,023

Investment property

6

1,245,000

1,142,500

Other financial assets

7

375,141

409,282

 

2,093,384

2,031,881

Current assets

 

Stocks

8

949

419

Debtors

9

184,125

128,687

Cash at bank and in hand

 

403,059

345,619

 

588,133

474,725

Creditors: Amounts falling due within one year

10

(585,210)

(551,654)

Net current assets/(liabilities)

 

2,923

(76,929)

Total assets less current liabilities

 

2,096,307

1,954,952

Creditors: Amounts falling due after more than one year

10

(273,226)

(295,013)

Net assets

 

1,823,081

1,659,939

Capital and reserves

 

Called up share capital

101

101

Other reserves

39,010

-

Profit and loss account

1,783,970

1,659,838

Total equity

 

1,823,081

1,659,939

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Sanderson Maughan Limited

(Registration number: 04720982)

Balance Sheet
as at 31 March 2023

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................

Mr J S Maughan

Director

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales within the United Kingdom..

The address of its registered office is:
1 The Bulwark
Brecon
Powys
LD3 7LB

These financial statements were authorised for issue by the Board on 9 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The currency in which the financial statements are presented is Sterling and they are rounded to the nearest pound.

Revenue recognition

Turnover represents advertising revenue charged to customers, excluding value added tax.

Advertising revenue is recognised when a customer pays for their advertisement and is apportioned to the accounting period to which it relates. Any revenue received in advance at the end of the financial year is carried forward to the period to which it relates.

Rents received and holiday letting income are recognised in the period to which they relate and and income received in advance is carried forward to the period to which it relates.

The Found gallery income is recognised from sale of goods and commissions received from artists when an item is sold during an exhibition.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% of reducing balance

Computer equipment

10% reducing balance

Investment property

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with chnages in fair value recognised in profit or loss.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

4

Intangible assets

Website Development Costs
 £

Total
£

Cost or valuation

At 1 April 2022

21,005

21,005

At 31 March 2023

21,005

21,005

Amortisation

At 1 April 2022

20,929

20,929

Amortisation charge

76

76

At 31 March 2023

21,005

21,005

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

76

76

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

419,422

100,278

47,651

567,351

Additions

-

-

2,572

2,572

At 31 March 2023

419,422

100,278

50,223

569,923

Depreciation

At 1 April 2022

-

62,994

24,334

87,328

Charge for the year

-

7,013

2,339

9,352

At 31 March 2023

-

70,007

26,673

96,680

Carrying amount

At 31 March 2023

419,422

30,271

23,550

473,243

At 31 March 2022

419,422

37,284

23,317

480,023

Included within the net book value of land and buildings above is £419,422 (2022 - £419,422) in respect of freehold land and buildings.
 

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

6

Investment properties

2023
£

At 1 April

1,142,500

Additions

5,519

Fair value adjustments

96,981

At 31 March

1,245,000

The investment properties have been valued by the directors at 31 March 2023 and the basis of these valuations were that the investment properties were valued at open market values.

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

409,282

409,282

Fair value adjustments

(28,763)

(28,763)

Disposals

(5,378)

(5,378)

At 31 March 2023

375,141

375,141

Impairment

Carrying amount

At 31 March 2023

375,141

375,141

8

Stocks

2023
£

2022
£

Other inventories

949

419

9

Debtors

2023
£

2022
£

Trade debtors

65,086

17,239

Prepayments

7,460

8,293

Other debtors

26,660

29,076

Directors' current account

84,919

74,079

184,125

128,687

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

24,138

26,731

Trade creditors

 

23,622

38,424

Taxation and social security

 

55,983

47,448

Accruals and deferred income

 

420,259

361,796

Other creditors

 

61,208

77,255

 

585,210

551,654

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

273,226

295,013

2023
£

2022
£

Due after more than five years

After more than five years by instalments

56,919

72,070

-

-

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

273,226

295,013

2023
£

2022
£

Current loans and borrowings

Bank borrowings

24,138

26,731

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

 

Sanderson Maughan Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

The carrying amount of the bank loans at the year end is £347,036 (2020 - £496,738) and the loans are secured on the investment properties.