2022-03-012023-02-282023-02-28false09653415G Abbott & Sons 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G Abbott & Sons Limited

Registered Number
09653415
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

G Abbott & Sons Limited
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

Amy Constance Abbott
Emma Jane Nicholson
Richard Nicholson

Registered Address

Abbotts Yard Roman Road
Leeming
Northallerton
DL7 9SN

Registered Number

09653415 (England and Wales)
G Abbott & Sons Limited
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets517,06521,332
Tangible assets71,323,4491,474,085
1,340,5141,495,417
Current assets
Stocks1067,50868,853
Debtors11203,726320,119
Cash at bank and on hand78,83174,920
350,065463,892
Creditors amounts falling due within one year12(467,023)(698,770)
Net current assets (liabilities)(116,958)(234,878)
Total assets less current liabilities1,223,5561,260,539
Creditors amounts falling due after one year13(842,483)(896,849)
Provisions for liabilities15(35,664)(9,825)
Net assets345,409353,865
Capital and reserves
Called up share capital100100
Other reserves300,000300,000
Profit and loss account45,30953,765
Shareholders' funds345,409353,865
The financial statements were approved and authorised for issue by the Board of Directors on 7 November 2023, and are signed on its behalf by:
Amy Constance Abbott
Director
Emma Jane Nicholson
Director

Registered Company No. 09653415
G Abbott & Sons Limited
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles15
Office Equipment15
Intangible assets policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year3542
5.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 March 2242,66342,663
At 28 February 2342,66342,663
Amortisation and impairment
At 01 March 2221,33121,331
Charge for year4,2674,267
At 28 February 2325,59825,598
Net book value
At 28 February 2317,06517,065
At 28 February 2221,33221,332
6.Useful life of intangible asset
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of goodwill has been set at 10 years and the asset will be amortised on a straight line basis over that period.
7.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 March 2235,5482,767,80191417,3372,821,600
Additions6,24565,000--71,245
At 28 February 2341,7932,832,80191417,3372,892,845
Depreciation and impairment
At 01 March 2215,6211,322,0194869,3891,347,515
Charge for year3,925216,697661,193221,881
At 28 February 2319,5461,538,71655210,5821,569,396
Net book value
At 28 February 2322,2471,294,0853626,7551,323,449
At 28 February 2219,9271,445,7824287,9481,474,085
8.Description of financial commitments other than capital commitments
At 28 February 2023 the company had future minimum lease payments under non-cancellable operating leases of £15,000 (2022: £15,000).
9.Description of nature of transactions and balances with related parties
At the balance sheet date there are amounts owed to directors of £580,399 (2022: £610,561). All loans are interest free and are included in other creditors due within one year £30,399 (2022 - £35,561) and due after more than one year £550,000 (2022 - £575,000).
10.Stocks

2023

2022

££
Other stocks67,50868,853
Total67,50868,853
11.Debtors

2023

2022

££
Trade debtors / trade receivables148,009221,195
Other debtors10,03045,248
Prepayments and accrued income45,68753,676
Total203,726320,119
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables69,317165,560
Bank borrowings and overdrafts72,07756,910
Taxation and social security17,04110,389
Finance lease and HP contracts108,384262,041
Other creditors195,518200,535
Accrued liabilities and deferred income4,6863,335
Total467,023698,770
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts equal to £108,385 (2022 - £262,041) are secured against the assets to which they relate. The bank hold fixed and floating charges over the assets of the company.
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts25,34634,929
Other creditors817,137861,920
Total842,483896,849
Finance lease and HP contracts equal to £205,992 (2022 - £164,468) are included within other creditors and are secured against the assets to which they relate. The bank by fixed and floating charges over the assets of the company.
14.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts205,992164,468
15.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)35,6649,825
Total35,6649,825