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REGISTRAR OF COMPANIES

Registration number: 04593604

S H & J E Dennison Limited

and Unaudited Financial Statements

28 February 2023

image-name

 

S H & J E Dennison Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
S H & J E Dennison Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S H & J E Dennison Limited for the year ended 28 February 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of S H & J E Dennison Limited, as a body, in accordance with the terms of our engagement letter dated 14 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of S H & J E Dennison Limited and state those matters that we have agreed to state to the Board of Directors of S H & J E Dennison Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S H & J E Dennison Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S H & J E Dennison Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S H & J E Dennison Limited. You consider that S H & J E Dennison Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of S H & J E Dennison Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

31 October 2023

 

S H & J E Dennison Limited

(Registration number: 04593604)
Balance Sheet as at 28 February 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

290,806

262,490

Investments

6

100

100

 

290,906

262,590

Current assets

 

Stocks

298,130

297,956

Debtors

7

670,411

720,874

Cash at bank and in hand

 

502,939

414,353

 

1,471,480

1,433,183

Creditors: Amounts falling due within one year

8

(149,435)

(223,562)

Net current assets

 

1,322,045

1,209,621

Total assets less current liabilities

 

1,612,951

1,472,211

Creditors: Amounts falling due after more than one year

8

(8,375)

(3,152)

Provisions for liabilities

(57,958)

(50,015)

Net assets

 

1,546,618

1,419,044

Capital and reserves

 

Allotted, called up and fully paid share capital

700,006

700,006

Profit and loss account

846,612

719,038

Total equity

 

1,546,618

1,419,044

 

S H & J E Dennison Limited

(Registration number: 04593604)
Balance Sheet as at 28 February 2023 (continued)

For the financial year ending 28 February 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 

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

S H Dennison

Director

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

J E Dennison

Company secretary and director

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Prior period errors

A prior period adjustment has been processed at 1 March 2021 to record the investement of £100 in the subsidary company, that was previously omitted in error.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

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.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

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

Land and buildings

21 years straight line basis

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Preference shares are classified as equity when the shares are redeemable in the future at the option of the company.

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.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 3).

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 March 2022

26,174

26,174

At 28 February 2023

26,174

26,174

Amortisation

At 1 March 2022

26,174

26,174

At 28 February 2023

26,174

26,174

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

98,365

526,726

7,500

632,591

Additions

-

47,564

19,000

66,564

At 28 February 2023

98,365

574,290

26,500

699,155

Depreciation

At 1 March 2022

36,999

326,118

6,984

370,101

Charge for the year

4,794

32,137

1,317

38,248

At 28 February 2023

41,793

358,255

8,301

408,349

Carrying amount

At 28 February 2023

56,572

216,035

18,199

290,806

At 28 February 2022

61,366

200,608

516

262,490

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Investments

2023
£

(As restated)

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 March 2022

100

At 28 February 2023

100

Carrying amount

At 28 February 2023

100

At 28 February 2022

100

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

7

Debtors

2023
£

(As restated)

2022
£

Trade debtors

74,651

49,455

Amounts owed by group undertakings and undertakings in which the company has a participating interest

210,790

112,944

Other debtors

384,970

558,475

670,411

720,874

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

7,640

-

Trade creditors

 

93,172

77,031

Taxation and social security

 

882

709

Corporation tax liability

 

41,872

123,833

Other creditors

 

5,869

21,989

 

149,435

223,562

Due after one year

 

Loans and borrowings

9

3,820

-

Other creditors

 

4,555

3,152

 

8,375

3,152

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

7,640

-

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

7,640

-

Finance lease liabilities are secured on the assets to which they relate.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

3,820

-

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

3,820

-

Finance lease liabilities are secured on the assets to which they relate.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £919,080 (2022 - £995,670). The financial commitments relate to rent payable on a farm tenancy with a lease term of 14 years.

11

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2023
£

S H Dennison

Loan

211,912

4,613

(64,127)

-

(40,000)

3,466

115,864

               
         

J E Dennison

Loan

211,911

4,613

(64,127)

-

(40,000)

3,465

115,862

               
         

 

2022

At 1 March 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2022
£

S H Dennison

Loan

-

250,881

(43,604)

-

-

4,635

211,912

               
         

J E Dennison

Loan

-

250,880

(43,604)

-

-

4,635

211,911

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors.