E W Button & Son Limited 06660262 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the growing of vegetables and melons, roots and tubers. Digita Accounts Production Advanced 6.30.9574.0 true 06660262 2022-03-01 2023-02-28 06660262 2023-02-28 06660262 bus:CompanySecretaryDirector1 1 2023-02-28 06660262 bus:Director1 1 2023-02-28 06660262 core:RetainedEarningsAccumulatedLosses 2023-02-28 06660262 core:ShareCapital 2023-02-28 06660262 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 06660262 core:CurrentFinancialInstruments 2023-02-28 06660262 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 06660262 core:Non-currentFinancialInstruments 2023-02-28 06660262 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 06660262 core:Goodwill 2023-02-28 06660262 core:FurnitureFittingsToolsEquipment 2023-02-28 06660262 core:LeaseholdImprovements 2023-02-28 06660262 core:LeaseholdImprovements core:ShortLeaseholdAssets 2023-02-28 06660262 core:MotorVehicles 2023-02-28 06660262 core:OtherPropertyPlantEquipment 2023-02-28 06660262 1 2023-02-28 06660262 bus:SmallEntities 2022-03-01 2023-02-28 06660262 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 06660262 bus:FullAccounts 2022-03-01 2023-02-28 06660262 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 06660262 bus:RegisteredOffice 2022-03-01 2023-02-28 06660262 bus:CompanySecretaryDirector1 2022-03-01 2023-02-28 06660262 bus:CompanySecretaryDirector1 1 2022-03-01 2023-02-28 06660262 bus:Director1 2022-03-01 2023-02-28 06660262 bus:Director1 1 2022-03-01 2023-02-28 06660262 bus:Director3 2022-03-01 2023-02-28 06660262 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 06660262 core:Goodwill 2022-03-01 2023-02-28 06660262 core:IntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 06660262 core:Buildings 2022-03-01 2023-02-28 06660262 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 06660262 core:Land 2022-03-01 2023-02-28 06660262 core:LeaseholdImprovements 2022-03-01 2023-02-28 06660262 core:MotorVehicles 2022-03-01 2023-02-28 06660262 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 06660262 core:PlantMachinery 2022-03-01 2023-02-28 06660262 1 2022-03-01 2023-02-28 06660262 countries:EnglandWales 2022-03-01 2023-02-28 06660262 2022-02-28 06660262 bus:CompanySecretaryDirector1 1 2022-02-28 06660262 bus:Director1 1 2022-02-28 06660262 core:Goodwill 2022-02-28 06660262 core:FurnitureFittingsToolsEquipment 2022-02-28 06660262 core:LeaseholdImprovements 2022-02-28 06660262 core:MotorVehicles 2022-02-28 06660262 core:OtherPropertyPlantEquipment 2022-02-28 06660262 2021-03-01 2022-02-28 06660262 2022-02-28 06660262 bus:CompanySecretaryDirector1 1 2022-02-28 06660262 bus:Director1 1 2022-02-28 06660262 core:RetainedEarningsAccumulatedLosses 2022-02-28 06660262 core:ShareCapital 2022-02-28 06660262 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 06660262 core:CurrentFinancialInstruments 2022-02-28 06660262 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 06660262 core:Non-currentFinancialInstruments 2022-02-28 06660262 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 06660262 core:Goodwill 2022-02-28 06660262 core:FurnitureFittingsToolsEquipment 2022-02-28 06660262 core:LeaseholdImprovements 2022-02-28 06660262 core:LeaseholdImprovements core:ShortLeaseholdAssets 2022-02-28 06660262 core:MotorVehicles 2022-02-28 06660262 core:OtherPropertyPlantEquipment 2022-02-28 06660262 1 2022-02-28 06660262 bus:CompanySecretaryDirector1 1 2021-03-01 2022-02-28 06660262 bus:Director1 1 2021-03-01 2022-02-28 06660262 bus:CompanySecretaryDirector1 1 2021-02-28 06660262 bus:Director1 1 2021-02-28 iso4217:GBP xbrli:pure

E W Button & Son Limited

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2023

Registration number: 06660262

 

E W Button & Son Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

E W Button & Son Limited

Balance Sheet

28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,730

6,307

Tangible assets

5

3,466,114

3,464,022

 

3,470,844

3,470,329

Current assets

 

Stocks

6

1,960,908

1,663,670

Debtors

7

1,001,420

794,822

Cash at bank and in hand

 

1,300

1,253

 

2,963,628

2,459,745

Creditors: Amounts falling due within one year

8

(2,326,943)

(2,757,165)

Net current assets/(liabilities)

 

636,685

(297,420)

Total assets less current liabilities

 

4,107,529

3,172,909

Creditors: Amounts falling due after more than one year

8

(2,692,572)

(2,081,949)

Provisions for liabilities

(375,563)

(399,215)

Net assets

 

1,039,394

691,745

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

1,038,394

690,745

Shareholders' funds

 

1,039,394

691,745

 

E W Button & Son Limited

Balance Sheet

28 February 2023

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

Mr A J Button
Director

   
     

Company Registration Number: 06660262

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

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:
Tregawn Michaelstow
St Trudy
Bodmin
Cornwall
PL30 3PB

These financial statements were authorised for issue by the Board on 28 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 - '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.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Plant and equipment

15% Reducing balance and 10% Straight line

Motor vehicles

25% Reducing balance

Tenants improvements

5% and 10% Straight line

Freehold land

Not depreciated

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

Entitlements

9% Straight line

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 stocks 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.

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 41 (2022 - 18).

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

4

Intangible assets

BPS entitlements
 £

Total
£

Cost or valuation

At 1 March 2022

16,669

16,669

At 28 February 2023

16,669

16,669

Amortisation

At 1 March 2022

10,362

10,362

Amortisation charge

1,577

1,577

At 28 February 2023

11,939

11,939

Carrying amount

At 28 February 2023

4,730

4,730

At 28 February 2022

6,307

6,307

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

5

Tangible assets

Tenants improvements
£

Short leasehold
£

Freehold land
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

599,957

504

163,214

49,998

5,924,475

6,738,148

Additions

-

-

-

-

551,340

551,340

Disposals

-

-

-

(8,000)

(81,000)

(89,000)

At 28 February 2023

599,957

504

163,214

41,998

6,394,815

7,200,488

Depreciation

At 1 March 2022

177,116

213

-

33,971

3,062,826

3,274,126

Charge for the year

29,999

50

-

3,687

466,811

500,547

Eliminated on disposal

-

-

-

(6,713)

(33,586)

(40,299)

At 28 February 2023

207,115

263

-

30,945

3,496,051

3,734,374

Carrying amount

At 28 February 2023

392,842

241

163,214

11,053

2,898,764

3,466,114

At 28 February 2022

422,841

291

163,214

16,027

2,861,649

3,464,022

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Other inventories

1,960,908

1,663,670

7

Debtors

2023
£

2022
£

Trade debtors

769,060

523,351

Prepayments

4,584

8,943

Other debtors

227,776

262,528

1,001,420

794,822

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,628,236

1,699,420

Trade creditors

 

317,104

592,085

Taxation and social security

 

9,944

11,667

Other creditors

 

-

30,853

Accruals and deferred income

 

371,659

423,140

 

2,326,943

2,757,165

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

2,692,572

2,081,949

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

2,031,744

1,319,080

HP and finance lease liabilities

660,828

762,869

2,692,572

2,081,949

2023
£

2022
£

Current loans and borrowings

Bank borrowings

38,765

55,681

Bank overdrafts

1,071,601

1,260,261

Hire purchase contracts

465,837

383,478

Other borrowings

52,033

-

1,628,236

1,699,420

Bank borrowings

Bank loans The carrying amount at year end is £2,034,675 (2022 - £1,328,927).

The loans are secured by way of security over all the assets held by the company.

10

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr A T Button

Advances and repayments including interest at HMRC official rate

11,895

30,172

(16,245)

25,822

         
       

Mrs J Button

Advances and repayments including interest at HMRC official rate

11,895

30,172

(16,245)

25,822

         
       

 

 

E W Button & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr A T Button

Advances and repayments including interest at HMRC official rate

40,827

17,537

(46,469)

11,895

         
       

Mrs J Button

Advances and repayments including interest at HMRC official rate

40,827

17,537

(46,469)

11,895