Company registration number 00450011 (England and Wales)
SANDIFORD SON & BANNISTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SANDIFORD SON & BANNISTER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SANDIFORD SON & BANNISTER LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
795,311
811,023
Current assets
Stocks
75,945
88,271
Debtors
5
121,125
220,226
Cash at bank and in hand
208,649
426,803
405,719
735,300
Creditors: amounts falling due within one year
6
(67,255)
(157,475)
Net current assets
338,464
577,825
Total assets less current liabilities
1,133,775
1,388,848
Provisions for liabilities
(32,628)
(37,331)
Net assets
1,101,147
1,351,517
Capital and reserves
Called up share capital
3,750
3,750
Share premium account
100
100
Profit and loss reserves
1,097,297
1,347,667
Total equity
1,101,147
1,351,517
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SANDIFORD SON & BANNISTER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 January 2024 and are signed on its behalf by:
P Brooker
M J Denholm F.R.I.C.S.
Director
Director
D G Kilby B.A.(Hons) M.Phil
Director
Company Registration No. 00450011
SANDIFORD SON & BANNISTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Sandiford Son & Bannister Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Towers Place, Eton Street, Richmond, Surrey, United Kingdom, TW9 1EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight line
Plant and machinery
15% Reducing balance / 33% Straight line
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
In accordance with the transitional provisions of section 35 of FRS 102, the company has elected to adopt the previous GAAP valuation of the freehold property as its deemed cost at the revaluation date.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
SANDIFORD SON & BANNISTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is measured at actual purchase price in the case of stocks and actual purchase price plus the cost of direct labour in the case of work in progress. Net realisable value is assessed based on actual selling price, less applicable selling costs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company only has financial instruments that are classified as basic financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SANDIFORD SON & BANNISTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
11
SANDIFORD SON & BANNISTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 October 2022 and 30 September 2023
945,000
404,733
1,349,733
Depreciation and impairment
At 1 October 2022
158,570
380,140
538,710
Depreciation charged in the year
11,530
4,182
15,712
At 30 September 2023
170,100
384,322
554,422
Carrying amount
At 30 September 2023
774,900
20,411
795,311
At 30 September 2022
786,430
24,593
811,023
The freehold land and buildings class of fixed assets was revalued on 19 August 2014 by Michael Rogers, Chartered Surveyors, independent valuers not connected with the company. The valuation at that date was £945,000 and the basis of valuation was open market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
In accordance with the transitional provisions of section 35 of FRS 102, the company has elected to adopt the previous GAAP valuation of the freehold property as its deemed cost at the revaluation date.
The freehold properties measured using the cost model would be stated as follows:
2023
2022
£
£
Cost
1,313,500
1,313,500
Accumulated depreciation
(395,238)
(342,698)
Carrying value
918,262
970,802
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
87,825
186,961
Corporation tax recoverable
5,801
Other debtors
117
2,620
Prepayments and accrued income
27,382
30,645
121,125
220,226
SANDIFORD SON & BANNISTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
6,268
Trade creditors
41,813
94,576
Corporation tax
5,801
Other taxation and social security
16,655
45,040
Other creditors
471
Accruals and deferred income
8,316
5,790
67,255
157,475
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Management charges payable
2023
2022
£
£
Entities with control, joint control or significant influence over the company
10,000
10,000
8
Parent company
The ultimate parent company, by virtue of its 99.9% shareholding, is Griffon Land & Estates Limited.