Silverfin false 30/03/2023 01/04/2022 30/03/2023 Mr T Myatt 08/01/2021 Mrs C Robinson 05/01/2021 Mr F Saul 05/01/2021 Mrs M Saul 11/11/2020 Mr R Saul 11/11/2020 06 February 2024 The principal activity of the Company during the financial year was the growing of cereals (except rice), leguminous crops and oil seeds. 13010673 2023-03-30 13010673 bus:Director1 2023-03-30 13010673 bus:Director2 2023-03-30 13010673 bus:Director3 2023-03-30 13010673 bus:Director4 2023-03-30 13010673 bus:Director5 2023-03-30 13010673 2022-03-31 13010673 core:CurrentFinancialInstruments 2023-03-30 13010673 core:CurrentFinancialInstruments 2022-03-31 13010673 core:ShareCapital 2023-03-30 13010673 core:ShareCapital 2022-03-31 13010673 core:RetainedEarningsAccumulatedLosses 2023-03-30 13010673 core:RetainedEarningsAccumulatedLosses 2022-03-31 13010673 core:PlantMachinery 2022-03-31 13010673 core:FurnitureFittings 2022-03-31 13010673 core:OfficeEquipment 2022-03-31 13010673 core:PlantMachinery 2023-03-30 13010673 core:FurnitureFittings 2023-03-30 13010673 core:OfficeEquipment 2023-03-30 13010673 2022-04-01 2023-03-30 13010673 bus:FullAccounts 2022-04-01 2023-03-30 13010673 bus:SmallEntities 2022-04-01 2023-03-30 13010673 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-30 13010673 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-30 13010673 bus:Director1 2022-04-01 2023-03-30 13010673 bus:Director2 2022-04-01 2023-03-30 13010673 bus:Director3 2022-04-01 2023-03-30 13010673 bus:Director4 2022-04-01 2023-03-30 13010673 bus:Director5 2022-04-01 2023-03-30 13010673 core:PlantMachinery 2022-04-01 2023-03-30 13010673 core:FurnitureFittings 2022-04-01 2023-03-30 13010673 core:OfficeEquipment 2022-04-01 2023-03-30 13010673 2021-04-01 2022-03-31 13010673 core:CurrentFinancialInstruments 2022-04-01 2023-03-30 iso4217:GBP xbrli:pure

Company No: 13010673 (England and Wales)

THE SPELT COMPANY SOMERSET LIMITED

Unaudited Financial Statements
For the financial period from 01 April 2022 to 30 March 2023
Pages for filing with the registrar

THE SPELT COMPANY SOMERSET LIMITED

Unaudited Financial Statements

For the financial period from 01 April 2022 to 30 March 2023

Contents

THE SPELT COMPANY SOMERSET LIMITED

BALANCE SHEET

As at 30 March 2023
THE SPELT COMPANY SOMERSET LIMITED

BALANCE SHEET (continued)

As at 30 March 2023
Note 30.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 3 150,453 187,733
150,453 187,733
Current assets
Stocks 268,488 407,310
Debtors 4 172,743 192,956
Cash at bank and in hand 8,999 9,361
450,230 609,627
Creditors: amounts falling due within one year 5 ( 1,293,811) ( 1,148,218)
Net current liabilities (843,581) (538,591)
Total assets less current liabilities (693,128) (350,858)
Net liabilities ( 693,128) ( 350,858)
Capital and reserves
Called-up share capital 130 130
Profit and loss account ( 693,258 ) ( 350,988 )
Total shareholders' deficit ( 693,128) ( 350,858)

For the financial period ending 30 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 financial statements of The Spelt Company Somerset Limited (registered number: 13010673) were approved and authorised for issue by the Director on 06 February 2024. They were signed on its behalf by:

Mr R Saul
Director
THE SPELT COMPANY SOMERSET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
THE SPELT COMPANY SOMERSET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Spelt Company Somerset Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom. The principal place of business is Sharpham Park Mill Offices, Sharpham Park, Walton, Street, BA16 9SA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2. Employees

Period from
01.04.2022 to
30.03.2023
Year ended
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 11 12

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2022 218,481 14,705 9,269 242,455
Additions 0 0 339 339
At 30 March 2023 218,481 14,705 9,608 242,794
Accumulated depreciation
At 01 April 2022 49,519 3,178 2,025 54,722
Charge for the financial period 33,794 2,306 1,519 37,619
At 30 March 2023 83,313 5,484 3,544 92,341
Net book value
At 30 March 2023 135,168 9,221 6,064 150,453
At 31 March 2022 168,962 11,527 7,244 187,733

4. Debtors

30.03.2023 31.03.2022
£ £
Trade debtors 158,429 180,584
Other debtors 14,314 12,372
172,743 192,956

5. Creditors: amounts falling due within one year

30.03.2023 31.03.2022
£ £
Trade creditors 166,964 280,716
Other taxation and social security 26,053 13,888
Other creditors 1,100,794 853,614
1,293,811 1,148,218

Included within other creditors is a balance of £104,729 (2022 - £136,196) in respect of invoices discounting borrowing which is secured.