Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr A M Howie 14/04/2011 Mrs S A Howie 14/04/2011 11 February 2024 The principal activity of the Company during the financial year was farming. 07604627 2023-05-31 07604627 bus:Director1 2023-05-31 07604627 bus:Director2 2023-05-31 07604627 2022-05-31 07604627 core:CurrentFinancialInstruments 2023-05-31 07604627 core:CurrentFinancialInstruments 2022-05-31 07604627 core:Non-currentFinancialInstruments 2023-05-31 07604627 core:Non-currentFinancialInstruments 2022-05-31 07604627 core:ShareCapital 2023-05-31 07604627 core:ShareCapital 2022-05-31 07604627 core:RetainedEarningsAccumulatedLosses 2023-05-31 07604627 core:RetainedEarningsAccumulatedLosses 2022-05-31 07604627 core:LeaseholdImprovements 2022-05-31 07604627 core:PlantMachinery 2022-05-31 07604627 core:Vehicles 2022-05-31 07604627 core:OfficeEquipment 2022-05-31 07604627 core:LeaseholdImprovements 2023-05-31 07604627 core:PlantMachinery 2023-05-31 07604627 core:Vehicles 2023-05-31 07604627 core:OfficeEquipment 2023-05-31 07604627 bus:OrdinaryShareClass1 2023-05-31 07604627 bus:OrdinaryShareClass2 2023-05-31 07604627 2022-06-01 2023-05-31 07604627 bus:FullAccounts 2022-06-01 2023-05-31 07604627 bus:SmallEntities 2022-06-01 2023-05-31 07604627 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07604627 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07604627 bus:Director1 2022-06-01 2023-05-31 07604627 bus:Director2 2022-06-01 2023-05-31 07604627 core:LeaseholdImprovements core:TopRangeValue 2022-06-01 2023-05-31 07604627 core:PlantMachinery 2022-06-01 2023-05-31 07604627 core:Vehicles 2022-06-01 2023-05-31 07604627 core:OfficeEquipment 2022-06-01 2023-05-31 07604627 2021-06-01 2022-05-31 07604627 core:LeaseholdImprovements 2022-06-01 2023-05-31 07604627 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 07604627 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 07604627 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 07604627 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 07604627 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07604627 (England and Wales)

AM & SA HOWIE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

AM & SA HOWIE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

AM & SA HOWIE LTD

BALANCE SHEET

AS AT 31 MAY 2023
AM & SA HOWIE LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 486,842 148,035
486,842 148,035
Current assets
Stocks 4 86,600 130,400
Debtors 5 28,246 17,158
Cash at bank and in hand 6 6,182 11,603
121,028 159,161
Creditors: amounts falling due within one year 7 ( 71,523) ( 69,723)
Net current assets 49,505 89,438
Total assets less current liabilities 536,347 237,473
Creditors: amounts falling due after more than one year 8 ( 1,203,909) ( 751,553)
Net liabilities ( 667,562) ( 514,080)
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 667,662 ) ( 514,180 )
Total shareholders' deficit ( 667,562) ( 514,080)

For the financial year ending 31 May 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 AM & SA Howie Ltd (registered number: 07604627) were approved and authorised for issue by the Director on 11 February 2024. They were signed on its behalf by:

Mrs S A Howie
Director
AM & SA HOWIE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
AM & SA HOWIE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
1. Accounting policies

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

General information and basis of accounting

AM & SA Howie Ltd (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 Sunrise Farm, Cheriton Bishop, Exeter, EX6 6HF, England, United Kingdom.

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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The directors also confirm that they will not seek repayment of the directors loan balance until all other creditors have been met.

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.

Turnover is recognised on an accrual basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets 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:

Leasehold improvements 20 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % 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.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction cost.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant
proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 June 2022 35,186 249,259 61,786 1,442 347,673
Additions 336,045 29,194 0 11,095 376,334
Disposals 0 ( 23,894) 0 0 ( 23,894)
At 31 May 2023 371,231 254,559 61,786 12,537 700,113
Accumulated depreciation
At 01 June 2022 293 180,765 18,484 96 199,638
Charge for the financial year 10,032 11,237 10,825 1,110 33,204
Disposals 0 ( 19,571) 0 0 ( 19,571)
At 31 May 2023 10,325 172,431 29,309 1,206 213,271
Net book value
At 31 May 2023 360,906 82,128 32,477 11,331 486,842
At 31 May 2022 34,893 68,494 43,302 1,346 148,035

4. Stocks

2023 2022
£ £
Livestock 86,600 130,400

5. Debtors

2023 2022
£ £
Trade debtors 712 1,787
Other debtors 27,534 15,371
28,246 17,158

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 6,182 11,603

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 64,527 59,072
Accruals 2,997 3,244
Obligations under finance leases and hire purchase contracts (secured) 0 3,791
Other creditors 3,999 3,616
71,523 69,723

Net obligations under hire purchase contracts are secured over the related assets.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 1,203,909 751,553

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
80 A ordinary shares of £ 1.00 each 80 80
20 B ordinary shares of £ 1.00 each 20 20
100 100

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 1,203,909 751,553

The directors loan account is unsecured, interest free and the directors will not seek repayment within twelve months of the date of approval of the financial statements.