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COMPANY REGISTRATION NUMBER: 08857062
P A Arden & Son Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
P A Arden & Son Limited
Statement of Financial Position
31 May 2023
2023
2022
(restated)
Note
£
£
£
Fixed assets
Tangible assets
4
2,044,397
2,171,969
Current assets
Stocks
52,855
30,500
Debtors
5
193,511
187,150
Investments
6
810,621
692,755
Cash at bank and in hand
64,390
60,526
-------------
----------
1,121,377
970,931
Creditors: amounts falling due within one year
7
432,933
480,748
-------------
----------
Net current assets
688,444
490,183
-------------
-------------
Total assets less current liabilities
2,732,841
2,662,152
Creditors: amounts falling due after more than one year
8
609,441
863,696
Provisions
Taxation including deferred tax
307,085
317,256
-------------
-------------
Net assets
1,816,315
1,481,200
-------------
-------------
Capital and reserves
Called up share capital
800
800
Profit and loss account
1,815,515
1,480,400
-------------
-------------
Shareholders funds
1,816,315
1,481,200
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
P A Arden & Son Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 3 January 2024 , and are signed on behalf of the board by:
Mr C A Arden
Director
Company registration number: 08857062
P A Arden & Son Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
5% straight line
Combined heat and power unit
-
5% straight line
Equipment
-
20% straight line
Land is not being depreciated.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Land and buildings
Plant and machinery
Combined heat and power unit
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2022 (as restated) and 31 May 2023
448,308
2,097,568
453,889
1,625
3,001,390
----------
-------------
----------
-------
-------------
Depreciation
At 1 June 2022
714,324
113,472
1,625
829,421
Charge for the year
104,878
22,694
127,572
----------
-------------
----------
-------
-------------
At 31 May 2023
819,202
136,166
1,625
956,993
----------
-------------
----------
-------
-------------
Carrying amount
At 31 May 2023
448,308
1,278,366
317,723
2,044,397
----------
-------------
----------
-------
-------------
At 31 May 2022
448,308
1,383,244
340,417
2,171,969
----------
-------------
----------
-------
-------------
5. Debtors
2023
2022
(restated)
£
£
Trade debtors
155,155
151,338
Other debtors
38,356
35,812
----------
----------
193,511
187,150
----------
----------
6. Investments
2023
2022
(restated)
£
£
Other investments
810,621
692,755
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
255,693
257,135
Trade creditors
18,252
33,034
Corporation tax
122,531
84,424
Other creditors
36,457
106,155
----------
----------
432,933
480,748
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
609,441
863,696
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £62,945 (2022: £76,629) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
58,503
58,503
Later than 1 year and not later than 5 years
234,012
234,012
Later than 5 years
102,444
160,947
----------
----------
394,959
453,462
----------
----------
10. Charges on assets
A loan with an outstanding balance of £865,137 (2022: £1,120,830) is secured on land owned by the company.