Company Registration No. 00630925 (England and Wales)
E. & R. FULLER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
E. & R. FULLER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
E. & R. FULLER LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
10,825,958
10,887,710
Investments
4
15
15
10,825,973
10,887,725
Current assets
Stocks
549,774
599,799
Debtors
6
100,335
376,999
Investments
7
109
109
Cash at bank and in hand
241,038
61,296
891,256
1,038,203
Creditors: amounts falling due within one year
9
(1,027,617)
(940,064)
Net current (liabilities)/assets
(136,361)
98,139
Total assets less current liabilities
10,689,612
10,985,864
Creditors: amounts falling due after more than one year
8
(14,050)
(28,100)
Provisions for liabilities
10
(1,708,735)
(1,701,962)
Net assets
8,966,827
9,255,802
Capital and reserves
Called up share capital
12
164
164
Revaluation reserve
6,641,387
6,641,387
Capital redemption reserve
26
26
Profit and loss reserves
2,325,250
2,614,225
Total equity
8,966,827
9,255,802
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.
E. & R. FULLER 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 15 April 2024 and are signed on its behalf by:
WGH Fuller
Ms L Fuller
Director
Director
Company registration number 00630925 (England and Wales)
E. & R. FULLER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
164
6,641,387
26
7,742,288
14,383,865
Year ended 30 September 2022:
Profit
-
-
-
299,466
299,466
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
61,229
61,229
Tax relating to other comprehensive income
-
-
(20,880)
(20,880)
Total comprehensive income
-
-
-
339,815
339,815
Dividends
-
-
-
(5,467,878)
(5,467,878)
Balance at 30 September 2022
164
6,641,387
26
2,614,225
9,255,802
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
63,025
63,025
Dividends
-
-
-
(352,000)
(352,000)
Balance at 30 September 2023
164
6,641,387
26
2,325,250
8,966,827
E. & R. FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
E. & R. Fuller Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, County House, 100 New London Road, Chelmsford, Essex, CM2 0RG.
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, modified to include the revaluation of freehold properties and certain financial instruments at fair value. 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, services and rent received in the normal course of business, including income from the basic payment scheme 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.
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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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
5% to 20% reducing balance
Plant and machinery
15% to 20% reducing balance
Motor vehicles
25% reducing balance
Grain store (split between L&B and P&M)
Straight line over 20 to 35 years
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.
Freehold land and buildings, with the exception of the grain store, are not depreciated. This is a departure from the Companies Act 2006 which requires all tangible fixed assets to be depreciated. The directors feel that this departure is necessary in order for the financial statements to show a true and fair view.
E. & R. FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Fixed asset investments are initially measured at cost or valuation and subsequently measured at cost or valuation less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Raw material stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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. Finished Goods and cultivations in progress are valued at the lower of the estimated direct cost of production and net realisable value.
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.
1.7
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
E. & R. FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
E. & R. FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.11
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Income receivable under the Basic Payment Scheme is included in the accounts on a strict time apportionment basis for the calendar year, to which the compliance period relates.
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
8
8
E. & R. FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
15
15
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 October 2022
10,546,334
1,215,783
11,762,117
Additions
10,585
10,585
Disposals
(10,080)
(10,080)
At 30 September 2023
10,546,334
1,216,288
11,762,622
Depreciation and impairment
At 1 October 2022
107,485
766,922
874,407
Depreciation charged in the year
9,151
60,567
69,718
Eliminated in respect of disposals
(7,461)
(7,461)
At 30 September 2023
116,636
820,028
936,664
Carrying amount
At 30 September 2023
10,429,698
396,260
10,825,958
At 30 September 2022
10,438,849
448,861
10,887,710
Land and buildings with a carrying amount of £10,429,698 were revalued at 30 September 2023 by the directors of the company on the basis of market value.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
(2,099)
108,623
Other debtors
102,434
268,376
100,335
376,999
7
Current asset investments
2023
2022
£
£
Other investments
109
109
E. & R. FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
14,050
28,100
9
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other loans
180,000
209,500
Trade creditors
20,446
45,840
Corporation tax
31,371
43,120
Other taxation and social security
5,010
2,154
Other creditors
790,790
639,450
1,027,617
940,064
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,708,735
1,701,962
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,313
1,313
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
16,372
16,372
164
164
E. & R. FULLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
13
Related party transactions
E & R Fuller Limited has a 3/5ths interest in the freehold of an industrial unit. One of the other parties to this investment is Wyvern Properties Limited who own one tenth of the property. JD Fuller is a director and shareholder in Wyvern Properties Limited and E & R Fuller Limited. All transactions relating to the property have been allocated in accordance with ownership proportions.
During 2004, one of the units at the industrial property formerly wholly owned by the company was demolished and redeveloped into five units. The trustees of WG Fuller Deceased invested 20% in the redevelopment and the remaining 80% is held by E & R Fuller Limited. At 30 September 2023 £Nil was owed to (2022: £57,578) E & R Fuller Limited. This is included in other debtors in the financial statements.
Included in other creditors is an amount of £25,000 (2022: £25,000) due to L Fuller, a director and shareholder. Interest of £1,267 (2022: £169) was payable to L Fuller on this loan during the year.
Included in other creditors is an amount of £125,000 (2022: £100,000) due to the Trustees of WG Fuller Deceased, a connected entity. Interest of £6,093 (2022: £2,792) was payable to Trust on this loan during the year.
Included in other creditors is an amount of £250,000 (2022: £250,000) due to R Schoonmaker, a related person to the company. Interest of £12,668 (2022: £6,981) was payable to R Schoonmaker on this loan during the year.
Included in other creditors is an amount of £180,000 (2022: £209,500) due to RHF Will Trust, a connected entity. Interest of £9,758 (2022: £7,327) was payable to Trust on this loan during the year.
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