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COMPANY REGISTRATION NUMBER: 02299468
Simonds of Botesdale Limited
Unaudited financial statements
31 October 2023
Simonds of Botesdale Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,558,451
1,576,473
Current assets
Stocks
88,628
112,001
Debtors
6
930,383
717,002
Cash at bank and in hand
290,708
801,083
-----------
-----------
1,309,719
1,630,086
Creditors: Amounts falling due within one year
7
( 897,660)
( 1,246,560)
-----------
-----------
Net current assets
412,059
383,526
-----------
-----------
Total assets less current liabilities
1,970,510
1,959,999
Creditors: Amounts falling due after more than one year
8
( 809,059)
( 886,742)
Provisions
Taxation including deferred tax
( 329,062)
( 250,946)
-----------
-----------
Net assets
832,389
822,311
-----------
-----------
Capital and reserves
Called up share capital
9
129,076
129,076
Profit and loss account
703,313
693,235
---------
---------
Shareholders funds
832,389
822,311
---------
---------
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 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Simonds of Botesdale Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
M S Simonds
Director
Company registration number: 02299468
Simonds of Botesdale Limited
Notes to the financial statements
Year ended 31 October 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 Roswald House, Oak Drive, Diss, Norfolk, IP22 4GX.
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 services rendered, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Leasehold property
-
over the term of the lease
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Buses and coaches
-
5% and 12% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 74 (2022: 75 ).
5. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Buses and coaches
Total
£
£
£
£
£
£
Cost
At 1 November 2022
947,440
512,011
86,323
113,632
2,884,139
4,543,545
Additions
7,421
21,800
43,344
125,665
198,230
Disposals
( 11,050)
( 45,892)
( 279,425)
( 336,367)
---------
---------
-------
---------
-----------
-----------
At 31 October 2023
954,861
522,761
86,323
111,084
2,730,379
4,405,408
---------
---------
-------
---------
-----------
-----------
Depreciation
At 1 November 2022
536,890
394,075
77,666
74,561
1,883,880
2,967,072
Charge for the year
20,775
18,982
2,165
15,144
90,548
147,614
Disposals
( 9,359)
( 40,720)
( 217,650)
( 267,729)
---------
---------
-------
---------
-----------
-----------
At 31 October 2023
557,665
403,698
79,831
48,985
1,756,778
2,846,957
---------
---------
-------
---------
-----------
-----------
Carrying amount
At 31 October 2023
397,196
119,063
6,492
62,099
973,601
1,558,451
---------
---------
-------
---------
-----------
-----------
At 31 October 2022
410,550
117,936
8,657
39,071
1,000,259
1,576,473
---------
---------
-------
---------
-----------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
692,984
477,539
Other debtors
237,399
239,463
---------
---------
930,383
717,002
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
35,098
31,708
Trade creditors
332,037
307,463
Social security and other taxes
95,482
151,122
Other creditors
435,043
756,267
---------
-----------
897,660
1,246,560
---------
-----------
There is a fixed and floating charge over the company assets in respect of the bank borrowings of the company.
Included in creditors are hire purchase liabilities of £21,922 (2022 - £37,999) which are secured by charges over assets held by the company.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
63,403
98,502
Other creditors
745,656
788,240
---------
---------
809,059
886,742
---------
---------
There is a fixed and floating charge over the company assets in respect of the bank borrowings of the company.
Included in creditors are hire purchase liabilities of £45,656 (2022 - £88,240) which are secured by charges over assets held by the company.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
Deferred shares of £ 1 each
128,076
128,076
128,076
128,076
---------
---------
---------
---------
129,076
129,076
129,076
129,076
---------
---------
---------
---------
Amounts presented in liabilities:
Preference shares of £ 1 each
700,000
700,000
700,000
700,000
---------
---------
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
168,323
113,708
Later than 1 year and not later than 5 years
312,048
121,390
Later than 5 years
99,000
99,000
---------
---------
579,371
334,098
---------
---------