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Registration number: 09098699

S P Woolhouse and Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

S P Woolhouse and Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

S P Woolhouse and Sons Limited

Company Information

Directors

SP Woolhouse

JC Woolhouse

MS Woolhouse

TJ Woolhouse

Registered office

Hooton Common Farm
Hooton Roberts
Rotherham
South Yorkshire
S65 4PD

Accountants

David Turner & Co Ltd
Church Farm
Ickleton Road
Elmdon
Saffron Walden
Essex
CB11 4LT

 

S P Woolhouse and Sons Limited

(Registration number: 09098699)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,879,225

2,433,513

Current assets

 

Stocks

622,176

548,914

Debtors

5

361,383

270,010

Cash at bank and in hand

 

203,480

49,688

 

1,187,039

868,612

Creditors: Amounts falling due within one year

6

(1,421,589)

(772,547)

Net current (liabilities)/assets

 

(234,550)

96,065

Total assets less current liabilities

 

2,644,675

2,529,578

Creditors: Amounts falling due after more than one year

6

(802,771)

(1,076,005)

Provisions for liabilities

(277,000)

(200,900)

Net assets

 

1,564,904

1,252,673

Capital and reserves

 

Called up share capital

1

1

Capital redemption reserve

352,217

352,217

Profit and loss account

1,212,686

900,455

Shareholders' funds

 

1,564,904

1,252,673

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

 

S P Woolhouse and Sons Limited

(Registration number: 09098699)
Balance Sheet as at 30 June 2023

.........................................
SP Woolhouse
Director

 

S P Woolhouse and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hooton Common Farm
Hooton Roberts
Rotherham
South Yorkshire
S65 4PD

These financial statements were authorised for issue by the Board on 4 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

S P Woolhouse and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

5% on cost straight-line basis

Plant and machinery

15% on a writing down basis/5% on straight-line basis

Motor vehicles

25% on a writing down basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

S P Woolhouse and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

S P Woolhouse and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 9).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

106,035

3,025,101

73,579

3,204,715

Additions

300,935

478,533

67,467

846,935

Disposals

-

(131,690)

-

(131,690)

At 30 June 2023

406,970

3,371,944

141,046

3,919,960

Depreciation

At 1 July 2022

30,163

716,792

24,247

771,202

Charge for the year

20,905

280,428

22,514

323,847

Eliminated on disposal

-

(54,314)

-

(54,314)

At 30 June 2023

51,068

942,906

46,761

1,040,735

Carrying amount

At 30 June 2023

355,902

2,429,038

94,285

2,879,225

At 30 June 2022

75,872

2,308,309

49,332

2,433,513

5

Debtors

 

S P Woolhouse and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Current

2023
£

2022
£

Trade debtors

250,857

206,558

Prepayments

43,164

43,726

Other debtors

67,362

19,726

 

361,383

270,010

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

404,308

263,599

Trade creditors

 

281,919

264,500

Accruals and deferred income

 

17,369

5,250

Other creditors

 

717,993

239,198

 

1,421,589

772,547

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

802,771

1,076,005

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

692,779

887,361

Hire purchase contracts

109,992

188,644

802,771

1,076,005

Current loans and borrowings

2023
£

2022
£

Bank borrowings

296,284

157,873

Hire purchase contracts

108,024

105,726

404,308

263,599