Dennis Clothier & Sons Limited 02559465 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of farming. Digita Accounts Production Advanced 6.30.9574.0 true 02559465 2022-08-01 2023-07-31 02559465 2023-07-31 02559465 bus:OrdinaryShareClass1 2023-07-31 02559465 core:RetainedEarningsAccumulatedLosses 2023-07-31 02559465 core:ShareCapital 2023-07-31 02559465 core:SharePremium 2023-07-31 02559465 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 02559465 core:CurrentFinancialInstruments 2023-07-31 02559465 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 02559465 core:Non-currentFinancialInstruments 2023-07-31 02559465 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 02559465 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 02559465 core:FurnitureFittingsToolsEquipment 2023-07-31 02559465 core:LandBuildings 2023-07-31 02559465 core:MotorVehicles 2023-07-31 02559465 core:OtherPropertyPlantEquipment 2023-07-31 02559465 bus:SmallEntities 2022-08-01 2023-07-31 02559465 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 02559465 bus:FullAccounts 2022-08-01 2023-07-31 02559465 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 02559465 bus:RegisteredOffice 2022-08-01 2023-07-31 02559465 bus:CompanySecretary1 2022-08-01 2023-07-31 02559465 bus:Director1 2022-08-01 2023-07-31 02559465 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 02559465 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02559465 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 02559465 core:Buildings 2022-08-01 2023-07-31 02559465 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 02559465 core:LandBuildings 2022-08-01 2023-07-31 02559465 core:MotorVehicles 2022-08-01 2023-07-31 02559465 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 02559465 core:PlantMachinery 2022-08-01 2023-07-31 02559465 countries:AllCountries 2022-08-01 2023-07-31 02559465 2022-07-31 02559465 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 02559465 core:FurnitureFittingsToolsEquipment 2022-07-31 02559465 core:LandBuildings 2022-07-31 02559465 core:MotorVehicles 2022-07-31 02559465 core:OtherPropertyPlantEquipment 2022-07-31 02559465 2021-08-01 2022-07-31 02559465 2022-07-31 02559465 bus:OrdinaryShareClass1 2022-07-31 02559465 core:RetainedEarningsAccumulatedLosses 2022-07-31 02559465 core:ShareCapital 2022-07-31 02559465 core:SharePremium 2022-07-31 02559465 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-07-31 02559465 core:CurrentFinancialInstruments 2022-07-31 02559465 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 02559465 core:Non-currentFinancialInstruments 2022-07-31 02559465 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 02559465 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 02559465 core:FurnitureFittingsToolsEquipment 2022-07-31 02559465 core:LandBuildings 2022-07-31 02559465 core:MotorVehicles 2022-07-31 02559465 core:OtherPropertyPlantEquipment 2022-07-31 02559465 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Dennis Clothier & Sons Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2023

Registration number: 02559465

 

Dennis Clothier & Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Dennis Clothier & Sons Limited

Company Information

Director

Mr J R D Clothier

Company secretary

Mr J R D Clothier

Registered office

Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

Accountants

Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

 

Dennis Clothier & Sons Limited

Balance Sheet

31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,832,066

1,711,979

Investment property

6

620,000

590,000

 

2,452,066

2,301,979

Current assets

 

Stocks

7

526,052

515,662

Debtors

8

134,044

93,308

Cash at bank and in hand

 

381

967

 

660,477

609,937

Creditors: Amounts falling due within one year

9

(361,807)

(266,383)

Net current assets

 

298,670

343,554

Total assets less current liabilities

 

2,750,736

2,645,533

Creditors: Amounts falling due after more than one year

9

(980,214)

(996,716)

Provisions for liabilities

(222,487)

(191,984)

Net assets

 

1,548,035

1,456,833

Capital and reserves

 

Called up share capital

11

5,000

5,000

Share premium reserve

684,001

684,001

Profit and loss account

859,034

767,832

Shareholders' funds

 

1,548,035

1,456,833

 

Dennis Clothier & Sons Limited

Balance Sheet

31 July 2023

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 July 2024
 

.........................................
Mr J R D Clothier
Director

Company Registration Number: 02559465

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX
United Kingdom

These financial statements were authorised for issue by the director on 29 July 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from contacts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be measured reliably. The stage of completion is calculated by comparing costs incurred mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 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.

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

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

Freehold property

2% straight line / land at nil rate

Plant and machinery

15% reducing balance

Property improvements

2% straight line

Motor vehicles

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

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.

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

4

Intangible assets

BPS Entitlements
 £

Cost or valuation

At 1 August 2022

44,200

At 31 July 2023

44,200

Amortisation

At 1 August 2022

44,200

At 31 July 2023

44,200

Carrying amount

At 31 July 2023

-

At 31 July 2022

-

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

5

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Property improvements
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

1,363,419

1,120,908

164,028

124,207

2,772,562

Additions

-

282,391

-

-

282,391

Disposals

-

(138,000)

-

-

(138,000)

At 31 July 2023

1,363,419

1,265,299

164,028

124,207

2,916,953

Depreciation

At 1 August 2022

203,924

722,924

61,580

72,155

1,060,583

Charge for the year

15,204

76,466

2,052

10,412

104,134

Eliminated on disposal

-

(79,830)

-

-

(79,830)

At 31 July 2023

219,128

719,560

63,632

82,567

1,084,887

Carrying amount

At 31 July 2023

1,144,291

545,739

100,396

41,640

1,832,066

At 31 July 2022

1,159,495

397,984

102,448

52,052

1,711,979

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

6

Investment properties

2023
£

At 1 August 2018 and 31 July 2019

590,000

Fair value adjustments

30,000

At 31 July

620,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2023 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2023
£

2022
£

Other inventories

526,052

515,662

8

Debtors

2023
£

2022
£

Trade debtors

101,403

54,052

Prepayments

9,172

9,098

Other debtors

23,469

30,158

134,044

93,308

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
 £

Due within one year

 

Loans and borrowings

10

178,338

85,656

Trade creditors

 

138,829

123,401

Other creditors

 

16,773

33,657

Accrued expenses

 

27,867

23,669

 

361,807

266,383

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

980,214

996,716

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,751

45,455

Bank overdrafts

40,346

5,879

Hire purchase contracts

120,241

34,322

178,338

85,656

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

959,455

958,705

HP and finance lease liabilities

20,759

38,011

980,214

996,716

 

Dennis Clothier & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2023

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

5,000 Ordinary shares of £1 each

5,000

5,000

5,000

5,000

         

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on revaluation of other assets

30,000

30,000

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on revaluation of other assets

190,000

190,000

As at 31 July 2023, the profit and loss account included £387,780 (2022: £365,280) of non-distributable reserves. This relates to the revaluation surplus on investment properties.