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Registration number: 00742661

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Company Information

Directors

Mr T Dalla-Riva

Mrs J Dalla-Riva

Miss F Dalla-Riva

Mr M Dalla-Riva

Mr N Fields

Mr J Cowx

Mr T J Lindley

Mr R Readdie

Registered office

Station Road Industrial Estate
Station Road
Epworth
Doncaster
South Yorkshire
DN9 1JZ

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

(Registration number: 00742661)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,384,928

3,355,420

Current assets

 

Stocks

5

404,481

254,185

Debtors

6

2,395,794

2,941,578

Cash at bank and in hand

 

685,724

258,732

 

3,485,999

3,454,495

Creditors: Amounts falling due within one year

7

(1,371,342)

(1,169,452)

Net current assets

 

2,114,657

2,285,043

Total assets less current liabilities

 

6,499,585

5,640,463

Creditors: Amounts falling due after more than one year

7

(82,589)

(118,450)

Provisions for liabilities

(212,646)

(199,608)

Net assets

 

6,204,350

5,322,405

Capital and reserves

 

Called up share capital

8

5,000

5,000

Revaluation reserve

3,149,362

2,199,362

Retained earnings

3,049,988

3,118,043

Shareholders' funds

 

6,204,350

5,322,405

For the financial 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 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.

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

(Registration number: 00742661)
Balance Sheet as at 31 October 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

.........................................
Mr T Dalla-Riva
Director

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Station Road Industrial Estate
Station Road
Epworth
Doncaster
South Yorkshire
DN9 1JZ

These financial statements were authorised for issue by the Board on 25 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 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.

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and 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.

The current income 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Land & buildings

2% straight line

Motor vehicles

25% reducing balance

Furniture & fittings

10% reducing balance/33% straight line

Plant & machinery

10% reducing balance/25% straight line

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.

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2022 - 48).

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

2,552,455

183,097

334,322

2,476,200

5,546,074

Revaluations

950,000

-

-

-

950,000

Additions

249,630

5,574

-

33,330

288,534

Disposals

-

-

-

(12,878)

(12,878)

At 31 October 2023

3,752,085

188,671

334,322

2,496,652

6,771,730

Depreciation

At 1 November 2022

349,808

133,153

230,278

1,477,415

2,190,654

Charge for the year

56,042

9,431

26,011

107,817

199,301

Eliminated on disposal

-

-

-

(3,153)

(3,153)

At 31 October 2023

405,850

142,584

256,289

1,582,079

2,386,802

Carrying amount

At 31 October 2023

3,346,235

46,087

78,033

914,573

4,384,928

At 31 October 2022

2,202,647

49,944

104,044

998,785

3,355,420

Included within the net book value of land and buildings above is £3,346,235 (2022 - £2,202,647) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

216,553

102,642

Finished goods and goods for resale

187,928

151,543

404,481

254,185

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,266,815

1,999,344

Amounts owed by related parties

125,000

125,000

Prepayments

 

52,894

57,211

Other debtors

 

951,085

760,023

   

2,395,794

2,941,578

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

42,132

31,733

Trade creditors

 

1,035,833

675,728

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12,076

12,076

Taxation and social security

 

237,415

407,660

Accruals and deferred income

 

20,003

18,803

Other creditors

 

23,883

23,452

 

1,371,342

1,169,452

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

82,589

118,450

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

82,589

118,450

 

C.W.Fields & Son Limited

trading as C.W. Fields & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

42,132

31,733

10

Parent and ultimate parent undertaking

The ultimate controlling party is TDR Group Limited.