Silverfin false false 28/02/2024 01/03/2023 28/02/2024 Carol Wright 12/10/2015 Chris Wright 12/10/2015 12 August 2024 The principal activity of the Company during the financial year was that of the operation of the mill and associated retail activities. 09819985 2024-02-28 09819985 bus:Director1 2024-02-28 09819985 bus:Director2 2024-02-28 09819985 2023-02-28 09819985 core:CurrentFinancialInstruments 2024-02-28 09819985 core:CurrentFinancialInstruments 2023-02-28 09819985 core:Non-currentFinancialInstruments 2024-02-28 09819985 core:Non-currentFinancialInstruments 2023-02-28 09819985 core:ShareCapital 2024-02-28 09819985 core:ShareCapital 2023-02-28 09819985 core:RetainedEarningsAccumulatedLosses 2024-02-28 09819985 core:RetainedEarningsAccumulatedLosses 2023-02-28 09819985 core:Goodwill 2023-02-28 09819985 core:Goodwill 2024-02-28 09819985 core:LeaseholdImprovements 2023-02-28 09819985 core:PlantMachinery 2023-02-28 09819985 core:Vehicles 2023-02-28 09819985 core:FurnitureFittings 2023-02-28 09819985 core:OfficeEquipment 2023-02-28 09819985 core:LeaseholdImprovements 2024-02-28 09819985 core:PlantMachinery 2024-02-28 09819985 core:Vehicles 2024-02-28 09819985 core:FurnitureFittings 2024-02-28 09819985 core:OfficeEquipment 2024-02-28 09819985 core:CostValuation 2023-02-28 09819985 core:DisposalsDecreaseInInvestments 2024-02-28 09819985 core:CostValuation 2024-02-28 09819985 core:CurrentFinancialInstruments core:Secured 2024-02-28 09819985 core:ImmediateParent core:CurrentFinancialInstruments 2024-02-28 09819985 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 09819985 bus:OrdinaryShareClass1 2024-02-28 09819985 core:WithinOneYear 2024-02-28 09819985 core:WithinOneYear 2023-02-28 09819985 core:BetweenOneFiveYears 2024-02-28 09819985 core:BetweenOneFiveYears 2023-02-28 09819985 core:MoreThanFiveYears 2024-02-28 09819985 core:MoreThanFiveYears 2023-02-28 09819985 2023-03-01 2024-02-28 09819985 bus:FilletedAccounts 2023-03-01 2024-02-28 09819985 bus:SmallEntities 2023-03-01 2024-02-28 09819985 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 09819985 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 09819985 bus:Director1 2023-03-01 2024-02-28 09819985 bus:Director2 2023-03-01 2024-02-28 09819985 core:Goodwill core:TopRangeValue 2023-03-01 2024-02-28 09819985 core:PlantMachinery 2023-03-01 2024-02-28 09819985 core:Vehicles 2023-03-01 2024-02-28 09819985 core:FurnitureFittings 2023-03-01 2024-02-28 09819985 core:OfficeEquipment 2023-03-01 2024-02-28 09819985 2022-03-01 2023-02-28 09819985 core:Goodwill 2023-03-01 2024-02-28 09819985 core:LeaseholdImprovements 2023-03-01 2024-02-28 09819985 core:CurrentFinancialInstruments 2023-03-01 2024-02-28 09819985 core:Non-currentFinancialInstruments 2023-03-01 2024-02-28 09819985 bus:OrdinaryShareClass1 2023-03-01 2024-02-28 09819985 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09819985 (England and Wales)

OTTERTON MILL (DEVON) LTD

Unaudited Financial Statements
For the financial year ended 28 February 2024
Pages for filing with the registrar

OTTERTON MILL (DEVON) LTD

Unaudited Financial Statements

For the financial year ended 28 February 2024

Contents

OTTERTON MILL (DEVON) LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2024
OTTERTON MILL (DEVON) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 277,717 336,950
Investments 5 0 100
277,717 337,050
Current assets
Stocks 84,580 82,800
Debtors 6 107,435 283,283
Cash at bank and in hand 173,173 273,229
365,188 639,312
Creditors: amounts falling due within one year 7 ( 164,835) ( 135,506)
Net current assets 200,353 503,806
Total assets less current liabilities 478,070 840,856
Creditors: amounts falling due after more than one year 8 ( 133,763) ( 187,905)
Provision for liabilities 0 ( 228,006)
Net assets 344,307 424,945
Capital and reserves
Called-up share capital 9 10 10
Profit and loss account 344,297 424,935
Total shareholder's funds 344,307 424,945

For the financial year ending 28 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Otterton Mill (Devon) Ltd (registered number: 09819985) were approved and authorised for issue by the Board of Directors on 12 August 2024. They were signed on its behalf by:

Chris Wright
Director
OTTERTON MILL (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2024
OTTERTON MILL (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Otterton Mill (Devon) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Orchards Allercombe, Rockbeare, Exeter, EX5 2HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 41

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 9,000 9,000
Disposals ( 9,000) ( 9,000)
At 28 February 2024 0 0
Accumulated amortisation
At 01 March 2023 9,000 9,000
Disposals ( 9,000) ( 9,000)
At 28 February 2024 0 0
Net book value
At 28 February 2024 0 0
At 28 February 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 March 2023 293,428 228,436 49,190 42,384 1,781 615,219
Additions 0 1,208 0 0 0 1,208
At 28 February 2024 293,428 229,644 49,190 42,384 1,781 616,427
Accumulated depreciation
At 01 March 2023 88,031 165,814 2,844 20,563 1,017 278,269
Charge for the financial year 27,464 15,745 11,586 5,455 191 60,441
At 28 February 2024 115,495 181,559 14,430 26,018 1,208 338,710
Net book value
At 28 February 2024 177,933 48,085 34,760 16,366 573 277,717
At 28 February 2023 205,397 62,622 46,346 21,821 764 336,950

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 100
Disposals ( 100)
At 28 February 2024 0
Carrying value at 28 February 2024 0
Carrying value at 28 February 2023 100

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 69,548 0
Amounts owed by directors 19,859 51,640
Prepayments 18,028 7,417
Other debtors 0 224,226
107,435 283,283

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 40,000 40,000
Trade creditors 41,016 37,521
Amounts owed to Parent undertakings 3,390 0
Accruals and deferred income 10,753 28,953
Taxation and social security 62,743 28,591
Other creditors 6,933 441
164,835 135,506

Bank loans are secured by a fixed and floating charge over the assets of the business.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 80,000 123,389
Deferred income 53,763 64,516
133,763 187,905

Bank loans are secured by a fixed and floating charge over the assets of the business.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 32,500 32,500
between one and five years 130,000 130,000
after five years 384,583 417,083
547,083 579,583

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 397 255

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by the directors, at the balance sheet date 19,859 51,640
Dividends paid to the directors 128,000 0

Interest has been charged at 2.25% pa based on HM Revenue and Customs official rate and there are no fixed repayment terms.

As a wholly owned subsidiary undertaking of their parent company, Wright Holdings (Devon) Ltd, (Registered office: The Orchards Allercombe, Rockbeare, Exeter, Devon, United Kingdom, EX5 2HD), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.