Company Registration No. 06766015 (England and Wales)
C W BRITTON AND SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
C W BRITTON AND SON LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
C W BRITTON AND SON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S W Britton
Mr J R Britton
Company number
06766015
Registered office
Whitcliffe Hall Farm
Whitcliffe Lane
Ripon
North Yorkshire
HG4 3AS
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
C W BRITTON AND SON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,105,239
1,080,468
Investment property
4
-
0
175,000
Investments
5
2,500
2,500
1,107,739
1,257,968
Current assets
Stocks
6
508,579
541,075
Debtors
7
656,941
422,279
Cash at bank and in hand
569,772
540,468
1,735,292
1,503,822
Creditors: amounts falling due within one year
8
(606,189)
(715,299)
Net current assets
1,129,103
788,523
Total assets less current liabilities
2,236,842
2,046,491
Creditors: amounts falling due after more than one year
9
(267,140)
(284,632)
Provisions for liabilities
(107,393)
(113,944)
Net assets
1,862,309
1,647,915
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,861,309
1,646,915
Total equity
1,862,309
1,647,915
C W BRITTON AND SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr J R Britton
Director
Company registration number 06766015 (England and Wales)
C W BRITTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

C W Britton and Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whitcliffe Hall Farm, Whitcliffe Lane, Ripon, North Yorkshire, HG4 3AS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
Land not depreciated Buildings 30 years straight line
Plant and equipment
10% reducing balance & 25% straight line
Office equipment
25% straight line
Farm machinery and vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

C W BRITTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

C W BRITTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.7
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.

 

Biological assets

Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell.

 

1.8
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 current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

C W BRITTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
C W BRITTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
616,313
911,226
1,527,539
Additions
51,670
127,815
179,485
Disposals
-
0
(65,850)
(65,850)
At 31 March 2024
667,983
973,191
1,641,174
Depreciation and impairment
At 1 April 2023
-
0
447,071
447,071
Depreciation charged in the year
-
0
129,792
129,792
Eliminated in respect of disposals
-
0
(40,928)
(40,928)
At 31 March 2024
-
0
535,935
535,935
Carrying amount
At 31 March 2024
667,983
437,256
1,105,239
At 31 March 2023
616,313
464,155
1,080,468
4
Investment property
2024
£
Fair value
At 1 April 2023
175,000
Disposals
(175,000)
At 31 March 2024
-
0

The investment property was valued as at 31 March 2023 by the directors who considered the open market value to be £175,000. Whilst there has been no independent valuation of the investment property it is reviewed annually by the directors of C W Britton & Son Limited. Their assessment is based on the current market values of comparable properties and current rental yields. The historical cost of the property is £143,528.

C W BRITTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,500
2,500
6
Stocks
2024
2023
£
£
General stock
234,385
282,097
Biological assets
274,194
258,978
508,579
541,075
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
594,546
368,534
Other debtors
62,395
53,745
656,941
422,279
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
24,400
24,400
Trade creditors
423,542
324,495
Taxation and social security
90,140
68,747
Other creditors
68,107
297,657
606,189
715,299
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
267,140
284,632
C W BRITTON AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 10 -

National Westminster Bank PLC holds fixed and floating charge over the freehold land owned by the company. The amount owed to the bank at the balance sheet date in respect of the bank loan is £291,540 (2023 - £309,032).

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

C W Britton & Son Partnership - partnership between the directors of the company

 

Farm land and buildings were rented by the company from the farming partnership for £36,000 (2023: £36,000).

 

At the balance sheet the amount due by the company to C W Britton & Son partnership was £28,833 (2023: £289,044). The loan is interest free and repayable upon demand.

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