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Company No: 10728298 (England and Wales)

DEVON & SOMERSET CONTRACTORS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

DEVON & SOMERSET CONTRACTORS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

DEVON & SOMERSET CONTRACTORS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
DEVON & SOMERSET CONTRACTORS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr J P W Nichols
Mr R A J Parris
REGISTERED OFFICE Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 10728298 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
DEVON & SOMERSET CONTRACTORS LIMITED

BALANCE SHEET

As at 31 December 2023
DEVON & SOMERSET CONTRACTORS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 83,333 103,333
Tangible assets 4 728,469 1,041,552
811,802 1,144,885
Current assets
Stocks 5,000 5,000
Debtors 5 137,595 213,380
Cash at bank and in hand 235,875 154,202
378,470 372,582
Creditors: amounts falling due within one year 6 ( 898,667) ( 1,167,883)
Net current liabilities (520,197) (795,301)
Total assets less current liabilities 291,605 349,584
Provision for liabilities ( 181,952) ( 193,584)
Net assets 109,653 156,000
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 109,651 155,998
Total shareholders' funds 109,653 156,000

For the financial year ending 31 December 2023 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 Devon & Somerset Contractors Limited (registered number: 10728298) were approved and authorised for issue by the Board of Directors on 14 August 2024. They were signed on its behalf by:

Mr J P W Nichols
Director
DEVON & SOMERSET CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
DEVON & SOMERSET CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Devon & Somerset Contractors Limited (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 Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property 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:

Plant and machinery 12.5 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 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 Balance Sheet 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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

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 Balance Sheet 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 200,000 200,000
At 31 December 2023 200,000 200,000
Accumulated amortisation
At 01 January 2023 96,667 96,667
Charge for the financial year 20,000 20,000
At 31 December 2023 116,667 116,667
Net book value
At 31 December 2023 83,333 83,333
At 31 December 2022 103,333 103,333

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 1,408,242 12,148 315 1,420,705
Additions 173,000 0 0 173,000
Disposals ( 421,500) 0 0 ( 421,500)
At 31 December 2023 1,159,742 12,148 315 1,172,205
Accumulated depreciation
At 01 January 2023 369,989 9,104 60 379,153
Charge for the financial year 95,354 761 64 96,179
Disposals ( 31,596) 0 0 ( 31,596)
At 31 December 2023 433,747 9,865 124 443,736
Net book value
At 31 December 2023 725,995 2,283 191 728,469
At 31 December 2022 1,038,253 3,044 255 1,041,552

5. Debtors

2023 2022
£ £
Trade debtors 128,238 138,942
Prepayments 8,686 74,438
Other debtors 671 0
137,595 213,380

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,757 28,710
Accruals 11,616 10,440
Taxation and social security 32,400 21,771
Obligations under finance leases and hire purchase contracts 64,703 175,508
Other creditors 783,191 931,454
898,667 1,167,883

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

At the year end the company owed £780,614 (2022 - £867,090) to a company connected by virtue of common directorship (Compass Tractors Limited). This loan is interest free and repayable on demand.