REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SANDHUTTON GROWERS LIMITED |
TRADING AS |
HERBS UNLIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SANDHUTTON GROWERS LIMITED |
TRADING AS |
HERBS UNLIMITED |
SANDHUTTON GROWERS LIMITED (REGISTERED NUMBER: 04429943) |
TRADING AS HERBS UNLIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
SANDHUTTON GROWERS LIMITED |
TRADING AS HERBS UNLIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SANDHUTTON GROWERS LIMITED (REGISTERED NUMBER: 04429943) |
TRADING AS HERBS UNLIMITED |
STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SANDHUTTON GROWERS LIMITED (REGISTERED NUMBER: 04429943) |
TRADING AS HERBS UNLIMITED |
STATEMENT OF FINANCIAL POSITION - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SANDHUTTON GROWERS LIMITED (REGISTERED NUMBER: 04429943) |
TRADING AS HERBS UNLIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Sandhutton Growers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have considered the financial resources and commitments of the company and have concluded that there are sufficient resources in place to continue operating for the foreseeable future. The directors therefore consider it appropriate to continue to prepare the accounts on the going concern basis. |
Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
Critical judgements in applying the company's policies |
The management consider that no significant judgements have had to be made in preparing these financial statements. |
Critical accounting estimates and assumptions |
The directors do not consider that any other accounting estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Revenue |
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration. |
Goodwill |
Goodwill is initially measured at cost. After initial recognition goodwill is measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Amortisation has been provided at 20% in order to write off the cost of each asset over its estimated useful life. |
Property, plant and equipment |
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - | 5% straight line basis |
Plant and machinery | - | 15%, 20% and 25% reducing balance basis and33% straight line basis |
Motor vehicles | - | 33% straight line basis |
Inventories |
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. |
Biological assets and agricultural produce are valued using the cost model. |
SANDHUTTON GROWERS LIMITED (REGISTERED NUMBER: 04429943) |
TRADING AS HERBS UNLIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Although no formal hedging takes place the company enters into derivative financial instruments to minimise exposure to foreign currency risk and these are recorded at fair value in the accounts at each year end with gains or losses being included in administration costs. |
Hire purchase and leasing commitments |
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on a straight line basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate. |
Pension costs and other post-retirement benefits |
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SANDHUTTON GROWERS LIMITED (REGISTERED NUMBER: 04429943) |
TRADING AS HERBS UNLIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The net book value of property, plant and equipment includes £ 95,898 (2022 - £ 96,170 ) in respect of assets held under hire purchase contracts. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
SANDHUTTON GROWERS LIMITED (REGISTERED NUMBER: 04429943) |
TRADING AS HERBS UNLIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 98,887 | 97,394 |
Bank loans are secured by way of a fixed and floating debenture in favour of the bank held over the company's assets. |
Hire purchase and finance leases are secured on the underlying asset. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The directors operate loan accounts with the company which are repayable on demand. The following advances and credits subsisted during the years ended 2023 and 2022. |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | - | - |
Amounts advanced | - | 772 |
Amounts repaid | - | (772 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Interest has been charged at the HMRC beneficial loan rates whilst overdrawn. |
11. | RELATED PARTY DISCLOSURES |
One of the directors had made a loan to the company. At the year end the amount owed to them was £12,278 (2022 - £12,878) on which no interest had been charged (2022 - £nil). |