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Company No: 04694729 (England and Wales)

A W RULE & SON GUN MAKERS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

A W RULE & SON GUN MAKERS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

A W RULE & SON GUN MAKERS LTD

BALANCE SHEET

As at 31 March 2024
A W RULE & SON GUN MAKERS LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 64,683 84,966
64,683 84,966
Current assets
Stocks 89,882 82,751
Debtors 4 5,140 14,430
Cash at bank and in hand 162,186 158,689
257,208 255,870
Creditors: amounts falling due within one year 5 ( 97,140) ( 100,134)
Net current assets 160,068 155,736
Total assets less current liabilities 224,751 240,702
Creditors: amounts falling due after more than one year 6 ( 37,582) ( 52,554)
Provision for liabilities 7 ( 15,535) ( 15,659)
Net assets 171,634 172,489
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account 161,634 162,489
Total shareholders' funds 171,634 172,489

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

Director's responsibilities:

The financial statements of A W Rule & Son Gun Makers Ltd (registered number: 04694729) were approved and authorised for issue by the Director on 20 August 2024. They were signed on its behalf by:

G Rule
Director
A W RULE & SON GUN MAKERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
A W RULE & SON GUN MAKERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

A W Rule & Son Gun Makers 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 Sun House, Somerton, Somerset, TA11 6SB, England, 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 recognised at the fair value of the consideration received or receivable for goods 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 Profit and Loss Account 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 Balance Sheet.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 33 % 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.

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.

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 Profit and Loss Account 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.

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. 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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 13,522 10,874 68,308 10,639 3,822 107,165
Additions 1,100 0 0 0 1,041 2,141
Disposals 0 ( 5,321) 0 0 ( 1,441) ( 6,762)
At 31 March 2024 14,622 5,553 68,308 10,639 3,422 102,544
Accumulated depreciation
At 01 April 2023 4,052 6,016 0 9,263 2,868 22,199
Charge for the financial year 2,284 528 17,077 207 495 20,591
Disposals 0 ( 3,983) 0 0 ( 946) ( 4,929)
At 31 March 2024 6,336 2,561 17,077 9,470 2,417 37,861
Net book value
At 31 March 2024 8,286 2,992 51,231 1,169 1,005 64,683
At 31 March 2023 9,470 4,858 68,308 1,376 954 84,966

4. Debtors

2024 2023
£ £
Trade debtors 2,522 11,737
Other debtors 2,618 2,693
5,140 14,430

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,057 9,651
Trade creditors 18,021 10,644
Amounts owed to director 18,068 31,768
Other loans 9,565 13,297
Accruals 2,300 2,255
Taxation and social security 28,438 22,501
Obligations under finance leases and hire purchase contracts (secured) 5,254 4,726
Other creditors 5,437 5,292
97,140 100,134

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

2024 2023
£ £
Bank loans (secured) 18,739 28,380
Obligations under finance leases and hire purchase contracts (secured) 18,843 24,174
37,582 52,554

Within bank loans is a balance of £28,796 (2023 - £38,031) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan (£50,000) as well as agreeing to pay interest and fees for the first 12 months.

The obligations under finance leases and hire purchase contracts are secured on the assets concerned which are included within motor vehicles. The net book value of the relevant assets at 31 March 2024 is £51,231 (2023 - £68,308).

7. Provision for liabilities

2024 2023
£ £
Deferred tax 15,535 15,659

8. Financial commitments

Commitments

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

2024 2023
£ £
within one year 18,900 18,900
between one and five years 37,800 56,700
56,700 75,600

The commitment shown above is in relation to a non-cancellable operating lease over the business premises.