Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10837633 2023-03-01 2024-02-29 10837633 2022-03-01 2023-02-28 10837633 2024-02-29 10837633 2023-02-28 10837633 2022-03-01 10837633 c:Director1 2023-03-01 2024-02-29 10837633 c:Director2 2023-03-01 2024-02-29 10837633 d:PlantMachinery 2023-03-01 2024-02-29 10837633 d:OfficeEquipment 2023-03-01 2024-02-29 10837633 d:ComputerEquipment 2023-03-01 2024-02-29 10837633 d:CurrentFinancialInstruments 2024-02-29 10837633 d:CurrentFinancialInstruments 2023-02-28 10837633 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 10837633 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10837633 d:ShareCapital 2024-02-29 10837633 d:ShareCapital 2023-02-28 10837633 d:ShareCapital 2022-03-01 10837633 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 10837633 d:RetainedEarningsAccumulatedLosses 2024-02-29 10837633 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 10837633 d:RetainedEarningsAccumulatedLosses 2023-02-28 10837633 d:RetainedEarningsAccumulatedLosses 2022-03-01 10837633 c:OrdinaryShareClass1 2023-03-01 2024-02-29 10837633 c:OrdinaryShareClass1 2024-02-29 10837633 c:OrdinaryShareClass1 2023-02-28 10837633 c:OrdinaryShareClass2 2023-03-01 2024-02-29 10837633 c:OrdinaryShareClass2 2024-02-29 10837633 c:OrdinaryShareClass2 2023-02-28 10837633 c:FRS102 2023-03-01 2024-02-29 10837633 c:IndependentExaminationCharity 2023-03-01 2024-02-29 10837633 c:FullAccounts 2023-03-01 2024-02-29 10837633 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10837633 d:Subsidiary1 2023-03-01 2024-02-29 10837633 d:Subsidiary1 1 2023-03-01 2024-02-29 10837633 d:Subsidiary2 2023-03-01 2024-02-29 10837633 d:Subsidiary2 1 2023-03-01 2024-02-29 10837633 d:Subsidiary3 2023-03-01 2024-02-29 10837633 d:Subsidiary3 1 2023-03-01 2024-02-29 10837633 c:Consolidated 2024-02-29 10837633 c:ConsolidatedGroupCompanyAccounts 2023-03-01 2024-02-29 10837633 6 2023-03-01 2024-02-29 10837633 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10837633










Somers Hills Limited










Financial statements

Information for filing with the registrar

For the Year Ended 29 February 2024





 
Somers Hills Limited
Registered number: 10837633

Consolidated Balance Sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
719,370
920,166

Tangible fixed assets
 6 
3,669
18,211

  
723,039
938,377

Current assets
  

Stocks
  
203,704
345,214

Debtors: amounts falling due within one year
 8 
4,147,056
2,213,245

Cash at bank and in hand
  
2,537,565
723,188

  
6,888,325
3,281,647

Creditors: amounts falling due within one year
 9 
(6,264,501)
(2,980,261)

Net current assets
  
 
 
623,824
 
 
301,386

Total assets less current liabilities
  
1,346,863
1,239,763

Net assets
  
1,346,863
1,239,763


Capital and reserves
  

Called up share capital 
 12 
214,400
214,400

Profit and loss account
  
1,132,463
1,025,363

Equity attributable to owners of the parent Company
  
1,346,863
1,239,763


Page 1

 
Somers Hills Limited
Registered number: 10837633

Consolidated Balance Sheet (continued)
As at 29 February 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
S C Merritt
................................................
M James
Director
Director
Date: 20 August 2024

The notes on pages 7 to 16 form part of these financial statements.

Page 2

 
Somers Hills Limited
Registered number: 10837633

Company Balance Sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 7 
4,591,553
4,591,553

  
4,591,553
4,591,553

Current assets
  

Debtors: amounts falling due within one year
 8 
2,256
-

  
2,256
-

Creditors: amounts falling due within one year
 9 
(2,289,361)
(2,669,039)

Net current liabilities
  
 
 
(2,287,105)
 
 
(2,669,039)

Total assets less current liabilities
  
2,304,448
1,922,514

  

  

Net assets excluding pension asset
  
2,304,448
1,922,514

Net assets
  
2,304,448
1,922,514


Capital and reserves
  

Called up share capital 
 12 
214,400
214,400

Profit and loss account brought forward
  
1,708,114
1,389,483

Profit for the year
  
381,934
318,631

Profit and loss account carried forward
  
2,090,048
1,708,114

  
2,304,448
1,922,514


The Directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
S C Merritt
................................................
M James
Director
Director


Date: 20 August 2024

Page 3

 
Somers Hills Limited
Registered number: 10837633

Company Balance Sheet (continued)
As at 29 February 2024

The notes on pages 7 to 16 form part of these financial statements.

Page 4

 
Somers Hills Limited
 

Consolidated Statement of Changes in Equity
For the Year Ended 29 February 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
214,400
897,446
1,111,846



Profit for the year
-
133,461
133,461

Currency translation differences
-
(5,544)
(5,544)
Total comprehensive income for the year
-
127,917
127,917



At 1 March 2023
214,400
1,025,363
1,239,763



Profit for the year
-
111,734
111,734

Currency translation differences
-
(4,634)
(4,634)
Total comprehensive income for the year
-
107,100
107,100


At 29 February 2024
214,400
1,132,463
1,346,863


The notes on pages 7 to 16 form part of these financial statements.

Page 5

 
Somers Hills Limited
 

Company Statement of Changes in Equity
For the Year Ended 29 February 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
214,400
1,389,483
1,603,883



Profit for the year
-
318,631
318,631



At 1 March 2023
214,400
1,708,114
1,922,514



Profit for the year
-
381,934
381,934


At 29 February 2024
214,400
2,090,048
2,304,448


The notes on pages 7 to 16 form part of these financial statements.

Page 6

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

1.


General information

Somers Hills Limited is a private company limited by shares and is incorporated in England with the
registration number 10837633. The address of the registered office is EPP House, Unit 8/9 Epsom
Business Park, Epsom, Surrey, KT17 1JF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

All foreign exchange gains and losses are presented in the Consolidated statement of income and
retained earnings within 'Administrative expenses'.

Page 7

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life, which is considered to be 10 years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 8

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 9

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



Page 10

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and
assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
The nature of estimation is such though that actual outcomes could differ significantly from those
estimates.
The following judgements have had the most significant impact on amounts recognised in the financial
statements:
Goodwill
The group has recognised goodwill arising from business combinations with a carrying value of £719,370 at the reporting date (see note 5). On acquisition the group determined a reliable estimate of the useful life of goodwill based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash flows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill.
The group considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows.


4.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 21).

Page 11

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

5.


Intangible assets

Group and Company







Goodwill

£



Cost


At 1 March 2023
1,985,852



At 29 February 2024

1,985,852



Amortisation


At 1 March 2023
1,065,686


Charge for the year on owned assets
200,796



At 29 February 2024

1,266,482



Net book value



At 29 February 2024
719,370



At 28 February 2023
920,166



Page 12

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

6.


Tangible fixed assets

Group








Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
7,100
90,704
56,572
154,376



At 29 February 2024

7,100
90,704
56,572
154,376



Depreciation


At 1 March 2023
2,012
90,704
43,449
136,165


Charge for the year on owned assets
1,420
-
13,122
14,542



At 29 February 2024

3,432
90,704
56,571
150,707



Net book value



At 29 February 2024
3,668
-
1
3,669



At 28 February 2023
5,088
-
13,123
18,211


7.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
4,591,553



At 29 February 2024
4,591,553




Page 13

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Chesswood Limited
Holding company
Ordinary
100%
European Process Plant Limited
The supply of bakery equipment
Ordinary
100%
Somers Hills (EPP Ireland) Limited
The supply of bakery equipment
Ordinary
100%


8.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,264,423
945,479
-
-

Other debtors
5,513
970
2,256
-

Prepayments and accrued income
2,870,980
1,266,349
-
-

Deferred taxation
6,140
447
-
-

4,147,056
2,213,245
2,256
-



9.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Other loans
-
306,668
-
306,668

Trade creditors
1,793,965
744,014
-
-

Amounts owed to group undertakings
-
-
2,289,361
2,362,371

Corporation tax
104,856
78,158
-
-

Other taxation and social security
709,237
282,641
-
-

Accruals and deferred income
3,656,443
1,568,780
-
-

6,264,501
2,980,261
2,289,361
2,669,039


Page 14

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

10.


Loans

Loan notes
Somers Hills Limited has issued £800,000 of 5% fixed rate loan notes payable to J D Mitchell and K J
Stalker. The loan notes are secured by fixed and floating charges over all of the Company's assets.
Interest on the loan notes has been agreed at 5% above Bank of England base rate per annum on any
amounts outstanding with effect from March 2021.
The loan notes were fully repaid by installments during 2024.


Analysis of the maturity of loans is given below:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Other loans
-
306,668
-
306,668


-
306,668
-
306,668


Amounts falling due 2-5 years


-
306,668
-
306,668



11.


Deferred taxation


Group



2024


£






At beginning of year
447


Charged to profit or loss
5,693



At end of year
6,140

Page 15

 
Somers Hills Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024
 
11.Deferred taxation (continued)

Company


2024






At end of year
-
Group
29 February
Group
28 February
2024
2023
£
£

Decelerated / (Accelerated) capital allowances
3,915
447

Short term timing differences (pension)
2,225
-


12.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



150,080 (2023 - 150,080) Ordinary A shares of £1 each
150,080
150,080
64,320 (2023 - 64,320) Ordinary B shares of £1 each
64,320
64,320

214,400

214,400



13.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge
represents contributions payable by the Group to the fund and amounted to £75,786 (2023 - £71,856).
Contributions totalling £8,902 (2023 - £nil) were payable to the fund at the balance sheet date.


14.


Commitments under operating leases

At 29 February 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 February
Group
28 February
2024
2023
£
£

Total minimum lease payments
243,038
153,712

15.


Controlling party

The Group has no controlling shareholders. 


Page 16