IRIS Accounts Production v24.2.0.383 00554808 Board of Directors 6.4.23 5.4.24 5.4.24 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh005548082023-04-05005548082024-04-05005548082023-04-062024-04-05005548082022-04-05005548082022-04-062023-04-05005548082023-04-0500554808ns15:EnglandWales2023-04-062024-04-0500554808ns14:PoundSterling2023-04-062024-04-0500554808ns10:Director12023-04-062024-04-0500554808ns10:PrivateLimitedCompanyLtd2023-04-062024-04-0500554808ns10:SmallEntities2023-04-062024-04-0500554808ns10:AuditExempt-NoAccountantsReport2023-04-062024-04-0500554808ns10:SmallCompaniesRegimeForDirectorsReport2023-04-062024-04-0500554808ns10:SmallCompaniesRegimeForAccounts2023-04-062024-04-0500554808ns10:FullAccounts2023-04-062024-04-050055480812023-04-062024-04-0500554808ns10:Director22023-04-062024-04-0500554808ns10:RegisteredOffice2023-04-062024-04-0500554808ns5:CurrentFinancialInstruments2024-04-0500554808ns5:CurrentFinancialInstruments2023-04-0500554808ns5:Non-currentFinancialInstruments2024-04-0500554808ns5:Non-currentFinancialInstruments2023-04-0500554808ns5:ShareCapital2024-04-0500554808ns5:ShareCapital2023-04-0500554808ns5:RevaluationReserve2024-04-0500554808ns5:RevaluationReserve2023-04-0500554808ns5:RetainedEarningsAccumulatedLosses2024-04-0500554808ns5:RetainedEarningsAccumulatedLosses2023-04-0500554808ns5:IntangibleAssetsOtherThanGoodwill2023-04-062024-04-0500554808ns5:LandBuildings2023-04-062024-04-0500554808ns5:PlantMachinery2023-04-062024-04-0500554808ns5:IntangibleAssetsOtherThanGoodwill2023-04-0500554808ns5:IntangibleAssetsOtherThanGoodwill2024-04-0500554808ns5:IntangibleAssetsOtherThanGoodwill2023-04-0500554808ns5:LandBuildings2023-04-0500554808ns5:PlantMachinery2023-04-0500554808ns5:LandBuildings2024-04-0500554808ns5:PlantMachinery2024-04-0500554808ns5:LandBuildings2023-04-0500554808ns5:PlantMachinery2023-04-0500554808ns5:CostValuation2023-04-0500554808ns5:AdditionsToInvestments2024-04-0500554808ns5:DisposalsRepaymentsInvestments2024-04-0500554808ns5:CostValuation2024-04-0500554808ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-0500554808ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-0500554808ns5:Secured2024-04-0500554808ns5:Secured2023-04-0500554808ns5:RevaluationReserve2023-04-05
REGISTERED NUMBER: 00554808 (England and Wales)















SLY BROS. (POTATOES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024






SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


SLY BROS. (POTATOES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTORS: Mr C D Sly
Mrs M M Sly





REGISTERED OFFICE: Hospital Farm
Main Road
Deeping St Nicholas
Spalding
Lincolnshire
PE11 3DH





REGISTERED NUMBER: 00554808 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 6,667,073 6,833,728
Investments 6 2,971 72,846
Investment property 7 1,368,095 1,328,250
8,038,139 8,234,824

CURRENT ASSETS
Valuation 1,100,449 1,172,882
Debtors 8 660,195 394,727
Cash at bank and in hand 288,704 278,072
2,049,348 1,845,681
CREDITORS
Amounts falling due within one year 9 737,194 885,004
NET CURRENT ASSETS 1,312,154 960,677
TOTAL ASSETS LESS CURRENT LIABILITIES 9,350,293 9,195,501

CREDITORS
Amounts falling due after more than one year 10 (131,600 ) (197,400 )

PROVISIONS FOR LIABILITIES (578,372 ) (472,333 )
NET ASSETS 8,640,321 8,525,768

CAPITAL AND RESERVES
Called up share capital 12 3,600 3,600
Other reserve 13 456,188 426,304
Retained earnings 8,180,533 8,095,864
8,640,321 8,525,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

STATEMENT OF FINANCIAL POSITION - continued
5 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





Mr C D Sly - Director


SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1. STATUTORY INFORMATION

Sly Bros. (Potatoes) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of produce and work done, excluding value added tax.

Sales of produce are recognised upon despatch. Revenue from work done is recognised on the day of completion of the work.

The Basic Farm Payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance.

Intangible assets
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance, 4% on cost and Nil
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance, 10% on reducing balance and Straight line over 25 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties have been valued by the directors at the balance sheet date.

Stocks
Stocks have been valued on a consistent basis by professional valuers in accordance with HS232 Farm Stock Valuation.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 6 April 2023
and 5 April 2024 142,135
AMORTISATION
At 6 April 2023
and 5 April 2024 142,135
NET BOOK VALUE
At 5 April 2024 -
At 5 April 2023 -

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2023 5,709,762 3,161,001 8,870,763
Additions 14,771 239,607 254,378
Disposals - (114,900 ) (114,900 )
At 5 April 2024 5,724,533 3,285,708 9,010,241
DEPRECIATION
At 6 April 2023 546,697 1,490,338 2,037,035
Charge for year 24,491 369,381 393,872
Eliminated on disposal - (87,739 ) (87,739 )
At 5 April 2024 571,188 1,771,980 2,343,168
NET BOOK VALUE
At 5 April 2024 5,153,345 1,513,728 6,667,073
At 5 April 2023 5,163,065 1,670,663 6,833,728

Included in cost of land and buildings is freehold land of £ 4,806,055 (2023 - £ 4,806,055 ) which is not depreciated.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 6 April 2023 72,846
Additions 12,412
Disposals (82,320 )
Dividends received 33
At 5 April 2024 2,971
NET BOOK VALUE
At 5 April 2024 2,971
At 5 April 2023 72,846

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023 1,328,250
Revaluations 39,845
At 5 April 2024 1,368,095
NET BOOK VALUE
At 5 April 2024 1,368,095
At 5 April 2023 1,328,250

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

7. INVESTMENT PROPERTY - continued

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2024 576,294
Cost 791,801
1,368,095

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 791,801 791,801

The investment property was valued on a market price basis on by the directors .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 576,320 245,095
Other debtors 83,875 149,632
660,195 394,727

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 181,500
Hire purchase contracts 65,800 178,300
Trade creditors 223,452 345,555
Taxation and social security 35,884 96,066
Other creditors 412,058 83,583
737,194 885,004

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 131,600 197,400

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 181,500
Hire purchase contracts 197,400 375,700
197,400 557,200

Debenture: Fixed and floating charges over the undertaking and all property and assets present and future.
Legal charge: Approx. 540 acres of land at Hospital Farm, Littleworth Drove.

Hire purchase is secured against the assets to which the debt relates.

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
Value £ £
1,105 A Ordinary £1 1,105 1,105
1,495 B Ordinary £1 1,495 1,495
325 C Ordinary £1 325 325
325 D Ordinary £1 325 325
350 E Ordinary £1 350 350
3,600 3,600


13. RESERVES
Other
reserve
£   
At 6 April 2023 426,304
Property revaluation 29,884

At 5 April 2024 456,188