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Company No: 00679290 (England and Wales)

GEORGE CARR & SONS (SAWS) LIMITED

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

GEORGE CARR & SONS (SAWS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GEORGE CARR & SONS (SAWS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
GEORGE CARR & SONS (SAWS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 10,694
Tangible assets 4 210,473 243,067
210,473 253,761
Current assets
Stocks 820,033 879,751
Debtors 5 232,322 412,896
Cash at bank and in hand 262,099 24,122
1,314,454 1,316,769
Creditors: amounts falling due within one year 6 ( 460,670) ( 551,524)
Net current assets 853,784 765,245
Total assets less current liabilities 1,064,257 1,019,006
Creditors: amounts falling due after more than one year 7 ( 49,883) 0
Provision for liabilities 0 ( 10,556)
Net assets 1,014,374 1,008,450
Capital and reserves
Called-up share capital 8 1,250 1,250
Capital redemption reserve 1,750 1,750
Profit and loss account 1,011,374 1,005,450
Total shareholders' funds 1,014,374 1,008,450

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 George Carr & Sons (Saws) Limited (registered number: 00679290) were approved and authorised for issue by the Board of Directors on 16 September 2024. They were signed on its behalf by:

Mr L M Jarvis
Director
GEORGE CARR & SONS (SAWS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GEORGE CARR & SONS (SAWS) 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

George Carr & Sons (Saws) 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 37-47 North Street, Bedminster, Bristol, BS3 1EW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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 Statement of Financial Position.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 3 years straight line
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 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 over its useful economic life of 10 years.

Tangible fixed assets

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. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Land has not been depreciated.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 35,000 35,000
At 31 December 2023 35,000 35,000
Accumulated amortisation
At 01 January 2023 24,306 24,306
Charge for the financial year 10,694 10,694
At 31 December 2023 35,000 35,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 10,694 10,694

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 238,139 75,494 185,965 499,598
Additions 0 1,451 93,000 94,451
Disposals 0 ( 776) ( 148,385) ( 149,161)
At 31 December 2023 238,139 76,169 130,580 444,888
Accumulated depreciation
At 01 January 2023 120,875 64,515 71,141 256,531
Charge for the financial year 3,363 3,107 33,179 39,649
Disposals 0 ( 741) ( 61,024) ( 61,765)
At 31 December 2023 124,238 66,881 43,296 234,415
Net book value
At 31 December 2023 113,901 9,288 87,284 210,473
At 31 December 2022 117,264 10,979 114,824 243,067

5. Debtors

2023 2022
£ £
Trade debtors 214,968 367,030
Prepayments 17,354 45,866
232,322 412,896

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 303,732 370,415
Amounts owed to directors 24,244 23,905
Accruals 10,037 11,913
Corporation tax 74,342 55,175
Other taxation and social security 32,874 37,035
Obligations under finance leases and hire purchase contracts (secured) 14,600 51,642
Other creditors 841 1,439
460,670 551,524

Obligations under finance leases and hire purchase contracts are secured on the assets under finance.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 49,883 0

Obligations under finance leases and hire purchase contracts are secured on the assets under finance.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,250 Ordinary shares of £ 1.00 each 1,250 1,250

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,135 995

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to the directors 24,244 23,905

The amounts are unsecured, interest free and have no fixed date for repayment.

During the year, the directors received dividends totalling £108,808 (2022: £71,288) out of a total dividend paid of £145,000 (2022: £95,000 ).