Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Mrs A P Chester-Sterne 05/09/2011 Miss A L Chester-Sterne 05/09/2011 Mr B J Chester-Sterne 05/09/2011 Mr C T Chester-Sterne 05/09/2011 Mr R P Chester-Sterne 05/09/2011 R P Chester-Sterne 13 September 2024 The principal activity of the Company during the financial year was seed and agricultural merchants and the sale of country products. 07763056 2023-09-30 07763056 bus:Director1 2023-09-30 07763056 bus:Director2 2023-09-30 07763056 bus:Director3 2023-09-30 07763056 bus:Director4 2023-09-30 07763056 bus:Director5 2023-09-30 07763056 2022-09-30 07763056 core:CurrentFinancialInstruments 2023-09-30 07763056 core:CurrentFinancialInstruments 2022-09-30 07763056 core:Non-currentFinancialInstruments 2023-09-30 07763056 core:Non-currentFinancialInstruments 2022-09-30 07763056 core:ShareCapital 2023-09-30 07763056 core:ShareCapital 2022-09-30 07763056 core:RetainedEarningsAccumulatedLosses 2023-09-30 07763056 core:RetainedEarningsAccumulatedLosses 2022-09-30 07763056 core:Goodwill 2022-09-30 07763056 core:Goodwill 2023-09-30 07763056 core:LandBuildings 2022-09-30 07763056 core:PlantMachinery 2022-09-30 07763056 core:Vehicles 2022-09-30 07763056 core:LandBuildings 2023-09-30 07763056 core:PlantMachinery 2023-09-30 07763056 core:Vehicles 2023-09-30 07763056 core:MoreThanFiveYears 2023-09-30 07763056 core:MoreThanFiveYears 2022-09-30 07763056 2022-10-01 2023-09-30 07763056 bus:FilletedAccounts 2022-10-01 2023-09-30 07763056 bus:SmallEntities 2022-10-01 2023-09-30 07763056 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 07763056 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 07763056 bus:Director1 2022-10-01 2023-09-30 07763056 bus:Director2 2022-10-01 2023-09-30 07763056 bus:Director3 2022-10-01 2023-09-30 07763056 bus:Director4 2022-10-01 2023-09-30 07763056 bus:Director5 2022-10-01 2023-09-30 07763056 bus:Director6 2022-10-01 2023-09-30 07763056 core:Goodwill core:TopRangeValue 2022-10-01 2023-09-30 07763056 core:PlantMachinery 2022-10-01 2023-09-30 07763056 core:Vehicles 2022-10-01 2023-09-30 07763056 2021-10-01 2022-09-30 07763056 core:LandBuildings 2022-10-01 2023-09-30 07763056 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Company No: 07763056 (England and Wales)

NORRIS & SONS (2011) LTD

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

NORRIS & SONS (2011) LTD

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

NORRIS & SONS (2011) LTD

BALANCE SHEET

As at 30 September 2023
NORRIS & SONS (2011) LTD

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 74,825 89,275
74,825 89,275
Current assets
Stocks 263,269 299,162
Debtors 5 18,146 19,142
Cash at bank and in hand 240 240
281,655 318,544
Creditors: amounts falling due within one year 6 ( 425,279) ( 387,403)
Net current liabilities (143,624) (68,859)
Total assets less current liabilities (68,799) 20,416
Creditors: amounts falling due after more than one year 7 ( 109,373) ( 149,881)
Net liabilities ( 178,172) ( 129,465)
Capital and reserves
Called-up share capital 110 110
Profit and loss account ( 178,282 ) ( 129,575 )
Total shareholders' deficit ( 178,172) ( 129,465)

For the financial year ending 30 September 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 Norris & Sons (2011) Ltd (registered number: 07763056) were approved and authorised for issue by the Board of Directors on 13 September 2024. They were signed on its behalf by:

R P Chester-Sterne
Director
NORRIS & SONS (2011) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
NORRIS & SONS (2011) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Norris & Sons (2011) 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Home Farm, Palace Lane, Beaulieu, SO42 7YG.

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 Balance Sheet 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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land and buildings, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % 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.

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 Statement of Income and Retained Earnings 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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 13

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 175,000 175,000
At 30 September 2023 175,000 175,000
Accumulated amortisation
At 01 October 2022 175,000 175,000
At 30 September 2023 175,000 175,000
Net book value
At 30 September 2023 0 0
At 30 September 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 October 2022 11,235 161,457 26,795 199,487
Disposals 0 ( 14,250) ( 1,000) ( 15,250)
At 30 September 2023 11,235 147,207 25,795 184,237
Accumulated depreciation
At 01 October 2022 0 86,699 23,513 110,212
Charge for the financial year 0 11,178 812 11,990
Disposals 0 ( 11,830) ( 960) ( 12,790)
At 30 September 2023 0 86,047 23,365 109,412
Net book value
At 30 September 2023 11,235 61,160 2,430 74,825
At 30 September 2022 11,235 74,758 3,282 89,275

5. Debtors

2023 2022
£ £
Trade debtors 11,004 12,498
Other debtors 7,142 6,644
18,146 19,142

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 116,770 115,856
Trade creditors 75,674 64,053
Other taxation and social security 288 402
Obligations under finance leases and hire purchase contracts 5,800 5,800
Other creditors 226,747 201,292
425,279 387,403

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

2023 2022
£ £
Bank loans (secured) 103,573 138,281
Obligations under finance leases and hire purchase contracts (secured) 5,800 11,600
109,373 149,881

Bank borrowings are secured with fixed and floating charges across company assets. This excludes the Bounce Bank loan which is unsecured. Obligations under hire purchase contracts are secured on the asset purchased.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 9,259 14,815

8. Financial commitments

Other financial commitments

2023 2022
£ £
Commitments in respect to participating interests 30,833 40,833