Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312024-05-242023-01-01falseNo description of principal activity2428truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI000179 2023-01-01 2023-12-31 NI000179 2022-01-01 2022-12-31 NI000179 2023-12-31 NI000179 2022-12-31 NI000179 c:Director2 2023-01-01 2023-12-31 NI000179 d:PlantMachinery 2023-01-01 2023-12-31 NI000179 d:PlantMachinery 2023-12-31 NI000179 d:PlantMachinery 2022-12-31 NI000179 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI000179 d:MotorVehicles 2023-01-01 2023-12-31 NI000179 d:MotorVehicles 2023-12-31 NI000179 d:MotorVehicles 2022-12-31 NI000179 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI000179 d:FurnitureFittings 2023-01-01 2023-12-31 NI000179 d:FurnitureFittings 2023-12-31 NI000179 d:FurnitureFittings 2022-12-31 NI000179 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI000179 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI000179 d:CurrentFinancialInstruments 2023-12-31 NI000179 d:CurrentFinancialInstruments 2022-12-31 NI000179 d:Non-currentFinancialInstruments 2023-12-31 NI000179 d:Non-currentFinancialInstruments 2022-12-31 NI000179 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI000179 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI000179 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 NI000179 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 NI000179 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 NI000179 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 NI000179 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 NI000179 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 NI000179 d:ShareCapital 2023-12-31 NI000179 d:ShareCapital 2022-12-31 NI000179 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI000179 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI000179 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI000179 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 NI000179 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 NI000179 c:OrdinaryShareClass1 2023-01-01 2023-12-31 NI000179 c:OrdinaryShareClass1 2023-12-31 NI000179 c:OrdinaryShareClass1 2022-12-31 NI000179 c:FRS102 2023-01-01 2023-12-31 NI000179 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI000179 c:FullAccounts 2023-01-01 2023-12-31 NI000179 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI000179 2 2023-01-01 2023-12-31 NI000179 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI000179










SAMUEL LAMONT & SONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAMUEL LAMONT & SONS LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
SAMUEL LAMONT & SONS LIMITED
REGISTERED NUMBER: NI000179

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,836
37,420

  
18,836
37,420

Current assets
  

Stocks
 5 
729,296
700,477

Debtors: amounts falling due within one year
 6 
401,137
573,752

Cash at bank and in hand
 7 
210,041
176,122

  
1,340,474
1,450,351

Creditors: amounts falling due within one year
 8 
(456,568)
(594,798)

Net current assets
  
 
 
883,906
 
 
855,553

Total assets less current liabilities
  
902,742
892,973

Creditors: amounts falling due after more than one year
 9 
(61,905)
(95,209)

  

Net assets
  
840,837
797,764


Capital and reserves
  

Called up share capital 
 12 
300,000
300,000

Profit and loss account
 13 
540,837
497,764

  
840,837
797,764


Page 1

 
SAMUEL LAMONT & SONS LIMITED
REGISTERED NUMBER: NI000179

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit and loss account 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 on 24 May 2024.


Mr David Nevin Lamont
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Samuel Lamont & Sons Limited is a members liability company, incorporated in Northern Ireland.
The company's registered office is situated at Victoria Street, Lurgan, BT67 9DU.
The company's principal business activity is the manufacture, retail and wholesale of household textiles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Page 3

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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.

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 & machinery
-
2 - 15 years
Motor vehicles
-
3 - 15 years
Fixtures & fittings
-
4 years

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.

Page 4

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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 first in, first out 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 5

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 6

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 28).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
294,125
37,791
289,028
620,944


Additions
-
-
184
184


Disposals
-
(16,795)
-
(16,795)



At 31 December 2023

294,125
20,996
289,212
604,333



Depreciation


At 1 January 2023
267,179
37,791
278,554
583,524


Charge for the year on owned assets
13,473
-
5,295
18,768


Disposals
-
(16,795)
-
(16,795)



At 31 December 2023

280,652
20,996
283,849
585,497



Net book value



At 31 December 2023
13,473
-
5,363
18,836



At 31 December 2022
26,946
-
10,474
37,420

The net book value of assets held under hire purchases contracts, included above is £nil (2022 : £nil).

Page 7

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
44,987
35,971

Work in progress (goods to be sold)
27,772
28,953

Finished goods and goods for resale
656,537
635,553

729,296
700,477


Page 8

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
309,238
445,701

Other debtors
40,726
66,936

Prepayments and accrued income
51,173
61,115

401,137
573,752



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
210,041
176,122

210,041
176,122



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
33,856
33,854

Trade creditors
65,135
84,527

Amounts owed to group undertakings
280,972
351,754

Other taxation and social security
22,289
49,296

Other creditors
14,321
28,780

Accruals and deferred income
39,995
46,587

456,568
594,798


2023
2022
£
£

Other taxation and social security

PAYE/NI control
15,439
17,141

VAT control
6,850
32,155

22,289
49,296


Page 9

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
61,905
95,209

61,905
95,209


The following liabilities were secured:

2023
2022
£
£



Bank loans
129,063
158,905

129,063
158,905

Details of security provided:

Bank loans are secured by collateral already held by the bank as disclosed in note 14 of the accounts.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
33,856
33,854


33,856
33,854

Amounts falling due 1-2 years

Bank loans
33,854
33,854


33,854
33,854

Amounts falling due 2-5 years

Bank loans
28,051
61,355


28,051
61,355


95,761
129,063


Page 10

 
SAMUEL LAMONT & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
176,122
150,297




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300,000 (2022 - 300,000) Ordinary shares of £1.00 each
300,000
300,000



13.


Reserves

Profit & loss account

The profit and loss account includes all current period retained profits and losses.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,509 (2022: £23,840).


15.


Controlling party

The company's parent undertaking is Samuel Lamont (Holdings) Limited, a company incorporated in Northern Ireland. The parent company's registered office is situated at Victoria Street, Lurgan, BT67 9DU.
The group is not required to prepare consolidated financial statements on the grounds that it qualifies as a small group under the Companies Act (2006).


Page 11