28 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 110,919 82,728 5,546 88,274 22,645 28,191 27,515 211 27,726 xbrli:pure xbrli:shares iso4217:GBP 5095224 2023-04-01 2024-03-31 5095224 2024-03-31 5095224 2023-03-31 5095224 2022-04-01 2023-03-31 5095224 2023-03-31 5095224 2022-03-31 5095224 core:PlantMachinery 2023-04-01 2024-03-31 5095224 core:MotorVehicles 2023-04-01 2024-03-31 5095224 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 5095224 bus:Director2 2023-04-01 2024-03-31 5095224 bus:Director3 2023-04-01 2024-03-31 5095224 core:NetGoodwill 2023-03-31 5095224 core:NetGoodwill 2024-03-31 5095224 core:LandBuildings 2023-03-31 5095224 core:PlantMachinery 2023-03-31 5095224 core:MotorVehicles 2023-03-31 5095224 core:LandBuildings 2024-03-31 5095224 core:PlantMachinery 2024-03-31 5095224 core:MotorVehicles 2024-03-31 5095224 core:DeferredTaxation 2023-04-01 2024-03-31 5095224 core:WithinOneYear 2024-03-31 5095224 core:WithinOneYear 2023-03-31 5095224 core:AfterOneYear 2024-03-31 5095224 core:AfterOneYear 2023-03-31 5095224 core:UKTax 2023-04-01 2024-03-31 5095224 core:UKTax 2022-04-01 2023-03-31 5095224 core:ShareCapital 2024-03-31 5095224 core:ShareCapital 2023-03-31 5095224 core:RetainedEarningsAccumulatedLosses 2024-03-31 5095224 core:RetainedEarningsAccumulatedLosses 2023-03-31 5095224 core:NetGoodwill 2023-04-01 2024-03-31 5095224 core:NetGoodwill 2023-03-31 5095224 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 5095224 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 5095224 core:LandBuildings 2023-03-31 5095224 core:PlantMachinery 2023-03-31 5095224 core:MotorVehicles 2023-03-31 5095224 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-03-31 5095224 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 5095224 core:LeasedAssetsHeldAsLessee 2024-03-31 5095224 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-03-31 5095224 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-03-31 5095224 core:LeasedAssetsHeldAsLessee 2023-03-31 5095224 core:DeferredTaxation 2023-03-31 5095224 core:DeferredTaxation 2024-03-31 5095224 bus:SmallEntities 2023-04-01 2024-03-31 5095224 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 5095224 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 5095224 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 5095224 bus:FullAccounts 2023-04-01 2024-03-31 5095224 bus:OrdinaryShareClass1 2024-03-31 5095224 bus:OrdinaryShareClass1 2023-03-31
COMPANY REGISTRATION NUMBER: 5095224
Tree & Sons Limited
Filleted Unaudited Financial Statements
31 March 2024
Tree & Sons Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Tree & Sons Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
22,645
28,191
Tangible assets
7
213,679
212,570
---------
---------
236,324
240,761
Current assets
Stocks
240,411
164,463
Debtors
8
207,028
233,456
Cash at bank and in hand
53
81,104
---------
---------
447,492
479,023
Creditors: amounts falling due within one year
9
( 351,859)
( 305,286)
---------
---------
Net current assets
95,633
173,737
---------
---------
Total assets less current liabilities
331,957
414,498
Creditors: amounts falling due after more than one year
10
( 98,033)
( 129,840)
Provisions
Taxation including deferred tax
11
( 27,726)
( 27,515)
---------
---------
Net assets
206,198
257,143
---------
---------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
206,098
257,043
---------
---------
Shareholders funds
206,198
257,143
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tree & Sons Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr J Tree
Mr R Tree
Director
Director
Company registration number: 5095224
Tree & Sons Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Reclaimation Yard, George Street, Milford Haven, Pembrokeshire, SA73 2AY.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents net invoiced sales of goods and services, excluding VAT.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
No depreciation is to be charged on Land & Buildings.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock and work-in-progress are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow-moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 29 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
3,721
33,482
Deferred tax:
Origination and reversal of timing differences
211
( 987)
-------
--------
Tax on profit
3,932
32,495
-------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
110,919
---------
Amortisation
At 1 April 2023
82,728
Charge for the year
5,546
---------
At 31 March 2024
88,274
---------
Carrying amount
At 31 March 2024
22,645
---------
At 31 March 2023
28,191
---------
7. Tangible assets
Land & Buildings
Plant & Machinery
Motor Vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
67,753
143,422
238,624
16,262
466,061
Additions
1,650
45,990
2,110
49,750
--------
---------
---------
--------
---------
At 31 March 2024
67,753
145,072
284,614
18,372
515,811
--------
---------
---------
--------
---------
Depreciation
At 1 April 2023
80,836
161,308
11,347
253,491
Charge for the year
16,059
30,826
1,756
48,641
--------
---------
---------
--------
---------
At 31 March 2024
96,895
192,134
13,103
302,132
--------
---------
---------
--------
---------
Carrying amount
At 31 March 2024
67,753
48,177
92,480
5,269
213,679
--------
---------
---------
--------
---------
At 31 March 2023
67,753
62,586
77,316
4,915
212,570
--------
---------
---------
--------
---------
Hire purchase agreements (secured)
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant & Machinery
Motor Vehicles
Total
£
£
£
At 31 March 2024
39,757
55,848
95,605
--------
--------
--------
At 31 March 2023
42,556
53,010
95,566
--------
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
183,018
178,295
Other debtors
24,010
55,161
---------
---------
207,028
233,456
---------
---------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
111,373
89,196
Trade creditors
104,908
94,989
Hire purchase agreements (secured)
35,370
33,389
Corporation tax
3,721
33,615
Social security and other taxes
67,242
35,005
Director loan accounts
62
29
Other creditors
29,183
19,063
---------
---------
351,859
305,286
---------
---------
National Westminster Bank PLC holds a fixed and floating charge over the assets of the company.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
61,274
86,689
Hire purchase agreements (secured)
36,759
43,151
--------
---------
98,033
129,840
--------
---------
Included within creditors: amounts falling due after more than one year is an amount of £26,089 (2023: £34,689) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Provisions
Deferred tax (note 12)
£
At 1 April 2023
27,515
Additions
211
--------
At 31 March 2024
27,726
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
27,726
27,515
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
27,726
27,515
--------
--------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
14. Related party transactions
The company was under the control of Mr JEF Tree, Mr J Tree and Mr R Tree , the managing directors, throughout the current and previous year by virtue of their combined interest in 100% of the company's issued ordinary share capital. During the year the company paid dividends totalling £61,900 (2023 - £59,800) to Mr J Tree and Mr R Tree. During the year the company paid rent of £5,120 (2023 - £4,410) to Mr JEF Tree and Mrs DP Tree.