4 31/12/2023 2023-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 00183722 2023-01-01 2023-12-31 00183722 2023-12-31 00183722 2022-12-31 00183722 2022-01-01 2022-12-31 00183722 2022-12-31 00183722 bus:Director3 2023-01-01 2023-12-31 00183722 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 00183722 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00183722 core:PlantMachinery 2022-12-31 00183722 core:MotorVehicles 2022-12-31 00183722 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00183722 core:PlantMachinery 2023-12-31 00183722 core:MotorVehicles 2023-12-31 00183722 core:WithinOneYear 2023-12-31 00183722 core:WithinOneYear 2022-12-31 00183722 core:AfterOneYear 2023-12-31 00183722 core:AfterOneYear 2022-12-31 00183722 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00183722 core:PlantMachinery 2023-01-01 2023-12-31 00183722 core:MotorVehicles 2023-01-01 2023-12-31 00183722 core:ShareCapital 2023-12-31 00183722 core:ShareCapital 2022-12-31 00183722 core:HedgingReserve 2023-12-31 00183722 core:HedgingReserve 2022-12-31 00183722 core:RetainedEarningsAccumulatedLosses 2023-12-31 00183722 core:RetainedEarningsAccumulatedLosses 2022-12-31 00183722 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 00183722 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 00183722 core:Non-currentFinancialInstruments 2023-12-31 00183722 core:Non-currentFinancialInstruments 2022-12-31 00183722 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00183722 core:PlantMachinery 2022-12-31 00183722 core:MotorVehicles 2022-12-31 00183722 bus:SmallEntities 2023-01-01 2023-12-31 00183722 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00183722 bus:FullAccounts 2023-01-01 2023-12-31 00183722 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00183722 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00183722 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 00183722 core:InvestmentPropertyIncludedWithinPPE 2022-12-31 00183722 core:InvestmentPropertyIncludedWithinPPE 2023-12-31
Company registration number: 00183722
Samuel Harding & Sons Limited
Unaudited filleted financial statements
31 December 2023
Samuel Harding & Sons Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 20,207 20,207
Tangible assets 6 4,999,007 5,048,383
Investments 7 200 200
_______ _______
5,019,414 5,068,790
Current assets
Stocks 8 98,703 95,947
Debtors 9 334,054 299,337
Cash at bank and in hand 71,643 121,216
_______ _______
504,400 516,500
Creditors: amounts falling due
within one year 10 ( 161,518) ( 216,252)
_______ _______
Net current assets 342,882 300,248
_______ _______
Total assets less current liabilities 5,362,296 5,369,038
Creditors: amounts falling due
after more than one year 11 ( 266,084) ( 299,290)
_______ _______
Net assets 5,096,212 5,069,748
_______ _______
Capital and reserves
Called up share capital 30,502 30,502
Fair value reserve 185,612 185,612
Profit and loss account 4,880,098 4,853,634
_______ _______
Shareholders funds 5,096,212 5,069,748
_______ _______
For the 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 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
L Jones
Director
Company registration number: 00183722
Samuel Harding & Sons Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 18 Talbot Lane, Leicester, LE1 4LR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Combined other intangible assets - no amortisation
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Land and building - no depreciation
Plant and machinery - 15% per annum of cost, except farm equipment 15% reducing balance
Motor vehicles - 25% per annum of cost
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 20,207 20,207
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 20,207 20,207
_______ _______
At 31 December 2022 20,207 20,207
_______ _______
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Tangible assets - user defined Total
£ £ £ £ £
Cost
At 1 January 2023 3,648,660 840,358 50,870 1,098,000 5,637,888
Additions - 67,073 55,000 - 122,073
Disposals - ( 362,043) - - ( 362,043)
_______ _______ _______ _______ _______
At 31 December 2023 3,648,660 545,388 105,870 1,098,000 5,397,918
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 - 538,636 50,869 - 589,505
Charge for the year - 28,330 9,167 - 37,497
Disposals - ( 228,091) - - ( 228,091)
_______ _______ _______ _______ _______
At 31 December 2023 - 338,875 60,036 - 398,911
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 3,648,660 206,513 45,834 1,098,000 4,999,007
_______ _______ _______ _______ _______
At 31 December 2022 3,648,660 301,722 1 1,098,000 5,048,383
_______ _______ _______ _______ _______
The freehold investment property was revalued by the directors at 31 December 2023 on an open market basis. The historical cost equivalent of these assets is £912,388.
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 200 200
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 200 200
_______ _______
At 31 December 2022 200 200
_______ _______
8. Stocks
2023 2022
£ £
Stock valuation 98,703 95,947
_______ _______
9. Debtors
2023 2022
£ £
Trade debtors 53,022 26,440
Amounts owed by group undertakings and undertakings in which the company has a participating interest 240,054 235,054
Other debtors 40,978 37,843
_______ _______
334,054 299,337
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 16,604 15,217
Trade creditors 55,214 121,017
Corporation tax 9,257 6,010
Other creditors 32,163 28,379
_______ _______
113,238 170,623
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 196,199 212,613
Other creditors 69,885 86,677
_______ _______
266,084 299,290
_______ _______
The company has taken out a bank loan which is secured on specific property.
Included within creditors: amounts falling due after more than one year is an amount of £ 138,244 (2022 £ 141,492 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.