Company registration number 00343139 (England and Wales)
SANDERS AND SANDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SANDERS AND SANDERS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 12
SANDERS AND SANDERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company continued to be that of the manufacture of footwear.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
H B Sanders
L R Whitmore
S P Tennant
M L Sanders
Small companies exemption
This report has been prepared in accordance with the small companies regime of the Companies Act 2006.
By order of the board
S M Whatton
Secretary
19 September 2024
SANDERS AND SANDERS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SANDERS AND SANDERS LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sanders and Sanders Limited for the year ended 29 February 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Sanders and Sanders Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sanders and Sanders Limited and state those matters that we have agreed to state to the Board of Directors of Sanders and Sanders Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sanders and Sanders Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Sanders and Sanders Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sanders and Sanders Limited. You consider that Sanders and Sanders Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sanders and Sanders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering
Northamptonshire
NN15 6XR
Date:
26 September 2024
SANDERS AND SANDERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
2024
2023
Notes
£
£
Turnover
5,098,924
5,138,783
Cost of sales
(3,925,482)
(3,762,419)
Gross profit
1,173,442
1,376,364
Administrative expenses
(1,144,458)
(1,227,014)
Other operating income
12,000
Operating profit
40,984
149,350
Interest receivable and similar income
923
2,723
Profit before taxation
41,907
152,073
Tax on profit
3
(12,326)
(29,676)
Profit for the financial year
29,581
122,397
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SANDERS AND SANDERS LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 4 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
590,026
620,630
Current assets
Stocks
5
1,523,496
1,520,674
Debtors
6
713,175
824,616
Cash at bank and in hand
43,796
177,318
2,280,467
2,522,608
Creditors: amounts falling due within one year
7
(723,157)
(942,753)
Net current assets
1,557,310
1,579,855
Total assets less current liabilities
2,147,336
2,200,485
Creditors: amounts falling due after more than one year
8
(60,000)
Provisions for liabilities
9
(23,465)
(28,315)
Net assets
2,123,871
2,112,170
Capital and reserves
Called up share capital
17,880
17,880
Share premium account
250
250
Capital redemption reserve
32,670
32,670
Profit and loss reserves
2,073,071
2,061,370
Total equity
2,123,871
2,112,170
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SANDERS AND SANDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
H B Sanders
Director
Company registration number 00343139 (England and Wales)
SANDERS AND SANDERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2022
17,880
250
32,670
2,001,553
2,052,353
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
-
122,397
122,397
Dividends
-
-
-
(62,580)
(62,580)
Balance at 28 February 2023
17,880
250
32,670
2,061,370
2,112,170
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
-
29,581
29,581
Dividends
-
-
-
(17,880)
(17,880)
Balance at 29 February 2024
17,880
250
32,670
2,073,071
2,123,871
SANDERS AND SANDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
1
Accounting policies
Company information
Sanders and Sanders Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spencer Road, Rushden, Northants, NN10 6AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Plant & machinery
10% reducing balance/10% straight line
Motor vehicles
25% reducing balance
Fixtures and fittings
10% reducing balance/25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
SANDERS AND SANDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 8 -
Cost of raw materials and consumables is based on purchased cost, on a first in first out basis.
Cost of work in progress and finished goods is based on the cost of direct materials and labour plus attributable overheads.
Net realisable value is the estimated selling price less all further costs to complete and all costs to be incurred in marketing, selling and distribution.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
1.5
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 current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
SANDERS AND SANDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 9 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
SANDERS AND SANDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
96
100
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
17,176
27,928
Deferred tax
Origination and reversal of timing differences
(4,850)
1,748
Total tax charge
12,326
29,676
4
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
546,924
1,146,559
133,092
46,972
1,873,547
Additions
11,158
11,158
At 29 February 2024
546,924
1,157,717
133,092
46,972
1,884,705
Depreciation and impairment
At 1 March 2023
43,797
1,040,531
130,042
38,547
1,252,917
Depreciation charged in the year
10,440
28,910
305
2,107
41,762
At 29 February 2024
54,237
1,069,441
130,347
40,654
1,294,679
Carrying amount
At 29 February 2024
492,687
88,276
2,745
6,318
590,026
At 28 February 2023
503,127
106,028
3,050
8,425
620,630
Included within freehold property is land of £25,000 (2023: £25,000), which is not depreciated.
SANDERS AND SANDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
5
Stocks
2024
2023
£
£
Raw materials and consumables
630,194
692,153
Work in progress
95,092
215,297
Finished goods and goods for resale
798,210
613,224
1,523,496
1,520,674
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
679,034
762,611
Other debtors
1,745
20,786
Prepayments and accrued income
32,396
41,219
713,175
824,616
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
380,280
455,723
Corporation tax
17,176
27,928
Other taxation and social security
38,652
77,669
Other creditors
214,161
254,296
Accruals and deferred income
72,888
127,137
723,157
942,753
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
60,000
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
23,465
28,315
23,465
28,315
SANDERS AND SANDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
23,465
28,315
2024
Movements in the year:
£
Liability at 1 March 2023
28,315
Credit to profit or loss
(4,850)
Liability at 29 February 2024
23,465
The deferred tax liability set out above is expected to reverse within the forseeable future and relates to accelerated capital allowances that are expected to mature within the same period.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £nil (2023: £23,888).
12
Related party transactions
The company was under the control of the board of directors throughout the current and previous year.
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