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Company No: 04872379 (England and Wales)

SARGENT & SONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

SARGENT & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

SARGENT & SONS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
SARGENT & SONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 295,603 304,321
295,603 304,321
Current assets
Stocks 4 97,163 103,943
Debtors 5 186,302 155,771
Cash at bank and in hand 865,776 924,699
1,149,241 1,184,413
Creditors: amounts falling due within one year 6 ( 171,413) ( 161,346)
Net current assets 977,828 1,023,067
Total assets less current liabilities 1,273,431 1,327,388
Net assets 1,273,431 1,327,388
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,273,331 1,327,288
Total shareholder's funds 1,273,431 1,327,388

For the financial year ending 31 January 2024 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 Sargent & Sons Limited (registered number: 04872379) were approved and authorised for issue by the Board of Directors on 09 October 2024. They were signed on its behalf by:

Nicholas John Bater
Director
SARGENT & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
SARGENT & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
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

Sargent & Sons Limited (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 C/O Bishop Fleming 2nd Floor, Stratus House Emperor Way, Exeter Business Park, EX1 3QS, United Kingdom. The principal place of business is Tipton Roller Mills, Tipton St John, Sidmouth, Devon, EX10 0JX.

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 £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:-
Freehold property is not depreciated as the directors are of the opinion that appropriate expenditure is expended on the property to maintain the property at the same level of repair and hence no depreciation is considered necessary.

Land and buildings not depreciated
Plant and machinery 5 - 20 years straight line
Vehicles 5 years straight line
Office equipment 5 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 February 2023 246,308 331,471 15,594 2,520 595,893
At 31 January 2024 246,308 331,471 15,594 2,520 595,893
Accumulated depreciation
At 01 February 2023 0 274,170 15,594 1,808 291,572
Charge for the financial year 0 8,213 0 505 8,718
At 31 January 2024 0 282,383 15,594 2,313 300,290
Net book value
At 31 January 2024 246,308 49,088 0 207 295,603
At 31 January 2023 246,308 57,301 0 712 304,321

4. Stocks

2024 2023
£ £
Stocks 97,163 103,943

5. Debtors

2024 2023
£ £
Trade debtors 173,941 132,558
Prepayments and accrued income 11,556 8,610
VAT recoverable 0 14,070
Other debtors 805 533
186,302 155,771

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 97,073 87,393
Amounts owed to directors 65,269 65,269
Accruals 4,422 4,312
Other taxation and social security 4,208 3,921
Other creditors 441 451
171,413 161,346

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 65,269 65,269

During the year Mr E J Sargent, a director, maintained a current account with the company. There was no movement on this account during the year.