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Company registration number: 00299924
Stillmans (Somerset) Limited
Unaudited filleted financial statements
29 June 2024
STILLMANS (SOMERSET) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr M. J. Alford
Mrs M E Alford
Secretary Mrs M. E. Alford
Company number 00299924
Registered office Foxhill Farm
Blackborough
Cullompton
Devon
EX15 2HU
Accountants Westcotts
30 St Peter
Devon
EX16 6NR
STILLMANS (SOMERSET) LIMITED
STATEMENT OF FINANCIAL POSITION
29 JUNE 2024
29/06/24 01/07/23
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,153,636 1,124,297
_______ _______
1,153,636 1,124,297
Current assets
Stocks 394,785 508,193
Debtors 7 1,417,756 1,470,679
Cash at bank and in hand 348,689 245,857
_______ _______
2,161,230 2,224,729
Creditors: amounts falling due
within one year 8 ( 1,224,876) ( 1,143,506)
_______ _______
Net current assets 936,354 1,081,223
_______ _______
Total assets less current liabilities 2,089,990 2,205,520
Provisions for liabilities ( 140,958) ( 144,151)
_______ _______
Net assets 1,949,032 2,061,369
_______ _______
Capital and reserves
Called up share capital 1,650 1,650
Profit and loss account 9 1,947,382 2,059,719
_______ _______
Shareholders funds 1,949,032 2,061,369
_______ _______
For the period ending 29 June 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 period 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
Mr M. J. Alford
Director
Company registration number: 00299924
STILLMANS (SOMERSET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 29 JUNE 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 Foxhill Farm, Blackborough, Cullompton, Devon, EX15 2HU.
Principal activity
The principal activity of the company was abattoir operators and butchers.
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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Basic payment entitlements - 5 years straight line
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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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 and machinery - 10%/15%/25% reducing balance
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.
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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.
Basic payment entitlements
Basic payment entitlements are recognised at their value at 1 January 2015 or at cost at the date of acquisition if later. Basic payment entitlements are accounted for under the Accrual model with the cost being amortised over 5 years to 31 December 2020 on a straight line basis.
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 in finance costs in profit or loss in the period it arises.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 50 (2023: 46 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 2 July 2023 and 29 June 2024 1,779 1,779
_______ _______
Amortisation
At 2 July 2023 and 29 June 2024 1,779 1,779
_______ _______
Carrying amount
At 29 June 2024 - -
_______ _______
At 1 July 2023 - -
_______ _______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Total
£ £ £
Cost
At 2 July 2023 1,041,604 1,378,226 2,419,830
Additions 83,813 119,524 203,337
Disposals - ( 40,424) ( 40,424)
_______ _______ _______
At 29 June 2024 1,125,417 1,457,326 2,582,743
_______ _______ _______
Depreciation
At 2 July 2023 357,567 937,966 1,295,533
Charge for the year 56,338 106,120 162,458
Disposals - ( 28,884) ( 28,884)
_______ _______ _______
At 29 June 2024 413,905 1,015,202 1,429,107
_______ _______ _______
Carrying amount
At 29 June 2024 711,512 442,124 1,153,636
_______ _______ _______
At 1 July 2023 684,037 440,260 1,124,297
_______ _______ _______
7. Debtors
29/06/24 01/07/23
£ £
Trade debtors 1,334,706 1,404,887
Other debtors 83,050 65,792
_______ _______
1,417,756 1,470,679
_______ _______
8. Creditors: amounts falling due within one year
29/06/24 01/07/23
£ £
Trade creditors 964,658 906,359
Accruals and deferred income 220,495 163,760
Social security and other taxes 28,540 54,532
Other creditors 11,183 18,855
_______ _______
1,224,876 1,143,506
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 29/06/24
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Directors - - -
_______ _______ _______
Period ended 01/07/23
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Directors 2,430 (2,430) -
_______ _______ _______
11. Related party transactions
In the year, management fees were paid to Staplegrove Livestock Limited totalling £251,593 (2023: £243,795). Staplegrove Livestock Limited is a company owned by one of the directors of Stillman's (Somerset) Limited.
12. Off-balance sheet arrangements
The total lease commitments on the butchers shop in Taunton is £137,500 over 10 years.