W.O. Slatter and Son Limited 05954484 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is dairy farming. Digita Accounts Production Advanced 6.30.9574.0 true true 05954484 2023-04-01 2024-03-31 05954484 2024-03-31 05954484 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 05954484 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 05954484 core:OtherReservesSubtotal 2024-03-31 05954484 core:RetainedEarningsAccumulatedLosses 2024-03-31 05954484 core:ShareCapital 2024-03-31 05954484 core:CurrentFinancialInstruments 2024-03-31 05954484 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05954484 core:Non-currentFinancialInstruments 2024-03-31 05954484 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05954484 core:Goodwill 2024-03-31 05954484 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 05954484 core:MotorVehicles 2024-03-31 05954484 core:OtherPropertyPlantEquipment 2024-03-31 05954484 core:OtherRelatedParties 2024-03-31 05954484 bus:SmallEntities 2023-04-01 2024-03-31 05954484 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05954484 bus:FullAccounts 2023-04-01 2024-03-31 05954484 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05954484 bus:RegisteredOffice 2023-04-01 2024-03-31 05954484 bus:CompanySecretary1 2023-04-01 2024-03-31 05954484 bus:Director1 2023-04-01 2024-03-31 05954484 bus:Director2 2023-04-01 2024-03-31 05954484 bus:Director3 2023-04-01 2024-03-31 05954484 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05954484 core:Goodwill 2023-04-01 2024-03-31 05954484 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 05954484 core:LeaseholdImprovements 2023-04-01 2024-03-31 05954484 core:MotorVehicles 2023-04-01 2024-03-31 05954484 core:OfficeEquipment 2023-04-01 2024-03-31 05954484 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05954484 core:PlantMachinery 2023-04-01 2024-03-31 05954484 core:OtherRelatedParties 2023-04-01 2024-03-31 05954484 countries:EnglandWales 2023-04-01 2024-03-31 05954484 2023-03-31 05954484 core:Goodwill 2023-03-31 05954484 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 05954484 core:MotorVehicles 2023-03-31 05954484 core:OtherPropertyPlantEquipment 2023-03-31 05954484 core:OtherRelatedParties 2023-03-31 05954484 2022-04-01 2023-03-31 05954484 2023-03-31 05954484 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05954484 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 05954484 core:OtherReservesSubtotal 2023-03-31 05954484 core:RetainedEarningsAccumulatedLosses 2023-03-31 05954484 core:ShareCapital 2023-03-31 05954484 core:CurrentFinancialInstruments 2023-03-31 05954484 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05954484 core:Non-currentFinancialInstruments 2023-03-31 05954484 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05954484 core:Goodwill 2023-03-31 05954484 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 05954484 core:MotorVehicles 2023-03-31 05954484 core:OtherPropertyPlantEquipment 2023-03-31 05954484 core:OtherRelatedParties 2023-03-31 05954484 core:OtherRelatedParties 2022-04-01 2023-03-31 05954484 core:OtherRelatedParties 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05954484

Prepared for the registrar

W.O. Slatter and Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

W.O. Slatter and Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

W.O. Slatter and Son Limited

Company Information

Directors

C W Slatter

I R Slatter

Mrs D L Slatter

Company secretary

Mrs D L Slatter

Registered office

Hill House Farm
Farmington
Cheltenham
Gloucestershire
GL54 3NH

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

W.O. Slatter and Son Limited

(Registration number: 05954484)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Dairy herd

5

319,500

321,000

Tangible assets

6

351,360

400,712

Investment property

7

627,000

500,000

Other financial assets

5

5

 

1,297,865

1,221,717

Current assets

 

Stocks

94,612

97,234

Debtors

8

196,068

170,652

Cash at bank and in hand

 

105,631

158,366

 

396,311

426,252

Creditors: Amounts falling due within one year

9

(193,961)

(227,922)

Net current assets

 

202,350

198,330

Total assets less current liabilities

 

1,500,215

1,420,047

Creditors: Amounts falling due after more than one year

9

(52,251)

(92,063)

Deferred tax liabilities

(104,234)

(81,896)

Net assets

 

1,343,730

1,246,088

Capital and reserves

 

Called up share capital

2,000

2,000

Other reserves

153,108

57,858

Profit and loss account

1,188,622

1,186,230

Total equity

 

1,343,730

1,246,088

 

W.O. Slatter and Son Limited

(Registration number: 05954484)
Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 


C W Slatter
Director

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hill House Farm
Farmington
Cheltenham
Gloucestershire
GL54 3NH

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime), except otherwise stated below.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Departure from requirements of FRS 102

The company’s herd is stated at initial purchase price, the cost of subsequent external animal purchases, or where an animal arises from own production an appropriate percentage of market value at the point the animal is added to the herd, less accumulated impairment charges.

No depreciation is provided on the herd which is a departure from the requirements of FRS 102 and the Companies Act 2006, which require depreciation to be provided on cost less estimated residual value over an assets useful economic life. As the herd is held for future production of milk, management consider that providing depreciation would not reflect that intrinsic value in the financial statements and the financial statements would not give a true and fair view and have therefore departed from the requirements of FRS 102 and the Companies Act 2006. Consequently, the amounts which might have otherwise been charged in respect of depreciation is not able to be separately quantified.


Herd
The herd cost is represented by initial purchase price, the cost of subsequent external animal purchases, or where an animal arises from own production an appropriate percentage of market value at the point the animal is added to the herd. The cost is less any subsequent accumulated impairment losses. This represents the tax value of the herd election made under the Corporation Tax Act 2009, S109.

As stated above, the herd is not depreciated which represents a departure from the requirements of FRS 102 and the Companies Act 2006.
 

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tenants improvements

4% straight line

Plant and machinery

20% reducing balance / 5% straight line

Computer equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors of the company. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Biological assets not held for continuing use within the company are classed as current assets and are included within stocks and are stated at cost less impairment. Costs comprise of the purchase cost and any additional costs incurred through the growing cycle.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,000

10,917

Pension contributions

9,600

9,600

18,600

20,517

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

5

Dairy herd

Dairy herd
£

Cost

At 1 April 2023

321,000

Disposals

(1,500)

At 31 March 2024

319,500

Carrying amount

At 31 March 2024

319,500

At 31 March 2023

321,000

Herd reconciliation note

No.

As at 1 April 2023

251

Additions

-

Disposals

(1)

As at 31 March 2024

250

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

6

Tangible assets

Tenants improvements
 £

Plant and machinery
 £

Computer equipment
£

Total
£

Cost

At 1 April 2023

115,392

648,928

4,105

768,425

Additions

-

20,929

-

20,929

Disposals

-

(13,250)

-

(13,250)

At 31 March 2024

115,392

656,607

4,105

776,104

Depreciation

At 1 April 2023

13,848

349,760

4,105

367,713

Charge for the year

4,616

58,658

-

63,274

Eliminated on disposal

-

(6,243)

-

(6,243)

At 31 March 2024

18,464

402,175

4,105

424,744

Carrying amount

At 31 March 2024

96,928

254,432

-

351,360

At 31 March 2023

101,544

299,168

-

400,712

 

7

Investment properties

2024
£

At 1 April 2023 and 31 March 2024

500,000

Fair value adjustments

127,000

At 31 March

627,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

There has been no valuation of investment property by an independent valuer.

 

8

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

89,357

100,404

Amounts owed by related parties

12

88,694

41,685

Other debtors

 

18,017

27,361

Prepayments

 

-

1,202

   

196,068

170,652

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

9

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

11

42,527

52,159

Trade creditors

 

78,277

112,987

Other creditors

 

3,694

3,644

Accrued expenses

 

21,821

14,401

Corporation tax liability

44,524

40,833

Deferred income

 

3,118

3,898

 

193,961

227,922

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

52,251

92,063

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

63,371

Revaluation of investment property

40,863

104,234

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

72,783

Revaluation of investment property

9,113

81,896

 

W.O. Slatter and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

11

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

24,549

24,504

HP and finance lease liabilities

17,978

27,655

42,527

52,159

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

41,001

65,595

HP and finance lease liabilities

11,250

26,468

52,251

92,063



Bank borrowings
Bank borrowings are secured over Malt Cottage, West end, Northleach, Cheltenham and a floating charge over business assets

 

12

Related party transactions

Loans to related parties

2024

Directors
£

At start of period

41,685

Advanced

121,369

Repaid

(74,360)

At end of period

88,694

2023

Directors
£

At start of period

36,149

Advanced

96,397

Repaid

(90,861)

At end of period

41,685

Terms of loans to related parties

At the balance sheet date the amount due from directors amounted to £88,694 (2023 - £41,685). Interest is charged at the HMRC official rate of interest and is repayable on demand.