Mason Brothers Cold Storage and Grading Services Limited 04805491 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is cold storage and grading services. Digita Accounts Production Advanced 6.30.9574.0 true true 04805491 2023-05-01 2024-04-30 04805491 2024-04-30 04805491 bus:OrdinaryShareClass1 2024-04-30 04805491 core:RetainedEarningsAccumulatedLosses 2024-04-30 04805491 core:ShareCapital 2024-04-30 04805491 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 04805491 core:CurrentFinancialInstruments 2024-04-30 04805491 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 04805491 core:Non-currentFinancialInstruments 2024-04-30 04805491 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 04805491 core:Goodwill 2024-04-30 04805491 core:FurnitureFittings 2024-04-30 04805491 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 04805491 core:MotorVehicles 2024-04-30 04805491 core:OtherPropertyPlantEquipment 2024-04-30 04805491 core:OtherRelatedParties 2024-04-30 04805491 bus:SmallEntities 2023-05-01 2024-04-30 04805491 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04805491 bus:FilletedAccounts 2023-05-01 2024-04-30 04805491 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04805491 bus:RegisteredOffice 2023-05-01 2024-04-30 04805491 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 04805491 bus:Director1 2023-05-01 2024-04-30 04805491 bus:Director3 2023-05-01 2024-04-30 04805491 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 04805491 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04805491 core:Goodwill 2023-05-01 2024-04-30 04805491 core:FurnitureFittings 2023-05-01 2024-04-30 04805491 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 04805491 core:LandBuildings 2023-05-01 2024-04-30 04805491 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04805491 core:MotorVehicles 2023-05-01 2024-04-30 04805491 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 04805491 core:PlantMachinery 2023-05-01 2024-04-30 04805491 core:OtherRelatedParties 2023-05-01 2024-04-30 04805491 countries:EnglandWales 2023-05-01 2024-04-30 04805491 2023-04-30 04805491 core:Goodwill 2023-04-30 04805491 core:FurnitureFittings 2023-04-30 04805491 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 04805491 core:MotorVehicles 2023-04-30 04805491 core:OtherPropertyPlantEquipment 2023-04-30 04805491 core:OtherRelatedParties 2023-04-30 04805491 2022-05-01 2023-04-30 04805491 2023-04-30 04805491 bus:OrdinaryShareClass1 2023-04-30 04805491 core:RetainedEarningsAccumulatedLosses 2023-04-30 04805491 core:ShareCapital 2023-04-30 04805491 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 04805491 core:CurrentFinancialInstruments 2023-04-30 04805491 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04805491 core:Non-currentFinancialInstruments 2023-04-30 04805491 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 04805491 core:Goodwill 2023-04-30 04805491 core:FurnitureFittings 2023-04-30 04805491 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 04805491 core:MotorVehicles 2023-04-30 04805491 core:OtherPropertyPlantEquipment 2023-04-30 04805491 core:OtherRelatedParties 2023-04-30 04805491 core:OtherRelatedParties 2022-05-01 2023-04-30 04805491 2022-04-30 04805491 core:OtherRelatedParties 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04805491

Mason Brothers Cold Storage and Grading Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Mason Brothers Cold Storage and Grading Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Mason Brothers Cold Storage and Grading Services Limited

Company Information

Directors

Mr R P Mason

Mr C C Mason

Mr J R Mason

Company secretary

Mr C C Mason

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Mason Brothers Cold Storage and Grading Services Limited

(Registration number: 04805491)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

2

2

Tangible Assets

5

5,788,886

4,076,311

Investment property

6

347,583

-

 

6,136,471

4,076,313

Current assets

 

Stocks

7

77,872

43,406

Debtors

8

1,748,682

3,607,312

Cash at bank and in hand

 

792,915

668,898

 

2,619,469

4,319,616

Creditors: Amounts falling due within one year

9

(2,488,358)

(2,246,897)

Net current assets

 

131,111

2,072,719

Total assets less current liabilities

 

6,267,582

6,149,032

Creditors: Amounts falling due after more than one year

9

(1,197,641)

(1,317,755)

Provisions for liabilities

(147,603)

(114,154)

Net assets

 

4,922,338

4,717,123

Capital and Reserves

 

Called up share capital

10

3,000

3,000

Retained Earnings

4,919,338

4,714,123

Shareholders' funds

 

4,922,338

4,717,123

For the financial year ending 30 April 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

 

Mason Brothers Cold Storage and Grading Services Limited

(Registration number: 04805491)
Balance Sheet as at 30 April 2024 (continued)

.........................................
Mr R P Mason
Director

.........................................
Mr C C Mason
Company secretary and director

.........................................
Mr J R Mason
Director

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 30 August 2024.

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).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet 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.

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:

The main component of Freehold property is Land which is considered to have indefinite useful economic life. In instances where the land component of a transaction is not seperately identifiable from the building element, no depreication is charged.

Asset class

Depreciation method and rate

Freehold property

0-4% straight line

Plant and machinery

10% straight line

Fixtures, fittings and computer equipment

10% straight line

Motor vehicles

10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

not amortised

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

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.

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2023 - 47).

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

2

2

At 30 April 2024

2

2

Amortisation

Carrying amount

At 30 April 2024

2

2

At 30 April 2023

2

2

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible Assets

Freehold property
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 May 2023

3,790,799

110,364

424,806

1,746,435

6,072,404

Additions

1,718,277

-

185,377

7,218

1,910,872

Disposals

-

-

(68,000)

-

(68,000)

At 30 April 2024

5,509,076

110,364

542,183

1,753,653

7,915,276

Depreciation

At 1 May 2023

431,440

83,559

210,883

1,270,211

1,996,093

Charge for the year

30,648

2,707

32,269

100,940

166,564

Eliminated on disposal

-

-

(36,267)

-

(36,267)

At 30 April 2024

462,088

86,266

206,885

1,371,151

2,126,390

Carrying amount

At 30 April 2024

5,046,988

24,098

335,298

382,502

5,788,886

At 30 April 2023

3,359,359

26,805

213,923

476,224

4,076,311

Included within the net book value of land and buildings above is £5,046,988 (2023 - £3,359,360) in respect of freehold land and buildings.
 

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Investment properties

2024
£

Additions

347,583

At 30 April

347,583

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

7

Stocks

2024
£

2023
£

Work in progress

45,000

-

Other inventories

32,872

43,406

77,872

43,406

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Debtors

Current

Note

2024
£

2023
£

Trade Debtors

 

1,569,914

1,402,672

Amounts owed by related parties

12

14,490

6,700

Prepayments

 

73,699

1,808,494

Other debtors

 

90,579

389,446

   

1,748,682

3,607,312

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

234,929

137,437

Trade Creditors

 

259,495

243,968

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

1,341,521

1,307,950

Taxation and social security

 

474,712

491,980

Accruals and deferred income

 

53,736

63,814

Other creditors

 

123,965

1,748

 

2,488,358

2,246,897

Creditors include bank loans and overdrafts which are secured of £128,285 (2021 - £167,022).

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

1,197,641

1,317,755

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

3,000

3,000

3,000

3,000

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,197,641

1,317,755

Current loans and borrowings

2024
£

2023
£

Bank borrowings

121,840

120,000

Hire purchase contracts

113,089

17,437

234,929

137,437

12

Related party transactions

 

Mason Brothers Cold Storage and Grading Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

12

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

-

34,000

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

1,307,950

1,307,950

Advanced

33,571

33,571

At end of period

1,341,521

1,341,521

2023

Other related parties
£

Total
£

At start of period

1,300,654

1,300,654

Advanced

7,296

7,296

At end of period

1,307,950

1,307,950