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Company No: 00411022 (England and Wales)

H SIDDALL & SONS LIMITED

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

H SIDDALL & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

H SIDDALL & SONS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
H SIDDALL & SONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 39,157 50,957
39,157 50,957
Current assets
Stocks 126,592 119,852
Debtors 4 56,418 55,594
Cash at bank and in hand 5,078 2,926
188,088 178,372
Creditors: amounts falling due within one year 5 ( 242,787) ( 199,116)
Net current liabilities (54,699) (20,744)
Total assets less current liabilities (15,542) 30,213
Creditors: amounts falling due after more than one year 6 ( 49,077) ( 76,471)
Net liabilities ( 64,619) ( 46,258)
Capital and reserves
Called-up share capital 7,500 7,500
Profit and loss account ( 72,119 ) ( 53,758 )
Total shareholders' deficit ( 64,619) ( 46,258)

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 H Siddall & Sons Limited (registered number: 00411022) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S M Siddall
Director

12 October 2024

H SIDDALL & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
H SIDDALL & 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

H Siddall & 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 17 Market Place, Holt, Norfolk, NR24 6BE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 - 12.5 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

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.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 19

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 February 2023 98,049 63,275 126,615 287,939
Additions 0 0 1,159 1,159
At 31 January 2024 98,049 63,275 127,774 289,098
Accumulated depreciation
At 01 February 2023 98,049 15,819 123,114 236,982
Charge for the financial year 0 11,864 1,095 12,959
At 31 January 2024 98,049 27,683 124,209 249,941
Net book value
At 31 January 2024 0 35,592 3,565 39,157
At 31 January 2023 0 47,456 3,501 50,957
Leased assets included above:
Net book value
At 31 January 2024 0 35,592 0 35,592
At 31 January 2023 0 47,456 0 47,456

4. Debtors

2024 2023
£ £
Trade debtors 2,873 1,181
Amounts owed by directors 13,754 23,245
Prepayments 11,869 9,437
Deferred tax asset 21,851 15,660
Other debtors 6,071 6,071
56,418 55,594

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 54,193 61,571
Trade creditors 87,521 72,872
Accruals 8,116 9,479
Taxation and social security 25,776 15,150
Obligations under finance leases and hire purchase contracts (secured) 12,255 12,255
Other creditors 54,926 27,789
242,787 199,116

Hire purchase liabilities are secured upon the assets to which they relate.

One of the Company's bank loans and the overdraft is secured by a legal mortgage on the Company's leasehold property, a first fixed charge on the Company's debtors and a first floating charge on the Company's remaining assets. Further security is held in the form of a life policy for S M Siddall and a personal guarantee by S M Siddall.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,333 28,472
Obligations under finance leases and hire purchase contracts (secured) 35,744 47,999
49,077 76,471

Hire purchase liabilities are secured upon the assets to which they relate.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 15,660 2,347
Credited to the Income Statement 6,191 13,313
At the end of financial year 21,851 15,660

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 9,282) ( 12,200)
Tax losses carry forward 31,133 27,860
21,851 15,660

8. Financial commitments

Other financial commitments

2024 2023
£ £
Operating leases not later than 1 year 0 27,560
Later than 1 year and not later than 5 years 77,819 55,401
77,819 82,961

The Company had future minimum lease payments due under non-cancellable operating leases for each of the periods reported above.

Pensions

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,133 (2023 - £3,052).

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 436 418

9. Related party transactions

At the year end a director owed the Company £13,754 (2023- £23,245). Interest is charged at a rate of 2%/2.25% (2023- 2%).

In addition, another director of the Company was owed £754 at the year end (2023- £442 owed by the Company).