Bowley Storage and Marketing Limited 01373516 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the provision of cold storage and marketing services for UK potato growers. The company also runs a haulage business and generates electricity. Digita Accounts Production Advanced 6.30.9574.0 true true 01373516 2023-02-01 2024-01-31 01373516 2024-01-31 01373516 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 01373516 core:RetainedEarningsAccumulatedLosses 2024-01-31 01373516 core:ShareCapital 2024-01-31 01373516 core:CurrentFinancialInstruments 2024-01-31 01373516 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 01373516 core:Non-currentFinancialInstruments 2024-01-31 01373516 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 01373516 core:ConstructionInProgressAssetsUnderConstruction 2024-01-31 01373516 core:FurnitureFittingsToolsEquipment 2024-01-31 01373516 core:LandBuildings 2024-01-31 01373516 core:MotorVehicles 2024-01-31 01373516 bus:SmallEntities 2023-02-01 2024-01-31 01373516 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01373516 bus:FullAccounts 2023-02-01 2024-01-31 01373516 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 01373516 bus:RegisteredOffice 2023-02-01 2024-01-31 01373516 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 01373516 bus:Director3 2023-02-01 2024-01-31 01373516 bus:Director4 2023-02-01 2024-01-31 01373516 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01373516 core:ConstructionInProgressAssetsUnderConstruction 2023-02-01 2024-01-31 01373516 core:FurnitureFittings 2023-02-01 2024-01-31 01373516 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 01373516 core:LandBuildings 2023-02-01 2024-01-31 01373516 core:MotorVehicles 2023-02-01 2024-01-31 01373516 core:VehiclesPlantMachinery 2023-02-01 2024-01-31 01373516 countries:EnglandWales 2023-02-01 2024-01-31 01373516 2023-01-31 01373516 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 01373516 core:FurnitureFittingsToolsEquipment 2023-01-31 01373516 core:LandBuildings 2023-01-31 01373516 core:MotorVehicles 2023-01-31 01373516 2022-02-01 2023-01-31 01373516 2023-01-31 01373516 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 01373516 core:RetainedEarningsAccumulatedLosses 2023-01-31 01373516 core:ShareCapital 2023-01-31 01373516 core:CurrentFinancialInstruments 2023-01-31 01373516 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 01373516 core:Non-currentFinancialInstruments 2023-01-31 01373516 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 01373516 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 01373516 core:FurnitureFittingsToolsEquipment 2023-01-31 01373516 core:LandBuildings 2023-01-31 01373516 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 01373516

Prepared for the registrar

Bowley Storage and Marketing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Bowley Storage and Marketing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Bowley Storage and Marketing Limited

Company Information

Directors

J M Mercer

C C Mercer

S J Mercer

Company secretary

J M Mercer

Registered office

No. 1 Unit
Bowley Court Farms
Hope-Under-Dinmore
Leominster
Herefordshire
HR6 0PL

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Bowley Storage and Marketing Limited

(Registration number: 01373516)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

8

4,993,155

4,654,424

 

4,993,155

4,654,424

Current assets

 

Stocks

24,487

49,732

Debtors

4

1,781,893

1,989,146

Cash at bank and in hand

 

15,814

357,689

 

1,822,194

2,396,567

Creditors: Amounts falling due within one year

5

(1,203,681)

(1,199,670)

Net current assets

 

618,513

1,196,897

Total assets less current liabilities

 

5,611,668

5,851,321

Creditors: Amounts falling due after more than one year

5

(13,860)

(41,460)

Deferred tax liabilities

(428,278)

(501,867)

Net assets

 

5,169,530

5,307,994

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

5,168,530

5,306,994

Total equity

 

5,169,530

5,307,994

 

Bowley Storage and Marketing Limited

(Registration number: 01373516)
Balance Sheet as at 31 January 2024

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 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 17 October 2024 and signed on its behalf by:
 


J M Mercer
Company secretary and director


C C Mercer
Director


S J Mercer
Director

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 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:
No. 1 Unit
Bowley Court Farms
Hope-Under-Dinmore
Leominster
Herefordshire
HR6 0PL

 

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 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.

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.

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.

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 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

Land and buildings

4% of cost per annum

Fixtures and fittings

10% of cost per annum / 25% of written down value

Motor vehicles and trailers

25% of cost per annum / 25% of written down value

Plant and machinery

15% / 25% of written down value or 4% / 5% of cost per annum

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. 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. 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 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.

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Leases

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 life of the asset. 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 10 (2023 - 11).

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

4

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

1,316,507

1,593,396

Amounts owed by related parties

7

300,000

194,068

Other debtors

 

55,015

103,319

Prepayments

 

110,371

98,363

   

1,781,893

1,989,146

 

5

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

6

237,277

38,422

Trade creditors

 

135,033

577,392

Amounts due to related parties

7

694,061

479,312

Other creditors

 

132

227

Accrued expenses

 

80,201

65,085

Corporation tax liability

56,977

39,232

 

1,203,681

1,199,670

 

6

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

209,677

-

HP and finance lease liabilities

27,600

38,422

237,277

38,422

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

13,860

41,460

Bank overdrafts

J M Mercer, a director of the company, has provided a limited guarantee of £1,000,000 in respect to the company's banking facilities.

Finance lease liabilities
Obligations under the finance lease and hire purchase contracts are secured over the related assets.
 

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

7

Related party transactions


Transactions with directors
At the balance sheet date the amount due to directors amounted to £49,745 (2023 - £10,745).

Transactions with other related companies
At the balance sheet date the amount due to related companies was £618,567 (2023 - £468,567).

Transactions with other related parties
At the balance sheet date the amount due from the related partnership was £300,000 (2023 - £194,068).

At the balance sheet date the amount due to the shareholders amounted to £25,749 (2023 - £nil).


 

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

8

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles and trailers
 £

Plant and machinery
 £

Total
£

Cost

At 1 February 2023

2,792,007

12,462

1,682,212

5,793,451

10,280,132

Additions

750,611

999

47,064

73,310

871,984

Disposals

-

-

(11,000)

(37,000)

(48,000)

At 31 January 2024

3,542,618

13,461

1,718,276

5,829,761

11,104,116

Depreciation

At 1 February 2023

1,374,838

7,928

1,382,864

2,860,078

5,625,708

Charge for the year

60,789

864

170,455

267,510

499,618

Eliminated on disposal

-

-

(9,832)

(4,533)

(14,365)

At 31 January 2024

1,435,627

8,792

1,543,487

3,123,055

6,110,961

Carrying amount

At 31 January 2024

2,106,991

4,669

174,789

2,706,706

4,993,155

At 31 January 2023

1,417,169

4,534

299,348

2,933,373

4,654,424

 

Bowley Storage and Marketing Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

428,278

428,278

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

501,867

501,867