Company Registration No. 04154254 (England and Wales)
S & J Padfield (Contracts) Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
S & J Padfield (Contracts) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
S & J Padfield (Contracts) Limited
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
1,631,968
1,823,117
Cash at bank and in hand
155,083
97,979
1,787,051
1,921,096
Creditors: amounts falling due within one year
4
(100,986)
(512,366)
Net current assets
1,686,065
1,408,730
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,685,965
1,408,630
Total equity
1,686,065
1,408,730
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 September 2024.
C S Padfield
Director
Company Registration No. 04154254
S & J Padfield (Contracts) Limited
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information
S & J Padfield (Contracts) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Codham Hall, Codham Hall Lane, Great Warley, Brentwood, Essex, CM13 3JT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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 current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
S & J Padfield (Contracts) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,991
315,684
Other debtors
1,629,977
1,507,433
1,631,968
1,823,117
S & J Padfield (Contracts) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
4
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,063
296,650
Corporation tax
92,445
139,699
Other taxation and social security
496
23,739
Other creditors
3,982
52,278
100,986
512,366
5
Related party transactions
S & J Padfield (Contracts) Limited is connected to S & J Padfield & Partners LLP, S & J Padfield Estates LLP, S & J Padfield (Farms) Limited, S & J Padfield (Handling) Limited, S & J Padfield (Lands) LLP, Latchets LLP, Codham Hall Holdings Limited and Codham Hall Estates Limited through common designated members and directors.
Included within other debtors at the year end is a balance of £1,475,000 (2023: £1,475,000) due from Codham Hall Estates Limited on which interest is charged at a commercial rate.
Included within other creditors at the year end is a balance of £nil (2023: £11,258) due to S & J Padfield Estates LLP, a balance of £nil due to S & J Padfield Handling Limited (2023: £17,040) and £nil (2023: £7,823) due to S & J Padfield & Partners LLP.
Sales to S & J Padfield & Partners LLP amounted to £369,214 (2023: £630,214) and purchases amounted to £241,140 (2023: £460,439).