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REGISTERED NUMBER: 03794009 (England and Wales)















TEARS OF SUTTON BRIDGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


TEARS OF SUTTON BRIDGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: R Tear





SECRETARY: Mrs E J Tear





REGISTERED OFFICE: 262 Bridge Road
Sutton Bridge
Spalding
Lincolnshire
PE12 9SH





REGISTERED NUMBER: 03794009 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 2,348,185 1,697,401
2,348,185 1,697,401

CURRENT ASSETS
Inventories 19,411 13,344
Debtors 6 718,999 679,490
Cash at bank and in hand 445 245,347
738,855 938,181
CREDITORS
Amounts falling due within one year 7 788,789 664,247
NET CURRENT (LIABILITIES)/ASSETS (49,934 ) 273,934
TOTAL ASSETS LESS CURRENT LIABILITIES 2,298,251 1,971,335

CREDITORS
Amounts falling due after more than one year 8 (875,968 ) (586,504 )

PROVISIONS FOR LIABILITIES (320,019 ) (272,018 )
NET ASSETS 1,102,264 1,112,813

CAPITAL AND RESERVES
Called up share capital 11 5,000 5,000
Retained earnings 1,097,264 1,107,813
SHAREHOLDERS' FUNDS 1,102,264 1,112,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 22 October 2024 and were signed by:





R Tear - Director


TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Tears of Sutton Bridge Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Nil
Improvements to property - 10% on cost
Plant and machinery - 15% to 25% on reducing balance
Vehicles for hire - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold buildings are not depreciated as it is felt that they are maintained to such a high standard that the residual value of the assets would be no less than there carrying value in the accounts, and any depreciation charge would not be significant.

Freehold property is tested annually for impairment.

Stocks
Stocks are valued at the lower of costs and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.


TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2023 - 81 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 39,910
AMORTISATION
At 1 July 2023
and 30 June 2024 39,910
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2023 263,667 135,817 4,418,626
Additions - 2,351 996,643
Disposals - - -
Reclassification/transfer (18,845 ) 18,845 -
At 30 June 2024 244,822 157,013 5,415,269
DEPRECIATION
At 1 July 2023 - 134,364 3,112,741
Charge for year - 3,324 398,579
Eliminated on disposal - - -
At 30 June 2024 - 137,688 3,511,320
NET BOOK VALUE
At 30 June 2024 244,822 19,325 1,903,949
At 30 June 2023 263,667 1,453 1,305,885

Vehicles Motor
for hire vehicles Totals
£    £    £   
COST
At 1 July 2023 175,814 152,666 5,146,590
Additions 77,693 34,756 1,111,443
Disposals - (3,320 ) (3,320 )
Reclassification/transfer - - -
At 30 June 2024 253,507 184,102 6,254,713
DEPRECIATION
At 1 July 2023 76,867 125,217 3,449,189
Charge for year 44,255 14,252 460,410
Eliminated on disposal - (3,071 ) (3,071 )
At 30 June 2024 121,122 136,398 3,906,528
NET BOOK VALUE
At 30 June 2024 132,385 47,704 2,348,185
At 30 June 2023 98,947 27,449 1,697,401

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 519,940 399,166
Other debtors 14,914 109,579
Prepayments and accrued income 184,145 170,745
718,999 679,490

TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,823 -
Hire purchase contracts (see note 9) 452,453 316,727
Trade creditors 141,615 160,401
Other taxes and social security 161,160 175,716
Other creditors 8,216 -
Accrued expenses 10,522 11,403
788,789 664,247

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 875,968 586,504

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 452,453 316,727
Between one and five years 875,968 586,504
1,328,421 903,231

Non-cancellable operating leases
2024 2023
£    £   
Within one year 21,975 21,975
Between one and five years 13,968 35,943
35,943 57,918

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 14,823 -
Hire purchase contracts 1,328,421 903,231
1,343,244 903,231

The bank overdraft is secured by fixed and floating charges over the company's assets.

Hire purchase contracts are secured on the assets to which they relate.

TEARS OF SUTTON BRIDGE LIMITED (REGISTERED NUMBER: 03794009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary £1 5,000 5,000