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Registration number: 06942622

Salt and Pegram Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Salt and Pegram Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 8

 

Salt and Pegram Limited

Company Information

Directors

D S L Pegram

E L Pegram

Registered office

63-65 Princelet Street
London
E1 5LP

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Salt and Pegram Limited

Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

10,993

5,793

Current assets

 

Stocks

6

109,894

47,878

Debtors

7

1,017,525

867,153

Cash at bank and in hand

 

710,017

988,836

 

1,837,436

1,903,867

Creditors: Amounts falling due within one year

8

(726,555)

(722,966)

Net current assets

 

1,110,881

1,180,901

Total assets less current liabilities

 

1,121,874

1,186,694

Creditors: Amounts falling due after more than one year

8

(108,306)

(208,306)

Provisions for liabilities

(2,748)

(1,448)

Net assets

 

1,010,820

976,940

Capital and reserves

 

Called up share capital

1,000

1,000

Capital redemption reserve

2,000

2,000

Retained earnings

1,007,820

973,940

Shareholders' funds

 

1,010,820

976,940

For the financial year ending 30 June 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.

 

Salt and Pegram Limited

Statement of Financial Position as at 30 June 2024

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Company registration number: 06942622

Approved and authorised by the Board on 8 November 2024 and signed on its behalf by:
 

.........................................

D S L Pegram

Director

 

Salt and Pegram Limited

Notes to the Financial Statements for the Year Ended 30 June 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:
63-65 Princelet Street
London
E1 5LP

The principal activity of the company is that of the supply of office furniture.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 30 June 2024 and had net assets of £1,010,820 at that date including cash at bank of £710,017.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered in the normal course of the company's business, stated net of discounts and of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 

Salt and Pegram Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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 rate on the date when the fair value is re-measured.

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 profit or loss, 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 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Salt and Pegram Limited

Notes to the Financial Statements for the Year Ended 30 June 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

Leasehold property improvements

over length of lease

Furniture, fittings and equipment

25% straight line

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.

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.

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 income statement 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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 9 (2023 - 8).

 

Salt and Pegram Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,271

3,839

5

Tangible assets

Leasehold property improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

75,010

35,590

110,600

Additions

2,533

5,938

8,471

At 30 June 2024

77,543

41,528

119,071

Depreciation

At 1 July 2023

74,814

29,993

104,807

Charge for the year

401

2,870

3,271

At 30 June 2024

75,215

32,863

108,078

Carrying amount

At 30 June 2024

2,328

8,665

10,993

At 30 June 2023

196

5,597

5,793

6

Stocks

2024
£

2023
£

Stock

109,894

47,878

7

Debtors

2024
£

2023
£

Trade debtors

988,762

836,650

Other debtors

28,763

30,503

1,017,525

867,153

 

Salt and Pegram Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

9

108,333

108,333

Trade creditors

 

85,543

253,886

Taxation and social security

 

99,585

122,408

Other creditors

 

433,094

238,339

 

726,555

722,966

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

108,306

208,306

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loan

108,333

108,333

2024
£

2023
£

Non-current loans and borrowings

Bank loan

108,306

208,306

The bank loan is secured by a fixed and floating charge over the assets and undertakings of the company.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £82,562 (2023 - £117,658).