2023-03-012024-02-282024-02-28false09653415G Abbott & Sons 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G Abbott & Sons Limited

Registered Number
09653415
(England and Wales)

Unaudited Financial Statements for the Period ended
28 February 2024

G Abbott & Sons Limited
Company Information
for the period from 1 March 2023 to 28 February 2024

Directors

Amy Constance Abbott
Emma Jane Nicholson
Richard Nicholson

Registered Address

Abbotts Yard Roman Road
Leeming
Northallerton
DL7 9SN

Registered Number

09653415 (England and Wales)
G Abbott & Sons Limited
Statement of Financial Position
28 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets312,79917,065
Tangible assets51,531,8031,323,449
1,544,6021,340,514
Current assets
Stocks666,58067,508
Debtors7273,911203,726
Cash at bank and on hand209,31678,831
549,807350,065
Creditors amounts falling due within one year8(585,914)(467,023)
Net current assets (liabilities)(36,107)(116,958)
Total assets less current liabilities1,508,4951,223,556
Creditors amounts falling due after one year9(994,659)(842,483)
Provisions for liabilities11(173,551)(35,664)
Net assets340,285345,409
Capital and reserves
Called up share capital100100
Other reserves300,000300,000
Profit and loss account40,18545,309
Shareholders' funds340,285345,409
The financial statements were approved and authorised for issue by the Board of Directors on 28 October 2024, and are signed on its behalf by:
Amy Constance Abbott
Director
Emma Jane Nicholson
Director

Registered Company No. 09653415
G Abbott & Sons Limited
Notes to the Financial Statements
for the period ended 28 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles15
Office Equipment15
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company 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.Average number of employees

20242023
Average number of employees during the year3135
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 March 2342,66342,663
At 28 February 2442,66342,663
Amortisation and impairment
At 01 March 2325,59825,598
Charge for year4,2664,266
At 28 February 2429,86429,864
Net book value
At 28 February 2412,79912,799
At 28 February 2317,06517,065
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of goodwill has been set at 10 years and the asset will be amortised on a straight line basis over that period.
5.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 March 2341,7932,832,80191417,3372,892,845
Additions11,332810,000-1,169822,501
Disposals-(1,003,480)--(1,003,480)
At 28 February 2453,1252,639,32191418,5062,711,866
Depreciation and impairment
At 01 March 2319,5461,538,71655110,5831,569,396
Charge for year4,888202,752541,056208,750
On disposals-(598,083)--(598,083)
At 28 February 2424,4341,143,38560511,6391,180,063
Net book value
At 28 February 2428,6911,495,9363096,8671,531,803
At 28 February 2322,2471,294,0853636,7541,323,449
6.Stocks

2024

2023

££
Other stocks66,58067,508
Total66,58067,508
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables181,167148,009
Other debtors30,30710,030
Prepayments and accrued income62,43745,687
Total273,911203,726
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables85,46369,317
Bank borrowings and overdrafts10,10872,077
Taxation and social security12,01617,041
Finance lease and HP contracts195,277108,384
Other creditors178,298195,518
Accrued liabilities and deferred income104,7524,686
Total585,914467,023
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts equal to £108,385 (2022 - £262,041) are secured against the assets to which they relate. The bank hold fixed and floating charges over the assets of the company.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts15,52225,346
Other creditors979,137817,137
Total994,659842,483
Finance lease and HP contracts equal to £479,137 (2023 - £205,992) are included within other creditors and are secured against the assets to which they relate. The bank by fixed and floating charges over the assets of the company.
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts479,137205,992
11.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)173,55135,664
Total173,55135,664
12.Related party transactions
At the balance sheet date there are amounts owed to directors of £545,817 (2023: £580,399). All loans are interest free and are included in other creditors due within one year £45,817 (2023 - £30,399) and due after more than one year £500,000 (2023 - £550,000).