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F.D. Small & Co. Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 00613320

 

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Balance Sheet

31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

2,566

2,709

Tangible assets

5

338,760

359,051

 

341,326

361,760

Current assets

 

Stocks

6

225,881

218,884

Debtors

7

67,029

55,007

Cash at bank and in hand

 

66,475

177,320

 

359,385

451,211

Creditors: Amounts falling due within one year

8

(211,353)

(289,630)

Net current assets

 

148,032

161,581

Total assets less current liabilities

 

489,358

523,341

Provisions for liabilities

(21,091)

(25,399)

Net assets

 

468,267

497,942

Capital and reserves

 

Called up share capital

15,000

15,000

Profit and loss account

453,267

482,942

Shareholders' funds

 

468,267

497,942

 

Balance Sheet

31 March 2024

For the financial year ending 31 March 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

.........................................
Mr J M Small
Director

.........................................
Mrs S A Small
Director

Company Registration Number: 00613320

 

Notes to the Unaudited Financial Statements

Year Ended 31 March 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:
Park Farm
Station Road
Oakley
Basingstoke
Hampshire
RG23 7EH

These financial statements were authorised for issue by the Board on 13 November 2024.

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 - '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 that as disclosed in the accounting policies certain items are shown at fair value.

Prior period errors

The 2023 accounts have been restated to correct and dispose of further costs that related to the disposal of Bramdown farm in the year.

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 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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

 

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred 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 balance sheet 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.

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

Freehold land and buildings

Nil/5% straight line

Plant and machinery

20% reducing balance

Horse and equestrian

15% reducing balance

Motor vehicles

20% reducing balance

Other assets

20% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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 stocks 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.

 

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

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.


 

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

BPS Entitlements
 £

Total
£

Cost or valuation

At 1 April 2023

30,000

2,852

32,852

At 31 March 2024

30,000

2,852

32,852

Amortisation

At 1 April 2023

30,000

143

30,143

Amortisation charge

-

143

143

At 31 March 2024

30,000

286

30,286

Carrying amount

At 31 March 2024

-

2,566

2,566

At 31 March 2023

-

2,709

2,709

 

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Horse and equestrian
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

523,484

33,394

63,884

653,012

1,273,774

Additions

2,225

-

31,985

8,324

42,534

Disposals

-

(3,900)

(20,000)

(5,000)

(28,900)

At 31 March 2024

525,709

29,494

75,869

656,336

1,287,408

Depreciation

At 1 April 2023

361,496

20,403

47,352

485,472

914,723

Charge for the year

19,692

2,331

3,789

33,967

59,779

Eliminated on disposal

-

(2,570)

(19,332)

(3,952)

(25,854)

At 31 March 2024

381,188

20,164

31,809

515,487

948,648

Carrying amount

At 31 March 2024

144,521

9,330

44,060

140,849

338,760

At 31 March 2023

161,988

12,991

16,532

167,540

359,051

Included within the net book value of land and buildings above is £144,521 (2023 - £161,988) in respect of freehold land and buildings.
 

 

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

225,881

218,884

7

Debtors

2024
£

2023
£

Trade debtors

29,773

48,182

Prepayments

18,700

1,054

Other debtors

18,556

5,771

67,029

55,007

8

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Trade creditors

90,708

99,458

Taxation and social security

110,350

110,350

Accruals and deferred income

6,260

10,271

Other creditors

4,035

69,551

211,353

289,630

9

Related party transactions

At the year end, the directors were owed £949 by the company (2023: £68,126 owed by the company).