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REGISTRAR OF COMPANIES

Registration number: 04593604

S H & J E Dennison Limited

Unaudited Financial Statements

29 February 2024

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S H & J E Dennison Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
S H & J E Dennison Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S H & J E Dennison Limited for the year ended 29 February 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of S H & J E Dennison Limited, as a body, in accordance with the terms of our engagement letter dated 14 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of S H & J E Dennison Limited and state those matters that we have agreed to state to the Board of Directors of S H & J E Dennison Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S H & J E Dennison Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S H & J E Dennison Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S H & J E Dennison Limited. You consider that S H & J E Dennison Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of S H & J E Dennison Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

28 October 2024

 

S H & J E Dennison Limited

(Registration number: 04593604)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

262,107

290,806

Investments

6

100

100

 

262,207

290,906

Current assets

 

Stocks

301,020

298,130

Debtors

7

544,680

670,411

Cash at bank and in hand

 

621,683

502,939

 

1,467,383

1,471,480

Creditors: Amounts falling due within one year

8

(101,467)

(149,435)

Net current assets

 

1,365,916

1,322,045

Total assets less current liabilities

 

1,628,123

1,612,951

Creditors: Amounts falling due after more than one year

8

(3,872)

(8,375)

Provisions for liabilities

(50,011)

(57,958)

Net assets

 

1,574,240

1,546,618

Capital and reserves

 

Allotted, called up and fully paid share capital

700,006

700,006

Profit and loss account

874,234

846,612

Total equity

 

1,574,240

1,546,618

 

S H & J E Dennison Limited

(Registration number: 04593604)
Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

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

S H Dennison

Director

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

J E Dennison

Company secretary and director

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

The principal place of business is:
Crankwell Farm
Chirbury
SHROPSHIRE
SY15 6UQ

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.

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 sales/value added tax, returns, rebates and discounts.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and deferred 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 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.

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

Land and buildings

21 & 17 years straight line basis

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

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.

Preference shares are classified as equity when the shares are redeemable in the future at the option of the company.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 March 2023

26,174

26,174

At 29 February 2024

26,174

26,174

Amortisation

At 1 March 2023

26,174

26,174

At 29 February 2024

26,174

26,174

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

98,365

574,290

26,500

699,155

Additions

-

13,567

-

13,567

At 29 February 2024

98,365

587,857

26,500

712,722

Depreciation

At 1 March 2023

41,793

358,255

8,301

408,349

Charge for the year

4,794

32,922

4,550

42,266

At 29 February 2024

46,587

391,177

12,851

450,615

Carrying amount

At 29 February 2024

51,778

196,680

13,649

262,107

At 28 February 2023

56,572

216,035

18,199

290,806

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 March 2023

100

At 29 February 2024

100

Carrying amount

At 29 February 2024

100

At 28 February 2023

100

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Debtors

2024
£

2023
£

Trade debtors

59,537

74,651

Amounts owed by group undertakings and undertakings in which the company has a participating interest

211,407

210,790

Other debtors

273,736

384,970

544,680

670,411

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,821

7,640

Trade creditors

 

49,435

93,172

Taxation and social security

 

733

882

Corporation tax liability

 

42,568

41,872

Other creditors

 

4,910

5,869

 

101,467

149,435

Due after one year

 

Loans and borrowings

9

-

3,820

Other creditors

 

3,872

4,555

 

3,872

8,375

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

3,821

7,640

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

3,821

7,640

Finance lease liabilities are secured on the assets to which they relate.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

-

3,820

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

-

3,820

Finance lease liabilities are secured on the assets to which they relate.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £881,448 (2023 - £919,080). The financial commitments relate to rent payable on a farm tenancy with a lease terms of 14 years and 7 years.

 

S H & J E Dennison Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

11

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 29 February 2024
£

S H Dennison

Loan

115,864

6,281

(2,273)

-

(43,000)

2,201

79,073

               
         

J E Dennison

Loan

115,862

6,281

(2,272)

-

(43,000)

2,202

79,073

               
         

 

2023

At 1 March 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2023
£

S H Dennison

Loan

211,912

4,613

(64,127)

-

(40,000)

3,466

115,864

               
         

J E Dennison

Loan

211,911

4,613

(64,127)

-

(40,000)

3,465

115,862

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% and 2.25% on advances to directors.