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REGISTERED NUMBER: 07627572 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SUGGITT FARM SERVICES LTD

SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SUGGITT FARM SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: S Suggitt





REGISTERED OFFICE: Cakes Hill Barn
Ellingham Road
Attleborough
Norfolk
NR17 1AE





REGISTERED NUMBER: 07627572 (England and Wales)






SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,097,870 1,987,627
2,097,870 1,987,627

CURRENT ASSETS
Stocks 203,578 68,000
Debtors 6 332,790 378,324
Cash at bank 93,818 22,323
630,186 468,647
CREDITORS
Amounts falling due within one year 7 1,226,501 1,104,062
NET CURRENT LIABILITIES (596,315 ) (635,415 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,501,555

1,352,212

CREDITORS
Amounts falling due after more than one
year

8

(695,470

)

(611,274

)

PROVISIONS FOR LIABILITIES (372,628 ) (350,987 )
NET ASSETS 433,457 389,951

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 433,357 389,851
SHAREHOLDERS' FUNDS 433,457 389,951

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 October 2024 and were signed by:





S Suggitt - Director


SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Suggitt Farm Services Ltd 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.

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

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

The following criteria must also be met before revenue is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of two years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery - 10% reducing balance
Fixtures and fittings - 10% reducing balance
Motor vehicles - 10% reducing balance
Computer equipment - 10% reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and retained earnings.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first in, first out method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet. 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 or 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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 14,000
AMORTISATION
At 1 April 2023
and 31 March 2024 14,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 2,892,912 6,597 45,175 5,698 2,950,382
Additions 821,546 - - - 821,546
Disposals (710,905 ) - - - (710,905 )
At 31 March 2024 3,003,553 6,597 45,175 5,698 3,061,023
DEPRECIATION
At 1 April 2023 949,207 2,486 9,993 1,069 962,755
Charge for year 228,703 411 3,518 463 233,095
Eliminated on disposal (232,697 ) - - - (232,697 )
At 31 March 2024 945,213 2,897 13,511 1,532 963,153
NET BOOK VALUE
At 31 March 2024 2,058,340 3,700 31,664 4,166 2,097,870
At 31 March 2023 1,943,705 4,111 35,182 4,629 1,987,627

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 1,994,221
Additions 725,314
Disposals (642,905 )
At 31 March 2024 2,076,630
DEPRECIATION
At 1 April 2023 439,997
Charge for year 185,333
Eliminated on disposal (210,362 )
At 31 March 2024 414,968
NET BOOK VALUE
At 31 March 2024 1,661,662
At 31 March 2023 1,554,224

SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 323,831 369,365
Other debtors 8,959 8,959
332,790 378,324

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,680 11,100
Hire purchase contracts (see note 9) 312,985 287,475
Trade creditors 70,750 97,108
Taxation and social security 131,958 101,612
Other creditors 700,128 606,767
1,226,501 1,104,062

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 15,153 24,733
Hire purchase contracts (see note 9) 680,317 586,541
695,470 611,274

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 312,985 287,475
Between one and five years 680,317 586,541
993,302 874,016

Non-cancellable operating leases
2024 2023
£    £   
Within one year 42,460 -
Between one and five years 169,841 -
In more than five years 77,844 -
290,145 -

SUGGITT FARM SERVICES LTD (REGISTERED NUMBER: 07627572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 993,302 874,016

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.