Company Registration No. 00489069 (England and Wales)
Everitt and Everitt Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Everitt and Everitt Limited
Company information
Directors
The 9th Earl Spencer
S G Whitestone
R D O Macleay
A D H Macdonald
P A D Inkin
Company number
00489069
Registered office
Althorp Estate Office
Althorp
Northampton
NN7 4HQ
Accountants
Saffery LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Bankers
National Westminster Bank plc
41 The Drapery
Northampton
NN1 2EY
Solicitors
Boodle Hatfield LLP
240 Blackfriars Road
London
SE1 8NW
Everitt and Everitt Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Everitt and Everitt Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,178
36,966
Investments
4
(58,158)
490,111
(28,980)
527,077
Current assets
Stocks
255,544
423,278
Debtors
6
767,646
528,135
Cash at bank and in hand
14,780
171
1,037,970
951,584
Creditors: amounts falling due within one year
7
(442,395)
(426,375)
Net current assets
595,575
525,209
Total assets less current liabilities
566,595
1,052,286
Provisions for liabilities
(7,295)
(9,242)
Net assets
559,300
1,043,044
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
549,300
1,033,044
Total equity
559,300
1,043,044

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Everitt and Everitt Limited
Statement of financial position (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
The 9th Earl Spencer
Director
Company Registration No. 00489069
Everitt and Everitt Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Everitt and Everitt Limited is a private company limited by shares incorporated in England and Wales. The registered office is Althorp Estate Office, Althorp, Northampton, NN7 4HQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20 - 25% straight line
Everitt and Everitt Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Everitt and Everitt Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Everitt and Everitt Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14

Basic Payment Scheme

In any Scheme Year, the right to the Basic Payment Scheme entitlement is recognised if there is a reasonable certainty over the existence of the right to the Basic Payment Scheme for that Scheme Year and once all conditions attached to the Basic Payment Scheme have been met.

1.15

Basic Payment Scheme Entitlement

Entitlement is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over its estimated useful life.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
Everitt and Everitt Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
98,555
Depreciation and impairment
At 1 April 2023
61,589
Depreciation charged in the year
7,788
At 31 March 2024
69,377
Carrying amount
At 31 March 2024
29,178
At 31 March 2023
36,966
4
Fixed asset investments
2024
2023
£
£
Investment in farming partnership
(138,158)
410,111
Other investments other than loans
80,000
80,000
(58,158)
490,111
Fixed asset investments not carried at market value

On 1 October 2006, the company became the general partner of Spencer Farms and invested £220,000 as partnership capital. The company is entitled to 60% of the profits of the partnership.

 

On 1 September 2016, the company increased its investment in Spencer Farms by £100,000 and became entitled to 75% of the profits of the partnership.

 

The value of the company's investment is not known, but in the opinion of the directors is not less than the value stated in the accounts. Therefore, in the opinion of the directors no provision for diminution in the value of the fixed asset investments is required.

Everitt and Everitt Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
4
Fixed asset investments (continued)
8
Movements in fixed asset investments
Investment in farming partnership
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
410,111
80,000
490,111
Share of partnership result
(548,269)
-
(548,269)
At 31 March 2024
(138,158)
80,000
(58,158)
Carrying amount
At 31 March 2024
(138,158)
80,000
(58,158)
At 31 March 2023
410,111
80,000
490,111
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
80,000
80,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
150,239
7,863
Corporation tax recoverable
123,466
92,651
Amounts owed by group undertakings
42,419
31,292
Other debtors
451,522
396,329
767,646
528,135
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
72,504
208,763
Amounts owed to group undertakings
189,475
55,228
Corporation tax
154,609
140,490
Other creditors
25,807
21,894
442,395
426,375
Everitt and Everitt Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
8
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax asset/liability
7,295
9,242
2024
Movements in the year:
£
Liability at 1 April 2023
9,242
Credit to profit or loss
(1,947)
Liability at 31 March 2024
7,295

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

Everitt and Everitt Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
9
Related party transactions

The Company provides working capital to Spencer Farms Partnership. The amount advanced at the year end amounted to £37,991 (2023 - (£12,228)).

 

Included within debtors are related party balances totalling £42,419 (2023 - £31,292). Included within creditors are related party balances totalling £189,475 (2023 - £43,000).

 

10
Directors' transactions

Loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan account
-
351,848
77,592
429,440
351,848
77,592
429,440
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