Silverfin false false 30/06/2024 01/07/2023 30/06/2024 M G Saunders 06/11/2023 P Saunders 06/11/2023 19 December 2024 The principal activity of the Company during the financial year was that of sawdust and woodchip factors. 00876891 2024-06-30 00876891 bus:Director1 2024-06-30 00876891 bus:Director2 2024-06-30 00876891 2023-06-30 00876891 core:CurrentFinancialInstruments 2024-06-30 00876891 core:CurrentFinancialInstruments 2023-06-30 00876891 core:ShareCapital 2024-06-30 00876891 core:ShareCapital 2023-06-30 00876891 core:RevaluationReserve 2024-06-30 00876891 core:RevaluationReserve 2023-06-30 00876891 core:RetainedEarningsAccumulatedLosses 2024-06-30 00876891 core:RetainedEarningsAccumulatedLosses 2023-06-30 00876891 core:LandBuildings 2023-06-30 00876891 core:PlantMachinery 2023-06-30 00876891 core:Vehicles 2023-06-30 00876891 core:LandBuildings 2024-06-30 00876891 core:PlantMachinery 2024-06-30 00876891 core:Vehicles 2024-06-30 00876891 2023-07-01 2024-06-30 00876891 bus:FilletedAccounts 2023-07-01 2024-06-30 00876891 bus:SmallEntities 2023-07-01 2024-06-30 00876891 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00876891 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00876891 bus:Director1 2023-07-01 2024-06-30 00876891 bus:Director2 2023-07-01 2024-06-30 00876891 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 00876891 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 00876891 core:Vehicles core:TopRangeValue 2023-07-01 2024-06-30 00876891 2022-07-01 2023-06-30 00876891 core:LandBuildings 2023-07-01 2024-06-30 00876891 core:PlantMachinery 2023-07-01 2024-06-30 00876891 core:Vehicles 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 00876891 (England and Wales)

M.G SAUNDERS & SONS (SAWDUST & WOODCHIPS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

M.G SAUNDERS & SONS (SAWDUST & WOODCHIPS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

M.G SAUNDERS & SONS (SAWDUST & WOODCHIPS) LIMITED

BALANCE SHEET

As at 30 June 2024
M.G SAUNDERS & SONS (SAWDUST & WOODCHIPS) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 23,823 33,464
23,823 33,464
Current assets
Stocks 4 2,790 2,850
Debtors 5 32,970 46,754
Cash at bank and in hand 26,984 19,430
62,744 69,034
Creditors: amounts falling due within one year 6 ( 16,048) ( 22,932)
Net current assets 46,696 46,102
Total assets less current liabilities 70,519 79,566
Net assets 70,519 79,566
Capital and reserves
Called-up share capital 500 500
Revaluation reserve 706 706
Profit and loss account 69,313 78,360
Total shareholders' funds 70,519 79,566

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of M.G Saunders & Sons (Sawdust & Woodchips) Limited (registered number: 00876891) were approved and authorised for issue by the Director on 19 December 2024. They were signed on its behalf by:

P Saunders
Director
M.G SAUNDERS & SONS (SAWDUST & WOODCHIPS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
M.G SAUNDERS & SONS (SAWDUST & WOODCHIPS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M.G Saunders & Sons (Sawdust & Woodchips) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Mcbrides Accountants Llp Nexus House, 2 Cray Road, Sidcup, DA14 5DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Taxation

Current tax
The tax expense for the period comprises 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 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.

The current 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible assets is 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 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:

Land and buildings 50 years straight line
Plant and machinery 10 years straight line
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 July 2023 29,565 47,717 44,617 121,899
At 30 June 2024 29,565 47,717 44,617 121,899
Accumulated depreciation
At 01 July 2023 17,731 46,485 24,219 88,435
Charge for the financial year 591 127 8,923 9,641
At 30 June 2024 18,322 46,612 33,142 98,076
Net book value
At 30 June 2024 11,243 1,105 11,475 23,823
At 30 June 2023 11,834 1,232 20,398 33,464

4. Stocks

2024 2023
£ £
Stocks 2,790 2,850

5. Debtors

2024 2023
£ £
Trade debtors 7,420 17,574
Other debtors 25,550 29,180
32,970 46,754

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,888 2,589
Corporation tax 8,029 12,868
Other taxation and social security 1,387 6,727
Other creditors 1,744 748
16,048 22,932

7. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by the director 25,550 28,734

During the year advances to the director totalled £38,919 (2023: £22,253), while repayments totalled £35,234 (2023: £21,253).