Company Registration No. 02096752 (England and Wales)
GEORGE TANNER (SHALFORD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
GEORGE TANNER (SHALFORD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
GEORGE TANNER (SHALFORD) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,690,392
14,449,499
Investments
5
1,000
1,001
14,691,392
14,450,500
Current assets
Stocks
6
6,691,181
7,868,717
Debtors
7
1,646,868
192,916
Cash at bank and in hand
2,689,882
3,187,531
11,027,931
11,249,164
Creditors: amounts falling due within one year
8
(1,490,375)
(1,639,591)
Net current assets
9,537,556
9,609,573
Total assets less current liabilities
24,228,948
24,060,073
Provisions for liabilities
9
(26,500)
(41,700)
Net assets
24,202,448
24,018,373
Capital and reserves
Called up share capital
100
100
Share premium account
1,225,582
1,225,582
Profit and loss reserves
22,976,766
22,792,691
Total equity
24,202,448
24,018,373

The directors of the company have elected not to include a copy of the profit and loss account or the director's report within the financial statements.true

For the financial year ended 31 August 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.

GEORGE TANNER (SHALFORD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Mrs AE Tanner
Director
Company Registration No. 02096752
GEORGE TANNER (SHALFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

George Tanner (Shalford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hill House, Braintree Road, Shalford, Braintree, Essex, CM7 5HB.

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 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 from construction and development represents the amount received for completed house and/or development site sales.

 

Turnover also includes farming income from the sale of crops. This income is recognised when the risks and rewards of ownership have passed to the customer; usually on delivery/collection of crops.

Other income includes amounts receivable in respect of rental income which are based on the period of occupation.

Amounts are accounted net of VAT and discounts.

1.3
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:

Land and buildings freehold
Nil on land, 10% on cost of buildings
Plant and machinery
25% on written down value
Fixtures, fittings & equipment
25% straight line

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.

1.4
Fixed asset investments

Interests in subsidiaries 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.

GEORGE TANNER (SHALFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, 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.

1.7
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

GEORGE TANNER (SHALFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.8
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.

1.9
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 profit and loss account 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.

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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provisions have been included in these accounts based on the estimated costs at current rates for:

 

Maintenance costs on houses completed in the last ten years. This is calculated on a reducing balance basis according to the date of completion.

GEORGE TANNER (SHALFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised within the profit and loss account on a straight line basis over the term of the relevant lease.

1.14

The Basic Payment Scheme

The Basic Payment Scheme money is included in the accounts when:

 

1. The relevant claim has been made and

2. There is reasonable assurance that the grant will be received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

Stock is valued at the lower of cost or net realisable value as at the year end date. Where stock includes property for development and sale the directors consider any remaining anticipated costs of development and the realisable value is estimated based on market conditions.

3
Employees

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

2024
2023
Number
Number
Total
3
3
GEORGE TANNER (SHALFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
14,725,797
48,419
14,774,216
Additions
282,082
-
0
282,082
At 31 August 2024
15,007,879
48,419
15,056,298
Depreciation and impairment
At 1 September 2023
277,506
47,211
324,717
Depreciation charged in the year
40,713
476
41,189
At 31 August 2024
318,219
47,687
365,906
Carrying amount
At 31 August 2024
14,689,660
732
14,690,392
At 31 August 2023
14,448,291
1,208
14,449,499
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
1
Other investments
1,000
1,000
1,000
1,001

 

Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2023
1
1,000
1,001
Disposals
(1)
-
(1)
At 31 August 2024
-
1,000
1,000
Carrying amount
At 31 August 2024
-
1,000
1,000
At 31 August 2023
1
1,000
1,001
GEORGE TANNER (SHALFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
6
Stocks
2024
2023
£
£
Raw materials and consumables
1,255
19,335
Work in progress
6,394,470
7,489,919
Finished goods and goods for resale
295,456
359,463
6,691,181
7,868,717
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,164
7,752
Amounts owed by group undertakings
1,534,324
4,394
Other debtors
107,380
180,770
1,646,868
192,916
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
193,233
173,220
Amounts owed to group undertakings
-
0
32,590
Corporation tax
104,163
129,017
Other taxation and social security
15,605
5,311
Other creditors
1,177,374
1,299,453
1,490,375
1,639,591
9
Provisions for liabilities
2024
2023
£
£
Other provisions
-
7,000
Deferred tax liabilities
26,500
34,700
26,500
41,700

The provisions relate to estimated future costs with regards to the maintenance costs of houses completed within the last ten years.

GEORGE TANNER (SHALFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Provisions for liabilities
(Continued)
- 9 -
Movements on provisions apart from deferred tax liabilities:
£
At 1 September 2023
7,000
Credit to the profit and loss account
(7,000)
At 31 August 2024
-
10
Related party transactions

Included in debtors is a balance of £nil (2023: £4,394) due from a fellow subsidiary and a balance due from the parent undertaking of £1,534,324 (2023: £nil).

 

Included in creditors is a balance owed to a fellow subsidiary of £nil (2023: £12,910), and a balance owed to parent undertaking of £nil (2023: £19,680).

 

Included in creditors are amounts owing to a director totalling £1,159,534 (2023: £1,256,662) which have been loaned to the company on an interest free basis.

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