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Registration number: 00657810

E.F.Saunders & Sons Limited

Annual Report and Unaudited Financial Statements

Year Ended 30 April 2024

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Chartered Accountants

 

E.F.Saunders & Sons Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

E.F.Saunders & Sons Limited

Company Information

Directors

Mrs L A Goldsack

C W Goldsack

Mrs R E Goldsack

Mrs E E Connelly

A J Saunders

J F Saunders

Company secretary

A J Saunders

Registered office

Friar Mayne Farm
Broadmayne
Dorchester
Dorset
DT2 8EU

Bankers

Barclays Bank plc
10 South Street
DORCHESTER
Dorset
DT1 1BT

Accountants

Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
E.F.Saunders & Sons Limitedfor the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of E.F.Saunders & Sons Limited for the year ended 30 April 2024 as set out on pages 3 to 7 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 E.F.Saunders & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 10 January 2022. Our work has been undertaken solely to prepare for your approval the accounts of E.F.Saunders & Sons Limited and state those matters that we have agreed to state to the Board of Directors of E.F.Saunders & Sons 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 E.F.Saunders & Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that E.F.Saunders & Sons 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 E.F.Saunders & Sons Limited. You consider that E.F.Saunders & Sons 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 E.F.Saunders & Sons 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.






Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

20 January 2025

 

E.F.Saunders & Sons Limited

(Registration number: 00657810)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

244,457

 

248,263

Other financial assets

5

 

267

 

1,220

   

244,724

 

249,483

Current assets

   

 

Stocks

143,009

 

139,058

 

Debtors

6

16,041

 

52,562

 

Cash at bank and in hand

 

617,841

 

606,668

 

 

776,891

 

798,288

 

Creditors: Amounts falling due within one year

7

(139,437)

 

(148,529)

 

Net current assets

   

637,454

 

649,759

Total assets less current liabilities

   

882,178

 

899,242

Creditors: Amounts falling due after more than one year

7

 

(7,400)

 

(7,600)

Provisions for liabilities

 

(14,430)

 

(14,905)

Net assets

   

860,348

 

876,737

Capital and reserves

   

 

Called up share capital

30,000

 

30,000

 

Share premium reserve

131,290

 

131,290

 

Profit and Loss Account

699,058

 

715,447

 

Shareholders' funds

   

860,348

 

876,737

For the financial year ending 30 April 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 20 January 2025 and signed on its behalf by:
 



C W Goldsack
Director

 

E.F.Saunders & Sons Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Friar Mayne Farm
Broadmayne
Dorchester
Dorset
DT2 8EU

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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:

 

E.F.Saunders & Sons Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Freehold land

Not depreciated

Buildings

2% per annum on cost

Plant and machinery

10% to 20% per annum on cost

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 debtors

Trade debtors are amounts due from customers for merchandise sold 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

E.F.Saunders & Sons Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 May 2023

268,021

157,041

425,062

At 30 April 2024

268,021

157,041

425,062

Depreciation

At 1 May 2023

53,296

123,502

176,798

Charge for the year

1,876

1,931

3,807

At 30 April 2024

55,172

125,433

180,605

Carrying amount

At 30 April 2024

212,849

31,608

244,457

At 30 April 2023

214,725

33,538

248,263

5

Other financial assets (non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

953

267

1,220

Disposals

(953)

-

(953)

At 30 April 2024

-

267

267

Carrying amount

At 30 April 2024

-

267

267

At 30 April 2023

953

267

1,220

6

Debtors

2024
£

2023
£

Trade debtors

776

704

Other debtors

15,265

51,858

16,041

52,562

 

E.F.Saunders & Sons Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,688

3,898

Taxation and social security

33,901

41,837

Other creditors

103,848

102,794

139,437

148,529

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Deferred income

7,400

7,600

8

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 £10,000 (2023 - £10,000). As at 30 April 2024 the company had annual commitments under non-cancellable operating leases which expire within one year.

Contingent liabilities

The company made 'substantial' (for tax purposes) disposals of its beef suckler herd during the 12 months to 30 April 2020. This is not chargeable to Corporation Tax provided the company does not build up the number in the herd again within five years of that substantial disposal. As the company does not intend to rebuild the herd, the maximum Corporation Tax payable (were it to do so) has not been quantified and no deferred tax has been provided at 30 April 2024.