IRIS Accounts Production v24.3.2.46 03883065 Board of Directors 1.4.23 31.3.24 31.3.24 Medium entities farming and real estate. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038830652023-03-31038830652024-03-31038830652023-04-012024-03-31038830652022-03-31038830652022-04-012023-03-31038830652023-03-3103883065ns15:EnglandWales2023-04-012024-03-3103883065ns14:PoundSterling2023-04-012024-03-3103883065ns10:Director12023-04-012024-03-3103883065ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103883065ns10:MediumEntities2023-04-012024-03-3103883065ns10:Audited2023-04-012024-03-3103883065ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3103883065ns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3103883065ns10:FullAccounts2023-04-012024-03-3103883065ns10:OrdinaryShareClass12023-04-012024-03-3103883065ns10:Director22023-04-012024-03-3103883065ns10:Director32023-04-012024-03-3103883065ns10:RegisteredOffice2023-04-012024-03-3103883065ns5:RetainedEarningsAccumulatedLosses2023-03-3103883065ns5:RetainedEarningsAccumulatedLosses2022-03-3103883065ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3103883065ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103883065ns5:RetainedEarningsAccumulatedLosses2024-03-3103883065ns5:RetainedEarningsAccumulatedLosses2023-03-3103883065ns5:CurrentFinancialInstruments2024-03-3103883065ns5:CurrentFinancialInstruments2023-03-3103883065ns5:Non-currentFinancialInstruments2024-03-3103883065ns5:Non-currentFinancialInstruments2023-03-3103883065ns5:ShareCapital2024-03-3103883065ns5:ShareCapital2023-03-3103883065ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3103883065ns5:PlantMachinery2023-04-012024-03-3103883065ns5:FurnitureFittings2023-04-012024-03-3103883065ns5:MotorVehicles2023-04-012024-03-3103883065ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-3103883065ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-04-012023-03-3103883065ns5:OwnedAssets2023-04-012024-03-3103883065ns5:OwnedAssets2022-04-012023-03-3103883065ns5:HirePurchaseContracts2023-04-012024-03-3103883065ns5:HirePurchaseContracts2022-04-012023-03-3103883065ns10:OrdinaryShareClass12022-04-012023-03-3103883065ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3103883065ns5:PlantMachinery2023-03-3103883065ns5:FurnitureFittings2023-03-3103883065ns5:MotorVehicles2023-03-3103883065ns5:LongLeaseholdAssetsns5:LandBuildings2024-03-3103883065ns5:PlantMachinery2024-03-3103883065ns5:FurnitureFittings2024-03-3103883065ns5:MotorVehicles2024-03-3103883065ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3103883065ns5:PlantMachinery2023-03-3103883065ns5:FurnitureFittings2023-03-3103883065ns5:MotorVehicles2023-03-3103883065ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3103883065ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3103883065ns5:Non-currentFinancialInstruments2023-04-012024-03-3103883065ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-3103883065ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-3103883065ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3103883065ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3103883065ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-03-3103883065ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-03-3103883065ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3103883065ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3103883065ns5:HirePurchaseContracts2024-03-3103883065ns5:HirePurchaseContracts2023-03-3103883065ns5:Secured2024-03-3103883065ns5:Secured2023-03-3103883065ns5:DeferredTaxation2023-03-3103883065ns5:DeferredTaxation2023-04-012024-03-3103883065ns5:DeferredTaxation2024-03-3103883065ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 03883065 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

A T BONE & SONS LIMITED

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 13


A T BONE & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D Bone
R Bone
R Bone





REGISTERED OFFICE: Clements Farm
Brickendon Lane
Brickendon
Herfford
Hertfordshire
SG13 8NS





REGISTERED NUMBER: 03883065 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity continues that be of Agricultural and construction related activities.

Company achieved sales of £10,276,905 (2023 : £10,752,467 ) and delivered a profit before tax,of £2,249,803 (2023 : £2,033,116). The net assets as at the year-end were £6,678,180 (2023 : £5,140,835).

PRINCIPAL RISKS AND UNCERTAINTIES
Downturns in the economic environment have historically been the biggest threat to the agriculture and construction sector. The company is exposed to changes in Government Policy in the market in which we operate such as changes in agricultural subsidies, employment law, tax law and in the legislation around sensitive data management.

All of these risks are closely monitored and under constant review in order to mitigate any risks, with outcomes such as the adjusting of headcount during a period of economic uncertainty.

FINANCIAL RISKS
The business is exposed to a variety of financial risks including the effects of changes in interest rates, credit risk and client liquidity risk. The business’ principal financial instrument comprise cash and bank deposits, that arise directly from its operations.

The company’s principal financial assets are trade debtors, which represent the Company’s major exposure to credit risk in relation to its financial assets. Reporting in this area covers monthly aged debt for every client as well as overall ledger profiles from the invoicing date taking into account any pre agreed payment terms.

The business has no significant concentration of credit risk, with the exposure spread over a large number of customers. The risk is further mitigated with a strong credit control system with the aim of minimizing any bad debt.

KEY PERFORMANCE INDICATORS
KPI's are used by the company to control actual costs against budget. Monthly management accounts are produced and reviewed by the board together with its professional team. Any significant variations are discussed and action taken if deemed necessary.

The business considers its key performance indicators to be Revenue and Gross profit. The results in these area for 2024 are as follows:

· Revenue - £10,276,905 (2023 - £10,752,467)
· Gross profit £3,528,993 (2023 - £4,060,104)


A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

GOING CONCERN
The company has access to sufficient financial resources to manage its operations. The Company is in a net current liability position but overall it is in net asset position.

The Company has adequate financial resources and has a broad customer base across the different business sectors in the United Kingdom. As a Consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors of the company have considered the adoption of the going concern basis in preparing the financial statements given the current economic climate and have formed the conclusion that there are no uncertainties with respect to the company's ability to continue as a going concern for the foreseeable future. In forming this view, the directors have considered the company's budgets and trading forecasts and the committed bank facilities available to the company together with forecast headroom against those borrowing facilities including the impact of reasonable sensitivities and foreseen uncertainties.

The directors continue to closely monitor the potential impacts of overall economic downturn and inflationary impact and economic consequences. We have not identified any material adjustments to balances included in these financial statements.

On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis in preparing the annual financial statements.

ON BEHALF OF THE BOARD:





R Bone - Director


17 January 2025

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £3351.57 per share.

The total distribution of dividends for the year ended 31 March 2024 will be £ 335,157 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

D Bone
R Bone
R Bone

POLITICAL DONATIONS AND EXPENDITURE
Donations are not political in nature.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R Bone - Director


17 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A T BONE & SONS LIMITED


Opinion
We have audited the financial statements of A T Bone & Sons Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A T BONE & SONS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A T BONE & SONS LIMITED


The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:
- Employment legislation, reflecting the Company's workforce
- Health and safety regulation, reflecting the Company's production, distribution and operating processes
- Data privacy, reflecting the Company's management of personal and corporate data
- Environmental regulation, reflecting environmental impact restrictions, waste and contamination related to the Company's trading and and operating processes.

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Zubair Arshad FCCA ACA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

17 January 2025

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £

TURNOVER 10,276,905 10,752,467

Cost of sales 6,747,912 6,692,363
GROSS PROFIT 3,528,993 4,060,104

Administrative expenses 3,467,312 3,726,393
61,681 333,711

Other operating income 2,642,089 1,965,534
OPERATING PROFIT 4 2,703,770 2,299,245


Interest payable and similar expenses 5 453,967 266,129
PROFIT BEFORE TAXATION 2,249,803 2,033,116

Tax on profit 6 182,791 432,345
PROFIT FOR THE FINANCIAL YEAR 2,067,012 1,600,771

Retained earnings at beginning of year
as previously reported

5,140,735

4,564,570

Dividends 7 (335,157 ) (200,000 )
Prior year adjustment - (824,606 )

RETAINED EARNINGS AT END OF
YEAR

6,872,590

5,140,735

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 17,696,893 10,889,434

CURRENT ASSETS
Stocks 9 782,219 654,957
Debtors 10 1,759,219 1,789,779
Cash at bank 266,550 754,370
2,807,988 3,199,106
CREDITORS
Amounts falling due within one year 11 5,785,107 3,974,151
NET CURRENT LIABILITIES (2,977,119 ) (775,045 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,719,774

10,114,389

CREDITORS
Amounts falling due after more than one
year

12

(6,629,630

)

(4,051,785

)

PROVISIONS FOR LIABILITIES 16 (1,217,454 ) (921,769 )
NET ASSETS 6,872,690 5,140,835

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 6,872,590 5,140,735
SHAREHOLDERS' FUNDS 6,872,690 5,140,835

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:





R Bone - Director


A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 4,663,582 4,590,633
Interest paid (422,107 ) (248,652 )
Interest element of hire purchase
payments paid

(31,860

)

(17,477

)
Tax paid - 16,179
Net cash from operating activities 4,209,615 4,340,683

Cash flows from investing activities
Purchase of tangible fixed assets (8,631,396 ) (3,445,113 )
Sale of tangible fixed assets 933,550 687,954
Net cash from investing activities (7,697,846 ) (2,757,159 )

Cash flows from financing activities
New loans in year 5,417,787 159,691
Capital repayments in year (2,420,108 ) (223,333 )
Amount introduced by directors 151,197 -
Amount withdrawn by directors - (534,816 )
Equity dividends paid (335,157 ) (200,000 )
Net cash from financing activities 2,813,719 (798,458 )

(Decrease)/increase in cash and cash equivalents (674,512 ) 785,066
Cash and cash equivalents at
beginning of year

2

754,370

(30,696

)

Cash and cash equivalents at end of
year

2

79,858

754,370

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit before taxation 2,249,803 2,033,116
Depreciation charges 1,326,022 832,458
(Profit)/loss on disposal of fixed assets (435,635 ) 130,529
Amounts w/o invs - 1,244,161
Finance costs 453,967 266,129
3,594,157 4,506,393
Increase in stocks (127,262 ) (204,957 )
Decrease in trade and other debtors 102,960 44,040
Increase in trade and other creditors 1,093,727 245,157
Cash generated from operations 4,663,582 4,590,633

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£ £
Cash and cash equivalents 266,550 754,370
Bank overdrafts (186,692 ) -
79,858 754,370
Year ended 31 March 2023
31/3/23 1/4/22
£ £
Cash and cash equivalents 754,370 6,290
Bank overdrafts - (36,986 )
754,370 (30,696 )


A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£ £ £
Net cash
Cash at bank and in hand 754,370 (487,820 ) 266,550
Bank overdrafts - (186,692 ) (186,692 )
754,370 (674,512 ) 79,858
Debt
Finance leases (1,188,576 ) (501,718 ) (1,690,294 )
Debts falling due within 1 year (747,141 ) (55,779 ) (802,920 )
Debts falling due after 1 year (3,460,105 ) (2,512,582 ) (5,972,687 )
(5,395,822 ) (3,070,079 ) (8,465,901 )
Total (4,641,452 ) (3,744,591 ) (8,386,043 )

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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


1. STATUTORY INFORMATION

A T Bone & Sons Limited 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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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 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.

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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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


2. ACCOUNTING POLICIES - continued

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, 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.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

TAXATION
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.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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


2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 1,779,839 1,640,466

The average number of employees during the year was as follows:
2024 2023

Employees 41 39

2024 2023
£ £
Directors' remuneration 65,600 65,600

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Hire of plant and machinery 91,463 101,315
Other operating leases 137,409 220,643
Depreciation - owned assets 1,326,022 1,206,446
(Profit)/loss on disposal of fixed assets (435,635 ) 130,529

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank interest 422,107 248,652
Hire purchase 31,860 17,477
453,967 266,129

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax - 195,114
Prior year corporation tax (112,893 ) (138,443 )
Total current tax (112,893 ) 56,671

Deferred tax 295,684 375,674
Tax on profit 182,791 432,345

7. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Final 335,157 200,000

8. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 April 2023 5,308,032 10,522,792 225,014 1,284,876 17,340,714
Additions 5,332,668 2,949,090 13,388 336,250 8,631,396
Disposals - (1,356,446 ) - (110,357 ) (1,466,803 )
At 31 March 2024 10,640,700 12,115,436 238,402 1,510,769 24,505,307
DEPRECIATION
At 1 April 2023 129,461 5,704,698 81,136 535,985 6,451,280
Charge for year 45,219 1,017,254 31,068 232,481 1,326,022
Eliminated on disposal - (900,286 ) - (68,602 ) (968,888 )
At 31 March 2024 174,680 5,821,666 112,204 699,864 6,808,414
NET BOOK VALUE
At 31 March 2024 10,466,020 6,293,770 126,198 810,905 17,696,893
At 31 March 2023 5,178,571 4,818,094 143,878 748,891 10,889,434

9. STOCKS
2024 2023
£ £
Raw materials 782,219 640,271
Work-in-progress - 14,686
782,219 654,957

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,204,011 896,511
Amounts owed by group undertakings 89,000 16,600
Other debtors 3,862 -
VAT 119,682 16,932
Prepayments and accrued income 342,664 859,736
1,759,219 1,789,779

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 13) 989,612 747,141
Hire purchase contracts (see note 14) 1,033,351 596,896
Trade creditors 1,634,340 1,191,937
Tax 82,221 195,114
Social security and other taxes 36,446 34,566
Other creditors 199,003 189,442
Directors' current accounts 893,491 742,294
Accruals and deferred income 916,643 276,761
5,785,107 3,974,151

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 13) 5,972,687 3,460,105
Hire purchase contracts (see note 14) 656,943 591,680
6,629,630 4,051,785

AMC Bank Limited holds a legal charge over the property.

Handelsbanken Plc have registered an fixed charge on selected land and a floating charges over the undertaking and properties and assets present and future.

Mr & Mrs Williams have registered an fixed charge on selected land & properties.

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 186,692 -
Bank loans 802,920 747,141
989,612 747,141

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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


13. LOANS - continued
2024 2023
£ £
Amounts falling due between one and two years:
Bank loans - 1-2 years 805,146 206,561

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,776,302 1,987,476

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,391,239 1,266,068

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 1,033,351 596,896
Between one and five years 656,943 591,680
1,690,294 1,188,576

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 6,775,607 4,207,246
Hire purchase contracts 1,690,294 1,188,576
8,465,901 5,395,822

16. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 1,217,454 921,769

Deferred tax
£
Balance at 1 April 2023 921,769
Charge to Income Statement during year 295,685
Balance at 31 March 2024 1,217,454

A T BONE & SONS LIMITED (REGISTERED NUMBER: 03883065)

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


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£

At 1 April 2023 5,140,735
Profit for the year 2,067,012
Dividends (335,157 )
At 31 March 2024 6,872,590