Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mrs L Button 06/04/2001 Mr P M Button 01/10/1993 22 January 2025 The principal activity of the Company during the financial year was dairy farming. 01492724 2024-09-30 01492724 bus:Director1 2024-09-30 01492724 bus:Director2 2024-09-30 01492724 2023-09-30 01492724 core:CurrentFinancialInstruments 2024-09-30 01492724 core:CurrentFinancialInstruments 2023-09-30 01492724 core:Non-currentFinancialInstruments 2024-09-30 01492724 core:Non-currentFinancialInstruments 2023-09-30 01492724 core:ShareCapital 2024-09-30 01492724 core:ShareCapital 2023-09-30 01492724 core:RevaluationReserve 2024-09-30 01492724 core:RevaluationReserve 2023-09-30 01492724 core:RetainedEarningsAccumulatedLosses 2024-09-30 01492724 core:RetainedEarningsAccumulatedLosses 2023-09-30 01492724 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-09-30 01492724 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2024-09-30 01492724 core:LandBuildings 2023-09-30 01492724 core:LeaseholdImprovements 2023-09-30 01492724 core:PlantMachinery 2023-09-30 01492724 core:Vehicles 2023-09-30 01492724 core:OtherPropertyPlantEquipment 2023-09-30 01492724 core:LandBuildings 2024-09-30 01492724 core:LeaseholdImprovements 2024-09-30 01492724 core:PlantMachinery 2024-09-30 01492724 core:Vehicles 2024-09-30 01492724 core:OtherPropertyPlantEquipment 2024-09-30 01492724 core:CostValuation 2023-09-30 01492724 core:CostValuation 2024-09-30 01492724 bus:OrdinaryShareClass1 2024-09-30 01492724 2023-10-01 2024-09-30 01492724 bus:FilletedAccounts 2023-10-01 2024-09-30 01492724 bus:SmallEntities 2023-10-01 2024-09-30 01492724 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01492724 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01492724 bus:Director1 2023-10-01 2024-09-30 01492724 bus:Director2 2023-10-01 2024-09-30 01492724 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-10-01 2024-09-30 01492724 core:LeaseholdImprovements 2023-10-01 2024-09-30 01492724 core:PlantMachinery 2023-10-01 2024-09-30 01492724 core:Vehicles 2023-10-01 2024-09-30 01492724 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-10-01 2024-09-30 01492724 2022-10-01 2023-09-30 01492724 core:LandBuildings 2023-10-01 2024-09-30 01492724 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 01492724 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 01492724 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 01492724 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01492724 (England and Wales)

C.P. BUTTON LIMITED

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

C.P. BUTTON LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

C.P. BUTTON LIMITED

BALANCE SHEET

As at 30 September 2024
C.P. BUTTON LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 4,948,862 4,106,010
Investments 5 189 189
4,949,051 4,106,199
Current assets
Stocks 6 1,443,850 1,379,240
Debtors 7 344,483 901,673
1,788,333 2,280,913
Creditors: amounts falling due within one year 8 ( 1,496,002) ( 1,672,449)
Net current assets 292,331 608,464
Total assets less current liabilities 5,241,382 4,714,663
Creditors: amounts falling due after more than one year 9 ( 698,046) ( 542,082)
Provision for liabilities ( 373,352) ( 456,777)
Net assets 4,169,984 3,715,804
Capital and reserves
Called-up share capital 10 50 50
Revaluation reserve 59 59
Profit and loss account 4,169,875 3,715,695
Total shareholders' funds 4,169,984 3,715,804

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of C.P. BUTTON LIMITED (registered number: 01492724) were approved and authorised for issue by the Board of Directors on 22 January 2025. They were signed on its behalf by:

Mr P M Button
Director
C.P. BUTTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
C.P. BUTTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

C.P. BUTTON 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:
Polshea Farm
St Tudy
Bodmin
PL30 3PA
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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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 value added tax.

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
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 7.5 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Other property, plant and equipment 20 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 23

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 October 2023 2,359 2,359
At 30 September 2024 2,359 2,359
Accumulated amortisation
At 01 October 2023 2,359 2,359
At 30 September 2024 2,359 2,359
Net book value
At 30 September 2024 0 0
At 30 September 2023 0 0

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 October 2023 2,317,534 1,166,981 3,050,689 44,917 112,478 6,692,599
Additions 885,508 78,751 153,960 750 0 1,118,969
Disposals 0 0 ( 6,150) 0 0 ( 6,150)
At 30 September 2024 3,203,042 1,245,732 3,198,499 45,667 112,478 7,805,418
Accumulated depreciation
At 01 October 2023 0 947,928 1,564,929 28,739 44,993 2,586,589
Charge for the financial year 0 24,416 238,205 3,273 5,624 271,518
Disposals 0 0 ( 1,551) 0 0 ( 1,551)
At 30 September 2024 0 972,344 1,801,583 32,012 50,617 2,856,556
Net book value
At 30 September 2024 3,203,042 273,388 1,396,916 13,655 61,861 4,948,862
At 30 September 2023 2,317,534 219,053 1,485,760 16,178 67,485 4,106,010
Leased assets included above:
Net book value
At 30 September 2024 0 0 310,628 0 0 310,628
At 30 September 2023 0 0 433,234 0 0 433,234

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 189 189
At 30 September 2024 189 189
Carrying value at 30 September 2024 189 189
Carrying value at 30 September 2023 189 189

6. Stocks

2024 2023
£ £
Stocks 1,443,850 1,379,240

7. Debtors

2024 2023
£ £
Trade debtors 287,201 211,924
Amounts owed by directors 0 462,730
Prepayments and accrued income 37,418 41,493
VAT recoverable 19,864 29,355
Other debtors 0 156,171
344,483 901,673

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 661,347 661,468
Trade creditors 278,810 401,883
Amounts owed to directors 32,877 0
Accruals 105,145 58,234
Taxation and social security 214,735 381,941
Obligations under finance leases and hire purchase contracts 121,844 103,673
Other creditors 81,244 65,250
1,496,002 1,672,449

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 653,224 463,300
Obligations under finance leases and hire purchase contracts 29,106 70,000
Other creditors 15,716 8,782
698,046 542,082

The company bankers hold fixed and floating charges over the company assets.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each 50 50

11. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 220,000 120,000

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Mrs L Button (17,893) 231,365
Mr P M Button (17,893) 231,365

Advances

Advances have been made to the directors during the year totalling £383,739 with repayments made by the directors of £882,255. The outstanding balances charged 2.25% interest and are repayable on demand.