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COMPANY REGISTRATION NUMBER: 00703714
Emms & Sons Ltd
Filleted Unaudited Financial Statements
30 September 2024
Emms & Sons Ltd
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
870,098
894,633
Current assets
Stocks
20,210
23,715
Debtors
6
777,283
639,111
Cash at bank and in hand
643,188
836,204
------------
------------
1,440,681
1,499,030
Creditors: amounts falling due within one year
7
739,467
694,102
------------
------------
Net current assets
701,214
804,928
------------
------------
Total assets less current liabilities
1,571,312
1,699,561
Provisions
Taxation including deferred tax
83,049
92,735
------------
------------
Net assets
1,488,263
1,606,826
------------
------------
Emms & Sons Ltd
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
60
60
Capital redemption reserve
40
40
Profit and loss account
1,488,163
1,606,726
------------
------------
Shareholders funds
1,488,263
1,606,826
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr R. P. Emms
Director
Company registration number: 00703714
Emms & Sons Ltd
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Edlington Lane, Edlington, Doncaster, DN12 1BS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2023: 39 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 October 2023
609,288
916,298
1,525,586
Additions
18,501
65,530
84,031
Disposals
( 44,400)
( 44,400)
---------
---------
------------
At 30 September 2024
627,789
937,428
1,565,217
---------
---------
------------
Depreciation
At 1 October 2023
86,674
544,279
630,953
Charge for the year
4,227
98,297
102,524
Disposals
( 38,358)
( 38,358)
---------
---------
------------
At 30 September 2024
90,901
604,218
695,119
---------
---------
------------
Carrying amount
At 30 September 2024
536,888
333,210
870,098
---------
---------
------------
At 30 September 2023
522,614
372,019
894,633
---------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
614,331
525,650
Other debtors
162,952
113,461
---------
---------
777,283
639,111
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
170,882
160,965
Corporation tax
60,152
47,639
Social security and other taxes
122,170
114,209
Employees' savings accounts
1,880
2,120
Other creditors
384,383
369,169
---------
---------
739,467
694,102
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R. P. Emms
( 241,742)
( 265,000)
253,724
( 253,018)
Mr W. P. Emms
42,999
42,999
---------
---------
---------
---------
( 198,743)
( 265,000)
253,724
( 210,019)
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R. P. Emms
( 265,245)
( 200,000)
223,503
( 241,742)
Mr W. P. Emms
42,999
42,999
---------
---------
---------
---------
( 222,246)
( 200,000)
223,503
( 198,743)
---------
---------
---------
---------
9. Related party transactions
During the years ended 30 September 2014 and 30 September 2015 the company made various advances to Mr W Emms, a director of the company. At 30 September 2024 the amount outstanding stood at £42,999 (30 September 2023 £42,999). The maximum amount outstanding during the year was £42,999. This loan is interest free with no fixed repayment term. Other than the above, no transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.