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REGISTERED NUMBER: 00568726 (England and Wales)















APPLETON & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024






APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


APPLETON & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: Mr G H Appleton
Mr R Appleton
Mr J Appleton





SECRETARY: Mr G H Appleton





REGISTERED OFFICE: 17 Towcester Road
Bow
London
E3 3ND





REGISTERED NUMBER: 00568726 (England and Wales)





ACCOUNTANTS: Carston ETL
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

STATEMENT OF FINANCIAL POSITION
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 295,922 317,303
Investments 5 7,500 7,500
Investment properties 6 9,589,846 9,413,187
9,893,268 9,737,990

CURRENT ASSETS
Stocks 7 1,464,614 1,473,262
Debtors 8 246,482 257,865
Cash at bank and in hand 549,370 581,489
2,260,466 2,312,616
CREDITORS
Amounts falling due within one year 9 791,115 804,449
NET CURRENT ASSETS 1,469,351 1,508,167
TOTAL ASSETS LESS CURRENT LIABILITIES 11,362,619 11,246,157

PROVISIONS FOR LIABILITIES 10 1,161,268 1,161,268
NET ASSETS 10,201,351 10,084,889

CAPITAL AND RESERVES
Called up share capital 11 40,000 40,000
Other reserve 12 4,700,201 4,700,201
Retained earnings 12 5,461,150 5,344,688
SHAREHOLDERS' FUNDS 10,201,351 10,084,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 4th December 2024 and were signed on its behalf by:



Mr R Appleton - Director


APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. STATUTORY INFORMATION

Appleton & 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company is wholesaler of confectionery, stationery and groceries. It receives rents from investment properties.It develops and trades in properties.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities of Financial Reporting Standard 102 section 1A "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements in applying the entity's accounting policies
The directors have used a "Yield" method to estimate the fair value of the properties allied to a comparative analysis of third party sales of similar properties. This methodology was based on the current local residential investment market.

Accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.

a) Useful economic lives of assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(b) Stock provision
The company is a wholesaler of confectionery, stationery and groceries and these goods are subject to changing consumer demands and trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock.

(c) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover
Turnover is measured at the fair value of the consideration received or receivable. Wholesale grocery turnover represents the amount receivable for the supply of confectionery and groceries, net of returns, discounts and rebates allowed by the company and value added tax.Property stock turnover represents the sale proceeds of properties net of selling costs and disbursements.

The company recognises revenue when (a) the significant risk and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods and (c) the amount of revenue can be measured reliably.

APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% straight line on cost

Tangible assets are shown at their fair values as at the Balance Sheet date.

Investment properties
Investment properties are shown at their fair value. Any adjustment to the fair value of the investment properties is recognised in the Income Statement for the year.

In accordance with FRS 102 section 1A, no depreciation is provided in respect of properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks at the year end includes goods and properties for resale.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

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


2. ACCOUNTING POLICIES - continued

Basic financial instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs.
Subsequent to initial recognition, they are measured at transaction price less any impairment losses.
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and deposits.

Other reserves
Other reserves is a non-distributable reserve and represents the net balance between the adjustment to the fair value of tangible assets and its related deferred tax provision.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st June 2023 308,148 110,472 180,282
Additions - - -
Disposals - - -
At 31st May 2024 308,148 110,472 180,282
DEPRECIATION
At 1st June 2023 124,778 97,492 178,943
Charge for year 3,568 1,947 201
Eliminated on disposal - - -
At 31st May 2024 128,346 99,439 179,144
NET BOOK VALUE
At 31st May 2024 179,802 11,033 1,138
At 31st May 2023 183,370 12,980 1,339

APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

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


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st June 2023 193,270 5,600 797,772
Additions 65,000 5,349 70,349
Disposals (93,045 ) - (93,045 )
At 31st May 2024 165,225 10,949 775,076
DEPRECIATION
At 1st June 2023 73,656 5,600 480,469
Charge for year 33,069 607 39,392
Eliminated on disposal (40,707 ) - (40,707 )
At 31st May 2024 66,018 6,207 479,154
NET BOOK VALUE
At 31st May 2024 99,207 4,742 295,922
At 31st May 2023 119,614 - 317,303

Included in cost of land and buildings is freehold land of £ 129,725 (2023 - £ 129,725 ) which is not depreciated.


5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1st June 2023
and 31st May 2024 7,500
NET BOOK VALUE
At 31st May 2024 7,500
At 31st May 2023 7,500

6. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1st June 2023 9,413,187
Additions 176,659
At 31st May 2024 9,589,846
NET BOOK VALUE
At 31st May 2024 9,589,846
At 31st May 2023 9,413,187

APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

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


6. INVESTMENT PROPERTIES - continued

Investment properties were valued by the directors on an open market values at the year end. In their opinion there was no material variance in the valuation of the properties from their 2023 values.

The estimated deferred tax provision based on the fair valued amount was provided in the financial statements. The total deferred tax provision included in the financial statements based on fair valuation to date was £1,129,601 (2023: £1,129,601).

Fair value at 31st May 2024 is represented by:
£   
Valuation in 2002 1,091,520
Valuation in 2003 607,000
Valuation in 2004 554,000
Valuation in 2006 509,942
Valuation in 2007 77,000
Valuation in 2008 (452,000 )
Valuation in 2014 604,213
Valuation in 2016 1,563,527
Valuation in 2017 957,000
Valuation in 2018 317,600
Cost 3,760,044
9,589,846

7. STOCKS
2024 2023
£    £   
Stocks 1,464,614 1,473,262

Stocks at the year end:
20242023
£   £   

Stocks - goods for resale1,125,2191,133,867
Stocks - properties for sale339,395339,395
1,464,6141,473,262

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 88,407 101,279
Other debtors 158,075 156,586
246,482 257,865

APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

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


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 397,540 478,978
Tax 82,680 44,029
PAYE and NIC taxes 7,337 10,420
VAT 65,092 18,047
Other creditors 1,237 1,018
Net wages control 16,401 12,465
Directors' current accounts 199,779 212,943
Accruals and deferred income 21,049 26,549
791,115 804,449

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 31,667 31,667
Deferred tax- Fair valued Investment properties 1,129,601 1,129,601
1,161,268 1,161,268

Deferred
tax
£   
Balance at 1st June 2023 1,161,268
Excess of tax allowances over
depreciation
Balance at 31st May 2024 1,161,268

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary "A" £1 20,000 20,000
4,000 Ordinary "B" £5 20,000 20,000
40,000 40,000

APPLETON & SONS LIMITED (REGISTERED NUMBER: 00568726)

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


12. RESERVES
Retained Other
earnings reserve Totals
£    £    £   

At 1st June 2023 5,344,688 4,700,201 10,044,889
Profit for the year 226,462 - 226,462
Dividends (110,000 ) - (110,000 )
At 31st May 2024 5,461,150 4,700,201 10,161,351

Retained Earnings
Retained earnings includes all current and prior period retained profits and losses net of tax and distributions.

Other Reserve
Other reserve represents the net unrealised surplus arising on the fair revaluation of the investment properties.

13. CONTINGENT LIABILITIES

At the Balance Sheet date, there was a legal charge over the company's freehold property at 17 Towcester Road, Bow, London, E3 3ND.

14. RELATED PARTY DISCLOSURES

At the Balance sheet date, the following sums were owed to the directors. These balances are interest free and repayable on demand.

Amounts owed to the directors:20242023
££
G H Appleton150,154185,754
R Appleton13,500
J Appleton36,12527,189