Shutt & Mansell Limited 08049438 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is dairy farming Digita Accounts Production Advanced 6.30.9574.0 true 08049438 2023-06-01 2024-05-31 08049438 2024-05-31 08049438 bus:Director1 1 2024-05-31 08049438 bus:Director2 1 2024-05-31 08049438 bus:Director3 1 2024-05-31 08049438 core:RetainedEarningsAccumulatedLosses 2024-05-31 08049438 core:ShareCapital 2024-05-31 08049438 core:CurrentFinancialInstruments 2024-05-31 08049438 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 08049438 core:Non-currentFinancialInstruments 2024-05-31 08049438 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 08049438 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 08049438 core:MoreThanFiveYears 1 2024-05-31 08049438 core:FurnitureFittingsToolsEquipment 2024-05-31 08049438 core:LandBuildings 2024-05-31 08049438 core:MotorVehicles 2024-05-31 08049438 core:OtherPropertyPlantEquipment 2024-05-31 08049438 bus:SmallEntities 2023-06-01 2024-05-31 08049438 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08049438 bus:FilletedAccounts 2023-06-01 2024-05-31 08049438 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08049438 bus:RegisteredOffice 2023-06-01 2024-05-31 08049438 bus:Director1 2023-06-01 2024-05-31 08049438 bus:Director1 1 2023-06-01 2024-05-31 08049438 bus:Director2 2023-06-01 2024-05-31 08049438 bus:Director2 1 2023-06-01 2024-05-31 08049438 bus:Director3 2023-06-01 2024-05-31 08049438 bus:Director3 1 2023-06-01 2024-05-31 08049438 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08049438 bus:Agent1 2023-06-01 2024-05-31 08049438 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 08049438 core:LandBuildings 2023-06-01 2024-05-31 08049438 core:MotorVehicles 2023-06-01 2024-05-31 08049438 core:OfficeEquipment 2023-06-01 2024-05-31 08049438 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 08049438 core:PlantMachinery 2023-06-01 2024-05-31 08049438 countries:EnglandWales 2023-06-01 2024-05-31 08049438 2023-05-31 08049438 bus:Director1 1 2023-05-31 08049438 bus:Director2 1 2023-05-31 08049438 bus:Director3 1 2023-05-31 08049438 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 08049438 core:FurnitureFittingsToolsEquipment 2023-05-31 08049438 core:LandBuildings 2023-05-31 08049438 core:MotorVehicles 2023-05-31 08049438 core:OtherPropertyPlantEquipment 2023-05-31 08049438 2022-06-01 2023-05-31 08049438 2023-05-31 08049438 bus:Director1 1 2023-05-31 08049438 bus:Director2 1 2023-05-31 08049438 bus:Director3 1 2023-05-31 08049438 core:RetainedEarningsAccumulatedLosses 2023-05-31 08049438 core:ShareCapital 2023-05-31 08049438 core:CurrentFinancialInstruments 2023-05-31 08049438 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 08049438 core:Non-currentFinancialInstruments 2023-05-31 08049438 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 08049438 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 08049438 core:MoreThanFiveYears 1 2023-05-31 08049438 core:FurnitureFittingsToolsEquipment 2023-05-31 08049438 core:LandBuildings 2023-05-31 08049438 core:MotorVehicles 2023-05-31 08049438 core:OtherPropertyPlantEquipment 2023-05-31 08049438 bus:Director1 1 2022-06-01 2023-05-31 08049438 bus:Director2 1 2022-06-01 2023-05-31 08049438 bus:Director3 1 2022-06-01 2023-05-31 08049438 bus:Director1 1 2022-05-31 08049438 bus:Director2 1 2022-05-31 08049438 bus:Director3 1 2022-05-31 iso4217:GBP xbrli:pure

REGISTRAR OF COMPANIES

Registration number: 08049438

Shutt & Mansell Limited

Unaudited Financial Statements

31 May 2024

image-name

 

Shutt & Mansell Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Shutt & Mansell Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shutt & Mansell Limited for the year ended 31 May 2024 as set out on pages 2 to 12 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 Shutt & Mansell Limited, as a body, in accordance with the terms of our engagement letter dated 4 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of Shutt & Mansell Limited and state those matters that we have agreed to state to the Board of Directors of Shutt & Mansell 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 Shutt & Mansell Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Shutt & Mansell 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 Shutt & Mansell Limited. You consider that Shutt & Mansell 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 Shutt & Mansell 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.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

10 September 2024

 

Shutt & Mansell Limited

(Registration number: 08049438)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,558,202

1,362,867

Current assets

 

Stocks

1,300,911

1,166,853

Debtors

6

707,922

525,736

Cash at bank and in hand

 

40,276

111,070

 

2,049,109

1,803,659

Creditors: Amounts falling due within one year

7

(1,008,971)

(912,167)

Net current assets

 

1,040,138

891,492

Total assets less current liabilities

 

2,598,340

2,254,359

Creditors: Amounts falling due after more than one year

7

(530,220)

(559,957)

Provisions for liabilities

(277,872)

(248,623)

Net assets

 

1,790,248

1,445,779

Capital and reserves

 

Allotted, called up and fully paid share capital

320

320

Profit and loss account

1,789,928

1,445,459

Total equity

 

1,790,248

1,445,779

 

Shutt & Mansell Limited

(Registration number: 08049438)
Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 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 10 September 2024 and signed on its behalf by:
 

.........................................

P J Mansell

Director

.........................................

G M Mansell

Director

.........................................

M A Mansell

Director

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Flashbrook Manor
Flashbrook
NEWPORT
TF10 8EA

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

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:

Asset class

Depreciation method and rate

Land and buildings

4% straight line basis

Plant and equipment

15% reducing balance basis

Office equipment

3 years straight line basis

Tractors and vehicles

25% reducing balance basis

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.

Included in land and buildings is short leasehold property which relate to tenants improvements on land leased by the company from the directors. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 4% straight line over their useful economic life.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 12).

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 June 2023

28,055

28,055

At 31 May 2024

28,055

28,055

Amortisation

At 1 June 2023

28,055

28,055

At 31 May 2024

28,055

28,055

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Office equipment
 £

Tractors and vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

424,824

1,390,373

3,759

515,773

2,334,729

Additions

41,412

273,672

-

152,052

467,136

Disposals

-

(18,250)

-

(79,056)

(97,306)

At 31 May 2024

466,236

1,645,795

3,759

588,769

2,704,559

Depreciation

At 1 June 2023

66,768

716,736

2,112

186,246

971,862

Charge for the year

17,739

116,896

1,180

89,279

225,094

Eliminated on disposal

-

(10,454)

-

(40,145)

(50,599)

At 31 May 2024

84,507

823,178

3,292

235,380

1,146,357

Carrying amount

At 31 May 2024

381,729

822,617

467

353,389

1,558,202

At 31 May 2023

358,056

673,637

1,647

329,527

1,362,867

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

361,297

374,875

Other debtors

346,625

150,861

707,922

525,736

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

423,778

440,978

Trade creditors

 

290,582

288,292

Taxation and social security

 

10,058

7,689

Corporation tax liability

 

118,966

102,958

Other creditors

 

165,587

72,250

 

1,008,971

912,167

Due after one year

 

Loans and borrowings

8

488,513

549,908

Other creditors

 

41,707

10,049

 

530,220

559,957

2024
£

2023
£

After more than five years by instalments

226,963

249,193

226,963

249,193

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

56,078

52,737

Finance lease liabilities

67,700

88,241

Redeemable preference shares

300,000

300,000

423,778

440,978

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

56,078

52,737

Finance lease liabilities

67,700

88,241

123,778

140,978

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

361,928

399,718

Finance lease liabilities

126,585

150,190

488,513

549,908

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

361,928

399,718

Finance lease liabilities

126,585

150,190

488,513

549,908

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

Shutt & Mansell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2024
£

P J Mansell

Loan

17,486

93,827

(18,610)

-

(30,000)

1,095

63,798

               
         

G M Mansell

Loan

28,843

91,769

(6,494)

-

(30,000)

1,440

85,558

               
         

M A Mansell

Loan

43,178

78,071

(20,867)

-

(34,000)

1,193

67,575

               
         

 

2023

At 1 June 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2023
£

P J Mansell

Loan

20,168

43,870

(16,995)

-

(30,000)

443

17,486

               
         

G M Mansell

Loan

43,453

30,073

(15,450)

-

(30,000)

767

28,843

               
         

M A Mansell

Loan

8,040

64,704

(21,113)

-

(9,000)

547

43,178

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.