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Company No: 05081822 (England and Wales)

BUNTING & SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

BUNTING & SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

BUNTING & SON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
BUNTING & SON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 439,019 406,415
439,020 406,416
Current assets
Stocks 51,652 50,450
Debtors 5 331,029 374,921
Cash at bank and in hand 247,903 225,605
630,584 650,976
Creditors: amounts falling due within one year 6 ( 394,948) ( 365,503)
Net current assets 235,636 285,473
Total assets less current liabilities 674,656 691,889
Creditors: amounts falling due after more than one year 7 ( 3,974) ( 15,343)
Provision for liabilities ( 40,809) ( 34,613)
Net assets 629,873 641,933
Capital and reserves
Called-up share capital 100 100
Profit and loss account 629,773 641,833
Total shareholders' funds 629,873 641,933

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Bunting & Son Limited (registered number: 05081822) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M D Bunting
Director
D P Bunting
Director

18 February 2025

BUNTING & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
BUNTING & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

Bunting & Son 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 Hillcrest Office, Moor End Lane, Stibbard, Fakenham, NR21 0EJ, 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 £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Goodwill 25 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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 25 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 25 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Basic financial assets
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
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.

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 Statement of Financial Position 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 26 24

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 200,000 200,000
At 31 May 2024 200,000 200,000
Accumulated amortisation
At 01 June 2023 199,999 199,999
At 31 May 2024 199,999 199,999
Net book value
At 31 May 2024 1 1
At 31 May 2023 1 1

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 June 2023 285,545 240,982 286,830 10,443 823,800
Additions 17,250 28,910 38,955 945 86,060
At 31 May 2024 302,795 269,892 325,785 11,388 909,860
Accumulated depreciation
At 01 June 2023 17,922 163,748 227,575 8,140 417,385
Charge for the financial year 12,054 22,279 18,351 772 53,456
At 31 May 2024 29,976 186,027 245,926 8,912 470,841
Net book value
At 31 May 2024 272,819 83,865 79,859 2,476 439,019
At 31 May 2023 267,623 77,234 59,255 2,303 406,415
Leased assets included above:
Net book value
At 31 May 2024 0 12,319 23,386 0 35,705
At 31 May 2023 0 16,425 22,215 0 38,640

5. Debtors

2024 2023
£ £
Trade debtors 324,820 367,778
Prepayments 6,209 7,143
331,029 374,921

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 30,809 17,937
Amounts owed to directors 118,726 109,425
Other loans 76,753 77,603
Accruals 6,400 6,590
Taxation and social security 142,854 123,619
Obligations under finance leases and hire purchase contracts 15,312 14,941
Other creditors 4,094 15,388
394,948 365,503

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 3,974 15,343

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Pension cost charge payable by the company 16,072 15,062

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to M D Bunting 80,128 70,826
Amounts owed to D P Bunting 38,599 38,599

No interest is charged and there are no fixed repayment terms in place.

Other related party transactions

2024 2023
£ £
Amounts owed to Mrs T J Bunting - wife of D P Bunting 38,901 38,901
Amounts owed to Mrs P D Bunting - wife of M D Bunting 32,602 33,452

No interest is charged and there are no fixed repayment terms in place.