Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr A M Howie 14/04/2011 Mrs S A Howie 14/04/2011 19 February 2025 The principal activity of the Company during the financial year was farming. 07604627 2024-05-31 07604627 bus:Director1 2024-05-31 07604627 bus:Director2 2024-05-31 07604627 2023-05-31 07604627 core:CurrentFinancialInstruments 2024-05-31 07604627 core:CurrentFinancialInstruments 2023-05-31 07604627 core:Non-currentFinancialInstruments 2024-05-31 07604627 core:Non-currentFinancialInstruments 2023-05-31 07604627 core:ShareCapital 2024-05-31 07604627 core:ShareCapital 2023-05-31 07604627 core:RetainedEarningsAccumulatedLosses 2024-05-31 07604627 core:RetainedEarningsAccumulatedLosses 2023-05-31 07604627 core:LeaseholdImprovements 2023-05-31 07604627 core:PlantMachinery 2023-05-31 07604627 core:Vehicles 2023-05-31 07604627 core:OfficeEquipment 2023-05-31 07604627 core:LeaseholdImprovements 2024-05-31 07604627 core:PlantMachinery 2024-05-31 07604627 core:Vehicles 2024-05-31 07604627 core:OfficeEquipment 2024-05-31 07604627 bus:OrdinaryShareClass1 2024-05-31 07604627 bus:OrdinaryShareClass2 2024-05-31 07604627 2023-06-01 2024-05-31 07604627 bus:FilletedAccounts 2023-06-01 2024-05-31 07604627 bus:SmallEntities 2023-06-01 2024-05-31 07604627 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07604627 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07604627 bus:Director1 2023-06-01 2024-05-31 07604627 bus:Director2 2023-06-01 2024-05-31 07604627 core:LeaseholdImprovements core:TopRangeValue 2023-06-01 2024-05-31 07604627 core:PlantMachinery 2023-06-01 2024-05-31 07604627 core:Vehicles 2023-06-01 2024-05-31 07604627 core:OfficeEquipment 2023-06-01 2024-05-31 07604627 2022-06-01 2023-05-31 07604627 core:LeaseholdImprovements 2023-06-01 2024-05-31 07604627 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 07604627 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 07604627 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 07604627 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07604627 (England and Wales)

AM & SA HOWIE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

AM & SA HOWIE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

AM & SA HOWIE LTD

BALANCE SHEET

AS AT 31 MAY 2024
AM & SA HOWIE LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 658,455 486,842
658,455 486,842
Current assets
Stocks 4 89,100 86,600
Debtors 5 2,152 28,246
Cash at bank and in hand 6 13,056 6,182
104,308 121,028
Creditors: amounts falling due within one year 7 ( 7,393) ( 71,523)
Net current assets 96,915 49,505
Total assets less current liabilities 755,370 536,347
Creditors: amounts falling due after more than one year 8 ( 1,557,899) ( 1,203,909)
Net liabilities ( 802,529) ( 667,562)
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 802,629 ) ( 667,662 )
Total shareholders' deficit ( 802,529) ( 667,562)

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 AM & SA Howie Ltd (registered number: 07604627) were approved and authorised for issue by the Board of Directors on 19 February 2025. They were signed on its behalf by:

Mrs S A Howie
Director
AM & SA HOWIE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
AM & SA HOWIE LTD

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

AM & SA Howie Ltd (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 Sunrise Farm, Cheriton Bishop, Exeter, EX6 6HF, United Kingdom.

The financial statements have been prepared under the historical cost convention 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. The directors also confirm that they will not seek repayment of the directors loan balance until all other creditors have been met.

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.

Turnover is recognised on an accrual basis.

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 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.

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 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:

Leasehold improvements 20 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 20 % 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.

Leases

The Company as lessee
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.

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction cost.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 June 2023 371,231 254,559 61,786 12,537 700,113
Additions 196,810 21,691 0 4,070 222,571
At 31 May 2024 568,041 276,250 61,786 16,607 922,684
Accumulated depreciation
At 01 June 2023 10,325 172,431 29,309 1,206 213,271
Charge for the financial year 24,997 14,997 8,119 2,845 50,958
At 31 May 2024 35,322 187,428 37,428 4,051 264,229
Net book value
At 31 May 2024 532,719 88,822 24,358 12,556 658,455
At 31 May 2023 360,906 82,128 32,477 11,331 486,842

4. Stocks

2024 2023
£ £
Livestock 89,100 86,600

5. Debtors

2024 2023
£ £
Trade debtors 679 712
Other debtors 1,473 27,534
2,152 28,246

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 13,056 6,182

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,512 64,527
Accruals 3,649 2,997
Other taxation and social security 616 0
Other creditors 616 3,999
7,393 71,523

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

2024 2023
£ £
Other creditors 1,557,899 1,203,909

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
80 A ordinary shares of £ 1.00 each 80 80
20 B ordinary shares of £ 1.00 each 20 20
100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 1,557,899 1,203,909

The directors loan account is unsecured, interest free and the directors will not seek repayment within twelve months of the date of approval of the financial statements.