Silverfin false false 31/05/2024 01/06/2023 31/05/2024 I Fern 20/09/2019 27 February 2025 no description of principal activity 12217352 2024-05-31 12217352 bus:Director1 2024-05-31 12217352 2023-05-31 12217352 core:CurrentFinancialInstruments 2024-05-31 12217352 core:CurrentFinancialInstruments 2023-05-31 12217352 core:Non-currentFinancialInstruments 2024-05-31 12217352 core:Non-currentFinancialInstruments 2023-05-31 12217352 core:ShareCapital 2024-05-31 12217352 core:ShareCapital 2023-05-31 12217352 core:OtherCapitalReserve 2024-05-31 12217352 core:OtherCapitalReserve 2023-05-31 12217352 core:RetainedEarningsAccumulatedLosses 2024-05-31 12217352 core:RetainedEarningsAccumulatedLosses 2023-05-31 12217352 core:LandBuildings 2023-05-31 12217352 core:PlantMachinery 2023-05-31 12217352 core:Vehicles 2023-05-31 12217352 core:FurnitureFittings 2023-05-31 12217352 core:OfficeEquipment 2023-05-31 12217352 core:LandBuildings 2024-05-31 12217352 core:PlantMachinery 2024-05-31 12217352 core:Vehicles 2024-05-31 12217352 core:FurnitureFittings 2024-05-31 12217352 core:OfficeEquipment 2024-05-31 12217352 core:DeferredTaxation 2024-05-31 12217352 core:DeferredTaxation 2023-05-31 12217352 core:OtherProvisionsContingentLiabilities 2024-05-31 12217352 core:OtherProvisionsContingentLiabilities 2023-05-31 12217352 2022-05-31 12217352 core:WithinOneYear 2024-05-31 12217352 core:WithinOneYear 2023-05-31 12217352 core:BetweenOneFiveYears 2024-05-31 12217352 core:BetweenOneFiveYears 2023-05-31 12217352 2023-06-01 2024-05-31 12217352 bus:FilletedAccounts 2023-06-01 2024-05-31 12217352 bus:SmallEntities 2023-06-01 2024-05-31 12217352 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 12217352 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12217352 bus:Director1 2023-06-01 2024-05-31 12217352 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 12217352 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 12217352 core:Vehicles core:TopRangeValue 2023-06-01 2024-05-31 12217352 core:FurnitureFittings core:TopRangeValue 2023-06-01 2024-05-31 12217352 core:OfficeEquipment core:TopRangeValue 2023-06-01 2024-05-31 12217352 2022-06-01 2023-05-31 12217352 core:LandBuildings 2023-06-01 2024-05-31 12217352 core:PlantMachinery 2023-06-01 2024-05-31 12217352 core:Vehicles 2023-06-01 2024-05-31 12217352 core:FurnitureFittings 2023-06-01 2024-05-31 12217352 core:OfficeEquipment 2023-06-01 2024-05-31 12217352 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 12217352 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 12217352 (England and Wales)

FERNS AGGREGATES LIMITED

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

FERNS AGGREGATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

FERNS AGGREGATES LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
FERNS AGGREGATES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTOR I Fern
REGISTERED OFFICE Tutsham Farm
West Farleigh
Maidstone
Kent
ME15 0NE
United Kingdom
COMPANY NUMBER 12217352 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
FERNS AGGREGATES LIMITED

BALANCE SHEET

As at 31 May 2024
FERNS AGGREGATES LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,108,291 2,425,630
2,108,291 2,425,630
Current assets
Stocks 4 52,244 52,244
Debtors 5 10,915,808 7,884,828
Cash at bank and in hand 384,070 88,859
11,352,122 8,025,931
Creditors: amounts falling due within one year 6 ( 4,137,785) ( 3,436,849)
Net current assets 7,214,337 4,589,082
Total assets less current liabilities 9,322,628 7,014,712
Creditors: amounts falling due after more than one year 7 ( 158,082) ( 242,991)
Provision for liabilities 8, 9 ( 607,946) ( 799,154)
Net assets 8,556,600 5,972,567
Capital and reserves
Called-up share capital 1,000 1,000
Other reserves 365,158 365,158
Profit and loss account 8,190,442 5,606,409
Total shareholders' funds 8,556,600 5,972,567

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ferns Aggregates Limited (registered number: 12217352) were approved and authorised for issue by the Director on 27 February 2025. They were signed on its behalf by:

I Fern
Director
FERNS AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
FERNS AGGREGATES 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

Ferns Aggregates 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 Tutsham Farm, West Farleigh, Maidstone,, Kent, ME15 0NE, United Kingdom.

The principal activity of the Company is the quarrying and supply of aggregates.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The presentational currency of these financial statements is pounds sterling and rounded to the neares whole £1.

The functional currency of Ferns Aggregates Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

**Sale of goods**

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transactions; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of quarried aggregates is recognised when the materials are delivered.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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 Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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 20 years straight line
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 Balance Sheet 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 the director 24 30

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 732,838 3,951,698 306,569 2,885 76,811 5,070,801
Additions 5,567 673,257 31,440 17,523 0 727,787
Disposals 0 ( 250,000) 0 0 0 ( 250,000)
At 31 May 2024 738,405 4,374,955 338,009 20,408 76,811 5,548,588
Accumulated depreciation
At 01 June 2023 83,954 2,461,113 58,517 902 40,685 2,645,171
Charge for the financial year 21,627 863,746 82,359 3,504 19,203 990,439
Disposals 0 ( 195,313) 0 0 0 ( 195,313)
At 31 May 2024 105,581 3,129,546 140,876 4,406 59,888 3,440,297
Net book value
At 31 May 2024 632,824 1,245,409 197,133 16,002 16,923 2,108,291
At 31 May 2023 648,884 1,490,585 248,052 1,983 36,126 2,425,630
Leased assets included above:
Net book value
At 31 May 2024 0 687,864 0 0 0 687,864
At 31 May 2023 0 544,005 0 0 0 544,005

4. Stocks

2024 2023
£ £
Stocks 52,244 52,244

5. Debtors

2024 2023
£ £
Trade debtors 2,183,408 1,548,324
Amounts owed by Group undertakings 3,904,397 2,764,904
Prepayments 141,365 203,662
Corporation tax 1,147,023 840,625
Other debtors 3,539,615 2,527,313
10,915,808 7,884,828

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 635,046 670,600
Amounts owed to Group undertakings 309,606 281,865
Accruals 474,920 429,407
Corporation tax 2,151,369 1,412,099
Other taxation and social security 267,328 241,506
Obligations under finance leases and hire purchase contracts (secured) 276,392 378,170
Other creditors 23,124 23,202
4,137,785 3,436,849

Amounts due under finance leases and hire purchase contracts are secured over the assets concerned.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 158,082 242,991

Amounts due under finance leases and hire purchase contracts are secured over the assets concerned.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 407,946 599,154
Other provisions 200,000 200,000
607,946 799,154

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 599,154) ( 576,404)
Credited/(charged) to the Statement of Income and Retained Earnings 191,208 ( 22,750)
At the end of financial year ( 407,946) ( 599,154)

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 70,512 156,312
between one and five years 48,256 96,928
118,768 253,240

11. Related party transactions

Transactions with the entity's director

2024 2023
£ £
At the beginning of the year 2,520,846 1,670,259
Advances made during the year 821,389 809,091
Interest accrued 73,451 41,496

At the year-end a balance of £3,415,686 (2023: £2,520,846) was owing to the Company from the director. This balance is repayable on demand and interest is charged on the loan at HMRC official rates. Movements in the year are outlined in the table above.

During the year, the Company paid £190,000 (2023: £257,500) in rent to the director. No amounts remained outstanding at the balance sheet date.