Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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2,108,291 | 2,425,630 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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11,352,122 | 8,025,931 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Provision for liabilities | 8, 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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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:
I Fern
Director |
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.
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.
**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.
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 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.
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.
Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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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.
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 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 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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 June 2023 |
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Additions |
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Disposals |
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At 31 May 2024 |
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Accumulated depreciation | |||||||||||
At 01 June 2023 |
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Charge for the financial year |
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Disposals |
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At 31 May 2024 |
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Net book value | |||||||||||
At 31 May 2024 |
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At 31 May 2023 |
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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 |
2024 | 2023 | ||
£ | £ | ||
Stocks |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
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2024 | 2023 | ||
£ | £ | ||
Deferred tax |
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Other provisions |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited/(charged) to the Statement of Income and Retained Earnings |
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At the end of financial year | (
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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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.