Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mrs B E Clothier Mrs N Clothier 01/04/2015 Mr S L Clothier Mr L O Clothier 27 March 2025 The principal activity of the company is that of farming. 00625046 2024-06-30 00625046 bus:Director2 2024-06-30 00625046 2023-06-30 00625046 core:CurrentFinancialInstruments 2024-06-30 00625046 core:CurrentFinancialInstruments 2023-06-30 00625046 core:Non-currentFinancialInstruments 2024-06-30 00625046 core:Non-currentFinancialInstruments 2023-06-30 00625046 core:ShareCapital 2024-06-30 00625046 core:ShareCapital 2023-06-30 00625046 core:RevaluationReserve 2024-06-30 00625046 core:RevaluationReserve 2023-06-30 00625046 core:RetainedEarningsAccumulatedLosses 2024-06-30 00625046 core:RetainedEarningsAccumulatedLosses 2023-06-30 00625046 core:OtherResidualIntangibleAssets 2023-06-30 00625046 core:OtherResidualIntangibleAssets 2024-06-30 00625046 core:LandBuildings 2023-06-30 00625046 core:PlantMachinery 2023-06-30 00625046 core:LandBuildings 2024-06-30 00625046 core:PlantMachinery 2024-06-30 00625046 core:ConsumableBiologicalAssetClass1 2023-06-30 00625046 core:ConsumableBiologicalAssetClass1 2024-06-30 00625046 core:ListedExchangeTraded core:WithinOneYear 2024-06-30 00625046 core:ListedExchangeTraded core:WithinOneYear 2023-06-30 00625046 core:UnlistedNon-exchangeTraded core:WithinOneYear 2024-06-30 00625046 core:UnlistedNon-exchangeTraded core:WithinOneYear 2023-06-30 00625046 2023-07-01 2024-06-30 00625046 bus:FilletedAccounts 2023-07-01 2024-06-30 00625046 bus:SmallEntities 2023-07-01 2024-06-30 00625046 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00625046 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00625046 bus:Director1 2023-07-01 2024-06-30 00625046 bus:Director2 2023-07-01 2024-06-30 00625046 bus:Director3 2023-07-01 2024-06-30 00625046 bus:Director4 2023-07-01 2024-06-30 00625046 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-07-01 2024-06-30 00625046 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 00625046 core:PlantMachinery 2023-07-01 2024-06-30 00625046 2022-07-01 2023-06-30 00625046 core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 00625046 core:LandBuildings 2023-07-01 2024-06-30 00625046 core:ConsumableBiologicalAssetClass1 2023-07-01 2024-06-30 00625046 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 00625046 (England and Wales)

L O CLOTHIER AND SONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

L O CLOTHIER AND SONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

L O CLOTHIER AND SONS LIMITED

BALANCE SHEET

As at 30 June 2024
L O CLOTHIER AND SONS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,498 3,497
Tangible assets 4 5,015,529 4,908,782
Biological assets 5 196,140 183,895
5,213,167 5,096,174
Current assets
Stocks 6 300,285 292,635
Debtors 7 59,750 97,479
Investments 8 119,929 128,087
Cash at bank and in hand 34,205 0
514,169 518,201
Creditors: amounts falling due within one year 9 ( 807,989) ( 594,124)
Net current liabilities (293,820) (75,923)
Total assets less current liabilities 4,919,347 5,020,251
Creditors: amounts falling due after more than one year 10 ( 492,545) ( 544,225)
Provision for liabilities ( 1,001,438) ( 994,669)
Net assets 3,425,364 3,481,357
Capital and reserves
Called-up share capital 30,000 30,000
Revaluation reserve 2,777,160 2,786,934
Profit and loss account 618,204 664,423
Total shareholders' funds 3,425,364 3,481,357

For the financial year ending 30 June 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 L O Clothier and Sons Limited (registered number: 00625046) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Mr S L Clothier
Director
L O CLOTHIER AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
L O CLOTHIER AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

L O Clothier and Sons 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 Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, 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 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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Other intangible assets 5 years straight line
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, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % 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.

Biological assets

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably.

The Company measures biological assets at cost less accumulated depreciation and accumulated impairment losses

In respect of agriculture harvested from a biological assets, this is measured at the point of harvest at either the lower of cost and estimated selling price less costs to complete and sell; or fair value less costs to sell with any gain or loss arising on initial recognition of agriculture produce at fair value less costs to sell being included in profit or loss.

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.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 directors 5 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 44,394 44,394
At 30 June 2024 44,394 44,394
Accumulated amortisation
At 01 July 2023 40,897 40,897
Charge for the financial year 1,999 1,999
At 30 June 2024 42,896 42,896
Net book value
At 30 June 2024 1,498 1,498
At 30 June 2023 3,497 3,497

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 July 2023 4,638,253 1,010,722 5,648,975
Additions 41,833 160,521 202,354
Disposals 0 400 400
At 30 June 2024 4,680,086 1,171,643 5,851,729
Accumulated depreciation
At 01 July 2023 178,980 561,213 740,193
Charge for the financial year 12,060 83,947 96,007
At 30 June 2024 191,040 645,160 836,200
Net book value
At 30 June 2024 4,489,046 526,483 5,015,529
At 30 June 2023 4,459,273 449,509 4,908,782

5. Biological assets

2024
£
Biological assets at cost 196,140

Assets held at cost:

Dairy Total
£ £
Cost
At 01 July 2023 210,758 210,758
Increase due to purchases/ transfers in 72,353 72,353
Decrease attributable to sales/ transfers out ( 39,275) ( 39,275)
At 30 June 2024 243,836 243,836
Accumulated depreciation
At 01 July 2023 26,863 26,863
Charge for the financial year 23,667 23,667
Decrease attributable to sales/ transfers out ( 2,834) ( 2,834)
At 30 June 2024 47,696 47,696
Net book value
At 30 June 2024 196,140 196,140
At 30 June 2023 183,895 183,895

6. Stocks

2024 2023
£ £
Stocks 300,285 292,635

7. Debtors

2024 2023
£ £
Trade debtors 35,476 22,192
Other debtors 24,274 75,287
59,750 97,479

8. Current asset investments

2024 2023
£ £
Listed investments – at fair value 26,086 34,244
Other investments – at cost less impairment 93,843 93,843
119,929 128,087

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 35,796 103,684
Trade creditors 132,555 157,209
Taxation and social security 0 5,051
Obligations under finance leases and hire purchase contracts 15,220 41,919
Other creditors 624,418 286,261
807,989 594,124

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

2024 2023
£ £
Bank loans 261,245 297,705
Obligations under finance leases and hire purchase contracts 11,300 26,520
Other creditors 220,000 220,000
492,545 544,225

Included within bank loans above are loans that are secured against specific land and property held on the balance sheet.

Hire purchase contracts are secured against the asset to which they relate.