REGISTERED NUMBER: 10865493 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SANDSFIELD LIMITED |
REGISTERED NUMBER: 10865493 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SANDSFIELD LIMITED |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
SANDSFIELD LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
GROUP STRATEGIC REPORT |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
PRINCIPLE ACTIVITIES AND REVIEW OF BUSINESS |
The principle activity of the company is that of a holding company. The principle activities of the group throughout the year remains the operation of a pizza parlour, a holiday home park and the sale of caravans and lodges, the extraction and sale of sand and gravel bearing deposits, the provision of waste facilities for waste disposal and a farm enterprise. |
All parts of the group have performed in line with expectations and the directors believe that the group will continue to perform well in the coming years. |
Farming - The company operates within the farming sector which is prone to annual variation due to weather conditions. A very wet Autumn and Winter 2023 has seen crop damage which required re-drilling with Spring crop, this resulted in a slightly below average yield but the steadying of input cost within the sector has aided profit levels to be in line with the prior years. As expected, the profits from the cattle enterprises have increased from the prior years due to the increased number of cattle. |
Gravel - The building and waste sector tightened during 2024 with consumer spending reducing due to economic uncertainty. This alongside the higher interest rates within the year has resulted in reduced performance compared with the prior years. However, this is in line with the sector and what the directors expected. The company were expecting the changes it witnessed in the sector and have therefore invested within the current year to diversify their offering post year end. The planning application to extract 600,000 tonnes of aggregate with restoration via landfill was approved in August 2023 and will extend quarrying and landfill activities until 2038 when actioned. The order for a washing plant to process aggregates to supply the three associated ready mixed concrete plants and the building trade was completed towards the end of the current year. |
Leisure - The company's performance has retracted during the year, this wasn't unexpected and was due to a variety of internal and economic considerations. The main caravan and lodge sales team went through a period of restructuring of the management team, with sales reducing as a focus was put into a new structure. The changes were finalised around the year end with the new structure showing significant changes and post year end sales performing above expectations. |
The group's key financial performance indicators during the year were as follows: |
2024 | 2023 |
£ | £ |
Gross profit | 1,756,135 | 2,688,456 |
(Loss)/Profit on ordinary activities before taxation | (161,932 | ) | 633,541 |
The director's believe that the key risks facing the group include: |
o uncertain consumer and retail demand amid the continued implications of the economic slowdown |
o rising wage costs due to future increases in living wage |
In managing the businesses the directors have established controls to enable them to respond to and mitigate the impact of such risks. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
GROUP STRATEGIC REPORT |
for the Year Ended 30 June 2024 |
GOING CONCERN |
All parts of the group have performed as expected. The group's financial reserves are strong, which has allowed continued significant investment in all areas of the business to help ensure ongoing success. The directors believe that the group will continue to perform well in the coming years, driven by the following:- |
- The new washing plant which began producing aggregates post year end for which a favourable contract has already been signed with a customer. |
- The Labour government's intention to spur building in Britain is expected to support the Group's activities over the coming years. |
- Despite the leisure sectors continued contraction after the year end, the company has achieved income levels above the expected sector average, supported by the restructuring of the sales team within the lodge park. |
- Although the restaurants have also experienced reduced performance after the year end, the main road closure near the restaurant location has continued to affect footfall and although this will continue for the foreseeable future, the Directors expect a significant boost when the road reconstruction is complete. |
- Stabilisation of input costs in the farming the sector which has and will continue to help maintain profit levels. |
Having considered the factors above, as well as the uncertainties of the current economic environment, the directors have a reasonable expectation that the group and each of its subsidiaries possess adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Furthermore, after taking into account liquidity risk, current market conditions, and other relevant factors, the directors are satisfied that there are no material uncertainties that would cast significant doubt on the group's ability to continue as a going concern. |
ON BEHALF OF THE BOARD: |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £105,000. The directors do not recommend payment of a further dividend. |
FUTURE DEVELOPMENTS |
Looking forward, the company is striving to maximise its position in the market place and the directors consider the position of the company at the year end to be positive. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LIMITED |
Opinion |
We have audited the financial statements of Sandsfield Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
However, in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance; |
- we also obtained an understanding of the legal and regulatory frameworks that the company operates in and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, relating in majority to general health and safety and employee matters; |
- we reviewed results of our enquiries of management about their own identification and assessment of the risks of irregularities; and assessed how the entity identifies, evaluates and complies with laws and regulations and whether management were aware of any instances of non-compliance. We corroborated our enquiries through our review of board minutes and consideration of the results of our audit procedures across the company; |
- we also considered how the entity detects and responds to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and; |
- we considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls |
- the internal controls established to mitigate risks of non-compliance with laws and regulations were also investigated. |
- we also considered the existence of performance targets and their potential influence on management to manage earnings. |
- where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. |
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
We reviewed financial statement disclosures and performed testing to supporting documentation to assess compliance with applicable laws and regulations. |
We also tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There was a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LIMITED |
The results of our procedures did not identify any instances or irregularities, including fraud. |
No inherent difficulties were found in the standard processes for detecting irregularities; the nature, timing and extent of the audit procedures performed were not significantly impacted. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
CONSOLIDATED INCOME STATEMENT |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 12,811,319 | 14,469,187 |
Cost of sales | 11,055,183 | 11,780,731 |
GROSS PROFIT | 1,756,136 | 2,688,456 |
Distribution costs | 270,311 | 397,113 |
Administrative expenses | 1,192,114 | 1,382,474 |
1,462,425 | 1,779,587 |
293,711 | 908,869 |
Other operating income | 61,292 | 15,999 |
OPERATING PROFIT | 5 | 355,003 | 924,868 |
Interest payable and similar expenses | 6 | 516,934 | 291,327 |
(LOSS)/PROFIT BEFORE TAXATION | (161,931 | ) | 633,541 |
Tax on (loss)/profit | 7 | 19,557 | 115,941 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (196,320 | ) | 496,623 |
Non-controlling interests | 14,832 | 20,977 |
(181,488 | ) | 517,600 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (181,488 | ) | 517,600 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(181,488 |
) |
517,600 |
Total comprehensive income attributable to: |
Owners of the parent | (196,320 | ) | 496,623 |
Non-controlling interests | 14,832 | 20,977 |
(181,488 | ) | 517,600 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
CONSOLIDATED BALANCE SHEET |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 16,181,233 | 13,984,177 |
Investments | 12 | 712 | 712 |
16,181,945 | 13,984,889 |
CURRENT ASSETS |
Stocks | 13 | 1,246,155 | 1,622,044 |
Debtors | 14 | 1,479,753 | 1,438,909 |
Cash in hand | 2,356 | 3,246 |
2,728,264 | 3,064,199 |
CREDITORS |
Amounts falling due within one year | 15 | 6,202,441 | 4,507,186 |
NET CURRENT LIABILITIES | (3,474,177 | ) | (1,442,987 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,707,768 |
12,541,902 |
CREDITORS |
Amounts falling due after more than one year | 16 | (4,879,585 | ) | (4,450,449 | ) |
PROVISIONS FOR LIABILITIES | 20 | (913,418 | ) | (890,200 | ) |
NET ASSETS | 6,914,765 | 7,201,253 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 5,000 | 5,000 |
Retained earnings | 22 | 6,679,740 | 6,981,060 |
SHAREHOLDERS' FUNDS | 6,684,740 | 6,986,060 |
NON-CONTROLLING INTERESTS | 23 | 230,025 | 215,193 |
TOTAL EQUITY | 6,914,765 | 7,201,253 |
The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by: |
M W Mewburn - Director |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
COMPANY BALANCE SHEET |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 108,289 | 122,260 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 | 5,000 | 6,589,437 | 6,594,437 | 194,216 | 6,788,653 |
Changes in equity |
Dividends | - | (105,000 | ) | (105,000 | ) | - | (105,000 | ) |
Total comprehensive income | - | 496,623 | 496,623 | 20,977 | 517,600 |
Balance at 30 June 2023 | 5,000 | 6,981,060 | 6,986,060 | 215,193 | 7,201,253 |
Changes in equity |
Dividends | - | (105,000 | ) | (105,000 | ) | - | (105,000 | ) |
Total comprehensive income | - | (196,320 | ) | (196,320 | ) | 14,832 | (181,488 | ) |
Balance at 30 June 2024 | 5,000 | 6,679,740 | 6,684,740 | 230,025 | 6,914,765 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
CONSOLIDATED CASH FLOW STATEMENT |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,033,809 | 2,058,948 |
Interest paid | (427,693 | ) | (254,700 | ) |
Interest element of hire purchase payments paid | (89,241 | ) | (36,627 | ) |
Tax paid | 3,661 | (115,985 | ) |
Net cash from operating activities | 520,536 | 1,651,636 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,786,017 | ) | (1,587,471 | ) |
Sale of tangible fixed assets | 94,950 | 200,328 |
Net cash from investing activities | (1,691,067 | ) | (1,387,143 | ) |
Cash flows from financing activities |
New loans in year | 1,306,350 | 700,000 |
Loan repayments in year | (754,177 | ) | (672,795 | ) |
Capital repayments in year | (458,052 | ) | (425,438 | ) |
Amount introduced by directors | 628,410 | 88,594 |
Amount withdrawn by directors | (76,387 | ) | (217,353 | ) |
Equity dividends paid | (105,000 | ) | (15,000 | ) |
Net cash from financing activities | 541,144 | (541,992 | ) |
Decrease in cash and cash equivalents | (629,387 | ) | (277,499 | ) |
Cash and cash equivalents at beginning of year |
2 |
(369,156 |
) |
(91,657 |
) |
Cash and cash equivalents at end of year | 2 | (998,543 | ) | (369,156 | ) |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
(Loss)/profit before taxation | (161,931 | ) | 633,541 |
Depreciation charges | 1,146,187 | 1,038,116 |
Profit on disposal of fixed assets | (91,887 | ) | (158,810 | ) |
Finance costs | 516,934 | 291,327 |
1,409,303 | 1,804,174 |
Decrease/(increase) in stocks | 159,963 | (237,595 | ) |
(Increase)/decrease in trade and other debtors | (40,847 | ) | 421,423 |
(Decrease)/increase in trade and other creditors | (494,610 | ) | 70,946 |
Cash generated from operations | 1,033,809 | 2,058,948 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 2,356 | 3,246 |
Bank overdrafts | (1,000,899 | ) | (372,402 | ) |
(998,543 | ) | (369,156 | ) |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 3,246 | 3,764 |
Bank overdrafts | (372,402 | ) | (95,421 | ) |
(369,156 | ) | (91,657 | ) |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the Year Ended 30 June 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1/7/23 | Cash flow | changes | At 30/6/24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 3,246 | (890 | ) | 2,356 |
Bank overdrafts | (372,402 | ) | (628,497 | ) | (1,000,899 | ) |
(369,156 | ) | (629,387 | ) | (998,543 | ) |
Debt |
Finance leases | (846,673 | ) | 625,061 | (1,344,363 | ) | (1,565,975 | ) |
Debts falling due |
within 1 year | (737,527 | ) | (790,255 | ) | - | (1,527,782 | ) |
Debts falling due |
after 1 year | (3,943,118 | ) | 71,076 | - | (3,872,042 | ) |
(5,527,318 | ) | (94,118 | ) | (1,344,363 | ) | (6,965,799 | ) |
Total | (5,896,474 | ) | (723,505 | ) | (1,344,363 | ) | (7,964,342 | ) |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Sandsfield Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Sandsfield Farm, Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB. |
The group consists of Sandsfield Limited and all of its subsidiaries. |
The principal activity of the company is that of a holding company. The principal activities of the group are the extraction and sale of sand and gravel bearing deposits, the provision of waste facilities for waste disposal, a farm enterprise, the company is running licenced restaurants, operating a holiday home park and caravan and lodge sales. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
All parts of the group have performed as expected. The group's financial reserves are strong, which has allowed continued significant investment in all areas of the business to help ensure ongoing success. The directors believe that the group will continue to perform well in the coming years, driven by the following:- |
- The new washing plant which began producing aggregates post year end for which a favourable contract has already been signed with a customer. |
- The Labour government's intention to spur building in Britain is expected to support the Group's activities over the coming years. |
- Despite the leisure sectors continued contraction after the year end, the company has achieved income levels above the expected sector average, supported by the restructuring of the sales team within the lodge park. |
- Although the restaurants have also experienced reduced performance after the year end, the main road closure near the restaurant location has continued to affect footfall and although this will continue for the foreseeable future, the Directors expect a significant boost when the road reconstruction is complete. |
- Stabilisation of input costs in the farming the sector which has and will continue to help maintain profit levels. |
Having considered the factors above, as well as the uncertainties of the current economic environment, the directors have a reasonable expectation that the group and each of its subsidiaries possess adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Furthermore, after taking into account liquidity risk, current market conditions, and other relevant factors, the directors are satisfied that there are no material uncertainties that would cast significant doubt on the group's ability to continue as a going concern. |
Basis of consolidation |
The financial statements are made up the 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. Certain subsidiaries have an accounting reference date of 29 June and have taken advantage of the seven day rule to prepare financial statements made up to 30 June 2024. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the group's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements excluding those noted below. |
Provisions |
Consideration is made for the need of provisions in respect to the restoration of land and future costs the group may incur. It is of the opinion of the directors that the rectification costs are self funded via waste deposited into the landfill sites and that no provision is required. |
Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
Turnover from the sale of goods is recognised at the point of sale. |
Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
Goodwill |
Goodwill representing the excess of consideration for an acquired undertaking, or acquired trade and assets, compared with the fair value of the net assets acquired is capitalised and written off evenly over 10 years. |
Goodwill is recognised at cost less accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Minerals and landfill | - |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis. |
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
Biological assets are recognised in the balance sheet using the cost model. Biological assets represent reared livestock and cultivated crops which are held with a view to sale being made within one year. As a result of this the directors do not consider it appropriate to depreciate these assets. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. This is unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at the market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
The assets of the scheme are held separately from those of the company in an independently administered fund. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price 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 case the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade and other creditors |
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Impairment of financial assets |
Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. |
Interest bearing borrowings |
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the company if: |
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; |
(ii) the company and the party are subject to common control; |
(iii) the party is an associate of the company or a joint venture in which the company is a venture |
(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent. |
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
3. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Caravan and chalet income | 1,631,012 | 1,498,844 |
Caravan and lodge sales | 2,667,720 | 3,274,649 |
Restaurant takings | 2,041,298 | 2,062,256 |
Tipping and skip income | 4,237,111 | 5,453,370 |
Sand and gravel sales | 525,437 | 576,469 |
Farming income | 1,493,521 | 1,407,809 |
Subsidy grants | 95,131 | 82,928 |
Renewable heat incentive | 120,089 | 112,862 |
12,811,319 | 14,469,187 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,042,045 | 2,022,162 |
Social security costs | 165,815 | 159,546 |
Other pension costs | 35,920 | 94,051 |
2,243,780 | 2,275,759 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 5 | 5 |
Tipping and gravel site staff | 25 | 36 |
Caravan and pizza site staff | 68 | 72 |
Farming staff | 5 | 9 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 42,533 | 44,529 |
Directors' pension contributions to money purchase schemes | - | 60,000 |
Payments of £Nil into a SASS scheme were allocated to directors within the group. (2023: £120,000) |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 60,000 | 60,000 |
Depreciation - owned assets | 1,146,187 | 1,037,475 |
Profit on disposal of fixed assets | (91,887 | ) | (158,810 | ) |
Goodwill amortisation | - | 642 |
Auditors' remuneration | 24,170 | 24,512 |
Operating leases | 388,207 | 452,379 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 39,141 | 9,609 |
Bank loan interest | 320,677 | 216,378 |
Non bank interest on loans | 67,875 | 28,713 |
Hire purchase | 89,241 | 36,627 |
516,934 | 291,327 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | (3,661 | ) | (46,830 | ) |
Deferred tax | 23,218 | 162,771 |
Tax on (loss)/profit | 19,557 | 115,941 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
(Loss)/profit before tax | (161,931 | ) | 633,541 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
(40,483 |
) |
158,385 |
Effects of: |
Expenses not deductible for tax purposes | 3,841 | 1,537 |
Income not taxable for tax purposes | - | (7,500 | ) |
Capital allowances in excess of depreciation | (302,383 | ) | (226,861 | ) |
Adjustments to tax charge in respect of previous periods | (3,661 | ) | (46,830 | ) |
Land remediation | - | (1,396 | ) |
Gains | - | 20,474 |
Tax losses not utilised | 339,025 | 55,361 |
Deferred Tax | 23,218 | 162,771 |
Total tax charge | 19,557 | 115,941 |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. In the year to 30 June 2024, deferred tax is charged at 25% (2023 - 25%). |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Dividends | 105,000 | 105,000 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 17,000 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 | 17,000 |
NET BOOK VALUE |
At 30 June 2024 | - |
At 30 June 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 July 2023 | 13,131,547 | 183,042 | 5,823,199 |
Additions | 481,881 | - | 1,079,743 |
Disposals | - | - | (212,486 | ) |
Reclassification/transfer | - | - | 215,926 |
At 30 June 2024 | 13,613,428 | 183,042 | 6,906,382 |
DEPRECIATION |
At 1 July 2023 | 3,104,366 | 43,145 | 3,718,243 |
Charge for year | 287,844 | 8,007 | 417,427 |
Eliminated on disposal | - | - | (209,423 | ) |
At 30 June 2024 | 3,392,210 | 51,152 | 3,926,247 |
NET BOOK VALUE |
At 30 June 2024 | 10,221,218 | 131,890 | 2,980,135 |
At 30 June 2023 | 10,027,181 | 139,897 | 2,104,956 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures | Minerals |
and | Motor | and |
fittings | vehicles | landfill | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 1,125,645 | 460,773 | 3,783,082 | 24,507,288 |
Additions | 90,878 | 617,792 | 860,086 | 3,130,380 |
Disposals | - | (5,028 | ) | - | (217,514 | ) |
Reclassification/transfer | - | - | - | 215,926 |
At 30 June 2024 | 1,216,523 | 1,073,537 | 4,643,168 | 27,636,080 |
DEPRECIATION |
At 1 July 2023 | 1,033,378 | 284,560 | 2,339,419 | 10,523,111 |
Charge for year | 37,857 | 105,001 | 290,051 | 1,146,187 |
Eliminated on disposal | - | (5,028 | ) | - | (214,451 | ) |
At 30 June 2024 | 1,071,235 | 384,533 | 2,629,470 | 11,454,847 |
NET BOOK VALUE |
At 30 June 2024 | 145,288 | 689,004 | 2,013,698 | 16,181,233 |
At 30 June 2023 | 92,267 | 176,213 | 1,443,663 | 13,984,177 |
Included in cost of land and buildings is freehold land of £2,822,651 (2023 - £2,822,651) which is not depreciated. |
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases: |
2023 | 2022 |
£ | £ |
Motor Vehicles | 62,246 | 78,845 |
Plant and machinery | 1,138,110 | 819,127 |
1,200,356 | 897,972 |
Depreciation charge | 256,396 | 246,608 |
Included in Plant and Machinery additions is £699,551 in relation to assets under construction (2023: nil). Assets under construction are not depreciated. |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 712 |
NET BOOK VALUE |
At 30 June 2024 | 712 |
At 30 June 2023 | 712 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ | £ |
Aggregate capital and reserves |
Dacre Pigs Limited is a 100% subsidiary of J H Mewburn Limited. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,246,155 | 1,622,044 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 892,222 | 936,513 |
Amounts owed by group undertakings | - | 232 |
Other debtors | 283,773 | 258,002 |
Prepayments and accrued income | 164,415 | 131,777 |
Prepayments | 139,343 | 112,385 |
1,479,753 | 1,438,909 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 1,977,096 | 782,928 |
Other loans (see note 17) | 551,585 | 327,001 |
Hire purchase contracts (see note 18) | 582,496 | 364,059 |
Trade creditors | 1,509,208 | 1,807,276 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 368,119 | 483,547 |
VAT | 130,401 | 186,584 | - | - |
Other creditors | 6,870 | 6,870 |
Directors' current accounts | 658,326 | 106,303 | - | - |
Accruals and deferred income | 418,340 | 442,618 |
6,202,441 | 4,507,186 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | 3,084,778 | 3,409,281 |
Other loans (see note 17) | 787,264 | 533,837 |
Hire purchase contracts (see note 18) | 983,479 | 482,614 |
Other creditors | 24,064 | 24,717 |
4,879,585 | 4,450,449 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 1,000,899 | 372,402 |
Bank loans | 976,197 | 410,526 |
Other loans | 551,585 | 327,001 |
2,528,681 | 1,109,929 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 330,737 | 380,818 |
Other loans - 1-2 years | 335,835 | 237,677 | - |
666,572 | 618,495 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 924,086 | 1,062,681 |
Other loans - 2-5 years | 451,429 | 296,160 |
1,375,515 | 1,358,841 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,829,955 | 1,965,782 | - | - |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 582,496 | 364,059 |
Between one and five years | 983,479 | 482,614 |
1,565,975 | 846,673 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
18. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 133,625 | 132,333 |
Between one and five years | 273,000 | 342,500 |
In more than five years | 30,000 | 90,000 |
436,625 | 564,833 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank overdrafts | 1,000,899 | 372,402 |
Bank loans | 4,060,975 | 3,819,807 |
Hire purchase contracts | 1,565,975 | 846,673 |
6,627,849 | 5,038,882 |
Bank loans and other borrowings are secured against freehold land and buildings. Net obligations under finance leases are secured by fixed charges on the assets to which the agreements relate. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Tax losses carried forward | (396,080 | ) | (55,361 | ) |
Deferred tax | 1,309,498 | 945,561 |
913,418 | 890,200 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 890,200 |
Tax losses |
Deferred Tax | 23,218 |
Balance at 30 June 2024 | 913,418 |
21. | CALLED UP SHARE CAPITAL |
2023 | 2022 |
£ | £ |
Number | Class | Nominal Value |
553 | A Ordinary | 1 | 553 | 553 |
600 | B Ordinary | 1 | 600 | 600 |
2845 | C Ordinary | 1 | 2845 | 2845 |
1 | D Ordinary | 1 | 1 | 1 |
250 | E Ordinary | 1 | 250 | 250 |
1 | F Ordinary | 1 | 1 | 1 |
250 | G Ordinary | 1 | 250 | 250 |
250 | H Ordinary | 1 | 250 | 250 |
250 | I Ordinary | 1 | 250 | 250 |
5000 | 5000 |
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets. |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2023 | 6,981,060 |
Deficit for the year | (196,320 | ) |
Dividends | (105,000 | ) |
At 30 June 2024 | 6,679,740 |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
22. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
23. | NON-CONTROLLING INTERESTS |
J.H. Mewburn Limited is not a wholly owned subsidiary. The minority interest in current year profit and year end net assets of J.H. Mewburn Limited is reported on the face of the balance sheet and consolidated income statement. |
24. | CONTINGENT LIABILITIES |
The company has guaranteed, by way of a debenture over its assets and by a cross guarantee with its parent undertaking, Sandsfield Limited, and fellow group undertakings, Sandsfield Gravel Company Limited, Sandsfield Leisure Limited and J. H. Mewburn Limited, the liabilities to bankers of that company. Sandsfield Limited, Sandsfield Leisure Limited and Sandsfield Gravel Company Limited all have access to a group overdraft. |
25. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 131,850 | - |
Capital commitments relate to the completion of the new Sand and Gravel processing plant in progress as at year end. |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
M W Mewburn |
Balance outstanding at start of year | (65,202 | ) | (207,586 | ) |
Amounts advanced | 580,643 | 172,384 |
Amounts repaid | (35,235 | ) | (30,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 480,206 | (65,202 | ) |
SANDSFIELD LIMITED (REGISTERED NUMBER: 10865493) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
27. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
In the current year contributions of £Nil were made to a SASS in which the directors are beneficiaries (2023: £120,000). |
Key management personnel of the entity or its parent (in the aggregate) |
2024 | 2023 |
£ | £ |
Rent payable | 58,290 | 133,290 |
Other related parties |
2024 | 2023 |
£ | £ |
Sales | 36,607 | 26,696 |
Purchases | 36,887 | 91,694 |
Amount due from related party | 64,528 | 24,442 |
Amount due to related party | 933,016 | 858,838 |
During the year, a total of key management personnel compensation of £ 82,230 (2023 - £ 104,529 ) was paid. |
28. | ULTIMATE CONTROLLING PARTY |
The controlling party is M W Mewburn. |
The ultimate controlling party is M W Mewburn. |