REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Samco & Shrim Farmers Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Samco & Shrim Farmers Limited |
Samco & Shrim Farmers Limited (Registered number: 00925733) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Samco & Shrim Farmers Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Samco & Shrim Farmers Limited (Registered number: 00925733) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings - non |
distributable | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Samco & Shrim Farmers Limited (Registered number: 00925733) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Samco & Shrim Farmers Limited is a |
The company's registered office is also the principal place of business. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
The directors believe that the company will continue to be profitable and will have adequate resources in order to pay all of its creditors as they fall due for the foreseeable future and for at least 12 months from the date of signing of these financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
No charge has been made for depreciation on freehold buildings. This is due to the residual value of the buildings being considered to be not less than current net book value having regard to the continued refurbishment works that has occurred and that are continuing to take place in forthcoming years. |
The freehold property used in the business was revalued in 2013. On transition to FRS 102, the fair value on transition was the deemed cost. As such no further revaluations are required. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Samco & Shrim Farmers Limited (Registered number: 00925733) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Investments |
Investments held as fixed assets are stated at cost less provision for any impairment in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Samco & Shrim Farmers Limited (Registered number: 00925733) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Cost or valuation at 31 August 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2008 | 155,802 | - | 155,802 |
Valuation in 2013 | 15,000 | - | 15,000 |
Cost | 64,198 | 86,635 | 150,833 |
235,000 | 86,635 | 321,635 |
If the Freehold property had not been revalued it would have been included at the following historical cost: |
31.8.24 | 31.8.23 |
£ | £ |
Cost | 64,198 | 64,198 |
On transition to FRS 102, the directors elected to deem the fair value of the freehold property used in the business as cost. Therefore no further revaluations have taken place. |
Samco & Shrim Farmers Limited (Registered number: 00925733) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 8,671 | - |
Other creditors |
Accrued expenses |
8. | PROVISIONS FOR LIABILITIES |
31.8.24 | 31.8.23 |
£ | £ |
Deferred tax | 4,647 | 4,647 |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Movement on revalued assets |
Balance at 31 August 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary | £1 | 26,800 | 26,000 |
Samco & Shrim Farmers Limited (Registered number: 00925733) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
9. | CALLED UP SHARE CAPITAL - continued |
It is a requirement of the company as stated in the Articles of Association that each member holds 100 shares in the company. These shares are issued on becoming a member and redeemed on cessation of membership at par value. |
Upon the winding up of the company any surplus remaining after the satisfaction of all its debts and liabilities and the repayment of the paid up shared capital shall be divided between the persons who during the whole or part of the period of five years immediately preceding the commencement of winding up were members of the company in proportion to the use made by them during that period of the facilities provided by the company. At the 31 August 2024, the company reported shares in issue of 26,800 (2023: 26,000). |
10. | RESERVES |
Retained |
earnings |
Retained | - non |
earnings | distributable | Totals |
£ | £ | £ |
At 1 September 2023 | 800,885 |
Deficit for the year | ( |
) | ( |
) |
At 31 August 2024 | 760,307 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CAPITAL COMMITMENTS |
31.8.24 | 31.8.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
13. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,423 (2023: £3,865). The pension contributions outstanding at the year end amounted to £NIL (2023: £645). |