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REGISTERED NUMBER: 00925733 (England and Wales)
















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: C L Ratcliff
G P H Matthews
M J Scantlebury
S E M Crayston
A Hunter
S Pimblett
D J Stevenson
T H A Squier





SECRETARY: S Claydon





REGISTERED OFFICE: East Lodge
110 Dunmow Road
Bishop's Stortford
Hertfordshire
CM23 5HN





REGISTERED NUMBER: 00925733 (England and Wales)





AUDITORS: Hardcastle Burton LLP
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 4 271,362 236,056
Investments 5 60 60
271,422 236,116

CURRENT ASSETS
Debtors 6 3,163,267 3,474,209
Cash at bank and in hand 386,672 265,032
3,549,939 3,739,241
CREDITORS
Amounts falling due within one year 7 3,029,607 3,143,825
NET CURRENT ASSETS 520,332 595,416
TOTAL ASSETS LESS CURRENT
LIABILITIES

791,754

831,532

PROVISIONS FOR LIABILITIES 8 4,647 4,647
NET ASSETS 787,107 826,885

CAPITAL AND RESERVES
Called up share capital 9 26,800 26,000
Retained earnings - non
distributable 10 166,155 166,155
Retained earnings 10 594,152 634,730
SHAREHOLDERS' FUNDS 787,107 826,885

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:





C L Ratcliff - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's registered office is also the principal place of business.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

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 5 (2023 - 4 ) .

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 235,000 43,242 278,242
Additions - 43,393 43,393
At 31 August 2024 235,000 86,635 321,635
DEPRECIATION
At 1 September 2023 - 42,186 42,186
Charge for year - 8,087 8,087
At 31 August 2024 - 50,273 50,273
NET BOOK VALUE
At 31 August 2024 235,000 36,362 271,362
At 31 August 2023 235,000 1,056 236,056

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 60
NET BOOK VALUE
At 31 August 2024 60
At 31 August 2023 60

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 3,150,491 3,459,292
Other debtors 842 -
Prepayments and accrued income 11,934 14,917
3,163,267 3,474,209

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 2,940,080 3,070,018
Social security and other taxes 6,036 3,598
VAT 8,671 -
Other creditors - 645
Accrued expenses 74,820 69,564
3,029,607 3,143,825

8. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 4,647 4,647

Deferred
tax
£   
Balance at 1 September 2023 4,647
Movement on revalued assets
Balance at 31 August 2024 4,647

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
26,800 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 634,730 166,155 800,885
Deficit for the year (40,578 ) (40,578 )
At 31 August 2024 594,152 166,155 760,307

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kristi Johnson ACA CTA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP

12. CAPITAL COMMITMENTS
31.8.24 31.8.23
£    £   
Contracted but not provided for in the
financial statements - 28,861

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).