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COMPANY REGISTRATION NUMBER: 03503161
Catchpole & Rye Limited
Filleted Unaudited Financial Statements
31 July 2024
Catchpole & Rye Limited
Chartered Tax Advisers Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Catchpole & Rye Limited
Year ended 31 July 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 July 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
SCANNELL & ASSOCIATES LIMITED Chartered Tax Advisers
4th Floor 49 St. James's Street London SW1A 1AH
17 April 2025
Catchpole & Rye Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
839,994
927,814
Tangible assets
6
3,955,689
419,024
------------
------------
4,795,683
1,346,838
Current assets
Stocks
813,126
862,173
Debtors
7
1,195,212
1,223,895
Cash at bank and in hand
1,517,014
3,691,392
------------
------------
3,525,352
5,777,460
Creditors: amounts falling due within one year
8
1,865,730
931,184
------------
------------
Net current assets
1,659,622
4,846,276
------------
------------
Total assets less current liabilities
6,455,305
6,193,114
Creditors: amounts falling due after more than one year
9
51,671
74,644
------------
------------
Net assets
6,403,634
6,118,470
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
6,403,632
6,118,468
------------
------------
Shareholders funds
6,403,634
6,118,470
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Catchpole & Rye Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Mr. A O'Donnell
Director
Company registration number: 03503161
Catchpole & Rye Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Saracens Dairy, Jobbs Lane, Pluckley, Kent, TN27 0SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
Website
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold buildings
-
10% straight line
Plant & machinery
-
20% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 30 ).
5. Intangible assets
Goodwill
Intangible asset
Total
£
£
£
Cost
At 1 August 2023
1,850,903
55,962
1,906,865
Additions
7,350
7,350
------------
--------
------------
At 31 July 2024
1,850,903
63,312
1,914,215
------------
--------
------------
Amortisation
At 1 August 2023
925,451
53,600
979,051
Charge for the year
92,545
2,625
95,170
------------
--------
------------
At 31 July 2024
1,017,996
56,225
1,074,221
------------
--------
------------
Carrying amount
At 31 July 2024
832,907
7,087
839,994
------------
--------
------------
At 31 July 2023
925,452
2,362
927,814
------------
--------
------------
6. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Aug 2023
911,689
376,568
147,696
41,082
1,477,035
Additions
3,800,000
3,478
39,436
60,699
3,903,613
Disposals
( 915,167)
( 915,167)
------------
---------
---------
---------
---------
------------
At 31 Jul 2024
3,800,000
416,004
147,696
101,781
4,465,481
------------
---------
---------
---------
---------
------------
Depreciation
At 1 Aug 2023
592,952
299,142
139,929
25,988
1,058,011
Charge for the year
23,867
1,918
18,948
44,733
Disposals
( 592,952)
( 592,952)
------------
---------
---------
---------
---------
------------
At 31 Jul 2024
323,009
141,847
44,936
509,792
------------
---------
---------
---------
---------
------------
Carrying amount
At 31 Jul 2024
3,800,000
92,995
5,849
56,845
3,955,689
------------
---------
---------
---------
---------
------------
At 31 Jul 2023
318,737
77,426
7,767
15,094
419,024
------------
---------
---------
---------
---------
------------
Depreciation of Freehold property acquired during the year will commence on 1st August 2024 .
7. Debtors
2024
2023
£
£
Trade debtors
1,124,424
1,157,959
Other debtors
70,788
65,936
------------
------------
1,195,212
1,223,895
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
130,609
105,561
Corporation tax
271,239
183,765
Social security and other taxes
86,544
33,752
Other creditors
1,377,338
608,106
------------
---------
1,865,730
931,184
------------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
51,671
74,644
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. A O'Donnell
2,556
( 389,870)
( 387,314)
Mrs. E O'Donnell
2,556
( 389,871)
( 387,315)
-------
---------
---------
5,112
( 779,741)
( 774,629)
-------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. A O'Donnell
2,948
( 391)
2,557
Mrs. E O'Donnell
2,947
( 391)
2,556
-------
----
-------
5,895
( 782)
5,113
-------
----
-------
11. Related party transactions
The company was under the control of Mr. Anthony O'Donnell & Mrs. Elaine O'Donnell throughout the current and previous year. During the year the company purchased the Freehold Property at Saracens Dairy from the Directors. The depreciated leasehold improvements were included in the purchase price of the land and buildings. The valuation of £3.8 million was carried out by an independent firm.