IRIS Accounts Production v25.1.0.734 01328736 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013287362023-07-31013287362024-07-31013287362023-08-012024-07-31013287362022-07-31013287362022-08-012023-07-31013287362023-07-3101328736ns15:EnglandWales2023-08-012024-07-3101328736ns14:PoundSterling2023-08-012024-07-3101328736ns10:Director12023-08-012024-07-3101328736ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3101328736ns10:SmallEntities2023-08-012024-07-3101328736ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3101328736ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3101328736ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3101328736ns10:FullAccounts2023-08-012024-07-3101328736ns10:Director22023-08-012024-07-3101328736ns10:CompanySecretary12023-08-012024-07-3101328736ns10:RegisteredOffice2023-08-012024-07-3101328736ns5:CurrentFinancialInstruments2024-07-3101328736ns5:CurrentFinancialInstruments2023-07-3101328736ns5:Non-currentFinancialInstruments2024-07-3101328736ns5:Non-currentFinancialInstruments2023-07-3101328736ns5:ShareCapital2024-07-3101328736ns5:ShareCapital2023-07-3101328736ns5:RevaluationReserve2024-07-3101328736ns5:RevaluationReserve2023-07-3101328736ns5:RetainedEarningsAccumulatedLosses2024-07-3101328736ns5:RetainedEarningsAccumulatedLosses2023-07-3101328736ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-08-012024-07-3101328736ns5:PlantMachinery2023-08-012024-07-3101328736ns5:FurnitureFittings2023-08-012024-07-3101328736ns5:LandBuildings2023-07-3101328736ns5:PlantMachinery2023-07-3101328736ns5:FurnitureFittings2023-07-3101328736ns5:LandBuildings2023-08-012024-07-3101328736ns5:LandBuildings2024-07-3101328736ns5:PlantMachinery2024-07-3101328736ns5:FurnitureFittings2024-07-3101328736ns5:LandBuildings2023-07-3101328736ns5:PlantMachinery2023-07-3101328736ns5:FurnitureFittings2023-07-3101328736ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3101328736ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3101328736ns5:RevaluationReserve2023-07-31
REGISTERED NUMBER: 01328736 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

SAMUEL PITT (1977)
LIMITED

SAMUEL PITT (1977)
LIMITED (REGISTERED NUMBER: 01328736)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SAMUEL PITT (1977)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: R W Pitt
E B W Pitt





SECRETARY: R W Pitt





REGISTERED OFFICE: 61 Albion Street
Birmingham
B1 3EA





REGISTERED NUMBER: 01328736 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
Corner Oak
1 Homer Road
Solihull
B91 3QG

SAMUEL PITT (1977)
LIMITED (REGISTERED NUMBER: 01328736)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 224,336 229,449
Investments 5 6,250 6,250
230,586 235,699

CURRENT ASSETS
Stocks 415,000 423,168
Debtors 6 13,000 16,803
Cash at bank and in hand 1,503 4,862
429,503 444,833
CREDITORS
Amounts falling due within one year 7 280,977 271,306
NET CURRENT ASSETS 148,526 173,527
TOTAL ASSETS LESS CURRENT
LIABILITIES

379,112

409,226

CREDITORS
Amounts falling due after more than one
year

8

(8,773

)

(19,062

)

PROVISIONS FOR LIABILITIES - (3,319 )
NET ASSETS 370,339 386,845

CAPITAL AND RESERVES
Called up share capital 6,252 6,252
Revaluation reserve 9 206,621 213,021
Retained earnings 157,466 167,572
370,339 386,845

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SAMUEL PITT (1977)
LIMITED (REGISTERED NUMBER: 01328736)

BALANCE SHEET - continued
31 JULY 2024


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 23 April 2025 and were signed on its behalf by:





R W Pitt - Director


SAMUEL PITT (1977)
LIMITED (REGISTERED NUMBER: 01328736)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Samuel Pitt (1977) 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Samuel Pitt (1977) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.
Freehold property - 2% on cost
Plant and machinery - 5 % and 15% reducing balance
Fixtures and fittings - 15% on reducing balance

Included within Freehold Property is Land which has not been depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


SAMUEL PITT (1977)
LIMITED (REGISTERED NUMBER: 01328736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2023
and 31 July 2024 240,000 84,998 24,597 349,595
DEPRECIATION
At 1 August 2023 25,600 70,852 23,694 120,146
Charge for year 3,200 1,777 136 5,113
At 31 July 2024 28,800 72,629 23,830 125,259
NET BOOK VALUE
At 31 July 2024 211,200 12,369 767 224,336
At 31 July 2023 214,400 14,146 903 229,449

Cost or valuation at 31 July 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2015 235,421 - - 235,421
Cost 4,579 84,998 24,597 114,174
240,000 84,998 24,597 349,595

SAMUEL PITT (1977)
LIMITED (REGISTERED NUMBER: 01328736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,579 4,579

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Subsidiary share capital 6,250 6,250

This investment represents a 100% shareholding in Samuel Pitt Unlimited, a dormant company.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,885 15,552
Other debtors 1,115 1,251
13,000 16,803

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 29,644 10,035
Trade creditors 47,465 57,972
Amounts owed to group undertakings 6,250 6,250
Taxation and social security 2,834 1,296
Other creditors 194,784 195,753
280,977 271,306

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 8,773 19,062

SAMUEL PITT (1977)
LIMITED (REGISTERED NUMBER: 01328736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


9. RESERVES
Revaluation
reserve
£   
At 1 August 2023 213,021
Transfer (6,400 )

At 31 July 2024 206,621

10. RELATED PARTY DISCLOSURES

During the year the company made sales to Perfect Charm, a business owned by a family member of the directors.

Sales were made totalling £19,496 (2023: £11,928). At the year end there was a balance of £932 (2023: £880) due from the related party.