0 false false false false false false false false false false true false false false false false true No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 90,193,160 3,356,500 5,837,622 87,712,038 87,712,038 90,193,160 xbrli:pure xbrli:shares iso4217:GBP 14289907 2023-09-01 2025-02-28 14289907 2025-02-28 14289907 2023-08-31 14289907 2022-09-01 2023-08-31 14289907 2023-08-31 14289907 2022-08-31 14289907 bus:Director3 2023-09-01 2025-02-28 14289907 core:WithinOneYear 2025-02-28 14289907 core:WithinOneYear 2023-08-31 14289907 core:AfterOneYear 2025-02-28 14289907 core:AfterOneYear 2023-08-31 14289907 core:ShareCapital 2025-02-28 14289907 core:ShareCapital 2023-08-31 14289907 core:RevaluationReserve 2025-02-28 14289907 core:RevaluationReserve 2023-08-31 14289907 core:RetainedEarningsAccumulatedLosses 2025-02-28 14289907 core:RetainedEarningsAccumulatedLosses 2023-08-31 14289907 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 14289907 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2025-02-28 14289907 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2025-02-28 14289907 core:CostValuation core:Non-currentFinancialInstruments 2025-02-28 14289907 core:Non-currentFinancialInstruments 2025-02-28 14289907 core:Non-currentFinancialInstruments 2023-08-31 14289907 bus:SmallEntities 2023-09-01 2025-02-28 14289907 bus:AuditExempt-NoAccountantsReport 2023-09-01 2025-02-28 14289907 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2025-02-28 14289907 bus:PrivateLimitedCompanyLtd 2023-09-01 2025-02-28 14289907 bus:FullAccounts 2023-09-01 2025-02-28
COMPANY REGISTRATION NUMBER: 14289907
Sons & Co Asset Management Limited
Filleted Unaudited Financial Statements
28 February 2025
Sons & Co Asset Management Limited
Statement of Financial Position
28 February 2025
28 Feb 25
31 Aug 23
Note
£
£
Fixed assets
Investment property
4
87,712,038
90,193,160
Current assets
Debtors
5
18,416,996
3,838,996
Investments
6
59,630,456
-------------
------------
78,047,452
3,838,996
Creditors: amounts falling due within one year
7
10,302,512
3,902,457
-------------
------------
Net current assets/(liabilities)
67,744,940
( 63,461)
--------------
-------------
Total assets less current liabilities
155,456,978
90,129,699
Creditors: amounts falling due after more than one year
8
1,600,000
67,000,000
--------------
-------------
Net assets
153,856,978
23,129,699
--------------
-------------
Capital and reserves
Called up share capital
126,630,456
1
Other reserves
21,200,000
21,200,000
Profit and loss account
6,026,522
1,929,698
--------------
-------------
Shareholders funds
153,856,978
23,129,699
--------------
-------------
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 statement of comprehensive income has not been delivered.
For the period ending 28 February 2025 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 period 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 .
Sons & Co Asset Management Limited
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 14 May 2025 , and are signed on behalf of the board by:
Mr Alexander Stocker
Director
Company registration number: 14289907
Sons & Co Asset Management Limited
Notes to the Financial Statements
Period from 1 September 2023 to 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, Cambridgeshire, CB4 0WZ, United Kingdom.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented
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.
Income 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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is subsequently revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
4. Investment property
Investment property
£
Cost
At 1 September 2023
90,193,160
Additions
3,356,500
Disposals
( 5,837,622)
-------------
At 28 February 2025
87,712,038
-------------
Impairment
At 1 September 2023 and 28 February 2025
-------------
Carrying amount
At 28 February 2025
87,712,038
-------------
At 31 August 2023
90,193,160
-------------
5. Debtors
28 Feb 25
31 Aug 23
£
£
Trade debtors
11,566,995
3,838,995
Other debtors
6,850,001
1
-------------
------------
18,416,996
3,838,996
-------------
------------
6. Investments
28 Feb 25
31 Aug 23
£
£
Investments in group undertakings
59,630,456
-------------
----
7. Creditors: amounts falling due within one year
28 Feb 25
31 Aug 23
£
£
Trade creditors
15,642
Corporation tax
2,251,299
512,957
Social security and other taxes
150,271
Other creditors
7,885,300
3,389,500
-------------
------------
10,302,512
3,902,457
-------------
------------
8. Creditors: amounts falling due after more than one year
28 Feb 25
31 Aug 23
£
£
Other creditors
1,600,000
67,000,000
------------
-------------
9. Prior period errors
In the preparation of the financial statements to 28 February 2025 it was noticed that Investment Property assets were previously recognised under Stock in the financial year ended 31 August 2023. The comparative for 31 August 2023 has been restated, in the current financial statements, to reclassify £68,593,160 of Stock to Investment Property. This reclassification affects the Statement of Financial Position. There is no impact on the Statement of Comprehensive Income.