2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 447,450 447,450 447,450 5,889,392 150,117 6,039,509 6,039,509 5,889,392 xbrli:pure xbrli:shares iso4217:GBP 10904784 2023-09-01 2024-08-31 10904784 2024-08-31 10904784 2023-08-31 10904784 2022-09-01 2023-08-31 10904784 2023-08-31 10904784 2022-08-31 10904784 core:PlantMachinery 2023-09-01 2024-08-31 10904784 core:FurnitureFittings 2023-09-01 2024-08-31 10904784 core:MotorVehicles 2023-09-01 2024-08-31 10904784 core:NetGoodwill 2023-09-01 2024-08-31 10904784 bus:Director1 2023-09-01 2024-08-31 10904784 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 10904784 core:PlantMachinery 2023-08-31 10904784 core:FurnitureFittings 2023-08-31 10904784 core:MotorVehicles 2023-08-31 10904784 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 10904784 core:PlantMachinery 2024-08-31 10904784 core:FurnitureFittings 2024-08-31 10904784 core:MotorVehicles 2024-08-31 10904784 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 10904784 core:WithinOneYear 2024-08-31 10904784 core:WithinOneYear 2023-08-31 10904784 core:AfterOneYear 2024-08-31 10904784 core:AfterOneYear 2023-08-31 10904784 core:ShareCapital 2024-08-31 10904784 core:ShareCapital 2023-08-31 10904784 core:RetainedEarningsAccumulatedLosses 2024-08-31 10904784 core:RetainedEarningsAccumulatedLosses 2023-08-31 10904784 core:NetGoodwill 2024-08-31 10904784 core:NetGoodwill 2023-08-31 10904784 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 10904784 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-08-31 10904784 core:CostValuation core:Non-currentFinancialInstruments 2024-08-31 10904784 core:Non-currentFinancialInstruments 2024-08-31 10904784 core:Non-currentFinancialInstruments 2023-08-31 10904784 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 10904784 core:PlantMachinery 2023-08-31 10904784 core:FurnitureFittings 2023-08-31 10904784 core:MotorVehicles 2023-08-31 10904784 bus:SmallEntities 2023-09-01 2024-08-31 10904784 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10904784 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 10904784 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10904784 bus:FullAccounts 2023-09-01 2024-08-31 10904784 core:Buildings 2023-09-01 2024-08-31 10904784 core:Buildings 2023-08-31 10904784 core:Buildings 2024-08-31
COMPANY REGISTRATION NUMBER: 10904784
PJ Sawbridge & Sons Ltd
Filleted Unaudited Financial Statements
31 August 2024
PJ Sawbridge & Sons Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
447,450
447,450
Tangible assets
6
3,187,174
3,176,245
Investments
7
6,039,509
5,889,392
------------
------------
9,674,133
9,513,087
Current assets
Debtors
8
146,825
144,197
Cash at bank and in hand
15,311
---------
---------
146,825
159,508
Creditors: amounts falling due within one year
9
1,536,523
1,539,477
------------
------------
Net current liabilities
1,389,698
1,379,969
------------
------------
Total assets less current liabilities
8,284,435
8,133,118
Creditors: amounts falling due after more than one year
10
3,957,382
4,014,043
Provisions
826,974
796,788
------------
------------
Net assets
3,500,079
3,322,287
------------
------------
Capital and reserves
Called up share capital
2,989,996
2,989,996
Profit and loss account
510,083
332,291
------------
------------
Shareholders funds
3,500,079
3,322,287
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PJ Sawbridge & Sons Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 6 April 2025 , and are signed on behalf of the board by:
Mr P J Sawbridge
Director
Company registration number: 10904784
PJ Sawbridge & Sons Ltd
Notes to the Financial Statements
Year ended 31 August 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 8 The Old Yard, Lodge Farm Business Centre, Castlethorpe, Milton Keynes, MK19 7ES.
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.
Judgements and key sources of estimation uncertainty
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the director in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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.
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:
Plant and machinery
-
10% straight line
Office equipment
-
25% straight line
Motor vehicles
-
20% straight line
Agricultural buildings
-
10% straight line
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
The directors have chosen not to revalue investment properties at the reporting date. Whilst recognising that this is in contravention of the requirements of FRS102, the cost of obtaining a formal valuation for this specific purpose is prohibitive and the directors believe that the properties are maintained to a standard such that there is no diminution in value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from or to related parties, and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
447,450
---------
Amortisation
At 1 September 2023 and 31 August 2024
---------
Carrying amount
At 31 August 2024
447,450
---------
At 31 August 2023
447,450
---------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Agricultural property
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
2,987,338
168,122
848
46,173
76,307
3,278,788
Additions
11,728
33,726
45,454
Disposals
( 928)
( 928)
------------
---------
----
--------
--------
------------
At 31 Aug 2024
2,999,066
200,920
848
46,173
76,307
3,323,314
------------
---------
----
--------
--------
------------
Depreciation
At 1 Sep 2023
52,748
265
21,549
27,981
102,543
Charge for the year
16,994
212
9,235
7,631
34,072
Disposals
( 475)
( 475)
------------
---------
----
--------
--------
------------
At 31 Aug 2024
69,267
477
30,784
35,612
136,140
------------
---------
----
--------
--------
------------
Carrying amount
At 31 Aug 2024
2,999,066
131,653
371
15,389
40,695
3,187,174
------------
---------
----
--------
--------
------------
At 31 Aug 2023
2,987,338
115,374
583
24,624
48,326
3,176,245
------------
---------
----
--------
--------
------------
7. Investments
Other investments other than loans
£
Cost
At 1 September 2023
5,889,392
Additions
150,117
------------
At 31 August 2024
6,039,509
------------
Impairment
At 1 September 2023 and 31 August 2024
------------
Carrying amount
At 31 August 2024
6,039,509
------------
At 31 August 2023
5,889,392
------------
8. Debtors
2024
2023
£
£
Trade debtors
93,348
85,096
Other debtors
53,477
59,101
---------
---------
146,825
144,197
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
131,213
76,078
Trade creditors
69,540
32,248
Social security and other taxes
40,182
16,925
Other creditors
1,295,588
1,414,226
------------
------------
1,536,523
1,539,477
------------
------------
Other creditors includes £9,300 (2023: £4,000) relating to HP liabilities secured upon the asset to which it relates.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,938,782
4,014,043
Other creditors
18,600
------------
------------
3,957,382
4,014,043
------------
------------
Other creditors includes £18,600 (2023: £Nil) relating to HP liabilities secured upon the asset to which it relates.