Silverfin false false 31/12/2024 01/01/2024 31/12/2024 J P Hawkins 10/07/2003 22 May 2025 The principal activity of the Company during the financial year was that of the sale and repair of agricultural machinery
and accessories.
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Company No: 04829133 (England and Wales)

HAWKINS AGRI LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

HAWKINS AGRI LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

HAWKINS AGRI LIMITED

BALANCE SHEET

As at 31 December 2024
HAWKINS AGRI LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 100,199 140,304
100,199 140,304
Current assets
Stocks 5 1,285,538 1,959,955
Debtors 6 1,910,532 1,834,762
Cash at bank and in hand 62,951 12,654
3,259,021 3,807,371
Creditors: amounts falling due within one year 7 ( 1,031,066) ( 1,493,587)
Net current assets 2,227,955 2,313,784
Total assets less current liabilities 2,328,154 2,454,088
Creditors: amounts falling due after more than one year 8 ( 30,438) ( 79,781)
Provision for liabilities ( 22,949) ( 32,890)
Net assets 2,274,767 2,341,417
Capital and reserves
Called-up share capital 100,000 100,000
Capital redemption reserve 50,000 50,000
Profit and loss account 2,124,767 2,191,417
Total shareholder's funds 2,274,767 2,341,417

For the financial year ending 31 December 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 financial statements of Hawkins Agri Limited (registered number: 04829133) were approved and authorised for issue by the Director on 22 May 2025. They were signed on its behalf by:

J P Hawkins
Director
HAWKINS AGRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
HAWKINS AGRI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hawkins Agri Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 4 - 5 years straight line
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 14 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 180,000 180,000
At 31 December 2024 180,000 180,000
Accumulated amortisation
At 01 January 2024 180,000 180,000
At 31 December 2024 180,000 180,000
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2024 82,883 72,742 192,278 78,305 426,208
Additions 0 2,450 0 1,086 3,536
At 31 December 2024 82,883 75,192 192,278 79,391 429,744
Accumulated depreciation
At 01 January 2024 82,883 30,613 102,443 69,965 285,904
Charge for the financial year 0 9,770 30,496 3,375 43,641
At 31 December 2024 82,883 40,383 132,939 73,340 329,545
Net book value
At 31 December 2024 0 34,809 59,339 6,051 100,199
At 31 December 2023 0 42,129 89,835 8,340 140,304

5. Stocks

2024 2023
£ £
Finished goods 1,285,538 1,959,955

6. Debtors

2024 2023
£ £
Trade debtors 518,446 432,958
Other debtors 1,392,086 1,401,804
1,910,532 1,834,762

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 55,686 73,301
Trade creditors 833,973 1,299,108
Taxation and social security 86,559 45,066
Obligations under finance leases and hire purchase contracts (secured) 30,442 45,773
Other creditors 24,406 30,339
1,031,066 1,493,587

Bank loans and overdrafts include two bank loans.

The first loan is secured and has a carrying value of £10,231 (2023 - £39,340) . Of this balance £10,231 (2023 - £27,846) is due in less than one year, the remaining balance is fully repayable within five years.

The second loan is unsecured and has a carrying value of £64,394 (£2023 - £109,48). Of this balance £45,455 (2023 - £45,455) is due in less than one year, the remaining balance is fully repayable within five years.

Obligations under hire purchase are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 18,939 75,888
Obligations under finance leases and hire purchase contracts (secured) 11,499 3,893
30,438 79,781

Bank loans and overdrafts include two bank loans.

The first loan is secured and has a carrying value of £10,231 (2023 - £39,340). Of this balance £Nil (2023 - £10,231) is due in greater than one year, but fully repayable within five years.

The second loan is unsecured and has a carrying value of £64,394 (£2023 - £109,848). Of this balance £18,939 (2023 - £64,394) is due in greater than one year, but fully repayable within five years.

Obligations under hire purchase are secured against the assets to which they relate.

9. Related party transactions

Transactions with the entity's director

At 1 January 2024, the balance owed by the director was £Nil. During the year, £40,500 was advanced to the director of which £27,000 was repaid. At 31 December 2024, the balance owed by the director was £4,000.

At 1 January 2023, the balance owed by the director was £6,000. During the year, £28,500 was advanced to the director of which £34,500 was repaid. At 31 December 2023, the balance owed to the director was £nil.

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.