Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mrs A Semmens 03/09/2003 Miss E Semmens 01/10/2011 Mr A Semmens 03/09/2003 20 May 2025 The principal activity of the Company during the financial year was farming. 04882884 2024-09-30 04882884 bus:Director1 2024-09-30 04882884 bus:Director2 2024-09-30 04882884 bus:Director3 2024-09-30 04882884 2023-09-30 04882884 core:CurrentFinancialInstruments 2024-09-30 04882884 core:CurrentFinancialInstruments 2023-09-30 04882884 core:Non-currentFinancialInstruments 2024-09-30 04882884 core:Non-currentFinancialInstruments 2023-09-30 04882884 core:ShareCapital 2024-09-30 04882884 core:ShareCapital 2023-09-30 04882884 core:RevaluationReserve 2024-09-30 04882884 core:RevaluationReserve 2023-09-30 04882884 core:RetainedEarningsAccumulatedLosses 2024-09-30 04882884 core:RetainedEarningsAccumulatedLosses 2023-09-30 04882884 core:LandBuildings 2023-09-30 04882884 core:InvestmentPropertyIncludedWithinPPE 2023-09-30 04882884 core:PlantMachinery 2023-09-30 04882884 core:Vehicles 2023-09-30 04882884 core:OfficeEquipment 2023-09-30 04882884 core:OtherPropertyPlantEquipment 2023-09-30 04882884 core:LandBuildings 2024-09-30 04882884 core:InvestmentPropertyIncludedWithinPPE 2024-09-30 04882884 core:PlantMachinery 2024-09-30 04882884 core:Vehicles 2024-09-30 04882884 core:OfficeEquipment 2024-09-30 04882884 core:OtherPropertyPlantEquipment 2024-09-30 04882884 core:CostValuation 2023-09-30 04882884 core:CostValuation 2024-09-30 04882884 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-09-30 04882884 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-09-30 04882884 bus:OrdinaryShareClass1 2024-09-30 04882884 2023-10-01 2024-09-30 04882884 bus:FilletedAccounts 2023-10-01 2024-09-30 04882884 bus:SmallEntities 2023-10-01 2024-09-30 04882884 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04882884 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04882884 bus:Director1 2023-10-01 2024-09-30 04882884 bus:Director2 2023-10-01 2024-09-30 04882884 bus:Director3 2023-10-01 2024-09-30 04882884 core:LandBuildings core:TopRangeValue 2023-10-01 2024-09-30 04882884 core:PlantMachinery 2023-10-01 2024-09-30 04882884 core:Vehicles 2023-10-01 2024-09-30 04882884 core:OfficeEquipment core:TopRangeValue 2023-10-01 2024-09-30 04882884 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-10-01 2024-09-30 04882884 2022-10-01 2023-09-30 04882884 core:LandBuildings 2023-10-01 2024-09-30 04882884 core:InvestmentPropertyIncludedWithinPPE 2023-10-01 2024-09-30 04882884 core:OfficeEquipment 2023-10-01 2024-09-30 04882884 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 04882884 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 04882884 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 04882884 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04882884 (England and Wales)

N H SEMMENS AND SON LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

N H SEMMENS AND SON LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

N H SEMMENS AND SON LIMITED

BALANCE SHEET

As at 30 September 2024
N H SEMMENS AND SON LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,260,613 1,217,879
Investments 4 1,240 1,240
1,261,853 1,219,119
Current assets
Stocks 5 162,745 162,523
Debtors 6 325,757 71,070
Cash at bank and in hand 134,942 265,447
623,444 499,040
Creditors: amounts falling due within one year 7 ( 702,502) ( 608,351)
Net current liabilities (79,058) (109,311)
Total assets less current liabilities 1,182,795 1,109,808
Creditors: amounts falling due after more than one year 8 ( 295,944) ( 300,535)
Provision for liabilities ( 103,394) ( 101,168)
Net assets 783,457 708,105
Capital and reserves
Called-up share capital 9 1,000 1,000
Revaluation reserve 18,750 18,750
Profit and loss account 763,707 688,355
Total shareholders' funds 783,457 708,105

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of N H Semmens and Son Limited (registered number: 04882884) were approved and authorised for issue by the Board of Directors on 20 May 2025. They were signed on its behalf by:

Mr A Semmens
Director
N H SEMMENS AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
N H SEMMENS AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

N H Semmens and Son 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:
Brew Farm,
St Levan,
Penzance,
Cornwall,
TR19 6NA

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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 and reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
50 years straight line
Investment property not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line
Other property, plant and equipment 20 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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Investment property Plant and machinery Vehicles Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 October 2023 623,037 137,000 493,172 418,066 5,634 252,087 1,928,996
Additions 276,571 0 0 182,500 0 0 459,071
Disposals ( 230,000) 0 0 ( 135,750) 0 0 ( 365,750)
At 30 September 2024 669,608 137,000 493,172 464,816 5,634 252,087 2,022,317
Accumulated depreciation
At 01 October 2023 28,370 0 322,363 216,609 5,129 138,646 711,117
Charge for the financial year 4,748 0 42,188 74,868 316 12,604 134,724
Disposals 0 0 0 ( 84,137) 0 0 ( 84,137)
At 30 September 2024 33,118 0 364,551 207,340 5,445 151,250 761,704
Net book value
At 30 September 2024 636,490 137,000 128,621 257,476 189 100,837 1,260,613
At 30 September 2023 594,667 137,000 170,809 201,457 505 113,441 1,217,879

Included within the net book value of tangible fixed assets is £234,543 (2023 : £234,013) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £67,670 (2023 : £53,782).
The director's have confirmed the valuation of the investment property is in line with the market value. There has been no valuation of the investment property by an independent valuer.

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 1,240 1,240
At 30 September 2024 1,240 1,240
Carrying value at 30 September 2024 1,240 1,240
Carrying value at 30 September 2023 1,240 1,240

5. Stocks

2024 2023
£ £
Stocks 162,745 162,523

6. Debtors

2024 2023
£ £
Trade debtors 41,186 25,594
Amounts owed by connected companies 261,101 4,761
Other debtors 23,470 40,715
325,757 71,070

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 43,150 61,174
Trade creditors 25,458 21,134
Taxation and social security 21,795 3,310
Obligations under finance leases and hire purchase contracts 38,294 52,943
Other creditors 573,805 469,790
702,502 608,351

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

2024 2023
£ £
Bank loans 204,200 245,875
Obligations under finance leases and hire purchase contracts 81,197 40,597
Other creditors 10,547 14,063
295,944 300,535

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £42,650 (2023 - £42,650).