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Company No: 09819985 (England and Wales)

OTTERTON MILL (DEVON) LTD

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

OTTERTON MILL (DEVON) LTD

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

OTTERTON MILL (DEVON) LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
OTTERTON MILL (DEVON) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 244,831 277,717
244,831 277,717
Current assets
Stocks 105,000 84,580
Debtors 4 74,209 107,435
Cash at bank and in hand 148,071 173,173
327,280 365,188
Creditors: amounts falling due within one year 5 ( 141,413) ( 164,835)
Net current assets 185,867 200,353
Total assets less current liabilities 430,698 478,070
Creditors: amounts falling due after more than one year 6 ( 83,011) ( 133,763)
Net assets 347,687 344,307
Capital and reserves
Called-up share capital 7 10 10
Profit and loss account 347,677 344,297
Total shareholder's funds 347,687 344,307

For the financial year 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Otterton Mill (Devon) Ltd (registered number: 09819985) were approved and authorised for issue by the Board of Directors on 06 June 2025. They were signed on its behalf by:

Chris Wright
Director
OTTERTON MILL (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
OTTERTON MILL (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
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

Otterton Mill (Devon) Ltd (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 The Orchards Allercombe, Rockbeare, Exeter, EX5 2HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 Statement of Financial Position 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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 Statement of Financial Position.

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 Statement of Financial Position 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 current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

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
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 Statement of Income and Retained Earnings 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 45

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 29 February 2024 293,428 229,644 49,190 42,384 1,781 616,427
Additions 17,180 1,067 6,550 3,912 0 28,709
At 28 February 2025 310,608 230,711 55,740 46,296 1,781 645,136
Accumulated depreciation
At 29 February 2024 115,495 181,559 14,430 26,018 1,208 338,710
Charge for the financial year 34,871 12,164 9,918 4,499 143 61,595
At 28 February 2025 150,366 193,723 24,348 30,517 1,351 400,305
Net book value
At 28 February 2025 160,242 36,988 31,392 15,779 430 244,831
At 28 February 2024 177,933 48,085 34,760 16,366 573 277,717

4. Debtors

2025 2024
£ £
Amounts owed by Group undertakings 0 69,548
Amounts owed by directors 69,752 19,859
Prepayments 4,457 18,028
74,209 107,435

5. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 40,000 40,000
Trade creditors 29,102 41,016
Amounts owed to Group undertakings 16,640 3,390
Deferred income 10,753 10,753
Taxation and social security 39,126 62,743
Other creditors 5,792 6,933
141,413 164,835

Bank loans are secured by a fixed and floating charge over the assets of the business.

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

2025 2024
£ £
Bank loans 40,000 80,000
Deferred income 43,011 53,763
83,011 133,763

Bank loans are secured by a fixed and floating charge over the assets of the business.

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£ £
within one year 32,500 32,500
between one and five years 130,000 130,000
after five years 352,083 384,583
514,583 547,083

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2025 2024
£ £
Unpaid contributions due to the fund (inc. in other creditors) 449 397

9. Related party transactions

Transactions with the entity's directors

2025 2024
£ £
Amounts owed by the directors 69,752 19,859

Interest has been charged at 2.25% pa based on HM Revenue and Customs official rate and there are no fixed repayment terms.

10. Ultimate controlling party

Parent Company:

Wright Holdings (Devon) Limited
The Orchards Allercombe
Rockbeare
Exeter
Devon
United Kingdom
EX5 2HD