Registered number
01268555
Butterworth & Son Ltd
Filleted Accounts
30 September 2024
Registered number: 01268555
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 299,850 237,618
Investments 4 5,165 4,995
305,015 242,613
Current assets
Stocks 250,186 256,623
Debtors 5 95,137 82,526
Cash at bank and in hand 90,301 145,692
435,624 484,841
Creditors: amounts falling due within one year 6 (319,868) (376,790)
Net current assets 115,756 108,051
Total assets less current liabilities 420,771 350,664
Creditors: amounts falling due after more than one year 7 (120,032) (109,594)
Net assets 300,739 241,070
Capital and reserves
Called up share capital 600 600
Profit and loss account 300,139 240,470
Shareholders' funds 300,739 241,070
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R A Butterworth
Director
Approved by the board on 5 June 2025
Butterworth & Son Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Fully Maintained
Plant and machinery At 25% on Reducing balance
Fixtures, fittings, tools and equipment At 25% on Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Some stock is held by 3rd parties and these are shown as owned stock and a liability to the suppliers holding it.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 136,750 285,435 62,483 484,668
Additions - 56,236 56,107 112,343
Disposals - - (17,010) (17,010)
At 30 September 2024 136,750 341,671 101,580 580,001
Depreciation
At 1 October 2023 - 198,253 48,797 247,050
Charge for the year - 27,769 12,774 40,543
On disposals - - (7,442) (7,442)
At 30 September 2024 - 226,022 54,129 280,151
Net book value
At 30 September 2024 136,750 115,649 47,451 299,850
At 30 September 2023 136,750 87,182 13,686 237,618
4 Investments
Other
investments
£
Cost
At 1 October 2023 4,995
Additions 170
At 30 September 2024 5,165
5 Debtors 2024 2023
£ £
Trade debtors 89,410 82,526
Other debtors 5,727 -
95,137 82,526
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 19,300 18,785
Obligations under finance lease and hire purchase contracts 2,400 -
Trade creditors 234,699 281,835
Family Loan 11,316 6,241
Directors Loan 609 -
Taxation and social security costs 24,442 38,109
Other creditors 27,102 31,820
319,868 376,790
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 96,222 109,594
Obligations under finance lease and hire purchase contracts 23,810 -
120,032 109,594
8 Other information
Butterworth & Son Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Old Post Cottage
Denston
Newmarket
Suffolk
CB8 8PW
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