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Registration number: 00433300

Sheffield and Company,Limited

Financial Statements

31 December 2023 to 28 December 2024

image-name

 

Sheffield and Company,Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2

 

Sheffield and Company,Limited

(Registration number: 00433300)
Balance Sheet as at 28 December 2024

Note

28 December 2024
£

30 December 2023
£

Fixed assets

 

Tangible assets

4

2,591,195

864,985

Current assets

 

Stocks

-

4,300

Debtors

5

1,191,598

931,346

Cash at bank and in hand

 

52,067

317,978

 

1,243,665

1,253,624

Creditors: Amounts falling due within one year

6

(841,164)

(475,338)

Net current assets

 

402,501

778,286

Total assets less current liabilities

 

2,993,696

1,643,271

Creditors: Amounts falling due after more than one year

6

(1,561,292)

(341,251)

Provisions for liabilities

(217,900)

(185,277)

Net assets

 

1,214,504

1,116,743

Capital and reserves

 

Allotted, called up and fully paid share capital

130,650

130,650

Other reserves

2,900

2,900

Profit and loss account

1,080,954

983,193

Total equity

 

1,214,504

1,116,743

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................

D C Smith

Director

 

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 31 December 2023 to 28 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Euroforest
The Terminal
Aviation Way
CARLISLE
CA6 4NZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 March 2025 was Mike Kirsopp, who signed for and on behalf of Dodd & Co Audit Limited.

Revenue recognition

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 sales/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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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.

 

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 31 December 2023 to 28 December 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% and 50% straight line basis

Motor vehicles

10% to 25% straight line basis

Furniture, fittings and office equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

 

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 31 December 2023 to 28 December 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 31 December 2023 to 28 December 2024 (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 11 (2023 - 8).

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 31 December 2023

1,577

1,403,413

10,307

1,415,297

Additions

3,000

2,190,080

722

2,193,802

Disposals

-

(472,610)

-

(472,610)

At 28 December 2024

4,577

3,120,883

11,029

3,136,489

Depreciation

At 31 December 2023

210

540,419

9,683

550,312

Charge for the period

715

359,989

317

361,021

Eliminated on disposal

-

(366,039)

-

(366,039)

At 28 December 2024

925

534,369

10,000

545,294

Carrying amount

At 28 December 2024

3,652

2,586,514

1,029

2,591,195

At 30 December 2023

1,367

862,994

624

864,985

 

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 31 December 2023 to 28 December 2024 (continued)

5

Debtors

28 December 2024
£

30 December 2023
£

Trade debtors

584,636

451,814

Amounts owed by group undertakings and undertakings in which the company has a participating interest

150,000

-

Other debtors

456,962

479,532

1,191,598

931,346

6

Creditors

Note

28 December 2024
£

30 December 2023
£

Due within one year

 

Loans and borrowings

7

459,345

174,550

Trade creditors

 

161,050

40,785

Taxation and social security

 

72,242

10,118

Other creditors

 

148,527

249,885

 

841,164

475,338

Due after one year

 

Loans and borrowings

7

1,561,292

341,251

 

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 31 December 2023 to 28 December 2024 (continued)

7

Loans and borrowings

28 December 2024
£

30 December 2023
£

Current loans and borrowings

Finance lease liabilities

459,345

174,550

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

28 December 2024
£

30 December 2023
£

Finance lease liabilities

459,345

174,550

Finance lease liabilities are secured on the assets to which they relate.

28 December 2024
£

30 December 2023
£

Non-current loans and borrowings

Finance lease liabilities

1,561,292

341,251

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

28 December 2024
£

30 December 2023
£

Finance lease liabilities

1,561,292

341,251

Finance lease liabilities are secured on the assets to which they relate.

8

Parent and ultimate parent undertaking

The company's immediate parent is Euroforest Holdings Limited whose registered office is The Terminal, Aviation Way, Carlisle, CA6 4NZ. The ultimate controlling party is O.F.Ahlmark & Co Eftr. A-B, which is registered in Sweden.