REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
Sam Turner and Sons Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
Sam Turner and Sons Limited |
Sam Turner and Sons Limited (Registered number: 00402201) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Sam Turner and Sons Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Sam Turner and Sons Limited (Registered number: 00402201) |
Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
In 2024 the company's trading performance in terms of profitability improved over that of 2023. This was achieved by the directors taking the strategic decision to concentrate online sales activity towards products and pricing strategy aimed at increasing or at least maintaining gross profit margin, whilst actively controlling associated online delivery costs. This approach has led to a 4.6% increase in gross profit margin to 25.49% (2023: 23.55%). The resulting profit for the year before taxation was £479,726 (2023: loss £142,052). |
The company continues to be well positioned to trade competitively in the current, challenging, economic climate due mainly to the diversity of product lines and services provided, its longstanding customer base that has been established over the company's trading life and expanding the business into new geographical areas. |
The results for the year and the state of affairs at the year end are considered to be satisfactory, with potential for sustained profitability. |
PRINCIPAL RISKS AND UNCERTAINTIES |
In common with other businesses in the farming and agricultural industry, the principal risks affecting performance are the general economic climate, government policies regarding farming subsidies and weather conditions. During this past trading year continuity of supply and availability of stock have been an on-going challenge which we do not expect to improve significantly over the coming year. The directors believe that they have taken adequate steps to mitigate these risks and continue to be profitable. |
KEY PERFORMANCE INDICATORS |
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the entity, and that all relevant financial information has been disclosed within the financial statements. |
ON BEHALF OF THE BOARD: |
Sam Turner and Sons Limited (Registered number: 00402201) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of horticultural and agricultural merchants. |
DIVIDENDS |
Interim dividends per share on the 4.2% Preference £1 shares were paid as follows: |
2.1p | - 31 March 2024 |
2.1p | - 30 September 2024 |
4.2p |
Dividends per share on the Ordinary £1 shares were paid as follows: |
£ |
25.75 | - 26 June 2024 |
25.75 |
The total distribution of dividends during the year ended 30 September 2024 was £124,991 (2023: £124,991). |
FUTURE DEVELOPMENTS |
The company expects to continue to improve efficiency and grow its online presence since the purchase of its new distribution centre. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Sam Turner and Sons Limited (Registered number: 00402201) |
Report of the Directors |
for the Year Ended 30 September 2024 |
AUDITORS |
The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Sam Turner and Sons Limited |
Opinion |
We have audited the financial statements of Sam Turner and Sons Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Sam Turner and Sons Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions. |
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
Auditors' responsibilities for the audit of the financial statements (continued) |
Audit procedures performed by the engagement team included: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims. |
- | Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- | Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
- | Challenging estimates and judgements made by management in their significant accounting estimates. |
- | Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Sam Turner and Sons Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Sam Turner and Sons Limited (Registered number: 00402201) |
Statement of Comprehensive |
Income |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
8,101,449 | 8,812,409 |
444,999 | (142,607 | ) |
Other operating income | 4 |
OPERATING PROFIT/(LOSS) | 7 | ( |
) |
Interest receivable and similar income |
547,303 | (103,891 | ) |
Interest payable and similar expenses | 8 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 9 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Sam Turner and Sons Limited (Registered number: 00402201) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Revaluation reserve | 24 |
Investment property |
revaluation reserve | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sam Turner and Sons Limited (Registered number: 00402201) |
Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Investment |
Called up | property |
share | Retained | Revaluation | revaluation | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) | ( |
) |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 September 2024 |
Sam Turner and Sons Limited (Registered number: 00402201) |
Cash Flow Statement |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Finance costs paid | (1,260 | ) | (1,260 | ) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | - | (2,000 | ) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 1,260 | 6,090 |
Amount withdrawn by directors | (21,090 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(295,441 |
) |
192,691 |
Cash and cash equivalents at end of year | 2 | ( |
) |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Finance costs | 67,577 | 38,161 |
Finance income | (1,198 | ) | (1,831 | ) |
754,922 | 82,582 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 186,433 | 272,610 |
Bank overdrafts | ( |
) | ( |
) |
120,461 | (295,441 | ) |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 272,610 | 192,691 |
Bank overdrafts | ( |
) |
(295,441 | ) | 192,691 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 272,610 | (86,177 | ) | 186,433 |
Bank overdrafts | (568,051 | ) | 502,079 | (65,972 | ) |
(295,441 | ) | 120,461 |
Debt |
Debts falling due within 1 year | (79,600 | ) | (35,760 | ) | (115,360 | ) |
Debts falling due after 1 year | (542,365 | ) | (238,045 | ) | (780,410 | ) |
(621,965 | ) | (273,805 | ) | (895,770 | ) |
Total | (917,406 | ) | 142,097 | (775,309 | ) |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Sam Turner and Sons Limited is a |
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented otherwise stated. |
2. | ACCOUNTING POLICIES |
General information and basis of preparing the financial statements |
The financial statements have been prepared in accordance with the applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared on the going concern basis under the historic cost convention, modified to include certain items at fair value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the transaction can be measured reliably. This is usually on the dispatch of goods. |
Interest and dividends receivable |
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation, net of depreciation. 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 of each asset over its expected useful life as follows:- |
Freehold buildings | - | over 50 years |
Freehold land | - | not depreciated |
Plant and machinery | - | 20% reducing balance |
Fixtures and fittings | - | 25% reducing balance/25% straight line |
Motor vehicles | - | 20% straight line |
Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses. |
Land and buildings were valued by Browns Chartered Surveyors on a fair value basis for transition to FRS102. This valuation was incorporated in the financial statements for the year ended 30 September 2014 and on transition has been treated as the deemed cost. |
Where depreciation charges are increased following a revaluation, an amount equal to the increase is transferred annually from the revaluation reserve to the profit and loss account as a movement on reserves. |
Investment properties |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.If an arrangement constitutes a finance transaction it is measured at present value. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period of revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received |
Sundry receipts | 74,625 | - |
101,106 | 36,885 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 5 | 5 |
Office staff | 11 | 12 |
Warehouse staff | 156 | 160 |
6. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Computer software amortisation |
Auditors remuneration |
Foreign exchange differences | ( |
) |
Rents receivable | ( |
) | ( |
) |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Corporation tax interest |
4.2% Preference share dividend | 1,260 | 1,260 |
9. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Under/(over) provision in |
prior year | (98 | ) | 5,723 |
Total current tax | ( |
) |
Deferred taxation | ( |
) | ( |
) |
Tax on profit/(loss) | ( |
) |
UK corporation tax has been charged at 25% . |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Non qualifying depreciation | 16,537 | 14,534 |
Under/over provision for tax in current year | 380 | 118 |
rate in year |
Under/(over) provision for tax in previous year | (98 | ) | 5,723 |
Capital allowances super-deduction | - | (977 | ) |
Tax losses carried back at different rate | - | 2,855 |
Total tax charge/(credit) | 137,902 | (12,277 | ) |
There is no expiry date on timing difference, unused tax losses or tax credits. |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
11. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Included in cost or valuation of freehold property is freehold land of £2,429,018 (2023 - £2,429,018) which is not depreciated. |
Cost or valuation at 30 September 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2003 | 1,308,525 | - | - | - | 1,308,525 |
Valuation in 2015 | 410,327 | - | - | - | 410,327 |
Cost | 4,162,864 | 68,889 | 1,015,166 | 512,454 | 5,759,373 |
5,881,716 | 68,889 | 1,015,166 | 512,454 | 7,478,225 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 4,162,864 | 4,162,864 |
Aggregate depreciation | 1,207,734 | 1,130,929 |
Value of land in freehold land and buildings | 2,344,306 | 2,344,306 |
Freehold properties were valued by professional valuers Browns Chartered Surveyors on a fair value basis on transition to FRS102 as at 30 September 2014. These valuations have been treated as the deemed cost and are being depreciated from the date of transition. |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
13. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
14. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
15. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 1,018,601 | 359,758 |
Other debtors |
Directors' current accounts | 14,370 | - |
Taxation |
Prepayments |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 19) |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Directors' current accounts | 630 | 6,090 |
Accrued expenses |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 19) |
Preference shares (see note 19) |
19. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans - less than 1 |
year |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
4.2% Preference share capital | 30,000 | 30,000 |
Repayable by instalments |
Bank loans falling due in more |
than 5 years by instalments | 186,615 | 244,330 |
186,615 | 244,330 |
The above borrowings include the following bank loans. The terms of repayment and interest rates are as follows: |
Interest rate | Maturity date | £ |
Loan 1 | 1.95% over base rate | 01/08/2026 | 75,194 |
Loan 2 | 1.75% over base rate | 18/01/2028 | 248,827 |
Loan 3 | 2.00% over base rate | 26/08/2031 | 186,048 |
Loan 4 | 2.25% over base rate | 08/12/2028 | 355,701 |
865,770 |
The above loans are all repayable by monthly or quarterly instalments of capital and interest. |
Details of shares shown as liabilities are as follows: |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Pref shares - share type 2 | £1 | 30,000 | 30,000 |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
19. | LOANS - continued |
The Preference Shares receive a cumulative preference dividend of 4.2% on 30 June and 31 December annually. In the event of the company winding up the par value of the shares is repaid to the shareholders in priority to all other share capital. The Preference Shares hold no voting rights unless the dividend due is six months in arrears or unless a proposition is submitted that directly affects the right or privileges of the holders of such shares. |
20. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank loans are secured by a legal charge over the land & buildings at Darlington Road, Northallerton and the land at Leyburn and fixed and floating charges over the Company's assets. |
The bank overdraft is secured by fixed and floating charges over the Company's assets and is repayable on demand. |
The company's bank facilities are also secured by a cross guarantee and debenture with related party Sam Turner Holdings Limited, secured by fixed and floating charges of the company's assets. |
22. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 186,000 | 198,000 |
Revaluation of freehold |
properties | 16,000 | 16,000 |
202,000 | 214,000 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year | ( |
) |
Balance at 30 September 2024 |
Sam Turner and Sons Limited (Registered number: 00402201) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 4,854 | 4,854 |
24. | RESERVES |
Investment |
property |
Retained | Revaluation | revaluation |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2023 | 9,608,943 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Excess depreciation transfer | 15,502 | (15,502 | ) | - | - |
At 30 September 2024 | 9,825,776 |
Retained earnings |
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. |
Revaluation reserve |
The revaluation reserve represents the effect of revaluations of the freehold property. |
Investment property revaluation reserve |
The investment property revaluation reserve represents the effect of revaluations of the freehold investment property. |
25. | PENSION COMMITMENTS |
The company operates a defined contribution scheme for the benefit of its employees and directors. The assets of the scheme are held separately from those of the company. The contributions are charged to the profit and loss account as they accrue. The charge for the year ended 30 September 2024 was £241,845 (2023 - £205,498). Contributions outstanding at the year end amounted to £20,446 (2023 - £17,834). |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in debtors is the following loan to a director: |
At 1 October 2023 | Amount advanced | Amount repaid | At 30 September 2024 |
£ | £ | £ | £ |
Director 1 | - | 14,370 | - | 14,370 |
Total | - | 14,370 | - | 14,370 |
The above loan is unsecured, interest free and repayable on demand. |
27. | RELATED PARTY DISCLOSURES |
Dividends of £124,991 were paid to Directors during the year (2023 - £124,991). |
Dividends on preference shares of £1,260 were paid to Directors during the year (2023 - £1,260). |
The total remuneration for key management personnel for the year totalled £636,637 (2023: £619,881), being remuneration disclosed in note 6. |