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REGISTERED NUMBER: 00402201 (England and Wales)













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: J S Turner
C M Turner
M S Turner
C E Turner
B Turner





SECRETARY: J S Turner





REGISTERED OFFICE: Darlington Road
Northallerton
North Yorkshire
DL6 2XB





REGISTERED NUMBER: 00402201 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
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:





C E Turner - Director


20 December 2024

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.

J S Turner
C M Turner
M S Turner
C E Turner
B Turner

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:





C E Turner - Director


20 December 2024

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.




David Shawcross FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditor
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

16 April 2025

Sam Turner and Sons Limited (Registered number: 00402201)

Statement of Comprehensive
Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £    £   

TURNOVER 3 33,523,715 36,810,372

Cost of sales 24,977,267 28,140,570
GROSS PROFIT 8,546,448 8,669,802

Distribution costs 5,929,662 6,681,630
Administrative expenses 2,171,787 2,130,779
8,101,449 8,812,409
444,999 (142,607 )

Other operating income 4 101,106 36,885
OPERATING PROFIT/(LOSS) 7 546,105 (105,722 )

Interest receivable and similar income 1,198 1,831
547,303 (103,891 )

Interest payable and similar expenses 8 67,577 38,161
PROFIT/(LOSS) BEFORE TAXATION 479,726 (142,052 )

Tax on profit/(loss) 9 137,902 (12,277 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 341,824 (129,775 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

341,824

(129,775

)

Sam Turner and Sons Limited (Registered number: 00402201)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 99,737 124,671
Tangible assets 12 5,514,121 5,612,888
Investments 13 2,100 2,100
Investment property 14 734,481 734,481
6,350,439 6,474,140

CURRENT ASSETS
Stocks 15 5,527,641 6,659,825
Debtors 16 2,388,168 2,002,287
Cash at bank and in hand 186,433 272,610
8,102,242 8,934,722
CREDITORS
Amounts falling due within one year 17 3,639,641 5,038,700
NET CURRENT ASSETS 4,462,601 3,896,022
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,813,040

10,370,162

CREDITORS
Amounts falling due after more than one
year

18

(780,410

)

(542,365

)

PROVISIONS FOR LIABILITIES 22 (202,000 ) (214,000 )
NET ASSETS 9,830,630 9,613,797

CAPITAL AND RESERVES
Called up share capital 23 4,854 4,854
Revaluation reserve 24 1,886,012 1,901,514
Investment property
revaluation reserve 24 55,354 55,354
Retained earnings 24 7,884,410 7,652,075
SHAREHOLDERS' FUNDS 9,830,630 9,613,797

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





C E Turner - Director


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 4,854 7,891,339 1,832,304 140,066 9,868,563

Changes in equity
Dividends - (124,991 ) - - (124,991 )
Total comprehensive income - (114,273 ) 69,210 (84,712 ) (129,775 )
Balance at 30 September 2023 4,854 7,652,075 1,901,514 55,354 9,613,797

Changes in equity
Dividends - (124,991 ) - - (124,991 )
Total comprehensive income - 357,326 (15,502 ) - 341,824
Balance at 30 September 2024 4,854 7,884,410 1,886,012 55,354 9,830,630

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 1 429,313 (47,685 )
Interest paid (66,317 ) (36,901 )
Finance costs paid (1,260 ) (1,260 )
Tax paid 9,098 (60,723 )
Net cash from operating activities 370,834 (146,569 )

Cash flows from investing activities
Purchase of tangible fixed assets (85,114 ) (149,275 )
Purchase of fixed asset investments - (2,000 )
Interest received 1,198 1,831
Net cash from investing activities (83,916 ) (149,444 )

Cash flows from financing activities
New loans in year 375,000 -
Loan repayments in year (101,195 ) (73,218 )
Amount introduced by directors 1,260 6,090
Amount withdrawn by directors (21,090 ) -
Equity dividends paid (124,991 ) (124,991 )
Net cash from financing activities 128,984 (192,119 )

Increase/(decrease) in cash and cash equivalents 415,902 (488,132 )
Cash and cash equivalents at beginning
of year

2

(295,441

)

192,691

Cash and cash equivalents at end of year 2 120,461 (295,441 )

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 479,726 (142,052 )
Depreciation charges 208,817 188,304
Finance costs 67,577 38,161
Finance income (1,198 ) (1,831 )
754,922 82,582
Decrease in stocks 1,132,184 897,127
Increase in trade and other debtors (380,511 ) (330,872 )
Decrease in trade and other creditors (1,077,282 ) (696,522 )
Cash generated from operations 429,313 (47,685 )

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 (65,972 ) (568,051 )
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 (568,051 ) -
(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 ) 415,902 120,461
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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

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
£    £   
Sales of goods 33,111,874 36,362,810
Carriage and distribution 411,841 447,562
33,523,715 36,810,372

4. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 26,481 36,885
Sundry receipts 74,625 -
101,106 36,885

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,139,426 4,019,022
Social security costs 372,994 351,885
Other pension costs 241,845 205,498
4,754,265 4,576,405

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Office staff 11 12
Warehouse staff 156 160
172 177

6. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 540,378 553,172
Directors' pension contributions to money purchase schemes 95,959 66,709

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 169,787 171,798
Pension contributions to money purchase schemes 32,515 22,610

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 39,299 35,947
Other operating leases 11,785 10,722
Depreciation - owned assets 183,881 163,369
Computer software amortisation 24,934 24,935
Auditors remuneration 32,050 37,500
Foreign exchange differences - (19 )
Rents receivable (32,481 ) (36,885 )

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 66,317 36,844
Corporation tax interest - 57
4.2% Preference share dividend 1,260 1,260
67,577 38,161

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 150,000 (9,000 )
Under/(over) provision in
prior year (98 ) 5,723
Total current tax 149,902 (3,277 )

Deferred taxation (12,000 ) (9,000 )
Tax on profit/(loss) 137,902 (12,277 )

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 479,726 (142,052 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

119,932

(35,513

)

Effects of:
Expenses not deductible for tax purposes 1,151 983
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 124,991 124,991

11. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 115,500 249,343 364,843
AMORTISATION
At 1 October 2023 115,500 124,672 240,172
Amortisation for year - 24,934 24,934
At 30 September 2024 115,500 149,606 265,106
NET BOOK VALUE
At 30 September 2024 - 99,737 99,737
At 30 September 2023 - 124,671 124,671

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 5,881,716 67,989 935,287 508,119 7,393,111
Additions - 900 79,879 4,335 85,114
At 30 September 2024 5,881,716 68,889 1,015,166 512,454 7,478,225
DEPRECIATION
At 1 October 2023 596,236 50,150 729,737 404,100 1,780,223
Charge for year 76,805 3,567 67,635 35,874 183,881
At 30 September 2024 673,041 53,717 797,372 439,974 1,964,104
NET BOOK VALUE
At 30 September 2024 5,208,675 15,172 217,794 72,480 5,514,121
At 30 September 2023 5,285,480 17,839 205,550 104,019 5,612,888

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 2,100
NET BOOK VALUE
At 30 September 2024 2,100
At 30 September 2023 2,100

14. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 734,481
NET BOOK VALUE
At 30 September 2024 734,481
At 30 September 2023 734,481

15. STOCKS
2024 2023
£    £   
Stocks 5,527,641 6,659,825

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,171,136 1,183,018
Amounts owed by participating interests 1,018,601 359,758
Other debtors 2,800 8,011
Directors' current accounts 14,370 -
Taxation - 9,000
Prepayments 181,261 442,500
2,388,168 2,002,287

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 19) 181,332 647,651
Trade creditors 2,305,727 3,185,822
Taxation 150,000 -
Social security and other taxes 603,956 737,040
Other creditors 60,889 62,837
Directors' current accounts 630 6,090
Accrued expenses 337,107 399,260
3,639,641 5,038,700

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) 750,410 512,365
Preference shares (see note 19) 30,000 30,000
780,410 542,365

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 65,972 568,051
Bank loans - less than 1
year 115,360 79,600
181,332 647,651

Amounts falling due between one and two years:
Bank loans - 1-2 years 112,654 81,200

Amounts falling due between two and five years:
Bank loans - 2-5 years 451,141 186,835

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 11.95% over base rate 01/08/202675,194
Loan 21.75% over base rate 18/01/2028248,827
Loan 32.00% over base rate26/08/2031186,048
Loan 42.25% over base rate08/12/2028355,701
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: £    £   
30,000 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 20,622 40,983
Between one and five years 69,719 93,022
90,341 134,005

21. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 65,972 568,051
Bank loans 865,770 591,965
931,742 1,160,016

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 214,000
Provided during year (12,000 )
Balance at 30 September 2024 202,000

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: £    £   
4,854 Ordinary £1 4,854 4,854

24. RESERVES
Investment
property
Retained Revaluation revaluation
earnings reserve reserve Totals
£    £    £    £   

At 1 October 2023 7,652,075 1,901,514 55,354 9,608,943
Profit for the year 341,824 341,824
Dividends (124,991 ) (124,991 )
Excess depreciation transfer 15,502 (15,502 ) - -
At 30 September 2024 7,884,410 1,886,012 55,354 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.