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COMPANY REGISTRATION NUMBER: 01027093
Sweeting Brothers (Land Drainage) Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Sweeting Brothers (Land Drainage) Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Sweeting Brothers (Land Drainage) Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,773,156
1,804,569
Investments
6
729,818
580,520
-------------
-------------
2,502,974
2,385,089
Current assets
Stocks
154,428
124,244
Debtors
7
1,077,339
609,109
Cash at bank and in hand
334
334
-------------
----------
1,232,101
733,687
Creditors: amounts falling due within one year
8
1,650,938
1,222,496
-------------
-------------
Net current liabilities
418,837
488,809
-------------
-------------
Total assets less current liabilities
2,084,137
1,896,280
Creditors: amounts falling due after more than one year
9
174,263
119,121
Provisions
387,272
389,803
-------------
-------------
Net assets
1,522,602
1,387,356
-------------
-------------
Capital and reserves
Called up share capital
300
300
Profit and loss account
1,522,302
1,387,056
-------------
-------------
Shareholders funds
1,522,602
1,387,356
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Sweeting Brothers (Land Drainage) Limited
Statement of Financial Position (continued)
30 September 2024
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
Mr D L Sweeting
Director
Company registration number: 01027093
Sweeting Brothers (Land Drainage) Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor Farm, Cotness Lane, Goole, DN14 7YE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Consolidation The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. (d) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Amounts owed by customers on long-term contracts The company undertakes work on long-term contracts which are at various degrees of completion at a year end. Management carries out an assessment of the stage of completeness of each of these contracts as at each balance sheet date to estimate the representative turnover and profit to recognise. Valuations are based on the overall value of each contract, knowledge of the work being undertaken on each contract up to the year end, activity on each contract since the year end and management's previous experience on similar contracts including those that have been completed. The profitability of each contract is sensitive to cost variances arising either as a result of unforeseen issues on the contract or from changes to market rates. (e) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from contracts for the provision of land drainage services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. (f) Current & deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. (g) Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. (h) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (i) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line
Plant and machinery - 20% reducing balance
Fixtures and fittings - 33% reducing balance
Motor vehicles - 20% reducing balance
(j) Investments Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. (k) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(l) Stocks
Stocks are measured 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 the stock to its present location and condition.
(m) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(n) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(o) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(p) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: 20 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
248,743
2,886,299
31,405
316,210
3,482,657
Additions
209,980
1,751
38,683
250,414
Disposals
( 235,125)
( 235,125)
----------
-------------
--------
----------
-------------
At 30 September 2024
248,743
2,861,154
33,156
354,893
3,497,946
----------
-------------
--------
----------
-------------
Depreciation
At 1 October 2023
34,001
1,439,929
26,698
177,460
1,678,088
Charge for the year
2,052
137,668
1,776
30,579
172,075
Disposals
( 125,373)
( 125,373)
----------
-------------
--------
----------
-------------
At 30 September 2024
36,053
1,452,224
28,474
208,039
1,724,790
----------
-------------
--------
----------
-------------
Carrying amount
At 30 September 2024
212,690
1,408,930
4,682
146,854
1,773,156
----------
-------------
--------
----------
-------------
At 30 September 2023
214,742
1,446,370
4,707
138,750
1,804,569
----------
-------------
--------
----------
-------------
6. Investments
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
729,818
----------
Impairment
At 1 October 2023
149,298
Reversal of impairment losses
( 149,298)
----------
At 30 September 2024
----------
Carrying amount
At 30 September 2024
729,818
----------
At 30 September 2023
580,520
----------
7. Debtors
2024
2023
£
£
Trade debtors
945,306
459,770
Other debtors
132,033
149,339
-------------
----------
1,077,339
609,109
-------------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
314,616
66,088
Trade creditors
530,508
396,523
Amounts owed to group undertakings and undertakings in which the company has a participating interest
388,917
267,917
Corporation tax
5,370
27,021
Social security and other taxes
92,700
72,593
Other creditors
318,827
392,354
-------------
-------------
1,650,938
1,222,496
-------------
-------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
174,263
119,121
----------
----------
Amounts due under hire purchase agreements, included in other creditors, are secured on the assets to which they relate.
The bank borrowings are secured by a fixed and floating charge over the company's and its subsidiary's assets
.
10. Related party transactions
During the year some of the directors made loans to the company which are interest free and repayable on demand . At the year end date the total balance owed to the directors was £ 194,438 (£2023 - £ 172,247 ). During the year the company made a loan to a director. The maximum balance on the loan was £47,361 (2023 - £14,171). The director has paid interest on the loan at the HMRC approved rate. At the year end date the balance due from the director totalled £47,361 (2023 - £8,425). A debenture was executed on 23 June 2016 in favour of the company's bankers comprising a fixed and floating charge and a guarantee was executed at the same date covering financial indebtedness between the company's bankers, the company and the company's subsidiary, Fen Ditching Limited. The company acts as guarantor in respect of the subsidiary company's lease on its business premises.