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REGISTRAR OF COMPANIES

Registration number: 07675873

A Sowray & Sons Limited

Unaudited Financial Statements

28 September 2023 to 31 October 2024

image-name

 

A Sowray & Sons Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
A Sowray & Sons Limited
for the Period Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A Sowray & Sons Limited for the period ended 31 October 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of A Sowray & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 8 January 2025. Our work has been undertaken solely to prepare for your approval the accounts of A Sowray & Sons Limited and state those matters that we have agreed to state to the Board of Directors of A Sowray & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A Sowray & Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A Sowray & Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of A Sowray & Sons Limited. You consider that A Sowray & Sons Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of A Sowray & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

20 May 2025

 

A Sowray & Sons Limited

(Registration number: 07675873)
Balance Sheet as at 31 October 2024

Note

31 October 2024
£

27 September 2023
£

Fixed assets

 

Tangible assets

5

1,105,781

952,874

Investment property

6

966,823

966,823

 

2,072,604

1,919,697

Current assets

 

Stocks

724,671

692,750

Debtors

7

132,307

124,928

 

856,978

817,678

Creditors: Amounts falling due within one year

8

(919,952)

(867,129)

Net current liabilities

 

(62,974)

(49,451)

Total assets less current liabilities

 

2,009,630

1,870,246

Creditors: Amounts falling due after more than one year

8

(444,421)

(456,266)

Provisions for liabilities

(201,211)

(137,400)

Net assets

 

1,363,998

1,276,580

Capital and reserves

 

Allotted, called up and fully paid share capital

3,000

3,000

Profit and loss account

1,360,998

1,273,580

Total equity

 

1,363,998

1,276,580

 

A Sowray & Sons Limited

(Registration number: 07675873)
Balance Sheet as at 31 October 2024 (continued)

For the financial period ending 31 October 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Approved and authorised by the Board on 20 May 2025 and signed on its behalf by:
 

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

S A Sowray

Company secretary and director

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

P Sowray

Director

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

P F Sowray

Director

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024

1

General information

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

The address of its registered office is:
Bowes Green Farm
Bishop Thornton
HARROGATE
HG3 3JX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The company has net current liabilities at 31 October 2024 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Disclosure of long period

The year end has been lengthened to align with the reporting requirements of the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024 (continued)

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Land and buildings

2% on cost basis and 10% reducing balance basis

Plant and machinery

15% reducing balance basis

Motor vehicles and tractors

25% reducing balance basis and 15% reducing balance basis

Wind turbine and solar panels

5% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024 (continued)

Trade debtors

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

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

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of disposals to the herd from the prior year. In this case they are reinstated at the prior year disposal value.

Disposals to the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.

Trade creditors

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

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

Borrowings

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

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

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

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024 (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2023 - 5).

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024 (continued)

4

Intangible assets

Milk quota
 £

Total
£

Cost or valuation

At 28 September 2023

4,000

4,000

At 31 October 2024

4,000

4,000

Amortisation

At 28 September 2023

4,000

4,000

At 31 October 2024

4,000

4,000

Carrying amount

At 31 October 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles and tractors
 £

Wind turbine and solar panels
 £

Total
£

Cost or valuation

At 28 September 2023

408,817

726,015

363,997

400,963

1,899,792

Additions

-

193,555

73,000

-

266,555

Disposals

-

(75,364)

(635)

-

(75,999)

At 31 October 2024

408,817

844,206

436,362

400,963

2,090,348

Depreciation

At 28 September 2023

99,486

517,742

162,920

166,770

946,918

Charge for the period

8,482

32,243

37,749

12,685

91,159

Eliminated on disposal

-

(52,888)

(622)

-

(53,510)

At 31 October 2024

107,968

497,097

200,047

179,455

984,567

Carrying amount

At 31 October 2024

300,849

347,109

236,315

221,508

1,105,781

At 27 September 2023

309,331

208,273

201,077

234,193

952,874

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024 (continued)

6

Investment properties

£

At 28 September 2023

966,823

At 31 October 2024

966,823

Investment properties have been valued on an open market basis by the directors and they believe
the valuations remain appropriate at 31 October 2024. There has been no valuation by an independent valuer.

7

Debtors

31 October 2024
£

27 September 2023
£

Trade debtors

121,765

102,940

Other debtors

10,542

21,988

132,307

124,928

8

Creditors

Note

31 October 2024
£

27 September 2023
£

Due within one year

 

Loans and borrowings

9

613,567

523,063

Trade creditors

 

248,257

218,435

Corporation tax liability

 

42,798

120,181

Other creditors

 

15,330

5,450

 

919,952

867,129

Due after one year

 

Loans and borrowings

9

444,421

456,266

31 October 2024
£

27 September 2023
£

After more than five years by instalments

97,756

182,789

97,756

182,789

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024 (continued)

9

Loans and borrowings

31 October 2024
£

27 September 2023
£

Current loans and borrowings

Bank borrowings

68,248

67,148

Bank overdrafts

419,417

292,593

Finance lease liabilities

56,911

40,452

Other borrowings

68,991

122,870

613,567

523,063

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

31 October 2024
£

27 September 2023
£

Bank borrowings

68,248

67,148

Bank overdrafts

419,417

292,593

Finance lease liabilities

56,911

40,452

544,576

400,193

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets

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

 

A Sowray & Sons Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 31 October 2024 (continued)

31 October 2024
£

27 September 2023
£

Non-current loans and borrowings

Bank borrowings

348,705

423,825

Finance lease liabilities

95,716

32,441

444,421

456,266

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

31 October 2024
£

27 September 2023
£

Bank borrowings

348,705

423,825

Finance lease liabilities

95,716

32,441

444,421

456,266

Bank borrowings are secured by fixed and floating charges over the company's assets.

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