Company registration number 03890024 (England and Wales)
SANWALTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SANWALTON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
SANWALTON LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
9,689,255
20,380,806
Current assets
Debtors
7
331,020
312,537
Cash at bank and in hand
1,924,571
1,641,416
2,255,591
1,953,953
Creditors: amounts falling due within one year
8
(15,624)
(10,886,646)
Net current assets/(liabilities)
2,239,967
(8,932,693)
Total assets less current liabilities
11,929,222
11,448,113
Provisions for liabilities
Deferred tax liability
28,397
(28,397)
-
Net assets
11,900,825
11,448,113
Capital and reserves
Called up share capital
9
867,955
867,955
Profit and loss reserves
11,032,870
10,580,158
Total equity
11,900,825
11,448,113
SANWALTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 8 July 2025 and are signed on its behalf by:
R Banks
Director
Company registration number 03890024 (England and Wales)
SANWALTON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
867,955
10,632,510
11,500,465
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
294,830
294,830
Dividends
-
(347,182)
(347,182)
Balance at 31 December 2023
867,955
10,580,158
11,448,113
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
938,767
938,767
Dividends
-
(486,055)
(486,055)
Balance at 31 December 2024
867,955
11,032,870
11,900,825
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Sanwalton Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Banks Drive, Sandy, SG19 1AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
It is the group's policy to charge for tax losses surrendered by way of group relief at the prevailing rate at the end of the financial period in respect of which group relief is given.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
5
5
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
142,071
69,421
Gain on financial liabilities held at fair value through profit or loss
12,232,986
12,375,057
69,421
Other gains/(losses)
Gain/(loss) on disposal of financial assets held at fair value through profit or loss
24,452
(6,653)
Impairment losses reversed
-
554,546
12,399,509
617,314
4
Taxation
2024
2023
£
£
Current tax
Group tax relief
(50,096)
Deferred tax
Origination and reversal of timing differences
23,704
Adjustment in respect of prior periods
4,693
Total deferred tax
28,397
Total tax charge/(credit)
28,397
(50,096)
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Taxation
(Continued)
- 8 -
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
967,164
244,734
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
241,791
61,184
Tax effect of expenses that are not deductible in determining taxable profit
2,691,177
1,407
Tax effect of income not taxable in determining taxable profit
(3,058,247)
(139,525)
Effect of change in corporation tax rate
(11,847)
Group relief
217,326
Chargeable gains
17,916
14,441
Exempt ABGH distributions
(21,253)
(22,356)
Movement in deferred tax not recognised
(60,313)
46,600
Taxation charge/(credit) for the year
28,397
(50,096)
5
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
6
2,213,766
13,150,755
Listed investments
4,743,288
4,764,911
Unlisted investments
2,732,201
2,465,140
9,689,255
20,380,806
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
13,150,755
7,230,051
20,380,806
Additions
-
870,170
870,170
Valuation changes
277,466
142,071
419,537
Impairment
(11,214,455)
-
(11,214,455)
Disposals
-
(766,803)
(766,803)
At 31 December 2024
2,213,766
7,475,489
9,689,255
Carrying amount
At 31 December 2024
2,213,766
7,475,489
9,689,255
At 31 December 2023
13,150,755
7,230,051
20,380,806
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Banks Mills Limited
England
Ordinary
100.00
Banks Truck Centre Limited
England
Ordinary
100.00
Lane & Browns Limited
England
Ordinary
100.00
SCB Holdings (Sandy) Limited
England
Ordinary
100.00
SCB Residential Limited
England
Ordinary
100.00
The shares held in Banks Truck Centre Limited, SCB Processing Limited, Banks Mills Limited and Lane & Browns Limited are held by SCB Holdings (Sandy) Limited.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,203
1,804
Corporation tax recoverable
148,000
Amounts owed by group undertakings
50,096
Other debtors
173,084
248,083
Prepayments and accrued income
8,733
12,554
331,020
312,537
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
130
10
Amounts owed to group undertakings
10,525,058
Taxation and social security
3,051
2,324
Dividends payable
347,182
Accruals and deferred income
12,443
12,072
15,624
10,886,646
9
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3,471,822 Ordinary shares of 25p each
867,955
867,955
SANWALTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
10
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption available whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
Included in other debtors is a loan of £100,000 (2023 - £100,000) to Waresley Farms Limited, a company in which M C Banks (deceased) was a director. M C Banks is the late brother of R L Banks and J A Clements. Interest is charged on the loan at a rate of 0.25% above the bank base rate, calculated monthly on outstanding amounts. The total interest charged in the year was £5,373 (2023 - £4,729). At the year end £1,203 (2023 - £1,340) was owed by Waresley Farms Limited in respect of the interest
Included in other debtors is a loan of £0 (2023 - £75,000) to Little Staughton Farms Limited, a company in which R L Banks is a director. Interest is charged on the loan at a rate of 0.25% above the bank base rate, calculated monthly on outstanding amounts. The total interest charged in the year was £810 (2023 - £946). There is no fixed date for repayment. At the year end £Nil (2023 - £463) was owed by Little Staughton Farms Limited in respect of the interest
There is a bank cross guarantee in place from SCB Residential Ltd, Banks Truck Centre Ltd, Sanwalton Ltd and Banks Mills Ltd to SCB Holdings Limited.
11
Ultimate controlling party
The directors are considered the ultimate controlling party by virtue of their share ownership.
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