S & F Hutton (Holdings) Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 10330006

S & F Hutton (Holdings) Limited

Financial Statements

For the year ended

31 December 2024

S & F Hutton (Holdings) Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

S & F Hutton (Holdings) Limited

Officers and Professional Advisers

The board of directors	S Hutton
	W Billing (Resigned 24 March 2024)
	R Watson

Registered office	The Barn
	Charity Street
	Carlton Scroop
	Grantham
	Lincolnshire
	NG32 3AT

Auditor	Streets Audit LLP
	Chartered Accountants & statutory auditor
	Enterprise House
	38 Tyndall Court
	Commerce Road
	Lynch Wood
	Peterborough
	Cambridgeshire
	PE2 6LR

Bankers	HSBC Bank Plc
	Stonebow
	221 High Street
	Lincoln
	LN1 1TS

S & F Hutton (Holdings) Limited

Strategic Report

Year ended 31 December 2024

We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face. The group's core operations are that of specialist growers of turf and construction, installation and contract maintenance of sports pitches. Operation Performance and Key Performance Indicators The directors of the group consider the key performance indicators (KPI's) of the company to be turnover, gross margin and net profit. The group reported turnover in the year of £11.2m (2023 - £12.1m) and a gross margin of 27.8% (2023 - 30.8%) resulting in a profit before tax of £0.9m (2023 - £1.6m). As for many businesses of our size, the business environment in which we operate continues to be challenging but we are confident that the group will maintain or increase its market share during 2025 through the continued investment in its core operations. Principal Risks and Uncertainties The group's principal financial instruments comprise cash, bank borrowings and various items, such as trade debtors and trade creditors, which arise directly from its operations. The main purpose of these financial instruments is to provide finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks. The main risks arising from the group's financial risks are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. Credit risk The group seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities. The main functional currency of the business is Sterling and the group does not have material exposure to foreign-denominated currency. Interest rate risk The group's exposure to market risk for the changes in interest rates relates primarily to its bank borrowings. The group seeks to manage this risk by keeping bank borrowings to a minimum. Outlook The group continues to seek to grow across all core operations by the continued investment in land and machinery. The directors will continue to react to market conditions whilst managing the risks noted above. The cost of living crisis continues to affect he UK economy however so far we have not been affected in any way but we continue to monitor whether there may be any impact on the business.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

S Hutton

Director

Registered office:

The Barn

Charity Street

Carlton Scroop

Grantham

Lincolnshire

NG32 3AT

S & F Hutton (Holdings) Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the group for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

S Hutton
R Watson
W Billing	(Resigned 24 March 2024)

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Disclosure of information in the strategic report

The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

S Hutton

Director

Registered office:

The Barn

Charity Street

Carlton Scroop

Grantham

Lincolnshire

NG32 3AT

S & F Hutton (Holdings) Limited

Independent Auditor's Report to the Members of S & F Hutton (Holdings) Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of S & F Hutton (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 auditor’s report. 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 an auditor's report 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.

Jonathan Day

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered Accountants & statutory auditor

Enterprise House

38 Tyndall Court

Commerce Road

Lynch Wood

Peterborough

Cambridgeshire

PE2 6LR

29 September 2025

S & F Hutton (Holdings) Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	11,186,219	12,103,334

Cost of sales	8,078,275	8,369,617
	-------------	-------------
Gross profit	3,107,944	3,733,717

Distribution costs		–	47,270
Administrative expenses		2,020,055	1,954,117
Other operating income	5	38,228	43,457
		------------	------------
Operating profit	6	1,126,117	1,775,787

Share of profit of associates	16	14,457	2,960
Other interest receivable and similar income	10	6,294	3,310
Amounts written off investments		39,439	–
Interest payable and similar expenses	11	215,495	188,103
		------------	------------
Profit before taxation		891,934	1,593,954

Tax on profit	12	110,105	418,251
		---------	------------
Profit for the financial year and total comprehensive income		781,829	1,175,703
		---------	------------

Profit for the financial year attributable to:

The owners of the parent company	779,286	1,172,663
Non-controlling interests	2,543	3,040
	---------	------------
	781,829	1,175,703
	---------	------------

All the activities of the group are from continuing operations.

S & F Hutton (Holdings) Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	15	7,617,703	7,313,473
Investments:	16
Investments in associates		67,962	92,944
Other fixed asset investments		1,135,202	833,082
		------------	------------
		8,820,867	8,239,499

Current assets

Stocks	17	4,143,407	3,881,627
Debtors	18	1,418,840	1,292,022
Cash at bank and in hand		553,290	1,040,036
		------------	------------
		6,115,537	6,213,685

Creditors: amounts falling due within one year	19	2,053,439	2,116,926
		------------	------------
Net current assets		4,062,098	4,096,759
		-------------	-------------
Total assets less current liabilities		12,882,965	12,336,258

Creditors: amounts falling due after more than one year	20	2,588,021	2,383,154

Provisions	22	987,718	877,569
		-------------	-------------
Net assets		9,307,226	9,075,535
		-------------	-------------

Capital and reserves

Called up share capital	25	704	728
Capital redemption reserve	26	296	272
Profit and loss account	26	9,225,107	8,995,959
		------------	------------
Equity attributable to the owners of the parent company		9,226,107	8,996,959

Non-controlling interests	81,119	78,576
	------------	------------
	9,307,226	9,075,535
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

S & F Hutton (Holdings) Limited

Consolidated Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

S Hutton

Director

Company registration number: 10330006

S & F Hutton (Holdings) Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	15	7,089,052	6,728,627
Investments	16	2,755,057	2,452,937
		------------	------------
		9,844,109	9,181,564

Current assets

Debtors	18	3,920,301	3,593,571
Cash at bank and in hand		19,975	58,606
		------------	------------
		3,940,276	3,652,177

Creditors: amounts falling due within one year	19	714,494	601,303
		------------	------------
Net current assets		3,225,782	3,050,874
		-------------	-------------
Total assets less current liabilities		13,069,891	12,232,438

Creditors: amounts falling due after more than one year	20	2,552,875	2,311,154

Provisions	22	914,819	797,696
		-------------	-------------
Net assets		9,602,197	9,123,588
		-------------	-------------

Capital and reserves

Called up share capital	25	704	728
Capital redemption reserve	26	296	272
Profit and loss account	26	9,601,197	9,122,588
		------------	------------
Shareholders funds		9,602,197	9,123,588
		------------	------------

The profit for the financial year of the parent company was £ 1,028,747 (2023: £ 3,518,498 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

S Hutton

Director

Company registration number: 10330006

S & F Hutton (Holdings) Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£	£
At 1 January 2023		776	224	8,328,436	8,329,436	75,536	8,404,972

Profit for the year				1,172,663	1,172,663	3,040	1,175,703
		----	----	------------	------------	--------	------------
Total comprehensive income for the year		–	–	1,172,663	1,172,663	3,040	1,175,703

Dividends paid and payable	13	–	–	( 155,000)	( 155,000)	–	( 155,000)
Cancellation of subscribed capital		–	48	–	48	–	48
Redemption of shares		( 48)	–	( 350,140)	( 350,188)	–	( 350,188)
		----	----	------------	------------	--------	------------
Total investments by and distributions to owners		( 48)	48	( 505,140)	( 505,140)	–	( 505,140)

At 31 December 2023		728	272	8,995,959	8,996,959	78,576	9,075,535

Profit for the year				779,286	779,286	2,543	781,829
		----	----	------------	------------	--------	------------
Total comprehensive income for the year		–	–	779,286	779,286	2,543	781,829

Dividends paid and payable	13	–	–	( 200,000)	( 200,000)	–	( 200,000)
Cancellation of subscribed capital		–	24	–	24	–	24
Redemption of shares		( 24)	–	( 350,138)	( 350,162)	–	( 350,162)
		----	----	---------	---------	----	---------
Total investments by and distributions to owners		( 24)	24	( 550,138)	( 550,138)	–	( 550,138)

		----	----	------------	------------	--------	------------
At 31 December 2024		704	296	9,225,107	9,226,107	81,119	9,307,226
		----	----	------------	------------	--------	------------

S & F Hutton (Holdings) Limited

Company Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£
At 1 January 2023		776	224	6,109,230	6,110,230

Profit for the year				3,518,498	3,518,498
		----	----	------------	------------
Total comprehensive income for the year		–	–	3,518,498	3,518,498

Dividends paid and payable	13	–	–	( 155,000)	( 155,000)
Cancellation of subscribed capital		–	48	–	48
Redemption of shares		( 48)	–	( 350,140)	( 350,188)
		----	----	------------	------------
Total investments by and distributions to owners		( 48)	48	( 505,140)	( 505,140)

At 31 December 2023		728	272	9,122,588	9,123,588

Profit for the year				1,028,747	1,028,747
		----	----	------------	------------
Total comprehensive income for the year		–	–	1,028,747	1,028,747

Dividends paid and payable	13	–	–	( 200,000)	( 200,000)
Cancellation of subscribed capital		–	24	–	24
Redemption of shares		( 24)	–	( 350,138)	( 350,162)
		----	----	---------	---------
Total investments by and distributions to owners		( 24)	24	( 550,138)	( 550,138)

		----	----	------------	------------
At 31 December 2024		704	296	9,601,197	9,602,197
		----	----	------------	------------

S & F Hutton (Holdings) Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	781,829	1,175,703

Adjustments for:
Depreciation of tangible assets	740,315	666,377
Amounts written back to investments	39,439	–
Share of profit of associates	( 14,457)	( 2,960)
Other interest receivable and similar income	( 6,294)	( 3,310)
Interest payable and similar expenses	215,495	188,103
Gains on disposal of tangible assets	( 63,160)	( 114,162)
Tax on profit	110,105	418,251

Changes in:
Stocks	( 261,780)	( 464,653)
Trade and other debtors	( 168,315)	163,812
Trade and other creditors	111,855	425,322
	------------	------------
Cash generated from operations	1,485,032	2,452,483

Interest paid	( 215,495)	( 188,103)
Interest received	6,294	3,310
Tax paid	( 227,090)	( 232,280)
	------------	------------
Net cash from operating activities	1,048,741	2,035,410
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 1,119,234)	( 1,223,098)
Proceeds from sale of tangible assets	137,849	266,517
Purchases of other investments	( 302,120)	–
	------------	------------
Net cash used in investing activities	( 1,283,505)	( 956,581)
	------------	------------

Cash flows from financing activities

Purchase of own shares	( 350,138)	( 350,140)
Proceeds from borrowings	191,645	( 168,448)
Proceeds from loans from participating interests	( 4,135)	( 14,540)
Payments of finance lease liabilities	110,646	299,347
Dividends paid	( 200,000)	( 155,000)
	------------	------------
Net cash used in financing activities	( 251,982)	( 388,781)
	------------	------------

Net (decrease)/increase in cash and cash equivalents	( 486,746)	690,048
Cash and cash equivalents at beginning of year	1,040,036	349,988
	------------	------------
Cash and cash equivalents at end of year	553,290	1,040,036
	------------	------------

S & F Hutton (Holdings) Limited

Notes to the Financial Statements

Year ended 31 December 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 The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

No disclosure exemptions are available under FRS102.

Consolidation

As a consolidated statement of income and retained earnings is published, a separate statement of income and retained earnings for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

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. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. 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:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. Stocks and work in progress Stock and work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Revaluation of assets Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on completion of work done, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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 material 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the income statement.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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% - 5% straight line
Plant and machinery	-	10% - 33% straight line, 15% - 25% reducing balance

Freehold land is not depreciated.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Research and development expenditure

Research and development expenditure is written off in the period in which it is incurred.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases 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.

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.

Financial instruments

The group only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the group and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

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. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods and services	11,186,219	12,103,334
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	11,079,792	11,761,803
Overseas	106,427	341,531
	-------------	-------------
	11,186,219	12,103,334
	-------------	-------------

5. Other operating income

	2024	2023
	£	£
Rental income	15,117	21,545
Other operating income	23,111	21,912
	--------	--------
	38,228	43,457
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	740,315	666,377
Gains on disposal of tangible assets	( 63,160)	( 114,162)
Foreign exchange differences	2,734	3,986
	---------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	20,000	19,500
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	51	49
Administrative staff	4	4
Management staff	9	9
	----	----
	64	62
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,544,669	2,590,834
Social security costs	265,280	270,743
Other pension costs	55,448	60,701
	------------	------------
	2,865,397	2,922,278
	------------	------------

The average number of employees employed by undertakings that are proportionately consolidated was 6 (2023 - 5).

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	130,375	194,037
Company contributions to defined contribution pension plans	5,319	7,220
	---------	---------
	135,694	201,257
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	2	2
	----	----

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	6,294	3,310
	-------	-------

11. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	113,544	112,657
Interest on obligations under finance leases and hire purchase contracts	101,951	73,877
Other interest payable and similar charges	–	1,569
	---------	---------
	215,495	188,103
	---------	---------

12. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	52,160	227,453
Adjustments in respect of prior periods	( 52,204)	( 15,731)
	--------	---------
Total current tax	( 44)	211,722
	--------	---------

Deferred tax:

Origination and reversal of timing differences	110,149	206,529
	---------	---------
Tax on profit	110,105	418,251
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	891,934	1,593,954
	---------	------------
Profit on ordinary activities by rate of tax	229,229	373,884
Adjustment to tax charge in respect of prior periods	(363)	–
Effect of expenses not deductible for tax purposes	( 27,128)	( 26,904)
Effect of capital allowances and depreciation	16,484	71,271
R&D enhanced deduction	( 56,276)	–
	---------	------------
Tax on profit	161,946	418,251
	---------	------------

13. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	200,000	155,000
	---------	---------

14. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	189,233
	---------
Amortisation
At 1 January 2024 and 31 December 2024	189,233
	---------
Carrying amount
At 1 January 2024 and 31 December 2024	–
	---------
At 31 December 2023	–
	---------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2024	3,895,210	9,139,551	13,034,761
Additions	22,248	1,096,986	1,119,234
Disposals	–	( 175,560)	( 175,560)
	------------	-------------	-------------
At 31 December 2024	3,917,458	10,060,977	13,978,435
	------------	-------------	-------------
Depreciation
At 1 January 2024	340,705	5,380,583	5,721,288
Charge for the year	26,833	713,482	740,315
Disposals	–	( 100,871)	( 100,871)
	------------	-------------	-------------
At 31 December 2024	367,538	5,993,194	6,360,732
	------------	-------------	-------------
Carrying amount
At 31 December 2024	3,549,920	4,067,783	7,617,703
	------------	-------------	-------------
At 31 December 2023	3,554,505	3,758,968	7,313,473
	------------	-------------	-------------

Company	Freehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2024	3,424,384	5,214,581	8,638,965
Additions	24,596	1,095,886	1,120,482
Disposals	–	( 158,404)	( 158,404)
	------------	------------	------------
At 31 December 2024	3,448,980	6,152,063	9,601,043
	------------	------------	------------
Depreciation
At 1 January 2024	123,376	1,786,962	1,910,338
Charge for the year	25,611	649,293	674,904
Disposals	–	( 73,251)	( 73,251)
	------------	------------	------------
At 31 December 2024	148,987	2,363,004	2,511,991
	------------	------------	------------
Carrying amount
At 31 December 2024	3,299,993	3,789,059	7,089,052
	------------	------------	------------
At 31 December 2023	3,301,008	3,427,619	6,728,627
	------------	------------	------------

Included within Freehold property for the group is land at a cost of £2,839,874 (2023 - £2,839,874) which is not depreciated. Included within Freehold property for the company is land at a cost of £2,743,874 (2023 - £2,743,874) which is not depreciated.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group and company	Plant and machinery
	£
At 31 December 2024	1,809,412
	------------
At 31 December 2023	1,425,666
	------------

16. Investments

Group	Interests in associates	Investment properties	Total
	£	£	£
Share of net assets/cost
At 1 January 2024	182,836	833,082	1,015,918
Additions	–	302,120	302,120
Share of profit or loss	14,457		14,457
	---------	------------	------------
At 31 December 2024	197,293	1,135,202	1,332,495
	---------	------------	------------
Impairment
At 1 January 2024	89,892	–	89,892
Impairment losses	39,439	–	39,439
	---------	------------	------------
At 31 December 2024	129,331	–	129,331
	---------	------------	------------

Carrying amount
At 31 December 2024	67,962	1,135,202	1,203,164
	---------	------------	------------
At 31 December 2023	92,944	833,082	926,026
	---------	------------	------------

Company	Shares in group undertakings	Shares in participating interests	Investment properties	Total
	£	£	£	£
Cost
At 1 January 2024	1,619,705	150	833,082	2,452,937
Additions	–	–	302,120	302,120
	------------	----	------------	------------
At 31 December 2024	1,619,705	150	1,135,202	2,755,057
	------------	----	------------	------------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–	–
	------------	----	------------	------------

Carrying amount
At 31 December 2024	1,619,705	150	1,135,202	2,755,057
	------------	----	------------	------------
At 31 December 2023	1,619,705	150	833,082	2,452,937
	------------	----	------------	------------

Investments held at valuation

The group and company owns long term investment properties. The investment property was revalued to fair value at the year end as determined by the Directors.

In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group	Investment properties
	£
At 31 December 2024
Aggregate cost	984,975
Aggregate depreciation	–
	---------
Carrying value	984,975
	---------
At 31 December 2023
Aggregate cost	682,855
Aggregate depreciation	–
	---------
Carrying value	682,855
	---------

Company	Investment properties
	£
At 31 December 2024
Aggregate cost	984,975
Aggregate depreciation	–
	---------
Carrying value	984,975
	---------
At 31 December 2023
Aggregate cost	682,855
Aggregate depreciation	–
	---------
Carrying value	682,855
	---------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
S Hutton Limited	The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT	Ordinary	100
Tillers Turf Company Limited	The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT	Ordinary	100
Fineturf Machinery Limited	The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT	Ordinary	90
Hutton (Ancaster) Limited (Dormant)	The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT	Ordinary	100

Other significant holdings
Lakeland Construction (Special Earthworks) Limited	The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT	Ordinary	49

17. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	818,392	612,783	–	–
Work in progress	3,325,015	3,268,844	–	–
	------------	------------	----	----
	4,143,407	3,881,627	–	–
	------------	------------	----	----

18. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	1,323,059	1,147,889	1,250	1,250
Amounts owed by group undertakings	–	–	3,912,771	3,584,240
Amounts owed by undertakings in which the company has a participating interest	–	2,430	–	–
Prepayments and accrued income	35,930	76,831	–	–
Directors loan account	48,439	53,740	–	–
Other debtors	11,412	11,132	6,280	8,081
	------------	------------	------------	------------
	1,418,840	1,292,022	3,920,301	3,593,571
	------------	------------	------------	------------

Please see note 32 for further details on the directors loan account. The comparative has been restated for the company to correct the disclosure between amounts owed to/from group companies in debtors and creditors.

19. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	135,622	102,258	97,225	65,141
Trade creditors	410,567	595,641	21,356	1,501
Amounts owed to undertakings in which the company has a participating interest	11,310	15,445	–	–
Accruals and deferred income	478,281	375,750	6,518	6,016
Corporation tax	319	227,453	–	–
Social security and other taxes	302,741	276,417	5,139	7,768
Obligations under finance leases and hire purchase contracts	583,633	519,573	583,633	519,573
Other creditors	130,966	4,389	623	1,304
	------------	------------	---------	---------
	2,053,439	2,116,926	714,494	601,303
	------------	------------	---------	---------

Bank loans and overdrafts are secured against the freehold properties within the group. Obligations under finance leases and hire purchase contracts are secured against assets to which they relate. The comparative has been restated for the company to correct the disclosure between amounts owed to/from group companies in debtors and creditors.

20. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	1,496,928	1,338,647	1,461,782	1,266,647
Obligations under finance leases and hire purchase contracts	1,091,093	1,044,507	1,091,093	1,044,507
	------------	------------	------------	------------
	2,588,021	2,383,154	2,552,875	2,311,154
	------------	------------	------------	------------

Amounts due after more than 5 years are payable by annual repayments of £1,080,000 (2023: £900,000) at a current interest rate of 7.82% (2023: 7.72%).

Bank loans and overdrafts are secured against the freehold properties within the group. Obligations under finance leases and hire purchase contracts are are secured against assets to which they relate.

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	668,587	606,542	668,587	606,542
Later than 1 year and not later than 5 years	1,188,356	1,111,079	1,188,356	1,111,079
	------------	------------	------------	------------
	1,856,943	1,717,621	1,856,943	1,717,621
Less: future finance charges	( 182,217)	( 153,541)	( 182,217)	( 153,541)
	------------	------------	------------	------------
Present value of minimum lease payments	1,674,726	1,564,080	1,674,726	1,564,080
	------------	------------	------------	------------

22. Provisions

Group	Deferred tax (note 23)
	£
At 1 January 2024	877,569
Additions	110,149
	---------
At 31 December 2024	987,718
	---------

Company	Deferred tax (note 23)
	£
At 1 January 2024	797,696
Additions	117,123
	---------
At 31 December 2024	914,819
	---------

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 22)	987,718	877,569	914,819	797,696
	---------	---------	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	959,124	840,012	886,225	760,139
Fair value adjustment of investment property	37,624	37,557	37,624	37,557
Unused tax losses	( 9,030)	–	( 9,030)	–
	---------	---------	---------	---------
	987,718	877,569	914,819	797,696
	---------	---------	---------	---------

Deferred tax has been calculated at 25% being the rate enacted (2023 - 25%). The amount of the net reversal of deferred tax expected to occur during the next 12 months is £120,000.

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 55,448 (2023: £ 60,701 ).

25. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	704	704	728	728
	----	----	----	----

26. Reserves

Capital redemption reserve - this reserve records the nominal value of shares repurchased by the company. Profit and loss account - this reserve records retained earnings and accumulated losses.

27. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	Other changes	At 31 Dec 2024
	£	£	£	£
Cash at bank and in hand	1,040,036	(486,746)	–	553,290
Debt due within one year	(637,276)	47,397	(140,686)	(730,565)
Debt due after one year	(2,383,154)	302,385	(507,252)	(2,588,021)
	------------	---------	---------	------------
	( 1,980,394)	( 136,964)	( 647,938)	( 2,765,296)
	------------	---------	---------	------------

28. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	360,168	283,953	–	–
Later than 1 year and not later than 5 years	149,446	105,996	–	–
	---------	---------	----	----
	509,614	389,949	–	–
	---------	---------	----	----

29. Directors' advances, credits and guarantees

At the start of the year a director owed £53,740 to the group. During the year £194,699 was withdrawn by the director and £200,000 was repaid. At the year end £48,439 was owed to the group. No interest was charged and the loans are repayable on demand.

S & F Hutton (Holdings) Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

30. Related party transactions

Group

The group has taken advantage of the exemptions available under FRS102 relating to the disclosure of related party transactions with other members of the S & F Hutton (Holdings) Limited group. The following related party transactions took place with subsidiaries which are not wholly owned: Sales to group companies £58,937 (2023 - £69,810). Costs from group companies for management fees, payroll recharges and rent £221,129 (2023 - £187,709). Closing balances owed to group companies £478,716 (2023 - £298,545). The following related party transactions took place with associated companies: Sales to group companies £6,080 (2023 - £3,603). Purchases from group companies £263,366 (2023 - £278,587). Closing balances owed from group companies £12,448 (2023 - £19,395). The key management personnel are deemed to be the directors, their remuneration is disclosed in note 9.

Company

The company has taken advantage of the exemptions available under FRS102 relating to the disclosure of related party transactions with other members of the S & F Hutton (Holdings) Limited group. During a previous year, the company entered into a binding agreement to repurchase all of the shares from one shareholder. The agreement is to repurchase 500 shares over 7 years for a total consideration of £3.6m. At the year end 272 had been repurchased.