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Company No: 00373545 (England and Wales)

# S. H. MUFFETT LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

S. H. MUFFETT LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

S. H. MUFFETT LIMITED

## COMPANY INFORMATION

For the financial year ended 31 March 2025
S. H. MUFFETT LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025

DIRECTORS | S. B. Ebbrell
| M. Jagelman
| A. P. Smith

REGISTERED OFFICE | Ashdown House
| Lamberts Road
| Tunbridge Wells
| Kent
| TN2 3EH
| United Kingdom

COMPANY NUMBER | 00373545 (England and Wales)

ACCOUNTANT | S&W Partners (South East) Limited
| Brockbourne House
| 77 Mount Ephraim
| Royal Tunbridge Wells
| TN4 8BS

S. H. MUFFETT LIMITED

## BALANCE SHEET

As at 31 March 2025
S. H. MUFFETT LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 3,252,335 |  | 3,224,697
|  | 3,252,335 |  | 3,224,697
Current assets |  |  |  |
Stocks |  | 2,028,242 |  | 1,732,273
Debtors | 4 | 1,888,772 |  | 2,343,763
Cash at bank and in hand |  | 39,549 |  | 772,245
|  | 3,956,563 |  | 4,848,281
Creditors: amounts falling due within one year | 5 | ( 1,930,638) |  | ( 2,327,203)
Net current assets |  | 2,025,925 |  | 2,521,078
Total assets less current liabilities |  | 5,278,260 |  | 5,745,775
Creditors: amounts falling due after more than one year | 6 | ( 807,881) |  | ( 928,201)
Provision for liabilities | 7 | ( 554,468) |  | ( 763,923)
Net assets |  | 3,915,911 |  | 4,053,651
Capital and reserves |  |  |  |
Called-up share capital |  | 800,000 |  | 800,000
Profit and loss account |  | 3,115,911 |  | 3,253,651
Total shareholder's funds |  | 3,915,911 |  | 4,053,651

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of S. H. Muffett Limited (registered number: 00373545) were approved and authorised for issue by the Board of Directors on 28 October 2025. They were signed on its behalf by:

A. P. Smith Director |

S. H. MUFFETT LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
S. H. MUFFETT LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

S. H. Muffett Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ashdown House, Lamberts Road, Tunbridge Wells, Kent, TN2 3EH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of S. H. Muffett Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

##### Going concern

The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

##### Turnover

Revenue is measured as the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

##### Interest income

Interest income is recognised in profit or loss using the effective interest method.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 25 % reducing balance
Plant and machinery etc. | 8 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### 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 creditors: amounts falling due within one year.

##### Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 38 |  | 40

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 April 2024 | 311,877 |  | 5,936,229 |  | 6,248,106
Additions | 71,486 |  | 312,684 |  | 384,170
Disposals | 0 |  | ( 205,050) |  | ( 205,050)
At 31 March 2025 | 383,363 |  | 6,043,863 |  | 6,427,226
Accumulated depreciation |  |  |  |  |
At 01 April 2024 | 153,994 |  | 2,869,415 |  | 3,023,409
Disposals | 0 |  | ( 169,299) |  | ( 169,299)
Charge for the year on owned assets | 51,891 |  | 108,469 |  | 160,360
Charge for the year on financed assets | 0 |  | 160,421 |  | 160,421
At 31 March 2025 | 205,885 |  | 2,969,006 |  | 3,174,891
Net book value |  |  |  |  |
At 31 March 2025 | 177,478 |  | 3,074,857 |  | 3,252,335
At 31 March 2024 | 157,883 |  | 3,066,814 |  | 3,224,697
Leased assets included above: |  |  |  |  |
Net book value |  |  |  |  |
At 31 March 2025 | 0 |  | 1,637,976 |  | 1,637,976
At 31 March 2024 | 0 |  | 1,483,052 |  | 1,483,052

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 1,322,002 |  | 1,588,574
Amounts owed by Group undertakings | 343,400 |  | 343,400
Prepayments | 192,403 |  | 194,145
Deferred tax asset | 0 |  | 164,470
Other debtors | 30,967 |  | 53,174
| 1,888,772 |  | 2,343,763

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 10,311 |  | 10,648
Trade creditors | 954,849 |  | 851,059
Amounts owed to Group undertakings | 12,923 |  | 12,923
Accruals | 67,314 |  | 46,080
Debt securities in issue | 422,473 |  | 1,020,931
Other taxation and social security | 88,521 |  | 61,976
Obligations under finance leases and hire purchase contracts | 366,031 |  | 310,662
Other creditors | 8,216 |  | 12,924
| 1,930,638 |  | 2,327,203

The invoice financing facility of £422,473 (2024: £1,020,931) is secured by an all assets debenture and against the trade debts of the company. As a result of this the legal ownership of the debts vests in HSBC UK Bank PLC.
The company also has fixed charges in respect of certain specific assets.
The company also has fixed and floating charges with HSBC Invoice Finance (UK) Limited in respect of non-vesting debts.

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 7,905 |  | 17,623
Obligations under finance leases and hire purchase contracts | 799,976 |  | 910,578
| 807,881 |  | 928,201

There are no amounts included above in respect of which any security has been given by the small entity.

#### 7. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 599,453) |  | ( 597,633)
Credited/(charged) to the Statement of Income and Retained Earnings | 44,985 |  | ( 1,820)
At the end of financial year | ( 554,468) |  | ( 599,453)

The deferred taxation balance is made up as follows:

| 2025 |  | 2024
| £ |  | £
Accelerated capital allowances | ( 771,907) |  | ( 763,923)
Tax losses carry forward | 217,439 |  | 164,470
| ( 554,468) |  | ( 599,453)

#### 8. Financial commitments

Commitments

Capital commitments are as follows:

| 2025 |  | 2024
| £ |  | £
Contracted for but not provided for: |  |  |
Finance leases entered into | 1,156,729 |  | 1,221,240

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

| 2025 |  | 2024
| £ |  | £
within one year | 124,613 |  | 127,375
between one and five years | 498,452 |  | 0
Total future minimum lease payments under non-cancellable operating leases | 623,065 |  | 127,375

The rental operating lease expires on 24 March 2030.

#### 9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

| 2025 |  | 2024
| £ |  | £
SHM Holdings Limited - immediate parent company | (12,923) |  | (12,923)
Muffett Holdings Limited - ultimate parent company | 343,400 |  | 343,400

The above inter-company balances are unsecured, interest free and repayable on demand.

Transactions with the entity's directors

During the year the company made payments to a director of £nil (2024: £50,000). As at the year end, £30,967 was owed by the directors (2024: £30,292) and is include within other debtors. Interest has been charged on this loan at the HMRC approved rates. The loan is unsecured and repayable on demand.

#### 10. Ultimate controlling party

The ultimate parent company is Muffett Holdings Limited, a company registered in England and Wales. The financial statements can be obtained from their registered office which is Ashdown House, Lamberts Road, Tunbridge Wells, Kent, TN2 3EH.