REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
E. SIDWELL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
E. SIDWELL LIMITED |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
E. SIDWELL LIMITED |
COMPANY INFORMATION |
for the year ended 30 September 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
BALANCE SHEET |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Capital redemption reserve | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
BALANCE SHEET - continued |
30 September 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2022 |
1. | STATUTORY INFORMATION |
E. Sidwell Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis. |
During the 2020 financial year the directors made the strategic decision to concentrate and carry out its delivery operations from a single location, at its site in Leamington, which has continued throughout 2022. This decision was made in order to mitigate the financial risk and pressure on working capital during the severe market disruptions at the height of the Covid-19 pandemic. The scaling back of the operational activities has been necessary for the company, in order to remain agile and meet the changing levels of customer demand. The Stratford site continues its function in the interim as a financial and administration hub. |
The available government schemes introduced in response to the pandemic were also utilised in the prior financial years to assist in mitigating our exposure to the challenges presented in our market. |
The directors have considered the working capital requirements of the company and believe that the resources available to them are sufficient and appropriate for the ongoing trading needs of the company. |
Turnover |
Turnover is measured at the fair value of the 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, typically on dispatch of the goods. |
Employment support income |
Grant income received from the UK's Coronavirus Job Retention Scheme has been recognised in the period in which the related staff expense was incurred. This income has been recognised in other operating income. |
Interest payable |
Interest payable reflects interest charges on related party loans and is recognised in the statement of comprehensive income using the effective interest method. |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2022 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant & machinery is recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life. |
Plant & machinery | - 20% - 33.3% on cost |
Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred. |
Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place. |
Freehold property is shown at fair value, with changes in fair value shown in the revaluation reserve. A market valuation was carried out by Loveitts in October 2021. |
The long leasehold property was transferred during the previous year at its carrying value to a short leasehold classification as a result of the remaining term now being less than 50 years. The premises is being depreciated over the remaining life of the term. The fair value gains previously recognised on revaluations of the leasehold property are being transferred to retained earnings in line with depreciation of the premises. |
No depreciation has been provided on any freehold buildings during the year. The company follows a programme of maintenance of its properties, which includes the reinstatement of the fabric of the buildings, where necessary, in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase and is maintained on a first in, first out basis. |
As stocks are sold, the carrying amount of those stocks is recognised as expense in the year in which the related revenue is recognised. |
Financial instruments |
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses. |
Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2022 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the statement of comprehensive income in the period to which they relate. |
Operating lease commitments |
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
AMORTISATION |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2022 |
6. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
The freehold premises are stated at fair value. A valuation was carried out for these purposes in October 2021 by Loveitts on an open market basis. The directors do not believe that this value differs materially from fair value as at 30 September 2022. |
If the freehold properties had not been revalued they would have been included at historical cost of £271,393 (2021: 271,393). |
The freehold properties at Unit 7 & 8a Berrington Road are held as security against an overdraft facility that remains available to the company. |
7. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Other creditors | 1,185,746 | 1,185,879 |
At the prior year balance sheet date £548,333 of an outstanding CBILs loan was repayable by installments falling due after one year. During 2022, the company has made additional loan repayments, over and above the minimum scheduled installments, resulting in the remaining loan balance now being fully repayable within one year as at 30 September 2022. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 75 | 75 |
11. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2021 | ( |
) | 184,684 |
Profit for the year |
Deferred tax on property valuation gains |
5,701 |
- |
- |
5,701 |
Transfer from revaluation reserve | - | (5,701 | ) | - | (5,701 | ) |
At 30 September 2022 | ( |
) | 391,209 |
12. | OTHER FINANCIAL COMMITMENTS |
At 30 September 2022, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £5,740 (2021: £4,278). |
E. SIDWELL LIMITED (REGISTERED NUMBER: 00733621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2022 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
An interest free, short term loan was advanced to the company during the prior year by Mr A.J. Sidwell for £10,000 which remained outstanding at 30 September 2022. This loan is repayable within one year. |
An interest bearing loan previously advanced to the company by Mr D.H. Sidwell for £550,000 remained outstanding at 30 September 2022. The loan bears interest at a rate of 11.5% and is repayable in more than one year. |
An interest bearing loan previously advanced to the company by Mrs A Sidwell for £200,000 was repaid during the year. At the previous balance sheet date this loan was outstanding as repayable within one year. |
14. | RELATED PARTY DISCLOSURES |
Mr D.H. Sidwell is a beneficiary and trustee of a trust which has an interest in Sidwell & Kaye Limited. |
Mr D.H. Sidwell owns 67% of the share capital in Quadrangle One Limited and is a director of that company. |
Mr D.H. Sidwell owns 90% of the share capital of Leisure U.K. Limited and is a director of that company. |
Mr D.H. Sidwell owns 100% of the share capital of Safe One Limited and is a director of that company. |
Mr D.H. Sidwell is a director of Cambridge Market Intelligence. |
During the year there were the following related party transactions and balances: |
i) £135,746 was owed by the company to Sidwell & Kaye Limited at 30 September 2022 (2021: £135,879). This amount is repayable in more than one year. |
ii) In March 2006, a loan was advanced to the company for £500,000 by a trust of which Mr A.J. Sidwell is the settlor. Two beneficiaries of the trust have previously gained absolute entitlement to their portion of the loan and therefore the amount repayable is owed equally (£166,667 each) between the trust and two of D.H. Sidwell's children. |
The loan bears interest at a rate of 17% and is repayable in more than one year. |
iii) E Sidwell Limited previously loaned £93,615 to Quadrangle One Limited. The interest free loan which remained outstanding at 30 September 2022 (2021: 93,615) is repayable in more than one year. |
iv) An interest free loan of £3,471 was outstanding at 30 September 2022 from Leisure U.K. Limited (2021: £3,338). |
v) E Sidwell Limited was charged for consultancy services amounting to £10,000 (2021: £10,000) by Safe One Limited. At 30 September 2022, £10,000 was due to Safe One Limited (2021: £10,000). |