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

S & F HUTTON (HOLDINGS) LIMITED - Company Information

58 true false false true true false false false false false false true false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,488,350 1,395,802 189,233 189,233 500,665 170,375 671,040 456,043 153,685 609,728 1 776 824 xbrli:pure xbrli:shares iso4217:GBP 10330006 2022-01-01 2022-12-31 10330006 2022-12-31 10330006 2021-12-31 10330006 2021-01-01 2021-12-31 10330006 2021-12-31 10330006 bus:Consolidated 2022-01-01 2022-12-31 10330006 bus:Consolidated core:Subsidiary1 2022-01-01 2022-12-31 10330006 bus:Consolidated core:Subsidiary2 2022-01-01 2022-12-31 10330006 bus:Consolidated core:Subsidiary3 2022-01-01 2022-12-31 10330006 bus:Consolidated core:Subsidiary4 2022-01-01 2022-12-31 10330006 core:NetGoodwill 2022-01-01 2022-12-31 10330006 bus:Consolidated core:NetGoodwill 2022-01-01 2022-12-31 10330006 bus:RegisteredOffice 2022-01-01 2022-12-31 10330006 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10330006 bus:Consolidated bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10330006 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 10330006 bus:Consolidated bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 10330006 bus:Director2 2022-01-01 2022-12-31 10330006 bus:Director3 2022-01-01 2022-12-31 10330006 bus:Director4 2022-01-01 2022-12-31 10330006 bus:Consolidated 2022-12-31 10330006 bus:Director3 2022-12-31 10330006 bus:Consolidated core:WithinOneYear 2022-12-31 10330006 bus:Consolidated core:WithinOneYear 2021-12-31 10330006 core:WithinOneYear 2022-12-31 10330006 core:WithinOneYear 2021-12-31 10330006 bus:Consolidated core:NetGoodwill 2022-12-31 10330006 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10330006 bus:Consolidated core:PlantMachinery 2021-12-31 10330006 bus:Consolidated 2021-12-31 10330006 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10330006 bus:Consolidated core:PlantMachinery 2022-12-31 10330006 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10330006 core:PlantMachinery 2021-12-31 10330006 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10330006 core:PlantMachinery 2022-12-31 10330006 bus:Consolidated core:DeferredTaxation 2022-01-01 2022-12-31 10330006 core:DeferredTaxation 2022-01-01 2022-12-31 10330006 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10330006 bus:Consolidated core:PlantMachinery 2022-01-01 2022-12-31 10330006 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10330006 core:PlantMachinery 2022-01-01 2022-12-31 10330006 bus:Consolidated 2021-01-01 2021-12-31 10330006 bus:Consolidated 2021-12-31 10330006 core:AfterOneYear bus:Consolidated 2022-12-31 10330006 core:AfterOneYear bus:Consolidated 2021-12-31 10330006 core:AfterOneYear 2022-12-31 10330006 core:AfterOneYear 2021-12-31 10330006 bus:Consolidated core:ShareCapital 2022-01-01 2022-12-31 10330006 core:CapitalRedemptionReserve bus:Consolidated 2022-01-01 2022-12-31 10330006 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10330006 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-01 2022-12-31 10330006 bus:Consolidated core:Non-controllingInterests 2022-01-01 2022-12-31 10330006 core:ShareCapital 2022-01-01 2022-12-31 10330006 core:CapitalRedemptionReserve 2022-01-01 2022-12-31 10330006 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10330006 bus:Consolidated core:ShareCapital 2021-01-01 2021-12-31 10330006 core:CapitalRedemptionReserve bus:Consolidated 2021-01-01 2021-12-31 10330006 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 10330006 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-01-01 2021-12-31 10330006 bus:Consolidated core:Non-controllingInterests 2021-01-01 2021-12-31 10330006 core:ShareCapital 2021-01-01 2021-12-31 10330006 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 10330006 bus:Consolidated core:UKTax 2022-01-01 2022-12-31 10330006 bus:Consolidated core:UKTax 2021-01-01 2021-12-31 10330006 bus:AllOrdinaryShares bus:Consolidated 2022-01-01 2022-12-31 10330006 bus:AllOrdinaryShares bus:Consolidated 2021-01-01 2021-12-31 10330006 bus:Consolidated core:ShareCapital 2022-12-31 10330006 bus:Consolidated core:ShareCapital 2021-12-31 10330006 core:CapitalRedemptionReserve bus:Consolidated 2022-12-31 10330006 core:CapitalRedemptionReserve bus:Consolidated 2021-12-31 10330006 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-12-31 10330006 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-12-31 10330006 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 10330006 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-12-31 10330006 bus:Consolidated core:Non-controllingInterests 2022-12-31 10330006 bus:Consolidated core:Non-controllingInterests 2021-12-31 10330006 core:ShareCapital 2022-12-31 10330006 core:ShareCapital 2021-12-31 10330006 core:CapitalRedemptionReserve 2022-12-31 10330006 core:CapitalRedemptionReserve 2021-12-31 10330006 core:RetainedEarningsAccumulatedLosses 2022-12-31 10330006 core:RetainedEarningsAccumulatedLosses 2021-12-31 10330006 bus:Consolidated core:ShareCapital 2020-12-31 10330006 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2020-12-31 10330006 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2020-12-31 10330006 bus:Consolidated core:Non-controllingInterests 2020-12-31 10330006 bus:Consolidated core:RestatedAmount 2020-12-31 10330006 bus:Consolidated core:RestatedAmount 2021-12-31 10330006 core:ShareCapital 2020-12-31 10330006 core:CapitalRedemptionReserve 2020-12-31 10330006 core:RetainedEarningsAccumulatedLosses 2020-12-31 10330006 core:RestatedAmount 2020-12-31 10330006 core:RestatedAmount 2021-12-31 10330006 core:BetweenOneFiveYears bus:Consolidated 2022-12-31 10330006 core:BetweenOneFiveYears bus:Consolidated 2021-12-31 10330006 core:BetweenOneFiveYears 2022-12-31 10330006 core:BetweenOneFiveYears 2021-12-31 10330006 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 10330006 bus:Consolidated core:Non-currentFinancialInstruments core:ShareProfitOrLossIncreaseDecreaseInInvestments 2022-12-31 10330006 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 10330006 bus:Consolidated core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2021-12-31 10330006 bus:Consolidated core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2022-12-31 10330006 bus:Consolidated core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2022-12-31 10330006 bus:Consolidated core:Non-currentFinancialInstruments 2022-12-31 10330006 bus:Consolidated core:Non-currentFinancialInstruments 2021-12-31 10330006 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 10330006 core:Non-currentFinancialInstruments 2022-12-31 10330006 core:Non-currentFinancialInstruments 2021-12-31 10330006 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-12-31 10330006 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2021-12-31 10330006 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10330006 core:AcceleratedTaxDepreciationDeferredTax 2021-12-31 10330006 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10330006 bus:Consolidated core:PlantMachinery 2021-12-31 10330006 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10330006 core:PlantMachinery 2021-12-31 10330006 bus:Consolidated core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-12-31 10330006 bus:Consolidated core:LeasedAssetsHeldAsLessee core:PlantMachinery 2021-12-31 10330006 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-12-31 10330006 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2021-12-31 10330006 bus:Consolidated core:DeferredTaxation 2021-12-31 10330006 bus:Consolidated core:DeferredTaxation 2022-12-31 10330006 core:DeferredTaxation 2021-12-31 10330006 core:DeferredTaxation 2022-12-31 10330006 bus:Consolidated countries:UnitedKingdom 2022-01-01 2022-12-31 10330006 bus:Consolidated countries:UnitedKingdom 2021-01-01 2021-12-31 10330006 bus:Consolidated countries:RestWorldOutsideUK 2022-01-01 2022-12-31 10330006 bus:Consolidated countries:RestWorldOutsideUK 2021-01-01 2021-12-31 10330006 bus:Consolidated bus:LeadAgentIfApplicable 2021-01-01 2021-12-31 10330006 bus:FRS102 2022-01-01 2022-12-31 10330006 bus:Audited 2022-01-01 2022-12-31 10330006 bus:FullAccounts 2022-01-01 2022-12-31 10330006 bus:LargeMedium-sizedCompaniesRegimeForAccounts 2022-01-01 2022-12-31 10330006 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10330006 bus:OrdinaryShareClass1 2022-12-31 10330006 bus:Consolidated bus:OrdinaryShareClass1 2022-12-31 10330006 bus:OrdinaryShareClass1 2021-12-31 10330006 bus:Consolidated bus:OrdinaryShareClass1 2021-12-31

COMPANY REGISTRATION NUMBER: 10330006

S & F Hutton (Holdings) Limited

Financial Statements

For the year ended

31 December 2022

S & F Hutton (Holdings) Limited

Financial Statements

Year ended 31 December 2022

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	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

S & F Hutton (Holdings) Limited

Officers and Professional Advisers

The board of directors	S Hutton
	C Ramsey (Resigned 4 February 2022)
	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 2022

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 £10.7m (2021 - £11.2m) and a gross margin of 34.7% (2021 - 35.2%) resulting in a profit before tax of £1.9m (2021 - £1.9m). As for many businesses of our size, the business environment in which we operate continues to be challenging but we are confident that the company will maintain or increase its market share during 2023 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 and ongoing war in Ukraine also 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 27 September 2023 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 2022

The directors present their report and the financial statements of the group for the year ended 31 December 2022 .

Directors

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

S Hutton
R Watson
C Ramsey	(Resigned 4 February 2022)

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 27 September 2023 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 2022

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 2022 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 2022 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, environmental 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

28 September 2023

S & F Hutton (Holdings) Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2022

		2022	2021
Note		£	£
Turnover	4	10,711,440	11,250,134

Cost of sales	6,998,082	7,286,402
	-------------	-------------
Gross profit	3,713,358	3,963,732

Distribution costs		156,740	227,400
Administrative expenses		1,551,029	1,890,907
Other operating income	5	47,586	84,011
		------------	------------
Operating profit	6	2,053,175	1,929,436

Share of profit of associates	16	3,823	23,997
Other interest receivable and similar income	10	100	6
Amounts written off investments		20,719	16,279
Interest payable and similar expenses	11	123,990	84,209
		------------	------------
Profit before taxation		1,912,389	1,852,951

Tax on profit	12	424,039	457,149
		------------	------------
Profit for the financial year and total comprehensive income		1,488,350	1,395,802
		------------	------------

Profit for the financial year attributable to:

The owners of the parent company	1,484,424	1,371,154
Non-controlling interests	3,926	24,648
	------------	------------
	1,488,350	1,395,802
	------------	------------

All the activities of the group are from continuing operations.

S & F Hutton (Holdings) Limited

Consolidated Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	15	6,909,107	6,180,300
Investments:	16
Investments in associates		89,984	106,880
Other fixed asset investments		833,082	833,082
		------------	------------
		7,832,173	7,120,262

Current assets

Stocks	17	3,416,974	2,548,629
Debtors	18	1,639,200	2,512,547
Cash at bank and in hand		495,637	422,467
		------------	------------
		5,551,811	5,483,643

Creditors: amounts falling due within one year	20	2,030,011	2,451,333
		------------	------------
Net current assets		3,521,800	3,032,310
		-------------	-------------
Total assets less current liabilities		11,353,973	10,152,572

Creditors: amounts falling due after more than one year	21	2,277,961	2,230,147

Provisions	23	671,040	500,665
		-------------	-------------
Net assets		8,404,972	7,421,760
		-------------	-------------

Capital and reserves

Called up share capital	27	776	824
Capital redemption reserve	28	224	176
Profit and loss account	28	8,328,436	7,349,150
		------------	------------
Equity attributable to the owners of the parent company		8,329,436	7,350,150

Non-controlling interests	75,536	71,610
	------------	------------
	8,404,972	7,421,760
	------------	------------

These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , 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 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	15	6,311,743	5,607,362
Investments	16	2,452,937	2,452,937
		------------	------------
		8,764,680	8,060,299

Current assets

Debtors	18	1,551,164	714,467

Creditors: amounts falling due within one year	20	1,425,481	1,706,969
		------------	------------
Net current assets/(liabilities)		125,683	( 992,502)
		------------	------------
Total assets less current liabilities		8,890,363	7,067,797

Creditors: amounts falling due after more than one year	21	2,170,405	2,087,937

Provisions	23	609,728	456,043
		------------	------------
Net assets		6,110,230	4,523,817
		------------	------------

Capital and reserves

Called up share capital	27	776	824
Capital redemption reserve	28	224	176
Profit and loss account	28	6,109,230	4,522,817
		------------	------------
Shareholders funds		6,110,230	4,523,817
		------------	------------

The profit for the financial year of the parent company was £ 2,091,551 (2021: £ 1,599,175 ).

These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , 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 2022

		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 2021		2	–	7,396,837	7,396,839	46,962	7,443,801

Profit for the year				1,371,154	1,371,154	24,648	1,395,802
		----	----	------------	------------	--------	------------
Total comprehensive income for the year		–	–	1,371,154	1,371,154	24,648	1,395,802

Issue of shares		998	–	–	998	–	998
Dividends paid and payable	13	–	–	( 135,000)	( 135,000)	–	( 135,000)
Redemption of shares		( 176)	176	( 1,283,841)	( 1,283,841)	–	( 1,283,841)
		----	----	------------	------------	--------	------------
Total investments by and distributions to owners		822	176	( 1,418,841)	( 1,417,843)	–	( 1,417,843)

At 31 December 2021		824	176	7,349,150	7,350,150	71,610	7,421,760

Profit for the year				1,484,424	1,484,424	3,926	1,488,350
		----	----	------------	------------	--------	------------
Total comprehensive income for the year		–	–	1,484,424	1,484,424	3,926	1,488,350

Dividends paid and payable	13	–	–	( 155,000)	( 155,000)	–	( 155,000)
Cancellation of subscribed capital		–	48	–	48	–	48
Redemption of shares		( 48)	–	( 350,138)	( 350,186)	–	( 350,186)
		----	----	---------	---------	----	---------
Total investments by and distributions to owners		( 48)	48	( 505,138)	( 505,138)	–	( 505,138)

		----	----	------------	------------	--------	------------
At 31 December 2022		776	224	8,328,436	8,329,436	75,536	8,404,972
		----	----	------------	------------	--------	------------

S & F Hutton (Holdings) Limited

Company Statement of Changes in Equity

Year ended 31 December 2022

		Called up share capital	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£
At 1 January 2021		2	176	4,342,483	4,342,661

Profit for the year				1,599,175	1,599,175
		----	----	------------	------------
Total comprehensive income for the year		–	–	1,599,175	1,599,175

Issue of shares		998	–	–	998
Dividends paid and payable	13	–	–	( 135,000)	( 135,000)
Redemption of shares		( 176)	–	( 1,283,841)	( 1,284,017)
		----	----	------------	------------
Total investments by and distributions to owners		822	–	( 1,418,841)	( 1,418,019)

At 31 December 2021		824	176	4,522,817	4,523,817

Profit for the year				2,091,551	2,091,551
		----	----	------------	------------
Total comprehensive income for the year		–	–	2,091,551	2,091,551

Dividends paid and payable	13	–	–	( 155,000)	( 155,000)
Cancellation of subscribed capital		–	48	–	48
Redemption of shares		( 48)	–	( 350,138)	( 350,186)
		----	----	---------	---------
Total investments by and distributions to owners		( 48)	48	( 505,138)	( 505,138)

		----	----	------------	------------
At 31 December 2022		776	224	6,109,230	6,110,230
		----	----	------------	------------

S & F Hutton (Holdings) Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2022

	2022	2021
Note	£	£

Cash flows from operating activities

Profit for the financial year	1,488,350	1,395,802

Adjustments for:
Depreciation of tangible assets	590,892	513,459
Amounts written back to investments	20,719	16,279
Fair value adjustment of investment property	–	( 150,228)
Government grant income	–	( 33,339)
Share of profit of associates	( 3,823)	( 23,997)
Other interest receivable and similar income	( 100)	( 6)
Interest payable and similar expenses	123,990	84,209
Gains on disposal of tangible assets	( 101,733)	( 63,578)
Tax on profit	424,039	457,149

Changes in:
Stocks	( 868,345)	( 597,467)
Trade and other debtors	1,098,210	( 503,269)
Trade and other creditors	( 657,108)	( 77,623)
	------------	------------
Cash generated from operations	2,115,091	1,017,391

Interest paid	( 123,990)	( 84,209)
Interest received	100	6
Tax (paid)/received	( 351,922)	6,853
	------------	------------
Net cash from operating activities	1,639,279	940,041
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 1,401,418)	( 537,269)
Proceeds from sale of tangible assets	183,452	92,870
	------------	------------
Net cash used in investing activities	( 1,217,966)	( 444,399)
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	998
Purchase of own shares	( 350,138)	( 1,283,841)
Proceeds from borrowings	( 232,044)	( 414,758)
Proceeds from loans from participating interests	( 8,323)	( 9,117)
Government grant income	–	33,339
Payments of finance lease liabilities	385,218	133,226
Dividends paid	( 155,000)	( 135,000)
	------------	------------
Net cash used in financing activities	( 360,287)	( 1,675,153)
	------------	------------

Net increase/(decrease) in cash and cash equivalents		61,026	( 1,179,511)
Cash and cash equivalents at beginning of year		288,962	1,468,473
		---------	------------
Cash and cash equivalents at end of year	19	349,988	288,962
		---------	------------

S & F Hutton (Holdings) Limited

Notes to the Financial Statements

Year ended 31 December 2022

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.

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:

	2022	2021
	£	£
Sale of goods and services	10,711,440	11,250,134
	-------------	-------------

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:

	2022	2021
	£	£
United Kingdom	10,600,655	11,201,764
Overseas	110,785	48,370
	-------------	-------------
	10,711,440	11,250,134
	-------------	-------------

5. Other operating income

	2022	2021
	£	£
Rental income	21,072	17,154
Government grant income	–	33,339
Other operating income	26,514	33,518
	--------	--------
	47,586	84,011
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2022	2021
	£	£
Depreciation of tangible assets	590,892	513,459
Gains on disposal of tangible assets	( 101,733)	( 63,578)
Fair value adjustments to investment property	–	( 150,228)
Foreign exchange differences	–	( 1,896)
	---------	---------

7. Auditor's remuneration

	2022	2021
	£	£
Fees payable for the audit of the financial statements	19,000	17,500
	--------	--------

8. Staff costs

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

	2022	2021
	No.	No.
Production staff	45	50
Administrative staff	4	4
Management staff	9	10
	----	----
	58	64
	----	----

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

	2022	2021
	£	£
Wages and salaries	2,087,733	2,286,546
Social security costs	219,335	235,260
Other pension costs	47,755	214,939
	------------	------------
	2,354,823	2,736,745
	------------	------------

The average number of employees employed by undertakings that are proportionately consolidated was 5 (2021 - 5).

9. Directors' remuneration

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

	2022	2021
	£	£
Remuneration	92,161	129,019
Company contributions to defined contribution pension plans	3,588	163,103
	--------	---------
	95,749	292,122
	--------	---------

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

	2022	2021
	No.	No.
Defined contribution plans	2	3
	----	----

10. Other interest receivable and similar income

	2022	2021
	£	£
Interest on cash and cash equivalents	100	6
	----	----

11. Interest payable and similar expenses

	2022	2021
	£	£
Interest on banks loans and overdrafts	72,452	49,639
Interest on obligations under finance leases and hire purchase contracts	51,475	34,570
Other interest payable and similar charges	63	–
	---------	--------
	123,990	84,209
	---------	--------

12. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	248,011	346,269
Adjustments in respect of prior periods	5,653	( 6,853)
	---------	---------
Total current tax	253,664	339,416
	---------	---------

Deferred tax:

Origination and reversal of timing differences	170,375	117,733
	---------	---------
Tax on profit	424,039	457,149
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	1,912,389	1,852,951
	------------	------------
Profit on ordinary activities by rate of tax	634,653	540,594
Adjustment to tax charge in respect of prior periods	5,653	( 6,853)
Effect of expenses not deductible for tax purposes	( 265,982)	( 214,048)
Effect of capital allowances and depreciation	49,715	136,648
Other tax adjustment to tax liability	–	808
	------------	------------
Tax on profit	424,039	457,149
	------------	------------

13. Dividends

	2022	2021
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	155,000	135,000
	---------	---------

14. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2022 and 31 December 2022	189,233
	---------
Amortisation
At 1 January 2022 and 31 December 2022	189,233
	---------
Carrying amount
At 1 January 2022 and 31 December 2022	–
	---------
At 31 December 2021	–
	---------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2022	3,872,753	6,913,529	10,786,282
Additions	22,157	1,379,261	1,401,418
Disposals	–	( 126,069)	( 126,069)
	------------	------------	-------------
At 31 December 2022	3,894,910	8,166,721	12,061,631
	------------	------------	-------------
Depreciation
At 1 January 2022	288,204	4,317,778	4,605,982
Charge for the year	25,665	565,227	590,892
Disposals	–	( 44,350)	( 44,350)
	------------	------------	-------------
At 31 December 2022	313,869	4,838,655	5,152,524
	------------	------------	-------------
Carrying amount
At 31 December 2022	3,581,041	3,328,066	6,909,107
	------------	------------	-------------
At 31 December 2021	3,584,549	2,595,751	6,180,300
	------------	------------	-------------

Company	Freehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2022	3,372,772	3,108,442	6,481,214
Additions	50,717	1,261,338	1,312,055
Disposals	–	( 103,046)	( 103,046)
	------------	------------	------------
At 31 December 2022	3,423,489	4,266,734	7,690,223
	------------	------------	------------
Depreciation
At 1 January 2022	73,323	800,529	873,852
Charge for the year	24,441	508,737	533,178
Disposals	–	( 28,550)	( 28,550)
	------------	------------	------------
At 31 December 2022	97,764	1,280,716	1,378,480
	------------	------------	------------
Carrying amount
At 31 December 2022	3,325,725	2,986,018	6,311,743
	------------	------------	------------
At 31 December 2021	3,299,449	2,307,913	5,607,362
	------------	------------	------------

Included within Freehold property for the group is land at a cost of £2,839,874 (2021 - £2,839,874) which is not depreciated. Included within Freehold property for the company is land at a cost of £2,743,874 (2021 - £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	Plant and machinery
	£
At 31 December 2022	1,659,098
	------------
At 31 December 2021	1,049,617
	------------

Company	Plant and machinery
	£
At 31 December 2022	1,659,098
	------------
At 31 December 2021	1,039,579
	------------

16. Investments

Group	Interests in associates	Other investments other than loans	Total
	£	£	£
Share of net assets/cost
At 1 January 2022	176,053	833,082	1,009,135
Share of profit or loss	3,823		3,823
	---------	---------	------------
At 31 December 2022	179,876	833,082	1,012,958
	---------	---------	------------
Impairment
At 1 January 2022	69,173	–	69,173
Impairment losses	20,719	–	20,719
	---------	---------	------------
At 31 December 2022	89,892	–	89,892
	---------	---------	------------

Carrying amount
At 31 December 2022	89,984	833,082	923,066
	---------	---------	------------
At 31 December 2021	106,880	833,082	939,962
	---------	---------	------------

Company	Shares in group undertakings	Shares in participating interests	Other investments other than loans	Total
	£	£	£	£
Cost
At 1 January 2022 and 31 December 2022	1,619,705	150	833,082	2,452,937
	------------	----	---------	------------
Impairment
At 1 January 2022 and 31 December 2022	–	–	–	–
	------------	----	---------	------------

Carrying amount
At 1 January 2022 and 31 December 2022	1,619,705	150	833,082	2,452,937
	------------	----	---------	------------
At 31 December 2021	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.

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
	2022	2021	2022	2021
	£	£	£	£
Raw materials and consumables	569,062	304,737	–	–
Work in progress	2,847,912	2,243,892	–	–
	------------	------------	----	----
	3,416,974	2,548,629	–	–
	------------	------------	----	----

18. Debtors

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Trade debtors	1,335,639	1,650,769	1,250	22,237
Amounts owed by group undertakings	–	–	1,546,562	–
Prepayments and accrued income	258,586	708,253	2,352	673,496
Other debtors	44,975	153,525	1,000	18,734
	------------	------------	------------	---------
	1,639,200	2,512,547	1,551,164	714,467
	------------	------------	------------	---------

Please see note 32 for further details on the directors loan account.

19. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2022	2021
	£	£
Cash at bank and in hand	495,637	422,467
Bank overdrafts	( 145,649)	( 133,505)
	---------	---------
	349,988	288,962
	---------	---------

20. Creditors: amounts falling due within one year

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Bank loans and overdrafts	325,542	344,562	290,355	310,822
Trade creditors	380,098	866,522	1,272	423,628
Amounts owed to group undertakings	–	–	639,064	539,287
Amounts owed to undertakings in which the company has a participating interest	29,985	38,308	–	–
Accruals and deferred income	344,153	240,814	5,375	3,513
Corporation tax	248,011	346,269	70,987	151,449
Social security and other taxes	277,351	330,738	2,880	5,236
Obligations under finance leases and hire purchase contracts	414,986	277,278	414,986	272,447
Director loan accounts	1,246	2,430	–	–
Other creditors	8,639	4,412	562	587
	------------	------------	------------	------------
	2,030,011	2,451,333	1,425,481	1,706,969
	------------	------------	------------	------------

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

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

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Bank loans and overdrafts	1,428,214	1,627,910	1,320,658	1,485,700
Obligations under finance leases and hire purchase contracts	849,747	602,237	849,747	602,237
	------------	------------	------------	------------
	2,277,961	2,230,147	2,170,405	2,087,937
	------------	------------	------------	------------

Amounts due after more than 5 years are payable by annual repayments of £910,441 (2021: £1,047,888) at a current interest rate of 7.62% (2021: 2.65%).

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

22. Finance leases and hire purchase contracts

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

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Not later than 1 year	456,531	306,071	456,531	301,240
Later than 1 year and not later than 5 years	896,333	634,337	896,333	634,337
	------------	---------	------------	---------
	1,352,864	940,408	1,352,864	935,577
Less: future finance charges	( 88,131)	( 60,893)	( 88,131)	( 60,893)
	------------	---------	------------	---------
Present value of minimum lease payments	1,264,733	879,515	1,264,733	874,684
	------------	---------	------------	---------

23. Provisions

Group	Deferred tax (note 24)
	£
At 1 January 2022	500,665
Additions	170,375
	---------
At 31 December 2022	671,040
	---------

Company	Deferred tax (note 24)
	£
At 1 January 2022	456,043
Additions	153,685
	---------
At 31 December 2022	609,728
	---------

24. Deferred tax

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

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Included in provisions (note 23)	671,040	500,665	609,728	456,043
	---------	---------	---------	---------

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

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Accelerated capital allowances	671,040	500,665	609,728	500,665
	---------	---------	---------	---------

Deferred tax has been calculated at 25% being the rate enacted (2021 - 25%). The amount of the net reversal of deferred tax expected to occur during the next 12 months is £117,000.

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 44,167 (2021: £ 51,836 ).

26. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2022	2021	2022	2021
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	–	33,339	–	–
	----	--------	----	----

27. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	776	776	824	824
	----	----	----	----

28. Reserves

Profit and loss account - this reserve records retained earnings and accumulated losses.

29. Analysis of changes in net debt

	At 1 Jan 2022	Cash flows	At 31 Dec 2022
	£	£	£
Cash at bank and in hand	422,467	73,170	495,637
Bank overdrafts	(133,505)	(12,144)	(145,649)
Debt due within one year	(529,073)	(97,037)	(626,110)
Debt due after one year	(2,230,147)	(47,814)	(2,277,961)
	------------	--------	------------
	( 2,470,258)	( 83,825)	( 2,554,083)
	------------	--------	------------

30. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Tangible assets	90,000	346,000	90,000	346,000
	--------	---------	--------	---------

31. Operating leases

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

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Not later than 1 year	357,392	261,685	–	–
Later than 1 year and not later than 5 years	162,626	115,905	–	–
	---------	---------	----	----
	520,018	377,590	–	–
	---------	---------	----	----

32. Directors' advances, credits and guarantees

At the start of the year £108,000 was owed by an ex-director, the balance was included in other debtors. The balance was repaid in full in the year. No interest has been charged. The loan account for another director remained in credit throughout the year. 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 2022

33. 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 £50,909 (2021 - £37,669). Costs from group companies for management fees, payroll recharges and rent £163,673 (2021 - £106,996). Closing balances owed to group companies £380,314 (2021 - £180,332). The following related party transactions took place with associated companies: Sales to group companies £3,684 (2021 - £6,764). Purchases from group companies £370,921 (2021 - £353,476). Closing balances owed from group companies £29,985 (2021 - £38,308). 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 the prior 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 224 had been repurchased.