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Registration number: 07333059

Hogshill Stores Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2018

 

Hogshill Stores Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 8

 

Hogshill Stores Limited

Company Information

Directors

Mrs K A Allen

Mr D L Allen

Registered office

39-41 Clay Lane
Beaminster
Dorset
DT8 3BX

Solicitors

Michael W. Pipe Solicitors
Geneva House
10 Dendy Road
Paighton, Devon
TQ4 5DB

Bankers

Barclays Bank plc
Dorchester
10 South Street
Dorchester
Dorset
DT1 1BT

Accountants

Scott Vevers Ltd
Chartered Accountants
and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB

 

Hogshill Stores Limited

(Registration number: 07333059)
Abridged Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

32,093

64,187

Tangible assets

5

456,878

463,631

 

488,971

527,818

Current assets

 

Stocks

6

34,831

35,253

Debtors

967

-

Cash at bank and in hand

 

32,629

18,241

 

68,427

53,494

Prepayments and accrued income

 

1,124

990

Creditors: Amounts falling due within one year

(67,442)

(90,536)

Net current assets/(liabilities)

 

2,109

(36,052)

Total assets less current liabilities

 

491,080

491,766

Creditors: Amounts falling due after more than one year

(296,678)

(316,085)

Provisions for liabilities

(2,166)

(2,532)

Accruals and deferred income

 

(1,952)

(2,247)

Net assets

 

190,284

170,902

Capital and reserves

 

Called up share capital

7

1,000

1,000

Profit and loss account

189,284

169,902

Total equity

 

190,284

170,902

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Hogshill Stores Limited

(Registration number: 07333059)
Abridged Balance Sheet as at 31 March 2018

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 8 October 2018 and signed on its behalf by:
 

.........................................

Mr D L Allen

Director

 

Hogshill Stores Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

1

General information

The company is limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Hogshill Stores Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

50 year straight line

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hogshill Stores Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2017 - 14).

 

Hogshill Stores Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2017

195,000

At 31 March 2018

195,000

Amortisation

At 1 April 2017

130,813

Amortisation charge

32,094

At 31 March 2018

162,907

Carrying amount

At 31 March 2018

32,093

At 31 March 2017

64,187

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

475,205

38,325

9,805

523,335

Additions

-

649

-

649

At 31 March 2018

475,205

38,974

9,805

523,984

Depreciation

At 1 April 2017

29,464

22,727

7,513

59,704

Charge for the year

4,504

2,440

458

7,402

At 31 March 2018

33,968

25,167

7,971

67,106

Carrying amount

At 31 March 2018

441,237

13,807

1,834

456,878

At 31 March 2017

445,741

15,598

2,292

463,631

Included within the net book value of land and buildings above is £441,237 (2017 - £445,741) in respect of freehold land and buildings.
 

 

Hogshill Stores Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

6

Stocks

2018
£

2017
£

Finished goods and goods for resale

34,831

35,253

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000