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Company registration number:
05322832
K R & C Hill & Son Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2021
K R & C Hill & Son Ltd
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of K R & C Hill & Son Ltd
Year ended
31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
K R & C Hill & Son Ltd
for the year ended
31 December 2021
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
K R & C Hill & Son Ltd
, as a body, in accordance with the terms of my engagement letter dated 16 November 2018. My work has been undertaken solely to prepare for your approval the
financial statements
of
K R & C Hill & Son Ltd
and state those matters that I have agreed to state to the Board of Directors of
K R & C Hill & Son Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
K R & C Hill & Son Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
K R & C Hill & Son Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
K R & C Hill & Son Ltd
. You consider that
K R & C Hill & Son Ltd
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of K R & C Hill & Son Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
K Watson
10, Meadowsweet Road
Cheltenham
GL53 0AS
United Kingdom
Date:
1 September 2022
K R & C Hill & Son Ltd
Statement of Financial Position
31 December 2021
20212020
Note££
Fixed assets    
Tangible assets 5
259,448
 
259,807
 
Current assets    
Stocks
33,090
 
11,072
 
Debtors 6
49,875
 
33,541
 
82,965
 
44,613
 
Creditors: amounts falling due within one year 7
(388,299
)
(340,083
)
Net current liabilities
(305,334
)
(295,470
)
Total assets less current liabilities (45,886 ) (35,663 )
Creditors: amounts falling due after more than one year 8
(97,824
)
(121,097
)
Net liabilities
(143,710
)
(156,760
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(143,810
)
(156,860
)
Shareholders deficit
(143,710
)
(156,760
)
For the year ending
31 December 2021
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
1 September 2022
, and are signed on behalf of the board by:
Mr K Hill
Director
Company registration number:
05322832
K R & C Hill & Son Ltd
Notes to the Financial Statements
Year ended
31 December 2021

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Cox Wood Farm
,
Cox Lane, Parkside,
,
Rossett
,
Wrexham
,
LL12 0BG
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The accounts have been prepared on a Going Concern basis on the assumption that continued support will be forthcoming from the Shareholder/Director and the bank.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
6.67% reducing balance
Plant and machinery
25% reducing balance
Office equipment
25% reducing balance
Fixtures, fittings and equipment
20% reducing balance
Motor vehicles
25% reducing balance

Impairment

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 stocks to their 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.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

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

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
1
(2020:
1.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2021
268,688
 
95,875
 
364,563
 
Additions
27,649
 
1,417
 
29,066
 
Disposals -  
(20,489
)
(20,489
)
At
31 December 2021
296,337
 
76,803
 
373,140
 
Depreciation      
At
1 January 2021
38,871
 
65,885
 
104,756
 
Charge
17,164
 
7,399
 
24,563
 
Disposals -  
(15,627
)
(15,627
)
At
31 December 2021
56,035
 
57,657
 
113,692
 
Carrying amount      
At
31 December 2021
240,302
 
19,146
 
259,448
 
At 31 December 2020
229,817
 
29,990
 
259,807
 
Included in the land and buildings above are tenant improvements with a net book value of 2020: £229,817 (2019: £185,876)

6 Debtors

20212020
££
Trade debtors
39,740
 
13,095
 
Other debtors
10,135
 
20,446
 
49,875
 
33,541
 

7 Creditors: amounts falling due within one year

20212020
££
Bank loans and overdrafts
89,658
 
81,354
 
Trade creditors
291,545
 
217,295
 
Other creditors
7,096
 
41,434
 
388,299
 
340,083
 

8 Creditors: amounts falling due after more than one year

20212020
££
Bank loans and overdrafts
97,824
 
120,251
 
Other creditors -  
846
 
97,824
 
121,097
 

10 Controlling party

Mr K R Hill is the ultimate controlling party.