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COMPANY REGISTRATION NUMBER: 00803257
J & R Hill Limited
Filleted Unaudited Financial Statements
31 May 2022
J & R Hill Limited
Financial Statements
Year ended 31 May 2022
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
J & R Hill Limited
Balance Sheet
31 May 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
1,977,106
401,126
Current assets
Stocks
279,436
172,003
Debtors
6
46,489
84,170
Cash at bank and in hand
266,609
257,368
---------
---------
592,534
513,541
Creditors: amounts falling due within one year
7
97,539
68,791
---------
---------
Net current assets
494,995
444,750
------------
---------
Total assets less current liabilities
2,472,101
845,876
Provisions
Taxation including deferred tax
269,035
------------
---------
Net assets
2,203,066
845,876
------------
---------
Capital and reserves
Called up share capital
4,952
4,952
Revaluation reserve
570,460
Non distributable reserves
1,191,810
Profit and loss account
435,844
840,924
------------
---------
Shareholders funds
2,203,066
845,876
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J & R Hill Limited
Balance Sheet (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 14 September 2022 , and are signed on behalf of the board by:
Mr R Hill
Mr J J Hill
Director
Director
Company registration number: 00803257
J & R Hill Limited
Notes to the Financial Statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 00803257 . The address of the registered office is Whittle Road, Meir, Stoke on Trent, ST3 7HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income 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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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% straight line
Plant and Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Investment property
-
Not depreciated
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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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, and other costs incurred in bringing the stock to its present location and condition.
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 and the performance 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 becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Lessor
Assets leased under operating leases are included in tangible fixed assets as investment properties. Rental income from operating leases is included in the profit and loss account on a straight line basis over the period of the lease.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).
5. Tangible assets
Freehold Property
Plant and machinery
Motor vehicles
Equipment
Investment Property
Total
£
£
£
£
£
£
Cost or valuation
At 1 Jun 2021
293,171
80,768
15,715
265,853
655,507
Additions
1,400
1,400
Revaluations
431,829
984,147
1,415,976
---------
--------
--------
-------
------------
------------
At 31 May 2022
725,000
80,768
15,715
1,400
1,250,000
2,072,883
---------
--------
--------
-------
------------
------------
Depreciation
At 1 Jun 2021
138,632
80,701
14,372
20,676
254,381
Charge for the year
18
336
350
704
Revaluations
( 138,632)
( 20,676)
( 159,308)
---------
--------
--------
-------
------------
------------
At 31 May 2022
80,719
14,708
350
95,777
---------
--------
--------
-------
------------
------------
Carrying amount
At 31 May 2022
725,000
49
1,007
1,050
1,250,000
1,977,106
---------
--------
--------
-------
------------
------------
At 31 May 2021
154,539
67
1,343
245,177
401,126
---------
--------
--------
-------
------------
------------
The director has provided the valuation based on the values of other properties of similar size within the area.
The investment property is held for use in an operating lease.
6. Debtors
2022
2021
£
£
Trade debtors
44,299
73,328
Other debtors
2,190
10,842
--------
--------
46,489
84,170
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
35,494
25,455
Corporation tax
30,000
17,000
Social security and other taxes
1,417
860
Other creditors
30,628
25,476
--------
--------
97,539
68,791
--------
--------