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REGISTERED NUMBER: 02650599 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

C R Hales Limited

C R Hales Limited (Registered number: 02650599)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


C R Hales Limited (Registered number: 02650599)

Balance Sheet
28 February 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 5 1,235,338 1,302,877
Investment property 6 1,550,000 1,550,000
2,785,338 2,852,877

Current assets
Stocks 50,000 -
Debtors 7 41,751 31,851
Cash at bank and in hand 88,175 108,950
179,926 140,801
Creditors
Amounts falling due within one year 8 (188,537 ) (215,127 )
Net current liabilities (8,611 ) (74,326 )
Total assets less current liabilities 2,776,727 2,778,551

Creditors
Amounts falling due after more than one
year

9

(490,302

)

(524,745

)

Provisions for liabilities (332,422 ) (254,108 )
Net assets 1,954,003 1,999,698

C R Hales Limited (Registered number: 02650599)

Balance Sheet - continued
28 February 2023

2023 2022
Notes £ £
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 10 1,211,755 1,211,755
Retained earnings 741,248 786,943
1,954,003 1,999,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2023 and were signed on its behalf by:





Mrs V J Freeman - Director


C R Hales Limited (Registered number: 02650599)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. Statutory information

C R Hales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02650599

Registered office: 31-35 Pinbush Road
Lowestoft
Suffolk
NR33 7NL

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

C R Hales Limited (Registered number: 02650599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed 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.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 - straight line basis over 25 and 50 years
Plant and machinery - 15%% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

C R Hales Limited (Registered number: 02650599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


C R Hales Limited (Registered number: 02650599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 10 (2022 - 10 ) .

5. Tangible fixed assets
Freehold Plant and
property machinery Totals
£ £ £
Cost or valuation
At 1 March 2022 1,000,000 2,128,078 3,128,078
Additions - 1,754 1,754
At 28 February 2023 1,000,000 2,129,832 3,129,832
Depreciation
At 1 March 2022 - 1,825,201 1,825,201
Charge for year 9,881 59,412 69,293
At 28 February 2023 9,881 1,884,613 1,894,494
Net book value
At 28 February 2023 990,119 245,219 1,235,338
At 28 February 2022 1,000,000 302,877 1,302,877

Freehold land at a cost of £188,192 (2022 - £188,192) is not depreciated.

Freehold property and investment property was revalued by an independent valuer in 2022. The directors consider the valuation materially correct at 28 February 2023.

C R Hales Limited (Registered number: 02650599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. Tangible fixed assets - continued

Cost or valuation at 28 February 2023 is represented by:

Freehold Plant and
property machinery Totals
£ £ £
Valuation in 2022 1,000,000 - 1,000,000
Cost - 2,129,832 2,129,832
1,000,000 2,129,832 3,129,832

6. Investment property
Total
£
Fair value
At 1 March 2022
and 28 February 2023 1,550,000
Net book value
At 28 February 2023 1,550,000
At 28 February 2022 1,550,000

Fair value at 28 February 2023 is represented by:
£
Valuation in 2022 1,550,000

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 40,282 31,105
Other debtors 1,469 746
41,751 31,851

8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 32,631 70,578
Trade creditors 50,920 26,112
Taxation and social security 69,247 67,832
Other creditors 35,739 50,605
188,537 215,127

The bank loan is secured on the company's freehold property.

C R Hales Limited (Registered number: 02650599)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 115,302 124,745
Other creditors 375,000 400,000
490,302 524,745

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 375,000 400,000

The bank loan is secured on the company's freehold property.

Included within creditors are alloted, called up and fully paid £1 preference shares classed as debt totalling £375,000 (2022 - £400,000).

The preference shares are redeemable at par.

25,000 preference shares have been redeemed at par during the year.

10. Reserves
Revaluation
reserve
£
At 1 March 2022
and 28 February 2023 1,211,755

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