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COMPANY REGISTRATION NUMBER: 04912945
Hall & Sons (Caston) Limited
Unaudited financial statements
30 April 2023
Hall & Sons (Caston) Limited
Statement of financial position
30 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
700
300
Tangible assets
6
2,920,646
2,713,227
-----------
-----------
2,921,346
2,713,527
Current assets
Stocks
491,445
331,344
Debtors
7
102,003
81,598
---------
---------
593,448
412,942
Creditors: Amounts falling due within one year
8
705,706
532,549
---------
---------
Net current liabilities
112,258
119,607
-----------
-----------
Total assets less current liabilities
2,809,088
2,593,920
Creditors: Amounts falling due after more than one year
9
1,514,712
1,577,687
Provisions
Taxation including deferred tax
159,956
93,166
-----------
-----------
Net assets
1,134,420
923,067
-----------
-----------
Capital and reserves
Called up share capital
130
125
Revaluation reserve
82,566
200
Profit and loss account
1,051,724
922,742
-----------
---------
Shareholders funds
1,134,420
923,067
-----------
---------
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 income statement has not been delivered.
For the year ending 30 April 2023 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 .
Hall & Sons (Caston) Limited
Statement of financial position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
P W Hall
B A Hall
Director
Director
Company registration number: 04912945
Hall & Sons (Caston) Limited
Notes to the financial statements
Year ended 30 April 2023
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 Gables, Old Market Street, Thetford, Norfolk, IP24 2EN.
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, 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation 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:
Entitlements
-
over 3 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:
Land and Property
-
4% Straight line, land is not depreciated
Plant and Machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Stocks
Commodity stocks, livestock and cultivations are valued at the lower of cost and net realisable value by the director, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.
4. Employee numbers
The average number of employees during the year was 4 (2022: 4 ).
5. Intangible assets
Entitlements
£
Cost
At 1 May 2022 and 30 April 2023
700
----
Amortisation
At 1 May 2022
400
Charge for the year
( 400)
----
At 30 April 2023
----
Carrying amount
At 30 April 2023
700
----
At 30 April 2022
300
----
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Investment property
Total
£
£
£
£
£
Cost or valuation
At 1 May 2022
1,871,222
1,153,897
48,869
400,000
3,473,988
Additions
4,315
274,164
278,479
Disposals
( 158,128)
( 158,128)
Revaluations
95,000
95,000
-----------
-----------
-------
---------
-----------
At 30 April 2023
1,875,537
1,269,933
48,869
495,000
3,689,339
-----------
-----------
-------
---------
-----------
Depreciation
At 1 May 2022
53,994
681,485
25,282
760,761
Charge for the year
12,647
76,228
3,538
92,413
Disposals
( 84,481)
( 84,481)
-----------
-----------
-------
---------
-----------
At 30 April 2023
66,641
673,232
28,820
768,693
-----------
-----------
-------
---------
-----------
Carrying amount
At 30 April 2023
1,808,896
596,701
20,049
495,000
2,920,646
-----------
-----------
-------
---------
-----------
At 30 April 2022
1,817,228
472,412
23,587
400,000
2,713,227
-----------
-----------
-------
---------
-----------
7. Debtors
2023
2022
£
£
Trade debtors
58,315
24,294
Other debtors
43,688
57,304
---------
-------
102,003
81,598
---------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
228,373
202,619
Trade creditors
79,539
54,342
Social security and other taxes
787
20,858
Other creditors
397,007
254,730
---------
---------
705,706
532,549
---------
---------
The bank borrowing is secured by a fixed charge over the property and a floating charge over other assets of the company.
The hire purchase liabilities are secured against the relevant asset.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,326,702
1,397,364
Other creditors
188,010
180,323
-----------
-----------
1,514,712
1,577,687
-----------
-----------
The bank borrowing is secured by a fixed charge over the property and a floating charge over other assets of the company.
The hire purchase liabilities are secured against the relevant asset.
Included within creditors: amounts falling due after more than one year is an amount of £1,043,652 (2022: £1,109,422) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The repayments are due monthly and interest is charged at 2.86% per annum.