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COMPANY REGISTRATION NUMBER: 01292679
H. & A. K. FLETCHER LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR TO
28 February 2023
H. & A. K. FLETCHER LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Intangible assets
6
3,690
4,020
Tangible assets
7
565,199
438,871
----------
----------
568,889
442,891
CURRENT ASSETS
Stocks
224,164
119,876
Debtors
8
1,914,144
2,677,059
Cash at bank and in hand
362,062
23,916
-------------
-------------
2,500,370
2,820,851
CREDITORS: amounts falling due within one year
9
1,583,226
1,973,716
-------------
-------------
NET CURRENT ASSETS
917,144
847,135
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,486,033
1,290,026
PROVISIONS
Taxation including deferred tax
96,552
71,675
-------------
-------------
NET ASSETS
1,389,481
1,218,351
-------------
-------------
H. & A. K. FLETCHER LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
665
665
Capital redemption reserve
335
335
Profit and loss account
1,388,481
1,217,351
-------------
-------------
SHAREHOLDERS FUNDS
1,389,481
1,218,351
-------------
-------------
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 statement of income and retained earnings has not been delivered.
For the year ending 28th February 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 .
These financial statements were approved by the board of directors and authorised for issue on 9 October 2023 , and are signed on behalf of the board by:
Mr M J Ball
Director
Company registration number: 01292679
H. & A. K. FLETCHER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28th FEBRUARY 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 331 Garstang Road, Fulwood, Preston, PR2 9UP.
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, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
INCOME TAX
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. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
AMORTISATION
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully written off
Property Lease
-
50% straight line / 6.67% 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. 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
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:
Property Improvements
-
10% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
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 statement of financial position 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DEFINED CONTRIBUTION PLANS
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 36 (2022: 31 ).
5. DIVIDENDS
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
247,854
187,364
----------
----------
6. INTANGIBLE ASSETS
Goodwill
Property Lease
Total
£
£
£
Cost
At 1st March 2022 and 28th February 2023
10,000
4,955
14,955
---------
-------
---------
Amortisation
At 1st March 2022
9,999
936
10,935
Charge for the year
330
330
---------
-------
---------
At 28th February 2023
9,999
1,266
11,265
---------
-------
---------
Carrying amount
At 28th February 2023
1
3,689
3,690
---------
-------
---------
At 28th February 2022
1
4,019
4,020
---------
-------
---------
A property lease in respect of 331 Garstang Road, Preston was assigned in May 2019 with the term of the lease for 15 years.
7. TANGIBLE ASSETS
Property Improvements
Fixtures and Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1st March 2022
231,306
294,538
16,416
542,260
Additions
23,383
195,045
218,428
Disposals
( 19,025)
( 9,216)
( 28,241)
----------
----------
----------
----------
At 28th February 2023
231,306
298,896
202,245
732,447
----------
----------
----------
----------
Depreciation
At 1st March 2022
23,131
65,475
14,783
103,389
Charge for the year
20,818
45,041
11,360
77,219
Disposals
( 4,733)
( 8,627)
( 13,360)
----------
----------
----------
----------
At 28th February 2023
43,949
105,783
17,516
167,248
----------
----------
----------
----------
Carrying amount
At 28th February 2023
187,357
193,113
184,729
565,199
----------
----------
----------
----------
At 28th February 2022
208,175
229,063
1,633
438,871
----------
----------
----------
----------
8. DEBTORS
2023
2022
£
£
Trade debtors
605,831
1,561,994
Amounts owed by group undertakings
382,254
346,026
Prepayments and accrued income
15,493
13,393
Directors loan account
54,167
79,167
Other debtors
856,399
676,479
-------------
-------------
1,914,144
2,677,059
-------------
-------------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,170,714
1,175,860
Accruals and deferred income
327,354
633,892
Corporation tax
56,743
143,276
Social security and other taxes
9,770
9,353
Other creditors
18,645
11,335
-------------
-------------
1,583,226
1,973,716
-------------
-------------
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the end of the year D Oak and JL Oak had an overdrawn directors loan account of £54,167, on which interest at 2.25% is being paid.
11. RELATED PARTY TRANSACTIONS
Mr M.J. Ball is a director of Choose Health Limited, a private company limited by guarantee without share capital. During the year the company made sales of £23,524 (2022 £65) to Choose Health Limited of which £nil (2022 £nil) remained unpaid at the year end. At the end of the year the company was owed £274,061 (2022 £nil) from Mr C Ball, who is the brother of Mr M J Ball (director). It is an interest free loan.
12. CONTROLLING PARTY
The ultimate controlling party is M & H Ball Ltd.