Company registration number 00472215 (England and Wales)
H.HICKS & SON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2023
05 April 2023
PAGES FOR FILING WITH REGISTRAR
H.HICKS & SON LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
H.HICKS & SON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
7,475,000
9,415,000
Investments
4
548,349
561,665
8,023,349
9,976,665
Current assets
Debtors
5
11,308
10,329
Investments
6
1,440
1,440
Cash at bank and in hand
297,058
651,857
309,806
663,626
Creditors: amounts falling due within one year
7
(2,378,411)
(329,359)
Net current (liabilities)/assets
(2,068,605)
334,267
Total assets less current liabilities
5,954,744
10,310,932
Creditors: amounts falling due after more than one year
8
-
0
(2,407,686)
Provisions for liabilities
(320,066)
(289,243)
Net assets
5,634,678
7,614,003
Capital and reserves
Called up share capital
16,000
16,000
Revaluation reserve
1,106,959
2,111,549
Profit and loss reserves
4,511,719
5,486,454
Total equity
5,634,678
7,614,003

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 August 2023 and are signed on its behalf by:
Mr L F Green
Mrs C L Green
Director
Director
Company Registration No. 00472215
H.HICKS & SON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 6 April 2021
16,000
1,718,402
5,291,436
7,025,838
Year ended 5 April 2022:
Profit and total comprehensive income for the year
-
-
636,165
636,165
Dividends
-
-
(48,000)
(48,000)
Transfers
-
393,147
(393,147)
-
Balance at 5 April 2022
16,000
2,111,549
5,486,454
7,614,003
Year ended 5 April 2023:
Loss and total comprehensive income for the year
-
-
(1,867,325)
(1,867,325)
Dividends
-
-
(112,000)
(112,000)
Transfers
-
(1,004,590)
1,004,590
-
Balance at 5 April 2023
16,000
1,106,959
4,511,719
5,634,678
H.HICKS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
1
Accounting policies
Company information

H.Hicks & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7-9 The Avenue, Eastbourne, East Sussex, BN21 3YA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is trueusually able to meet its day to day working capital requirements from its cash reserves. Due to the current economic climate there can be considerable unpredictable variation in the timing of cash flows.

 

The company's bank has stipulated that it requires the company to significantly reduce its borrowing in the early part of 2024 and therefore the directors intend to sell one of the company's investment properties in order to generate sufficient cash to repay the outstanding bank loan.

 

The directors have discussed at length projected cash flow information for the period ended 12 months from the date of approval of these financial statements. On the basis of these projections and the steps taken above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover
Turnover represents amounts receivable for rent.
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

H.HICKS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, that do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of any impairment. Amounts that are receivable after one year or that constitute a financing transaction are recorded initially at fair value and subsequently at amortised cost, net of any impairment.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

H.HICKS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Investment property
2023
£
Fair value
At 6 April 2022
9,415,000
Revaluations
(1,940,000)
At 5 April 2023
7,475,000

The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors of the company at the balance sheet date. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

Market conditions are currently difficult and two of the company's investment properties were empty at the balance sheet date. It is expected that the rent charged on a third property will need to be reduced in the near future. All of this has resulted in a significant downward property revaluation as at the year end.

H.HICKS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
3
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
7,368,690
7,368,690
Accumulated depreciation
-
-
Carrying amount
7,368,690
7,368,690
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
548,349
561,665
Fixed asset investments revalued

Fixed asset investments comprise of listed investments which are stated at market value. The comparable cost at the balance sheet date is £389,117 (2022 - £376,936)    

Movements in fixed asset investments
Investments
£
Cost or valuation
At 6 April 2022
561,665
Additions
51,103
Valuation changes
(10,207)
Disposals
(54,212)
At 5 April 2023
548,349
Carrying amount
At 5 April 2023
548,349
At 5 April 2022
561,665
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,308
10,329
H.HICKS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
6
Current asset investments
2023
2022
£
£
Other investments
1,440
1,440
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,218,564
240,769
Taxation and social security
43,434
24,925
Other creditors
116,413
63,665
2,378,411
329,359
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
2,407,686
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
1,444,612
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Michael Macefield
Statutory Auditor:
Humphrey & Co Audit Services Ltd
2023-04-052022-04-06false29 September 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr L F GreenMrs C L GreenMr J P GreenMr M E BrownsdonMrs B G BrownsdonMr M J ProdgerMrs C L Greenfalse004722152022-04-062023-04-05004722152023-04-05004722152022-04-0500472215core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-0500472215core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-0500472215core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-0500472215core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-0500472215core:CurrentFinancialInstruments2023-04-0500472215core:CurrentFinancialInstruments2022-04-0500472215core:ShareCapital2023-04-0500472215core:ShareCapital2022-04-0500472215core:RevaluationReserve2023-04-0500472215core:RevaluationReserve2022-04-0500472215core:RetainedEarningsAccumulatedLosses2023-04-0500472215core:RetainedEarningsAccumulatedLosses2022-04-0500472215core:ShareCapital2021-04-0500472215core:RevaluationReserve2021-04-0500472215core:RetainedEarningsAccumulatedLosses2021-04-0500472215bus:Director12022-04-062023-04-0500472215bus:CompanySecretaryDirector12022-04-062023-04-0500472215core:RetainedEarningsAccumulatedLosses2021-04-062022-04-05004722152021-04-062022-04-0500472215core:RetainedEarningsAccumulatedLosses2022-04-062023-04-0500472215core:RevaluationReserve2021-04-062022-04-0500472215core:RevaluationReserve2022-04-062023-04-05004722152022-04-0500472215core:Non-currentFinancialInstruments2023-04-0500472215core:Non-currentFinancialInstruments2022-04-0500472215bus:PrivateLimitedCompanyLtd2022-04-062023-04-0500472215bus:SmallCompaniesRegimeForAccounts2022-04-062023-04-0500472215bus:FRS1022022-04-062023-04-0500472215bus:Audited2022-04-062023-04-0500472215bus:Director22022-04-062023-04-0500472215bus:Director32022-04-062023-04-0500472215bus:Director42022-04-062023-04-0500472215bus:Director52022-04-062023-04-0500472215bus:Director62022-04-062023-04-0500472215bus:CompanySecretary12022-04-062023-04-0500472215bus:FullAccounts2022-04-062023-04-05xbrli:purexbrli:sharesiso4217:GBP