Bernard Hunter Limited SC202420 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of scrap metal recycling. Digita Accounts Production Advanced 6.30.9574.0 true SC202420 2022-04-01 2023-03-31 SC202420 2023-03-31 SC202420 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC202420 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC202420 core:CurrentFinancialInstruments 2023-03-31 SC202420 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC202420 core:Non-currentFinancialInstruments 2023-03-31 SC202420 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC202420 core:FurnitureFittingsToolsEquipment 2023-03-31 SC202420 core:LandBuildings 2023-03-31 SC202420 core:MotorVehicles 2023-03-31 SC202420 core:OtherPropertyPlantEquipment 2023-03-31 SC202420 bus:SmallEntities 2022-04-01 2023-03-31 SC202420 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC202420 bus:FullAccounts 2022-04-01 2023-03-31 SC202420 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC202420 bus:RegisteredOffice 2022-04-01 2023-03-31 SC202420 bus:Director1 2022-04-01 2023-03-31 SC202420 bus:Director2 2022-04-01 2023-03-31 SC202420 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC202420 bus:Agent1 2022-04-01 2023-03-31 SC202420 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 SC202420 core:LandBuildings 2022-04-01 2023-03-31 SC202420 core:MotorVehicles 2022-04-01 2023-03-31 SC202420 core:OfficeEquipment 2022-04-01 2023-03-31 SC202420 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC202420 core:PlantMachinery 2022-04-01 2023-03-31 SC202420 countries:Scotland 2022-04-01 2023-03-31 SC202420 2022-03-31 SC202420 core:FurnitureFittingsToolsEquipment 2022-03-31 SC202420 core:LandBuildings 2022-03-31 SC202420 core:MotorVehicles 2022-03-31 SC202420 core:OtherPropertyPlantEquipment 2022-03-31 SC202420 2021-04-01 2022-03-31 SC202420 2022-03-31 SC202420 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 SC202420 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 SC202420 core:CurrentFinancialInstruments 2022-03-31 SC202420 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC202420 core:Non-currentFinancialInstruments 2022-03-31 SC202420 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 SC202420 core:FurnitureFittingsToolsEquipment 2022-03-31 SC202420 core:LandBuildings 2022-03-31 SC202420 core:MotorVehicles 2022-03-31 SC202420 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC202420

Bernard Hunter Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Bernard Hunter Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Bernard Hunter Limited

Company Information

Directors

Mr M Rafferty

Mr J Rafferty

Registered office

 

600 Gilmerton Road
Edinburgh
EH17 8RY

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bernard Hunter Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bernard Hunter Limited for the year ended 31 March 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Bernard Hunter Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bernard Hunter Limited and state those matters that we have agreed to state to the Board of Directors of Bernard Hunter Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bernard Hunter Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bernard Hunter Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Bernard Hunter Limited. You consider that Bernard Hunter Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Bernard Hunter Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

3 October 2023

 

Bernard Hunter Limited

(Registration number: SC202420)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,091,869

3,746,730

Current assets

 

Stocks

5

678,253

572,134

Debtors

6

238,315

459,362

Cash at bank and in hand

 

214,663

37,489

 

1,131,231

1,068,985

Creditors: Amounts falling due within one year

7

(1,843,794)

(1,017,984)

Net current (liabilities)/assets

 

(712,563)

51,001

Total assets less current liabilities

 

3,379,306

3,797,731

Creditors: Amounts falling due after more than one year

7

(175,000)

(84,417)

Provisions for liabilities

116,814

(159,686)

Net assets

 

3,321,120

3,553,628

Capital and reserves

 

Called up share capital

9

400

400

Share premium reserve

428,522

428,522

Capital redemption reserve

600

600

Retained earnings

2,891,598

3,124,106

Shareholders' funds

 

3,321,120

3,553,628

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

 

Bernard Hunter Limited

(Registration number: SC202420)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr J Rafferty
Director

 

Bernard Hunter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
600 Gilmerton Road
Edinburgh
EH17 8RY

These financial statements were authorised for issue by the Board on 3 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of scrap metal recylcing.Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Bernard Hunter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

 

Bernard Hunter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% on cost

Office equipment

33% on cost

Motor vehicles

25% on cost

Freehold property

2% & 10% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Bernard Hunter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 19 (2022 - 17).

 

Bernard Hunter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Freehold property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

3,385,226

61,788

320,158

4,906,592

8,673,764

Additions

2,673

21,081

-

757,203

780,957

Disposals

-

-

(138,729)

(303,598)

(442,327)

At 31 March 2023

3,387,899

82,869

181,429

5,360,197

9,012,394

Depreciation

At 1 April 2022

428,778

51,435

222,402

4,224,419

4,927,034

Charge for the year

32,351

9,943

28,603

325,371

396,268

Eliminated on disposal

-

-

(99,458)

(303,319)

(402,777)

At 31 March 2023

461,129

61,378

151,547

4,246,471

4,920,525

Carrying amount

At 31 March 2023

2,926,770

21,491

29,882

1,113,726

4,091,869

At 31 March 2022

2,956,448

10,353

97,756

682,173

3,746,730

Included within the net book value of land and buildings above is £2,926,771 (2022 - £2,956,449) in respect of freehold land and buildings.
 

 

Bernard Hunter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Work in progress

576,253

478,884

Stock

102,000

93,250

678,253

572,134

6

Debtors

2023
£

2022
£

Trade debtors

105,516

284,382

Other debtors

132,799

174,980

238,315

459,362

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

159,418

89,216

Trade creditors

 

185,911

184,722

Taxation and social security

 

90,290

69,930

Accruals and deferred income

 

357,489

307,878

Other creditors

 

1,050,686

366,238

 

1,843,794

1,017,984

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

175,000

84,417

 

Bernard Hunter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

175,000

-

Other borrowings

-

84,417

175,000

84,417

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

75,001

8,085

Other borrowings

84,417

81,131

159,418

89,216

The other loans are secured by a standard security over the property at the Wisp, Edinburgh.

The hire purchase liabilities are secured over the assets concerned.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

400

400

400

400