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Registration number: 05833633

Hycross Bagging & Handling Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Hycross Bagging & Handling Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hycross Bagging & Handling Limited

Company Information

Directors

Mrs D Ball

Mr IM Ball

Registered office

35 Thorne Road
Doncaster
South Yorkshire
DN1 2HD

 

Hycross Bagging & Handling Limited

(Registration number: 05833633)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

247,867

150,581

Current assets

 

Debtors

5

41,757

61,000

Cash at bank and in hand

 

20,201

7,836

 

61,958

68,836

Creditors: Amounts falling due within one year

6

(227,398)

(179,766)

Net current liabilities

 

(165,440)

(110,930)

Total assets less current liabilities

 

82,427

39,651

Creditors: Amounts falling due after more than one year

6

(18,750)

-

Net assets

 

63,677

39,651

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

63,675

39,649

Shareholders' funds

 

63,677

39,651

For the financial year ending 31 May 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 requirements of the Act with respect to accounting records and the preparation of accounts.

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 17 October 2023 and signed on its behalf by:
 

.........................................
Mr IM Ball
Director

 

Hycross Bagging & Handling Limited

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

1

General information

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

The address of its registered office is:
35 Thorne Road
Doncaster
South Yorkshire
DN1 2HD

These financial statements were authorised for issue by the Board on 17 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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:

 

Hycross Bagging & Handling Limited

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

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Furniture and fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

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.

 

Hycross Bagging & Handling Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 June 2022

52,161

2,176

30,350

137,632

Additions

6,120

-

-

117,858

At 31 May 2023

58,281

2,176

30,350

255,490

Depreciation

At 1 June 2022

2,608

2,167

3,794

63,169

Charge for the year

2,914

-

5,691

18,087

At 31 May 2023

5,522

2,167

9,485

81,256

Carrying amount

At 31 May 2023

52,759

9

20,865

174,234

At 31 May 2022

49,553

9

26,556

74,463

 

Hycross Bagging & Handling Limited

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

Total
£

Cost or valuation

At 1 June 2022

222,319

Additions

123,978

At 31 May 2023

346,297

Depreciation

At 1 June 2022

71,738

Charge for the year

26,692

At 31 May 2023

98,430

Carrying amount

At 31 May 2023

247,867

At 31 May 2022

150,581

Included within the net book value of land and buildings above is £52,759 (2022 - £49,553) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

41,757

61,000

 

Hycross Bagging & Handling Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,000

-

Trade creditors

 

78,685

56,130

Taxation and social security

 

3,514

2,237

Accruals and deferred income

 

1,057

985

Other creditors

 

139,142

120,414

 

227,398

179,766

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

18,750

-

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

18,750

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

5,000

-