Company registration number 03630048 (England and Wales)
C HORRELL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
C HORRELL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
C HORRELL LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
14,196
14,196
Tangible assets
5
5,320,643
5,164,868
Investments
6
1
1
5,334,840
5,179,065
Current assets
Stocks
558,119
354,142
Debtors
7
103,720
87,958
Cash at bank and in hand
184
184
662,023
442,284
Creditors: amounts falling due within one year
8
(654,990)
(587,263)
Net current assets/(liabilities)
7,033
(144,979)
Total assets less current liabilities
5,341,873
5,034,086
Creditors: amounts falling due after more than one year
9
(735,753)
(727,978)
Net assets
4,606,120
4,306,108
Capital and reserves
Called up share capital
10
329
329
Share premium account
2,407,264
2,407,264
Profit and loss reserves
2,198,527
1,898,515
Total equity
4,606,120
4,306,108
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
C HORRELL LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
S Horrell
Director
Company registration number 03630048 (England and Wales)
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
C Horrell Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pode Hole Farm, The Causeway, Thorney, Peterborough, PE6 0QH.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
No depreciation/2% of cost/10% of cost
Plant and machinery
10% of written down value
Office equipment
15% of written down value
Motor vehicles
25% of written down value
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stock is valued at the lower of cost and net realisable value.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets and liabilities
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate.
1.10
Equity instruments
Equity instruments being the share capital issued by the company.
1.11
Employee benefits
The costs of short-term employee costs are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
4
Intangible fixed assets
Quotas
£
Cost
At 1 February 2022 and 31 January 2023
14,196
Amortisation and impairment
At 1 February 2022 and 31 January 2023
Carrying amount
At 31 January 2023
14,196
At 31 January 2022
14,196
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
5
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
4,696,905
1,266,995
25,140
56,040
6,045,080
Additions
121,404
323,183
4,446
449,033
Disposals
(50,000)
(245,985)
(295,985)
At 31 January 2023
4,768,309
1,344,193
29,586
56,040
6,198,128
Depreciation and impairment
At 1 February 2022
139,456
689,983
14,346
36,427
880,212
Depreciation charged in the year
17,556
130,836
2,059
4,903
155,354
Eliminated in respect of disposals
(158,081)
(158,081)
At 31 January 2023
157,012
662,738
16,405
41,330
877,485
Carrying amount
At 31 January 2023
4,611,297
681,455
13,181
14,710
5,320,643
At 31 January 2022
4,557,449
577,012
10,794
19,613
5,164,868
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,099
45,774
Other debtors
37,159
10,543
Prepayments and accrued income
33,462
31,641
103,720
87,958
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
104,342
109,088
Obligations under finance leases
89,216
87,841
Other borrowings
9,863
Trade creditors
79,255
52,599
Other taxation and social security
4,622
15,230
Other creditors
324,462
261,200
Accruals and deferred income
53,093
51,442
654,990
587,263
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
552,911
586,796
Obligations under finance leases
125,957
74,527
Deferred income
56,885
66,655
735,753
727,978
Bank loans and overdrafts are secured on land and buildings owned by the company.
Net obligations under hire purchase contracts are secured on the related assets.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
259,872
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
32,918
32,918
329
329