Hythe House Support Limited 04524983 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is to provide foster care services to Local Authorities Digita Accounts Production Advanced 6.30.9574.0 true true 04524983 2022-03-01 2023-02-28 04524983 2023-02-28 04524983 bus:OrdinaryShareClass1 2023-02-28 04524983 bus:OrdinaryShareClass2 2023-02-28 04524983 bus:OrdinaryShareClass3 2023-02-28 04524983 core:CurrentFinancialInstruments 2023-02-28 04524983 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04524983 core:Goodwill 2023-02-28 04524983 core:BetweenTwoFiveYears 2023-02-28 04524983 core:WithinOneYear 2023-02-28 04524983 core:FurnitureFittingsToolsEquipment 2023-02-28 04524983 core:MotorVehicles 2023-02-28 04524983 core:OtherRelatedParties 2023-02-28 04524983 1 2023-02-28 04524983 bus:SmallEntities 2022-03-01 2023-02-28 04524983 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04524983 bus:FullAccounts 2022-03-01 2023-02-28 04524983 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 04524983 bus:RegisteredOffice 2022-03-01 2023-02-28 04524983 bus:CompanySecretaryDirector1 2022-03-01 2023-02-28 04524983 bus:Director3 2022-03-01 2023-02-28 04524983 bus:Director4 2022-03-01 2023-02-28 04524983 bus:Director5 2022-03-01 2023-02-28 04524983 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 04524983 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 04524983 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-03-01 2023-02-28 04524983 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 04524983 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2022-03-01 2023-02-28 04524983 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04524983 core:Goodwill 2022-03-01 2023-02-28 04524983 core:FurnitureFittings 2022-03-01 2023-02-28 04524983 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 04524983 core:MotorVehicles 2022-03-01 2023-02-28 04524983 core:OfficeEquipment 2022-03-01 2023-02-28 04524983 core:Vehicles 2022-03-01 2023-02-28 04524983 core:OtherRelatedParties 2022-03-01 2023-02-28 04524983 core:OtherRelatedParties core:RenderingOrReceivingServices 2022-03-01 2023-02-28 04524983 1 2022-03-01 2023-02-28 04524983 countries:England 2022-03-01 2023-02-28 04524983 2022-02-28 04524983 core:Goodwill 2022-02-28 04524983 core:FurnitureFittingsToolsEquipment 2022-02-28 04524983 core:MotorVehicles 2022-02-28 04524983 core:OtherRelatedParties 2022-02-28 04524983 2021-03-01 2022-02-28 04524983 2022-02-28 04524983 bus:OrdinaryShareClass1 2022-02-28 04524983 bus:OrdinaryShareClass2 2022-02-28 04524983 bus:OrdinaryShareClass3 2022-02-28 04524983 core:CurrentFinancialInstruments 2022-02-28 04524983 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 04524983 core:Goodwill 2022-02-28 04524983 core:BetweenTwoFiveYears 2022-02-28 04524983 core:WithinOneYear 2022-02-28 04524983 core:FurnitureFittingsToolsEquipment 2022-02-28 04524983 core:MotorVehicles 2022-02-28 04524983 core:OtherRelatedParties 2022-02-28 04524983 1 2022-02-28 04524983 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2021-03-01 2022-02-28 04524983 bus:OrdinaryShareClass3 2021-03-01 2022-02-28 04524983 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2021-03-01 2022-02-28 04524983 core:OtherRelatedParties 2021-03-01 2022-02-28 04524983 core:OtherRelatedParties core:RenderingOrReceivingServices 2021-03-01 2022-02-28 04524983 core:OtherRelatedParties core:SettlementLiabilities 2021-03-01 2022-02-28 04524983 2021-02-28 04524983 core:OtherRelatedParties 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04524983

Hythe House Support Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Hythe House Support Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Hythe House Support Limited

Company Information

Directors

M D Duffy

D J Duffy

G E Duffy

R W H Duffy

Company secretary

M D Duffy

Registered office

59 Staplehurst Road
Sittingbourne
Kent
ME10 2NY

 

Hythe House Support Limited

(Registration number: 04524983)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

14,109

14,135

Current assets

 

Debtors

6

78,886

162,126

Cash at bank and in hand

 

127,629

192,408

 

206,515

354,534

Creditors: Amounts falling due within one year

7

(96,998)

(263,747)

Net current assets

 

109,517

90,787

Net assets

 

123,626

104,922

Capital and reserves

 

Called up share capital

8

104

104

Retained earnings

123,522

104,818

Shareholders' funds

 

123,626

104,922

For the financial year ending 28 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 


G E Duffy
Director

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
59 Staplehurst Road
Sittingbourne
Kent
ME10 2NY
England

These financial statements were authorised for issue by the Board on 6 November 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 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.

Government grants

Government grants are recognised when receivable.

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line basis

Fixtures and fittings

25% straight line basis

Office equipment

25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over its estimated useful life

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.

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for 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. The directors do not believe that the actual interest rate of the loan and a market rate for a similar debt instrument is materially different. Interest-bearing borrowings are subsequently carried at the capital outstanding at the balance sheet date.

Interest expense is recognised on the basis of the amount payable during the year.

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 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.

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.

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 21).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

64,500

64,500

At 28 February 2023

64,500

64,500

Amortisation

At 1 March 2022

64,500

64,500

At 28 February 2023

64,500

64,500

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

-

-

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

115,784

33,943

149,727

Additions

6,082

-

6,082

Disposals

-

(21,510)

(21,510)

At 28 February 2023

121,866

12,433

134,299

Depreciation

At 1 March 2022

101,649

33,943

135,592

Charge for the year

6,108

-

6,108

Eliminated on disposal

-

(21,510)

(21,510)

At 28 February 2023

107,757

12,433

120,190

Carrying amount

At 28 February 2023

14,109

-

14,109

At 28 February 2022

14,135

-

14,135

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

42,920

134,328

Amounts owed by related parties

12

26,643

18,977

Prepayments

 

5,843

5,341

Other debtors

 

3,480

3,480

   

78,886

162,126

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

60,795

Taxation and social security

 

36,285

37,984

Accruals and deferred income

 

59,037

163,292

Other creditors

 

1,676

1,676

 

96,998

263,747

Barclays Bank plc holds a fixed and floating charge over the assets of the company. There is a cross guarantee and debenture between the company, Hythe House Properties Limited and Barclays Bank plc on the assets of the company.

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B non-voting shares of £1 each

-

-

4

4

Ordinary B 10 pence non-voting shares of £0.10 (2022 - £0) each

40

4

-

-

 

140

104

104

104

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

60,795

Bank borrowings

The bounceback loan is denominated in GBP with a nominal interest rate of 2.5%, and is payable in instalments. The loan was repaid in June 2022. The carrying amount at year end is £Nil (2022 - £60,795).

The loan has been received under the Coronavirus Bounce Back Loan Scheme.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

4,380

-

Later than one year and not later than five years

-

14,892

4,380

14,892

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,512 (2022 - £10,512).

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £40,624.92) per each Ordinary B non-voting

 

-

 

162,500

Interim dividend of £828.12 (2022 - £Nil) per each Ordinary B 10 pence non-voting

 

132,500

 

-

   

132,500

 

162,500

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

83,625

83,102

Contributions paid to money purchase schemes

1,357

1,366

84,982

84,468

Dividends paid to directors

   

2023
£

 

2022
£

M D Duffy

       

Ordinary B non-voting

 

27,604

 

40,625

Ordinary B 10 pence non-voting

 

5,521

 

-

   

33,125

 

40,625

D J Duffy

       

Ordinary B non-voting

 

27,604

 

40,625

Ordinary B 10 pence non-voting

 

5,521

 

-

   

33,125

 

40,625

R W H Duffy

       

Ordinary B non-voting

 

27,604

 

40,625

Ordinary B 10 pence non-voting

 

5,521

 

-

   

33,125

 

40,625

G E Duffy

       

Ordinary B non-voting

 

27,604

 

40,625

Ordinary B 10 pence non-voting

 

5,521

 

-

   

33,125

 

40,625

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

12

Related party transactions (continued)

Summary of transactions with other related parties

Hythe House Properties Limited (controlled by the directors of the Company)
 The company rents properties from Hythe House Properties Limited. The company also provides administration services to Hythe House Properties Limited.
 

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

6,000

2022

Other related parties
£

Receipt of services

6,000

Expenditure with and payables to related parties

2023

Other related parties
£

Rendering of services

34,800

2022

Other related parties
£

Rendering of services

29,800

Settlement of liabilities

3,694

33,494

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

18,977

18,977

Advanced

7,666

7,666

At end of period

26,643

26,643

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

12

Related party transactions (continued)

2022

Other related parties
£

Total
£

At start of period

9,284

9,284

Advanced

9,693

9,693

At end of period

18,977

18,977

Terms of loans to related parties

Interest free loan, repayable on demand.

Loans from related parties

2023

Other related parties
£

Total
£

Advanced

34,800

34,800

Repaid

(34,800)

(34,800)

At end of period

-

-

2022

Other related parties
£

Total
£

Advanced

29,800

29,800

Repaid

(29,800)

(29,800)

At end of period

-

-

Terms of loans from related parties

Interest free loan, repayable on demand.