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Registration number: 00629233

P Hewitt (Farmers) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2023

 

P Hewitt (Farmers) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

P Hewitt (Farmers) Ltd

Company Information

Directors

Mr R Hewitt

Mrs S Walters

Company secretary

Mrs S Walters

Registered office

The Laurels
Thornton Curtis
North Lincolnshire
DN39 6XJ

Solicitors

Wilkin Chapman LLP
Cartergate House
26 Chantry Lane
Grimsby
North East Lincolnshire
DN31 2LJ

 

P Hewitt (Farmers) Ltd

(Registration number: 00629233)
Balance Sheet as at 5 April 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

-

35,479

Current assets

 

Debtors

5

14,000

10,145

Cash at bank and in hand

 

15,222

11,029

 

29,222

21,174

Creditors: Amounts falling due within one year

6

(2,750)

(6,771)

Net current assets

 

26,472

14,403

Total assets less current liabilities

 

26,472

49,882

Provisions for liabilities

-

(249)

Net assets

 

26,472

49,633

Capital and reserves

 

Called up share capital

7

26,002

26,002

Other reserves

-

1,343

Retained earnings

470

22,288

Shareholders' funds

 

26,472

49,633

For the financial year ending 5 April 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 13 November 2023 and signed on its behalf by:
 

.........................................
Mrs S Walters
Company secretary and director

 

P Hewitt (Farmers) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

1

General information

The company is a private company limited by share capital incorporated in UK and the company registration number is 00629233.

The address of its registered office is:
The Laurels
Thornton Curtis
North Lincolnshire
DN39 6XJ

These financial statements were authorised for issue by the Board on 13 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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.

Tax

The tax expense for the period comprises deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Depreciation

 

P Hewitt (Farmers) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

Asset class

Depreciation method and rate

Fixtures 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.

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).

 

P Hewitt (Farmers) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

4

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 6 April 2022

35,479

35,479

Additions

273

273

Disposals

(35,752)

(35,752)

At 5 April 2023

-

-

Impairment

Carrying amount

At 5 April 2023

-

-

5

Debtors

Current

2023
£

2022
£

Other debtors

14,000

10,145

 

14,000

10,145

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other creditors

 

-

500

Accruals and deferred income

 

2,750

6,271

 

2,750

6,771

 

P Hewitt (Farmers) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

26,002

26,002

26,002

26,002

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

500

9

Related party transactions

Transactions with Directors

2023

At 6 April 2022
£

Advances to Director
£

Repayments by Director
£

At 5 April 2023
£

Mr R Hewitt

9,500

12,000

(9,500)

12,000

         
       

Mrs S Walters

(500)

12,000

(9,500)

2,000

         
       

 

2022

At 6 April 2021
£

Advances to Director
£

Repayments by Director
£

At 5 April 2022
£

Mr R Hewitt

-

11,500

(2,000)

9,500