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Registration number: 03709342

Hill Interior Contracts Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Hill Interior Contracts Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Hill Interior Contracts Ltd

Company Information

Directors

Mr G Jenkinson

Mrs CG Jenkinson

Mr J Jenkinson

Registered office

Victoria Road
Halesowen
West Midlands
B62 8HY

Accountants

Mr Colin Barrett
AIMS Accountants for Business
Shop 2, 130 Hagley Road
Hayley Green
Halesowen
West Midlands
B63 1DY

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hill Interior Contracts Ltd
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hill Interior Contracts Ltd for the year ended 30 June 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 practising members of the Association of Accounting Technicians, we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk/about-aat/professional-ethics

This report is made solely to the Board of Directors of Hill Interior Contracts Ltd, as a body, in accordance with the terms of our engagement letter dated 30 April 2022. Our work has been undertaken solely to prepare for your approval the accounts of Hill Interior Contracts Ltd and state those matters that we have agreed to state to the Board of Directors of Hill Interior Contracts Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hill Interior Contracts Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hill Interior Contracts Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hill Interior Contracts Ltd. You consider that Hill Interior Contracts Ltd 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 Hill Interior Contracts Ltd. 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.

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

Mr Colin Barrett
AIMS Accountants for Business
Shop 2, 130 Hagley Road
Hayley Green
Halesowen
West Midlands
B63 1DY

14 November 2023

 

Hill Interior Contracts Ltd

(Registration number: 03709342)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,543

49,064

Current assets

 

Stocks

5

120,000

86,000

Debtors

6

171,099

444,268

Cash at bank and in hand

 

134,063

50

 

425,162

530,318

Creditors: Amounts falling due within one year

7

(252,877)

(520,732)

Net current assets

 

172,285

9,586

Total assets less current liabilities

 

202,828

58,650

Creditors: Amounts falling due after more than one year

7

(20,000)

(32,492)

Net assets

 

182,828

26,158

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

182,825

26,155

Shareholders' funds

 

182,828

26,158

 

Hill Interior Contracts Ltd

(Registration number: 03709342)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 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 14 November 2023 and signed on its behalf by:
 

.........................................
Mr G Jenkinson
Director

 

Hill Interior Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Victoria Road
Halesowen
West Midlands
B62 8HY

These financial statements were authorised for issue by the Board on 14 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.

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 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.

 

Hill Interior Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Plant Equipment & Vehicles

20% straight line

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.

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.

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

 

Hill Interior Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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.

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 14 (2022 - 14).

 

Hill Interior Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

10,546

115,431

23,017

148,994

At 30 June 2023

10,546

115,431

23,017

148,994

Depreciation

At 1 July 2022

10,546

66,367

23,017

99,930

Charge for the year

-

18,521

-

18,521

At 30 June 2023

10,546

84,888

23,017

118,451

Carrying amount

At 30 June 2023

-

30,543

-

30,543

At 30 June 2022

-

49,064

-

49,064

5

Stocks

2023
£

2022
£

Raw materials and consumables

5,000

5,000

Work in progress

115,000

81,000

120,000

86,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

171,099

391,352

Other debtors

-

52,916

 

171,099

444,268

 

Hill Interior Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

12,492

214,366

Trade creditors

 

67,600

155,076

Taxation and social security

 

92,603

115,867

Accruals and deferred income

 

11,133

7,659

Other creditors

 

69,049

27,764

 

252,877

520,732

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

20,000

32,492

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

3

3

3

3

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,000

30,000

Hire purchase contracts

-

2,492

20,000

32,492

 

Hill Interior Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

201,648

Hire purchase contracts

2,492

2,718

12,492

214,366

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £18,000.00 (2022 - £Nil) per each Ordinary share

 

54,000

 

-

         
 

Hill Interior Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

11

Related party transactions


The Company operates a current account with each Director. The table below shows the movement during the year and the balances owed by/(owed to) each Director at the Balance Sheet date.

Amounts owed by the Directors to the Company are included within Other Debtors amd amounts owed by the Company to the Directors are disclosed within Other Creditors as appropriate.

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr G Jenkinson

Directors Current Account

8,815

-

(8,815)

-

         
       

Mr J Jenkinson

Directors Current Account

44,100

41,677

(85,777)

-

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr G Jenkinson

Directors Current Account

41,935

8,815

(41,935)

8,815

         
       

Mrs CG Jenkinson

Directors Current Account

41,935

-

(41,935)

-

         
       

Mr J Jenkinson

Directors Current Account

11,180

44,100

(11,180)

44,100

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

30,545

34,125

Contributions paid to money purchase schemes

9,479

9,480

40,024

43,605