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REGISTERED NUMBER: 03924678 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

HILL CROSS FURNITURE LIMITED

HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HILL CROSS FURNITURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: R T Barker
J K Barker





SECRETARY: J K Barker





REGISTERED OFFICE: Cramble Cross
North Cowton
Northallerton
North Yorkshire
DL7 0HL





REGISTERED NUMBER: 03924678 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 28,049 46,880
Tangible assets 5 336,416 134,316
364,465 181,196

CURRENT ASSETS
Stocks 1,299,809 725,026
Debtors 6 1,327,402 1,430,570
Cash at bank and in hand 586,244 821,965
3,213,455 2,977,561
CREDITORS
Amounts falling due within one year 7 2,440,353 2,677,431
NET CURRENT ASSETS 773,102 300,130
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,137,567

481,326

CREDITORS
Amounts falling due after more than one
year

8

(202,787

)

(218,167

)

PROVISIONS FOR LIABILITIES (83,099 ) (32,510 )
NET ASSETS 851,681 230,649

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 851,581 230,549
SHAREHOLDERS' FUNDS 851,681 230,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





J K Barker - Director


HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Hill Cross Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods sold and fitted, 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.

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 fitting 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 in respect of the transaction can be measured reliably.

Revenue from the provision of associated services represents the value of work carried out in the year including amounts not yet invoiced.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful live on the following basis:

Bespoke Software Amortised over its useful economic life of 3 years straight line.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance and 15% on reducing balance
Fixtures and fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement os recognised in the period in which the employee's services are received.

Foreign exchange
Transaction in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 26 ) .

HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022 70,320
Additions 5,722
At 31 March 2023 76,042
AMORTISATION
At 1 April 2022 23,440
Charge for year 24,553
At 31 March 2023 47,993
NET BOOK VALUE
At 31 March 2023 28,049
At 31 March 2022 46,880

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 641,975
Additions 263,279
Disposals (21,486 )
At 31 March 2023 883,768
DEPRECIATION
At 1 April 2022 507,659
Charge for year 59,387
Eliminated on disposal (19,694 )
At 31 March 2023 547,352
NET BOOK VALUE
At 31 March 2023 336,416
At 31 March 2022 134,316

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 539,271 441,038
Other debtors 788,131 989,532
1,327,402 1,430,570

HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 60,000 60,000
Trade creditors 747,217 865,520
Taxation and social security 146,274 290,117
Other creditors 1,486,862 1,461,794
2,440,353 2,677,431

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 130,000 190,000
Other creditors 72,787 28,167
202,787 218,167

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 875 3,189
Between one and five years 656 1,531
1,531 4,720

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
R T Barker and J K Barker
Balance outstanding at start of year 20,536 -
Amounts advanced 19,886 62,763
Amounts repaid (40,422 ) (42,227 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 20,536

HILL CROSS FURNITURE LIMITED (REGISTERED NUMBER: 03924678)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within other creditors are amounts owed to a small self administered pension scheme (SSAS) established for the benefit of the directors. The amount outstanding at the balance sheet date was £130,664 (2022: £66,115) of which £57,877 is due in less than one year and £72,787 is due in more than one year. The loans, which are unsecured, are otherwise on third party terms.

During the year the company charged for management services and recharged salary costs to a fellow group company. The amount was £128,379 (2022: £25,000) deemed by the director to be on market terms.