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Registration number: 14223633

Shotton-Hogg Ltd

Annual Report and Unaudited Financial Statements

for the Period from 8 July 2022 to 31 July 2023

image-name
 

Shotton-Hogg Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Shotton-Hogg Ltd

Company Information

Directors

N T Hogg

A L Shotton

Registered office

38 Longmeadows
Ponteland
Newcastle Upon Tyne
Tyne & Wear
NE20 9DY

Accountants

TyneRede Accountancy Ltd
Chartered Certified Accountant
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

 

Shotton-Hogg Ltd

(Registration number: 14223633)
Balance Sheet as at 31 July 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

161,509

Current assets

 

Debtors

5

230

Cash at bank and in hand

 

1,266

 

1,496

Creditors: Amounts falling due within one year

6

(117,204)

Net current liabilities

 

(115,708)

Total assets less current liabilities

 

45,801

Creditors: Amounts falling due after more than one year

6

(85,999)

Provisions for liabilities

7,680

Net liabilities

 

(32,518)

Capital and reserves

 

Called up share capital

7

2

Retained earnings

(32,520)

Shareholders' deficit

 

(32,518)

For the financial period ending 31 July 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 April 2024 and signed on its behalf by:
 

.........................................
N T Hogg
Director

 

Shotton-Hogg Ltd

Notes to the Unaudited Financial Statements for the Period from 8 July 2022 to 31 July 2023

1

General information

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

The address of its registered office is:
38 Longmeadows
Ponteland
Newcastle Upon Tyne
Tyne & Wear
NE20 9DY
United Kingdom

These financial statements were authorised for issue by the Board on 5 April 2024.

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 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Shotton-Hogg Ltd

Notes to the Unaudited Financial Statements for the Period from 8 July 2022 to 31 July 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

Fixtures and fittings

25% straight line basis

Computer equipment

25% straight line basis

Investment property

Cost less residual value depreciated over useful economic life

Tools and equipment

25% straight line basis

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.

 

Shotton-Hogg Ltd

Notes to the Unaudited Financial Statements for the Period from 8 July 2022 to 31 July 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

157,960

4,734

162,694

At 31 July 2023

157,960

4,734

162,694

Depreciation

Charge for the period

-

1,185

1,185

At 31 July 2023

-

1,185

1,185

Carrying amount

At 31 July 2023

157,960

3,549

161,509

Included within the net book value of land and buildings above is £157,960 in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

Trade debtors

230

 

Shotton-Hogg Ltd

Notes to the Unaudited Financial Statements for the Period from 8 July 2022 to 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

48

Accruals and deferred income

690

Other creditors

116,466

117,204

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

8

85,999

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

2

2

     
 

Shotton-Hogg Ltd

Notes to the Unaudited Financial Statements for the Period from 8 July 2022 to 31 July 2023

8

Loans and borrowings

2023
£

Non-current loans and borrowings

Bank borrowings

85,999

Bank borrowings

Mortgage charge is denominated in with a nominal interest rate of 5.99%, and the final instalment is due on . The carrying amount at period end is £85,999.

Monmouthshire Building Society has a fixed and floating charge over 32 King Edward Street, Amble, Morpeth NE65 0ES, which is the property in the company.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil.