Company registration number 05272593 (England and Wales)
HICKLING AND SQUIRES (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HICKLING AND SQUIRES (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HICKLING AND SQUIRES (UK) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
380,941
570,723
Tangible assets
6
798,234
706,784
1,179,175
1,277,507
Current assets
Stocks
202,033
148,937
Debtors
7
3,051,874
2,048,393
Cash at bank and in hand
522,847
160,523
3,776,754
2,357,853
Creditors: amounts falling due within one year
8
(1,924,770)
(1,144,902)
Net current assets
1,851,984
1,212,951
Total assets less current liabilities
3,031,159
2,490,458
Creditors: amounts falling due after more than one year
9
(846,508)
(408,021)
Provisions for liabilities
(135,474)
(89,780)
Net assets
2,049,177
1,992,657
Capital and reserves
Called up share capital
200,100
200,100
Profit and loss reserves
1,849,077
1,792,557
Total equity
2,049,177
1,992,657
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HICKLING AND SQUIRES (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
Mr J Gilbert
Mr L A Jordan
Director
Director
Company registration number 05272593 (England and Wales)
HICKLING AND SQUIRES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Hickling And Squires (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Dunsil Road, Moorgreen Industrial Park, Newthorpe, Nottingham, NG16 3TN. The company registration number is 05272593.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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 dispatch 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 or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of an unincorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Over 10 years
HICKLING AND SQUIRES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
10% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HICKLING AND SQUIRES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions 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 in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
34
32
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
244,836
228,856
HICKLING AND SQUIRES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
1,895,323
2,500
1,897,823
Amortisation and impairment
At 1 December 2022
1,326,725
375
1,327,100
Amortisation charged for the year
189,532
250
189,782
At 30 November 2023
1,516,257
625
1,516,882
Carrying amount
At 30 November 2023
379,066
1,875
380,941
At 30 November 2022
568,598
2,125
570,723
6
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
11,478
2,523,091
169,174
136,881
2,840,624
Additions
235,937
35,788
271,725
At 30 November 2023
11,478
2,759,028
204,962
136,881
3,112,349
Depreciation and impairment
At 1 December 2022
1,148
1,911,288
117,320
104,084
2,133,840
Depreciation charged in the year
1,148
161,525
9,403
8,199
180,275
At 30 November 2023
2,296
2,072,813
126,723
112,283
2,314,115
Carrying amount
At 30 November 2023
9,182
686,215
78,239
24,598
798,234
At 30 November 2022
10,330
611,803
51,854
32,797
706,784
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,079,861
844,618
Other debtors
1,972,013
1,203,775
3,051,874
2,048,393
HICKLING AND SQUIRES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
72,000
60,118
Trade creditors
1,195,010
787,838
Corporation tax
119,877
21,360
Other taxation and social security
73,974
22,614
Other creditors
463,909
252,972
1,924,770
1,144,902
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
74,000
150,000
Other creditors
772,508
258,021
846,508
408,021
10
Parent company
The parent company is Hickling and Squires (Holdings) Ltd (10665947). There is deemed to be no ultimate controlling party by way of a joint directorship in the parent company and Hickling and Squires (UK) Limited.