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HEXHAM 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F. E. P. HEXHAM LTD

Registered Number
07654475
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

F. E. P. HEXHAM LTD
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

Mr B Best
Mr G J Waugh

Registered Address

2 The Beacon Beaufront Business Park
Anick Road
Hexham
NE46 4TU

Registered Number

07654475 (England and Wales)
F. E. P. HEXHAM LTD
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets46,0557,569
6,0557,569
Current assets
Stocks150,750141,250
Debtors5203,968196,598
Cash at bank and on hand64,21182,496
418,929420,344
Creditors amounts falling due within one year6(164,965)(199,171)
Net current assets (liabilities)253,964221,173
Total assets less current liabilities260,019228,742
Provisions for liabilities7(1,514)(1,438)
Net assets258,505227,304
Capital and reserves
Called up share capital2,3002,300
Share premium38,00038,000
Other reserves100100
Profit and loss account218,105186,904
Shareholders' funds258,505227,304
The financial statements were approved and authorised for issue by the Board of Directors on 17 April 2024, and are signed on its behalf by:
Mr G J Waugh
Director
Registered Company No. 07654475
F. E. P. HEXHAM LTD
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings20
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term. Where the company is a lessor rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year55
3.Intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of goodwill has been set at 5 years and the asset will be amortised on a straight line over that period.

Goodwill

Total

££
Cost or valuation
At 01 December 228,0008,000
At 30 November 238,0008,000
Amortisation and impairment
At 01 December 228,0008,000
At 30 November 238,0008,000
Net book value
At 30 November 23--
At 30 November 22--
4.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 December 2220,02820,028
At 30 November 2320,02820,028
Depreciation and impairment
At 01 December 2212,45912,459
Charge for year1,5141,514
At 30 November 2313,97313,973
Net book value
At 30 November 236,0556,055
At 30 November 227,5697,569
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables200,218192,848
Other debtors3,0003,000
Prepayments and accrued income750750
Total203,968196,598
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables127,904150,382
Taxation and social security25,44537,779
Other creditors9,0028,591
Accrued liabilities and deferred income2,6142,419
Total164,965199,171
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from the fair value adjustment on fixtures and fittings.

2023

2022

££
Net deferred tax liability (asset)1,5141,438
Total1,5141,438
8.Other commitments
At 30 November 2023 the company had future minimum lease payments under non-cancellable operating leases of £56,213 (2022 - £80,484).