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Registration number: 11040013

Hammond Homes of Distinction Ltd

Unaudited Filleted Financial Statements

for the Period from 1 November 2021 to 1 October 2022

 

Hammond Homes of Distinction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Hammond Homes of Distinction Ltd

Company Information

Directors

Mr Nicholas Hammond

Mrs Deborah Louise Hammond

Registered office

Bridgeview Business Park
Henry Boot Way
Priory Park East
Hull
East Yorkshire
HU4 7DY

Bankers

Tide

Accountants

Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

Hammond Homes of Distinction Ltd

(Registration number: 11040013)
Balance Sheet as at 1 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

279,495

190,307

Current assets

 

Stocks

5

-

2,202,140

Debtors

6

268,882

142,379

Cash at bank and in hand

 

20,868

15,589

 

289,750

2,360,108

Creditors: Amounts falling due within one year

7

(259,174)

(2,224,980)

Net current assets

 

30,576

135,128

Total assets less current liabilities

 

310,071

325,435

Creditors: Amounts falling due after more than one year

7

(236,015)

(200,489)

Provisions for liabilities

(23,367)

(36,063)

Net assets

 

50,689

88,883

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

50,589

88,783

Shareholders' funds

 

50,689

88,883

For the financial period ending 1 October 2022 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. 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 19 April 2024 and signed on its behalf by:
 

 

Hammond Homes of Distinction Ltd

(Registration number: 11040013)
Balance Sheet as at 1 October 2022

.........................................
Mr Nicholas Hammond
Director

.........................................
Mrs Deborah Louise Hammond
Director

 

Hammond Homes of Distinction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 1 October 2022

1

General information

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

The address of its registered office is:
Bridgeview Business Park
Henry Boot Way
Priory Park East
Hull
East Yorkshire
HU4 7DY
United Kingdom

These financial statements were authorised for issue by the Board on 19 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Hammond Homes of Distinction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 1 October 2022

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income 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 comprehensive income in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and 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.

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.

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.

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 and machinery

Reducing balance @ 25%

Motor vehicles

Reducing balance @ 25%

Fixtures and fittings

Reducing balance @ 25%

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.

 

Hammond Homes of Distinction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 1 October 2022

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

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.

 

Hammond Homes of Distinction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 1 October 2022

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.

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 period, was 5 (2021 - 5).

 

Hammond Homes of Distinction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 1 October 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2021

7,704

87,671

219,689

315,064

Additions

40

107,989

85,127

193,156

Disposals

-

(37,107)

-

(37,107)

At 1 October 2022

7,744

158,553

304,816

471,113

Depreciation

At 1 November 2021

2,736

33,154

88,869

124,759

Charge for the period

1,148

33,327

49,488

83,963

Eliminated on disposal

-

(17,104)

-

(17,104)

At 1 October 2022

3,884

49,377

138,357

191,618

Carrying amount

At 1 October 2022

3,860

109,176

166,459

279,495

At 31 October 2021

4,970

54,517

130,820

190,307

5

Stocks

2022
£

2021
£

Work in progress

-

2,202,140

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

11,244

5,520

Amounts owed by related parties

10

220,076

64,317

Prepayments

 

4,430

2,030

Other debtors

 

33,132

70,512

   

268,882

142,379

 

Hammond Homes of Distinction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 1 October 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

126,369

1,852,039

Trade creditors

 

45,147

286,753

Taxation and social security

 

64,526

51,582

Accruals and deferred income

 

3,000

1,501

Other creditors

 

20,132

33,105

 

259,174

2,224,980

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

236,015

200,489

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

38,904

46,371

Hire purchase contracts

197,111

154,118

236,015

200,489

 

Hammond Homes of Distinction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 1 October 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

4,959

1,806,516

Hire purchase contracts

76,147

45,523

Other borrowings

45,263

-

126,369

1,852,039

Bank borrowings

Bounce back loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 30 April 2029. The carrying amount at period end is £45,317 (2021 - £50,000).

Unsecured commercial loan with fixed interest. No repayments and UK government rebate on interest paid during first 12 months.

10

Related party transactions

Directors' remuneration

The directors' remuneration for the period was as follows:

2022
£

2021
£

Remuneration

16,104

77,283

11

Parent and ultimate parent undertaking

The company's immediate parent is Hammond Homes Holdings Ltd, incorporated in England and Wales.