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REGISTERED NUMBER: 03112115 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Frederick Hyde Limited

Frederick Hyde Limited (Registered number: 03112115)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Frederick Hyde Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: J F H Hughes-Chamberlain
Mrs C F C Hughes-Chamberlain





SECRETARY: Mrs C F C Hughes-Chamberlain





REGISTERED OFFICE: Corporate House
Kings Road Industrial Estate
Haslemere
Surrey
GU27 2QH





REGISTERED NUMBER: 03112115 (England and Wales)





ACCOUNTANTS: Mulberry & Co
Chartered Certified Accountants
& Chartered Tax Advisers
C/O Mulberry & Co
Eastgate House
Dogflud Way
Farnham
Surrey
GU9 7UD

Frederick Hyde Limited (Registered number: 03112115)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 820,628 301,688
820,628 301,688

CURRENT ASSETS
Stocks 2,082,321 2,031,267
Debtors: amounts falling due within one year 6 985,163 749,210
Cash at bank and in hand 592,565 438,787
3,660,049 3,219,264
CREDITORS
Amounts falling due within one year 7 (1,043,186 ) (978,153 )
NET CURRENT ASSETS 2,616,863 2,241,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,437,491

2,542,799

CREDITORS
Amounts falling due after more than one year 8 (515,069 ) (226,825 )

PROVISIONS FOR LIABILITIES (859 ) (859 )
NET ASSETS 2,921,563 2,315,115

CAPITAL AND RESERVES
Called up share capital 81,054 81,054
Retained earnings 2,840,509 2,234,061
SHAREHOLDERS' FUNDS 2,921,563 2,315,115

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Frederick Hyde Limited (Registered number: 03112115)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:





J F H Hughes-Chamberlain - Director


Frederick Hyde Limited (Registered number: 03112115)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Frederick Hyde 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
a) the Company. has transferred the significant risks and rewards of ownership to the buyer;
b) the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
c) the amount of revenue can be measured reliably;
d) it is probable that the Company will receive the consideration due under the transaction; and
e) the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

Frederick Hyde Limited (Registered number: 03112115)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - in accordance with the property
Improvements to property - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Financial instruments
The Company only 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Frederick Hyde Limited (Registered number: 03112115)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement 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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Frederick Hyde Limited (Registered number: 03112115)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Finance Costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Dividends
The Company only 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 33 ) .

Frederick Hyde Limited (Registered number: 03112115)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 42,057
AMORTISATION
At 1 July 2022
and 30 June 2023 42,057
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Long to and
leasehold property fittings
£    £    £   
COST
At 1 July 2022 258,128 25,598 47,607
Additions 466,210 - 86,941
Disposals - (25,598 ) (27,563 )
At 30 June 2023 724,338 - 106,985
DEPRECIATION
At 1 July 2022 20,166 20,047 35,735
Charge for year 38,334 - 8,905
Eliminated on disposal - (20,047 ) (24,489 )
At 30 June 2023 58,500 - 20,151
NET BOOK VALUE
At 30 June 2023 665,838 - 86,834
At 30 June 2022 237,962 5,551 11,872

Frederick Hyde Limited (Registered number: 03112115)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 96,029 33,526 460,888
Additions 52,185 2,732 608,068
Disposals (52,149 ) - (105,310 )
At 30 June 2023 96,065 36,258 963,646
DEPRECIATION
At 1 July 2022 53,386 29,866 159,200
Charge for year 9,610 2,490 59,339
Eliminated on disposal (30,985 ) - (75,521 )
At 30 June 2023 32,011 32,356 143,018
NET BOOK VALUE
At 30 June 2023 64,054 3,902 820,628
At 30 June 2022 42,643 3,660 301,688

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022 24,547
Disposals (24,547 )
At 30 June 2023 -
DEPRECIATION
At 1 July 2022 22,320
Eliminated on disposal (22,320 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 2,227

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 724,525 577,569
Other debtors 260,638 171,641
985,163 749,210

Frederick Hyde Limited (Registered number: 03112115)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 93,909 154,274
Hire purchase contracts 16,579 3,456
Trade creditors 675,288 489,702
Taxation and social security 208,520 217,043
Other creditors 48,890 113,678
1,043,186 978,153

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans 515,069 210,245
Hire purchase contracts - 16,580
515,069 226,825

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J F H Hughes-Chamberlain.