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Registration number: 4064139

Hemswell Antique Centres Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Hemswell Antique Centres Limited

(Registration number: 4064139)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,898,690

1,854,338

Current assets

 

Stocks

9,011

9,629

Debtors

5

17,822

11,912

Cash at bank and in hand

 

1,720,911

1,496,250

 

1,747,744

1,517,791

Creditors: Amounts falling due within one year

6

(706,166)

(358,721)

Net current assets

 

1,041,578

1,159,070

Total assets less current liabilities

 

2,940,268

3,013,408

Provisions for liabilities

(129,932)

(90,322)

Net assets

 

2,810,336

2,923,086

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

6

6

Retained earnings

2,810,230

2,922,980

Shareholders' funds

 

2,810,336

2,923,086

 

Hemswell Antique Centres Limited

(Registration number: 4064139)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 year 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 8 March 2024 and signed on its behalf by:
 


Mr R G Miller
Director

   
 

Hemswell Antique Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ
 

Registration number: 4064139

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 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 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.

 

Hemswell Antique Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% per annum straight line

Motor vehicles

over 3 year straight line

Furniture, fittings and equipment

15% per annum on written down value

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 at the transaction price. They are subsequently measured less a 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.

 

Hemswell Antique Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

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.

Leases

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 year was 48 (2022 - 43).

 

Hemswell Antique Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Freehold property
£

Motor vehicles
 £

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

2,136,350

126,995

549,851

2,813,196

Additions

-

-

176,846

176,846

At 31 October 2023

2,136,350

126,995

726,697

2,990,042

Depreciation

At 1 November 2022

542,994

75,064

340,800

958,858

Charge for the year

42,728

39,507

50,259

132,494

At 31 October 2023

585,722

114,571

391,059

1,091,352

Carrying amount

At 31 October 2023

1,550,628

12,424

335,638

1,898,690

At 31 October 2022

1,593,356

51,931

209,051

1,854,338

5

Debtors

2023
£

2022
£

Trade debtors

17,095

6,121

Prepayments

727

5,791

 

17,822

11,912

6

Creditors

2023
£

2022
£

Due within one year

Trade creditors

235,505

209,634

Social security and other taxes

118,365

111,051

Other creditors

352,296

38,036

706,166

358,721

 

Hemswell Antique Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100