Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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1,823,871 | 1,619,706 | |||
Current assets | ||||
Stocks | 6, 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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328,360 | 745,026 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current liabilities | (580,966) | (96,458) | ||
Total assets less current liabilities | 1,242,905 | 1,523,248 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Tim Hawkins Limited (registered number:
T J Hawkins
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Tim Hawkins Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Entitlements |
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Plant and machinery |
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Vehicles |
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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.
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 financial lease obligation.
Lease payments are apportioned between finance costs in the Profit & 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.
Trade debtors and other 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 and other debtors are 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.
Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received. Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate at which the intangible asset is amortised.
Other financial assets are stated at fair value. The fair value of the investment in Mr & Mrs T J Hawkins farming partnership is the likely return on investment.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Entitlements | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2022 |
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At 31 May 2023 |
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Accumulated amortisation | |||
At 01 June 2022 |
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Charge for the financial year |
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At 31 May 2023 |
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Net book value | |||
At 31 May 2023 |
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At 31 May 2022 |
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Plant and machinery | Vehicles | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 June 2022 |
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Additions |
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Disposals | (
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At 31 May 2023 |
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Accumulated depreciation | |||||
At 01 June 2022 |
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Charge for the financial year |
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Disposals | (
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At 31 May 2023 |
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Net book value | |||||
At 31 May 2023 |
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At 31 May 2022 |
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Leased assets included above: | |||||
Net book value | |||||
At 31 May 2023 | 0 | 0 | 0 | ||
At 31 May 2022 | 0 | 39,000 | 39,000 |
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 June 2022 |
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Additions |
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At 31 May 2023 |
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Carrying value at 31 May 2023 |
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Carrying value at 31 May 2022 |
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Other investments consists of Investment in Mr & Mrs T J Hawkins farming partnership. The investment is stated at fair value.
2023 | 2022 | ||
£ | £ | ||
Livestock |
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Other stock |
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Assets held at cost:
Sheep | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2022 | 24,090 | 24,090 | |
Increase due to purchases/ transfers in | 248 | 248 | |
At 31 May 2023 | 24,338 | 24,338 | |
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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