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Registration number: 00567267

F N Hues & Sons Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

 

F N Hues & Sons Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

F N Hues & Sons Limited

(Registration number: 00567267)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,183,622

998,603

Investment property

1,537,279

1,537,279

Other financial assets

6

25,646

25,646

 

3,746,547

2,561,528

Current assets

 

Stocks

217,163

258,486

Debtors

33,697

1,111,683

Cash at bank and in hand

 

312,522

528,671

 

563,382

1,898,840

Creditors: Amounts falling due within one year

(455,925)

(159,535)

Net current assets

 

107,457

1,739,305

Total assets less current liabilities

 

3,854,004

4,300,833

Creditors: Amounts falling due after more than one year

(86,311)

(647,137)

Provisions for liabilities

(424,490)

(387,096)

Net assets

 

3,343,203

3,266,600

Capital and reserves

 

Called up share capital

8,125

8,125

Share premium reserve

1,500

1,500

Capital redemption reserve

1,875

1,875

Revaluation reserve

156,557

156,557

Other reserves

1,083,835

1,083,835

Profit and loss account

2,091,311

2,014,708

Total equity

 

3,343,203

3,266,600

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

F N Hues & Sons Limited

(Registration number: 00567267)
Abridged Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

Mr J F Hues

Director

Mrs S Hues

Director

 

F N Hues & Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

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:
Cliff Farm
The Street
All Cannings
Devizes
Wiltshire
SN10 3NY

These financial statements were authorised for issue by the Board on 15 April 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and they will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

F N Hues & Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023


Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land and buildings

nil

Plant and machinery

25% reducing balance

Tenants improvements

15% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

BPS entitlements

5 year straight line

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.

Biological assets

Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

F N Hues & Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 August 2022

78,034

At 31 July 2023

78,034

Amortisation

At 1 August 2022

78,034

At 31 July 2023

78,034

Carrying amount

At 31 July 2023

-

5

Tangible assets

Total
£

Cost or valuation

At 1 August 2022

1,504,236

Additions

1,235,007

Disposals

(46,500)

At 31 July 2023

2,692,743

Depreciation

At 1 August 2022

505,633

Charge for the year

44,542

Eliminated on disposal

(41,054)

At 31 July 2023

509,121

Carrying amount

At 31 July 2023

2,183,622

At 31 July 2022

998,603

Included within the net book value of land and buildings above is £2,045,959 (2022 - £871,765) in respect of freehold land and buildings.
 

 

F N Hues & Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

25,646

25,646

At 31 July 2023

25,646

25,646

Carrying amount

At 31 July 2023

25,646

25,646

7

Related party transactions

Advances to directors

Mr J F Hues

During the period Mr J F Hues went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £748,753 (2022 - £751,124). At the year end the amount outstanding from Mr J F Hues was £nil (2022 - £748,753). Interest has been charged at the commercial rate.