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Registered number: 13468895
Hitchins Brands Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13468895
30 November 2023 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 2,504 1,100
2,504 1,100
CURRENT ASSETS
Stocks 4 8,470 21,042
Debtors 5 1,587 6,463
Cash at bank and in hand - 38
10,057 27,543
Creditors: Amounts Falling Due Within One Year 6 (47,405 ) (31,301 )
NET CURRENT ASSETS (LIABILITIES) (37,348 ) (3,758 )
TOTAL ASSETS LESS CURRENT LIABILITIES (34,844 ) (2,658 )
NET LIABILITIES (34,844 ) (2,658 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (34,845 ) (2,659 )
SHAREHOLDERS' FUNDS (34,844) (2,658)
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For the year ending 30 November 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G Hitchin
Director
09/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Straight Line Basis
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Financial Instruments
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 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.
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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
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3. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 December 2022 1,467
Additions 2,361
As at 30 November 2023 3,828
Depreciation
As at 1 December 2022 367
Provided during the period 957
As at 30 November 2023 1,324
Net Book Value
As at 30 November 2023 2,504
As at 1 December 2022 1,100
4. Stocks
30 November 2023 30 November 2022
£ £
Stock - finished goods 8,470 21,042
5. Debtors
30 November 2023 30 November 2022
£ £
Due within one year
Other debtors 1,587 6,463
1,587 6,463
6. Creditors: Amounts Falling Due Within One Year
30 November 2023 30 November 2022
£ £
Trade creditors 4,230 80
Other creditors 34,814 31,221
Taxation and social security 8,361 -
47,405 31,301
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7. Share Capital
30 November 2023 30 November 2022
£ £
Allotted, Called up and fully paid 1 1
8. General Information
Hitchins Brands Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13468895 . The registered office is 4 Greenhayes, Stiperstones, Shrewsbury, Shropshire, SY5 0LZ.
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