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Registration number: 08727464

Hysysco Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Hysysco Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Hysysco Ltd.

Company Information

Directors

Mr A S Archer

Mr G D Smith

Mr G Shepherd

Registered office

Pear Tree Farm
76 Station Street
Misterton
Doncaster
South Yorkshire
DN10 4DE

 

Hysysco Ltd.

(Registration number: 08727464)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

283,046

342,930

Current assets

 

Debtors

5

40,606

124,296

Cash at bank and in hand

 

1,015,454

255,971

 

1,056,060

380,267

Creditors: Amounts falling due within one year

6

(889,255)

(211,271)

Net current assets

 

166,805

168,996

Total assets less current liabilities

 

449,851

511,926

Creditors: Amounts falling due after more than one year

6

(98,592)

(109,811)

Provisions for liabilities

(47,790)

(62,708)

Net assets

 

303,469

339,407

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

303,369

339,307

Shareholders' funds

 

303,469

339,407

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 31 July 2024 and signed on its behalf by:
 

.........................................
Mr A S Archer
Director

 

Hysysco Ltd.

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 and Wales.

The address of its registered office is:
Pear Tree Farm
76 Station Street
Misterton
Doncaster
South Yorkshire
DN10 4DE

These financial statements were authorised for issue by the Board on 31 July 2024.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, Hysysco Ltd.

Going concern

The financial statements have been prepared on a going concern basis. Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next 12 month.

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.

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.

 

Hysysco Ltd.

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

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.

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

Plant and machinery

25% and 10% on reducing balance

Motor vehicles

25% and 15% on reducing balance

Fixtures and fittings

15% on reducing balance

Work in progress

In respect of work in progress, costs includes a relevant proprtion of overheads according to the stage of completion.

Leases

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 finance lease obligation.

Lease payments are apportioned between finance costs in the profit and 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.

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 10 (2022 - 9).

 

Hysysco Ltd.

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

139,168

340,409

479,577

Disposals

-

(19,800)

(19,800)

At 31 October 2023

139,168

320,609

459,777

Depreciation

At 1 November 2022

55,909

80,738

136,647

Charge for the year

10,000

44,663

54,663

Eliminated on disposal

-

(14,579)

(14,579)

At 31 October 2023

65,909

110,822

176,731

Carrying amount

At 31 October 2023

73,259

209,787

283,046

At 31 October 2022

83,259

259,671

342,930

5

Debtors

Current

2023
£

2022
£

Trade debtors

30,587

116,648

Prepayments

6,769

4,398

Other debtors

3,250

3,250

 

40,606

124,296

 

Hysysco Ltd.

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Hire purchase obligations

11,525

11,525

Trade creditors

 

198,307

126,193

Taxation and social security

 

141,563

49,255

Accruals and deferred income

 

527,231

18,838

Other creditors

 

10,629

5,460

 

889,255

211,271

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Hire purchase obligations

98,592

109,811

Creditors include hire purchase contracts which are secured against the assets purchased under the agreements totalling £110,117 (2022 - £121,336).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,378 (2022 - £14,885).