Company Registration No. NI644268 (Northern Ireland)
HILL BILLY JACKS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
HILL BILLY JACKS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HILL BILLY JACKS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
319,494
386,666
Current assets
Stocks
4
12,843
14,698
Debtors
5
110,259
70,175
Cash at bank and in hand
16,844
9,000
139,946
93,873
Creditors: amounts falling due within one year
6
(438,652)
(471,958)
Net current liabilities
(298,706)
(378,085)
Total assets less current liabilities
20,788
8,581
Creditors: amounts falling due after more than one year
7
(773,763)
(600,782)
Net liabilities
(752,975)
(592,201)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(753,075)
(592,301)
Total equity
(752,975)
(592,201)
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
HILL BILLY JACKS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
Directors' statement in respect of the financial statements
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS 102 1A- Small Entities.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Stephen Hill
..............................
Stephen Hill
Director
Company Registration No. NI644268
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
HILL BILLY JACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
Hill Billy Jacks Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is Johnston Kennedy DFK, Heron Road, Belfast, BT3 9LE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HILL BILLY JACKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HILL BILLY JACKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.
1.12
Shares are included in shareholder's funds. Other instruments are classified as liabilities if not included in shareholder's funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than the equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
30
36
HILL BILLY JACKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
3
Tangible fixed assets
Leasehold improvements
Equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2022
139,074
233,464
522,622
895,160
Additions
1,100
599
1,699
At 30 September 2023
140,174
234,063
522,622
896,859
Depreciation and impairment
At 1 October 2022
126,590
112,733
269,171
508,494
Depreciation charged in the year
12,704
18,152
38,015
68,871
At 30 September 2023
139,294
130,885
307,186
577,365
Carrying amount
At 30 September 2023
880
103,178
215,436
319,494
At 30 September 2022
12,484
120,731
253,451
386,666
4
Stocks
2023
2022
£
£
Stocks
12,843
14,698
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
32,559
35,375
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 8)
77,700
34,800
Total debtors
110,259
70,175
HILL BILLY JACKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
96,182
Trade creditors
183,718
236,921
Corporation tax
322
322
Other taxation and social security
233,129
115,646
Accruals and deferred income
21,483
22,887
438,652
471,958
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other creditors
773,763
600,782
The company's bank loan is secured by a fixed and floating charge over the assets and undertakings of the company.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
77,700
34,800
2023
Movements in the year:
£
Asset at 1 October 2022
(34,800)
Credit to profit or loss
(42,900)
Asset at 30 September 2023
(77,700)
9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
HILL BILLY JACKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Rent
In over five years
110,790
111,900
11
Capital commitments
The company had no capital commitments at 30 September 2023 or 30 September 2022.
12
Related party transactions
At 30 September 2023 the balance due to related entities was £773,763 (2022: £600,782) this is included within creditors due after one year. There was no interest due on this loan.
13
Control
The company is controlled by Revolutionary Burgers Ltd, a company registered in Northern Ireland.
14
Going Concern
At the end of the period there was a deficit on the balance sheet of £752,975. The directors have reviewed post period end trading and are confident that the company will be profitable and will return to a solvent position within the foreseeable future. The company is dependant on the continued financial support of related entities.