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COMPANY REGISTRATION NUMBER: 00803257
J & R Hill Limited
Filleted Unaudited Financial Statements
31 May 2024
J & R Hill Limited
Financial Statements
Year ended 31 May 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
J & R Hill Limited
Balance Sheet
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,947,359
1,961,955
Current assets
Stocks
473,314
399,839
Debtors
6
43,115
146,229
Cash at bank and in hand
335,699
342,083
---------
---------
852,128
888,151
Creditors: amounts falling due within one year
7
158,063
206,773
---------
---------
Net current assets
694,065
681,378
------------
------------
Total assets less current liabilities
2,641,424
2,643,333
Provisions
Taxation including deferred tax
353,994
269,035
------------
------------
Net assets
2,287,430
2,374,298
------------
------------
Capital and reserves
Called up share capital
4,952
4,952
Revaluation reserve
553,188
561,824
Non distributable reserves
1,106,851
1,191,810
Profit and loss account
622,439
615,712
------------
------------
Shareholders funds
2,287,430
2,374,298
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J & R Hill Limited
Balance Sheet (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr R Hill
Mr J J Hill
Director
Director
Company registration number: 00803257
J & R Hill Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 00803257 . The address of the registered office is Whittle Road, Meir, Stoke on Trent, ST3 7HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant and Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Land is not depreciated.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Lessor
Assets leased under operating leases are included in tangible fixed assets as investment properties. Rental income from operating leases is included in the profit and loss account on a straight line basis over the period of the lease.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Freehold Property
Plant and machinery
Motor vehicles
Equipment
Investment Property
Total
£
£
£
£
£
£
Cost
At 1 Jun 2023
725,000
80,768
15,715
1,400
1,250,000
2,072,883
Additions
591
591
Disposals
( 25,485)
( 25,485)
---------
--------
--------
-------
------------
------------
At 31 May 2024
725,000
55,283
15,715
1,991
1,250,000
2,047,989
---------
--------
--------
-------
------------
------------
Depreciation
At 1 Jun 2023
14,500
80,768
14,960
700
110,928
Charge for the year
14,500
189
498
15,187
Disposals
( 25,485)
( 25,485)
---------
--------
--------
-------
------------
------------
At 31 May 2024
29,000
55,283
15,149
1,198
100,630
---------
--------
--------
-------
------------
------------
Carrying amount
At 31 May 2024
696,000
566
793
1,250,000
1,947,359
---------
--------
--------
-------
------------
------------
At 31 May 2023
710,500
755
700
1,250,000
1,961,955
---------
--------
--------
-------
------------
------------
The director has provided the valuation based on the values of other properties of similar size within the area.
The investment property is held for use in an operating lease.
6. Debtors
2024
2023
£
£
Trade debtors
40,116
143,875
Other debtors
2,999
2,354
--------
---------
43,115
146,229
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,741
35,247
Corporation tax
42,550
71,500
Social security and other taxes
2,534
12,560
Other creditors
94,238
87,466
---------
---------
158,063
206,773
---------
---------