Company Registration No. 04714802 (England and Wales)
HIGNETTS OF PONTESBURY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HIGNETTS OF PONTESBURY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HIGNETTS OF PONTESBURY LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,606
20,952
Current assets
Stocks
15,775
15,515
Debtors
5
12,868
16,191
Cash at bank and in hand
105,708
211,008
134,351
242,714
Creditors: amounts falling due within one year
6
(75,453)
(30,216)
Net current assets
58,898
212,498
Total assets less current liabilities
75,504
233,450
Provisions for liabilities
(3,981)
(3,981)
Net assets
71,523
229,469
Capital and reserves
Called up share capital
7
600
1,000
Capital redemption reserve
400
-
0
Profit and loss reserves
70,523
228,469
Total equity
71,523
229,469
HIGNETTS OF PONTESBURY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 31 May 2024 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 financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr N J Hignett
Mrs P A Hignett
Director
Director
Company registration number 04714802 (England and Wales)
HIGNETTS OF PONTESBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Hignetts of Pontesbury Limited is a private company limited by shares incorporated in England and Wales. The registered office is South View, Pontesbury, Shrewsbury, Shropshire, SY5 0PS.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Plant and machinery
25% per annum on written down value
Motor vehicles
25% per annum on written down value

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 estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HIGNETTS OF PONTESBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.6
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
120,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
120,000
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
HIGNETTS OF PONTESBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
155,306
12,200
167,506
Additions
1,189
-
0
1,189
At 31 May 2024
156,495
12,200
168,695
Depreciation and impairment
At 1 June 2023
134,553
12,001
146,554
Depreciation charged in the year
5,485
50
5,535
At 31 May 2024
140,038
12,051
152,089
Carrying amount
At 31 May 2024
16,457
149
16,606
At 31 May 2023
20,753
199
20,952
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,372
695
Other debtors
9,004
13,151
Prepayments and accrued income
2,492
2,345
12,868
16,191
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,982
23,246
Taxation and social security
4,539
1,080
Other creditors
51,731
-
0
Accruals and deferred income
4,201
5,890
75,453
30,216
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
600
1,000
600
1,000
HIGNETTS OF PONTESBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
8
Directors' transactions

Dividends totalling £0 (2023 - £24,332) were paid in the year in respect of shares held by the company's directors.

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr N J Hignett - Interest free loan
-
6,094
(6,094)
-
6,094
(6,094)
-
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