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Company No: 09277809 (England and Wales)

H B REID AND SON LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

H B REID AND SON LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

H B REID AND SON LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
H B REID AND SON LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Mr H B Reid
Mr S H Reid
SECRETARY Mrs H Reid
REGISTERED OFFICE Hitchcock House Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom
COMPANY NUMBER 09277809 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
H B REID AND SON LIMITED

BALANCE SHEET

As at 30 November 2023
H B REID AND SON LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,146,111 1,046,354
Investments 5 254,606 178,897
1,400,717 1,225,251
Current assets
Stocks 250,300 271,557
Debtors 6 173,645 216,343
Cash at bank and in hand 1,004,911 697,734
1,428,856 1,185,634
Creditors: amounts falling due within one year 7 ( 436,608) ( 373,141)
Net current assets 992,248 812,493
Total assets less current liabilities 2,392,965 2,037,744
Creditors: amounts falling due after more than one year ( 249,041) ( 226,253)
Provision for liabilities ( 127,139) ( 105,212)
Net assets 2,016,785 1,706,279
Capital and reserves
Called-up share capital 8 704,100 704,100
Profit and loss account 1,312,685 1,002,179
Total shareholders' funds 2,016,785 1,706,279

Included in profit and loss reserves are non-distributable reserves of £64,632 (2022 - £16,851).

For the financial 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.

Directors' responsibilities:

The financial statements of H B Reid and Son Limited (registered number: 09277809) were approved and authorised for issue by the Board of Directors on 12 June 2024. They were signed on its behalf by:

Mr H B Reid
Director
Mr S H Reid
Director
H B REID AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
H B REID AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The company is a private company limited by share capital, incorporated in England and Wales,

The address of its registered office is:
Hitchock House
Hiltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

The principal place of business is:
Tong Green Farm
Tong Green
Faversham
Kent
ME13 0HR

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.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

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.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within he company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each fo the company's activities.

Taxation

Current 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 corporation 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.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and law that have been enacted or substantively enacted by the reporting date.

The carrying amount of the 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 be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 2 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Other property, plant and equipment 15 % reducing balance
Fixed asset investments

Fixed asset investments are measured at fair value through profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss.

Financial instruments

The company holds the following financial instruments:

- Short term trade and other debtors and creditors;
- Bank loans; and
- Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS 102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in case of liabilities, when the company's obligations are discharged, expire or cancel.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the discounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 23,596 23,596
At 30 November 2023 23,596 23,596
Accumulated amortisation
At 01 December 2022 23,596 23,596
At 30 November 2023 23,596 23,596
Net book value
At 30 November 2023 0 0
At 30 November 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 December 2022 806,511 481,154 24,409 44,929 1,357,003
Additions 0 179,343 0 0 179,343
Disposals 0 ( 52,250) 0 0 ( 52,250)
At 30 November 2023 806,511 608,247 24,409 44,929 1,484,096
Accumulated depreciation
At 01 December 2022 71,603 190,291 18,617 30,138 310,649
Charge for the financial year 9,136 47,065 1,448 2,231 59,880
Disposals 0 ( 32,544) 0 0 ( 32,544)
At 30 November 2023 80,739 204,812 20,065 32,369 337,985
Net book value
At 30 November 2023 725,772 403,435 4,344 12,560 1,146,111
At 30 November 2022 734,908 290,863 5,792 14,791 1,046,354

Included within the net book value of land and buildings above is £725,773 (2022 - £734,908) in respect of freehold land and buildings.

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 December 2022 178,897 178,897
Additions 12,000 12,000
Movement in fair value 63,709 63,709
At 30 November 2023 254,606 254,606
Carrying value at 30 November 2023 254,606 254,606
Carrying value at 30 November 2022 178,897 178,897

The cost of the investments is £170,596 (2022 - £158,596). Included in the above figure is a fair value adjustment of £84,010 (2022 - £20,301)

6. Debtors

2023 2022
£ £
Trade debtors 144,741 157,067
Other debtors 28,904 59,276
173,645 216,343

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 79,404 65,774
Taxation and social security 78,897 54,966
Other creditors 278,307 252,401
436,608 373,141

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
51 Ordinary A shares of £ 1.00 each 51 51
25 Ordinary B shares of £ 1.00 each 25 25
24 Ordinary C shares of £ 1.00 each 24 24
100 100
704,000 Redeemable Preference shares of £ 1.00 each 704,000 704,000
704,100 704,100