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REGISTERED NUMBER: 03003844 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

HILL & SON LTD

HILL & SON LTD (REGISTERED NUMBER: 03003844)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance sheet 1

Notes to the financial statements 2


HILL & SON LTD (REGISTERED NUMBER: 03003844)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 38,549 42,762

Current assets
Stocks 4,700 4,700
Debtors 5 15,345 30,566
Cash at bank and in hand 79,812 52,445
99,857 87,711
Creditors
Amounts falling due within one year 6 86,326 56,725
Net current assets 13,531 30,986
Total assets less current liabilities 52,080 73,748

Creditors
Amounts falling due after more than one year 7 (21,477 ) (46,484 )

Provisions for liabilities 10 (8,461 ) (8,119 )
Net assets 22,142 19,145

Capital and reserves
Called up share capital 11 1,000 1,000
Retained earnings 21,142 18,145
Shareholders' funds 22,142 19,145

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:




Mr G Hill - Director


HILL & SON LTD (REGISTERED NUMBER: 03003844)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. Statutory information

Hill & Son Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03003844. The registered office and business address is Unit 2, 26-30 Canford Bottom, Wimborne, Dorset, BH21 2HD.

2. Accounting policies

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents income receivable from motor traders and related services net of VAT and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

HILL & SON LTD (REGISTERED NUMBER: 03003844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 5 (2023 - 6 ) .

4. Tangible fixed assets
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 April 2023 20,698 61,449 23,979 52,911 159,037
Additions - 4,235 4,432 - 8,667
Disposals (20,698 ) - - - (20,698 )
At 31 March 2024 - 65,684 28,411 52,911 147,006
Depreciation
At 1 April 2023 20,668 59,086 23,293 13,228 116,275
Charge for year - 1,649 1,280 9,921 12,850
Eliminated on disposal (20,668 ) - - - (20,668 )
At 31 March 2024 - 60,735 24,573 23,149 108,457
Net book value
At 31 March 2024 - 4,949 3,838 29,762 38,549
At 31 March 2023 30 2,363 686 39,683 42,762

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 April 2023
and 31 March 2024 52,911
Depreciation
At 1 April 2023 13,228
Charge for year 9,921
At 31 March 2024 23,149
Net book value
At 31 March 2024 29,762
At 31 March 2023 39,683

HILL & SON LTD (REGISTERED NUMBER: 03003844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 6,391 7,250
Other debtors 5,250 5,250
Sundry debtors - 620
Directors' current accounts - 14,705
Prepayments 3,704 2,741
15,345 30,566

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 10,155 9,944
Hire purchase contracts (see note 8) 14,867 14,248
Trade creditors 17,465 11,260
Tax 25,381 6,741
PAYE 375 171
Pension 202 79
VAT 6,202 9,117
Other creditors 2,678 1,615
Directors' current accounts 5,371 -
Accruals and deferred income 3,630 3,550
86,326 56,725

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 10,371 10,155
Bank loans - 2-5 years 2,750 13,106
Hire purchase contracts (see note 8) 8,356 23,223
21,477 46,484

8. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,867 14,248
Between one and five years 8,356 23,223
23,223 37,471

HILL & SON LTD (REGISTERED NUMBER: 03003844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. Leasing agreements - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 27,500
Between one and five years - 110,000
In more than five years - 9,167
- 146,667

9. Secured debts

The bank overdraft is secured by a fixed charge over book debt and a floating charge over all other assets dated 14th February 1995.The overdraft facility is not currently used.

Hire purchase liabilities are secured on the assets to which they relate.

10. Provisions for liabilities
2024 2023
£    £   
Deferred tax 8,461 8,119

Deferred
tax
£   
Balance at 1 April 2023 8,119
Charge to Income statement during year 342
Balance at 31 March 2024 8,461

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
334 A Ordinary shares £1 334 334
333 B Ordinary Shares £1 333 333
333 C Ordinary Shares £1 333 333
1,000 1,000

HILL & SON LTD (REGISTERED NUMBER: 03003844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr G Hill
Balance outstanding at start of year 14,706 23,613
Amounts advanced - 23,093
Amounts repaid (14,706 ) (32,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 14,706

At the start of the year, the director Mr G Hill owed the company £14,706. This balance was was the maximum amount outstanding at any point during the year and was fully repaid by the year end.

13. Ultimate controlling party

The Hill family control the company owning 100% of the issued share capital.