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Registration number: 04723056

S. & A. Hart Limited

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

S. & A. Hart Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

27,858

12,380

Current assets

 

Stocks

6

27,786

7,936

Debtors

7

610,054

417,794

Cash at bank and in hand

 

345,497

463,554

 

983,337

889,284

Creditors: Amounts falling due within one year

8

(506,906)

(541,617)

Net current assets

 

476,431

347,667

Total assets less current liabilities

 

504,289

360,047

Provisions for liabilities

(6,965)

(3,095)

Net assets

 

497,324

356,952

Capital and reserves

 

Called up share capital

400

400

Retained earnings

496,924

356,552

Shareholders' funds

 

497,324

356,952

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 14 July 2024 and signed on its behalf by:
 

.........................................

Mr R W Greig

Director

Company registration number: 04723056

 

S. & A. Hart Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Cranbrook Road
Gills Green
Hawkhurst
Kent
TN18 5BD

The principal activity of the company is that of the distribution of fresh and frozen food products

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 July 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 December 2023 and had net assets at that date of £497,324 including cash at bank of £345,497.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the financial statements have been prepared under the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of frozen food products in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns and discounts.

The company recognises revenue on the date of sale in the fish market and the date of despatch of wholesale orders.

 

S. & A. Hart Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

15% and 33% per annum on a reducing basis

Plant and equipment

15% per annum on a reducing basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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 inventories 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 profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

S. & A. Hart Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4

Staff numbers

The average number of persons employed by the company during the year, was 7 (2022 - 7).

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

15,666

-

15,666

Additions

2,047

17,318

19,365

At 31 December 2023

17,713

17,318

35,031

Depreciation

At 1 January 2023

3,286

-

3,286

Charge for the year

2,718

1,169

3,887

At 31 December 2023

6,004

1,169

7,173

Carrying amount

At 31 December 2023

11,709

16,149

27,858

At 31 December 2022

12,380

-

12,380

6

Stocks

2023
£

2022
£

Stock for resale

27,786

7,936

 

S. & A. Hart Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

182,496

299,230

Amounts owed by group undertakings

405,251

100,000

Other debtors

22,307

18,564

610,054

417,794

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

61,993

2,992

Amounts owed to group undertakings

390,914

453,265

Taxation and social security

48,676

79,570

Other creditors

5,323

5,790

506,906

541,617

9

Dividends

 

2023

2022

 

£

£

Interim dividend of £Nil (2022 - £825) per ordinary share

-

330,000

10

Related party transactions

Exemption has been taken under FRS102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies that are wholly owned within the group.

11

Relationship between entity and parents

The parent of the smallest group preparing group accounts including the results of the company is headed by Auscot Holdings Limited.

The registered address of Auscot Holdings Limited is Cranbrook Road, Gills Green, Hawkhurst, Kent, TN18 5BD.