Company registration number 01242052 (England and Wales)
BRUCE HOPKINS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BRUCE HOPKINS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 8
BRUCE HOPKINS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of agricultural machinery dealers and engineers.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr B Hopkins
Mr W Hopkins
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr B Hopkins
Director
16 August 2024
BRUCE HOPKINS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRUCE HOPKINS LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bruce Hopkins Limited for the year ended 30 April 2024 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Bruce Hopkins Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bruce Hopkins Limited and state those matters that we have agreed to state to the board of directors of Bruce Hopkins Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bruce Hopkins Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Bruce Hopkins Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bruce Hopkins Limited. You consider that Bruce Hopkins Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bruce Hopkins Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
22 August 2024
BRUCE HOPKINS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
452,365
455,663
Current assets
Stocks
479,604
361,252
Debtors
5
147,698
62,516
Cash at bank and in hand
138,524
242,709
765,826
666,477
Creditors: amounts falling due within one year
6
(374,620)
(217,032)
Net current assets
391,206
449,445
Total assets less current liabilities
843,571
905,108
Provisions for liabilities
(13,973)
Net assets
829,598
905,108
Capital and reserves
Called up share capital
8
10,100
10,100
Profit and loss reserves
819,498
895,008
Total equity
829,598
905,108
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr B Hopkins
Director
Company registration number 01242052 (England and Wales)
BRUCE HOPKINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Bruce Hopkins Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shenington Airfield, Shenington, Banbury, Oxfordshire, United Kingdom, OX15 6NW.
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 £.
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 and settlement discounts.
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:
Freehold property
2% on cost
Plant & machinery
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BRUCE HOPKINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
7
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
318
BRUCE HOPKINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Taxation
2024
2023
£
£
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
13,973
Total tax charge
14,291
4
Tangible fixed assets
Freehold property
Land
Plant & machinery
Fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 May 2023
355,409
300,000
1,100
14,445
17,042
101,733
789,729
Additions
33,819
33,819
Disposals
(25,235)
(25,235)
At 30 April 2024
655,409
300,000
1,100
14,445
17,042
110,317
798,313
Depreciation and impairment
At 1 May 2023
245,829
1,100
8,833
16,616
61,689
334,067
Depreciation charged in the year
13,108
842
64
17,237
31,251
Eliminated in respect of disposals
(19,371)
(19,371)
At 30 April 2024
258,937
1,100
9,675
16,680
59,555
345,947
Carrying amount
At 30 April 2024
396,472
300,000
4,770
362
50,762
452,366
At 30 April 2023
409,580
300,000
-
5,612
426
40,044
755,662
BRUCE HOPKINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
139,005
53,883
Prepayments and accrued income
8,693
8,633
147,698
62,516
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
266,645
145,626
Corporation tax
318
Other taxation and social security
34,531
7,557
Other creditors
32,745
29,170
Accruals and deferred income
40,381
34,679
374,620
217,032
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
13,973
-
2024
Movements in the year:
£
Liability at 1 May 2023
-
Charge to profit or loss
13,973
Liability at 30 April 2024
13,973
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
BRUCE HOPKINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,100
10,100
10,100
10,100