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REGISTRAR OF COMPANIES

Registration number: 05625875

Hunley Bank Limited

Unaudited Financial Statements

31 December 2023

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Hunley Bank Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hunley Bank Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hunley Bank Limited for the year ended 31 December 2023 as set out on pages 2 to 9 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hunley Bank Limited, as a body, in accordance with the terms of our engagement letter dated 6 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of Hunley Bank Limited and state those matters that we have agreed to state to the Board of Directors of Hunley Bank 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 Hunley Bank Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hunley Bank Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hunley Bank Limited. You consider that Hunley Bank 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 accounts of Hunley Bank 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

3 July 2024

 

Hunley Bank Limited

(Registration number: 05625875)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,539,397

1,635,199

Current assets

 

Stocks

11,371

7,375

Debtors

6

29,152

8,351

Cash at bank and in hand

 

828,430

575,273

 

868,953

590,999

Creditors: Amounts falling due within one year

7

(285,431)

(301,576)

Net current assets

 

583,522

289,423

Total assets less current liabilities

 

2,122,919

1,924,622

Provisions for liabilities

(251,889)

(268,355)

Net assets

 

1,871,030

1,656,267

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

1,870,930

1,656,167

Total equity

 

1,871,030

1,656,267

 

Hunley Bank Limited

(Registration number: 05625875)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 July 2024 and signed on its behalf by:
 

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

M W Bowker

Director

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

W J Bowker

Company secretary and director

 

Hunley Bank Limited

Notes to the Unaudited 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:
Hunley Bank
Scaleby
CARLISLE
CA6 4LB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

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 of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 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.

 

Hunley Bank Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

5% straight line basis

Plant and equipment

15% and 5% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

3 years straight line basis

Land and buildings relate to short leasehold tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% straight line over their useful economic life, and not the duration of the lease.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life, has now been fully amortised.

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Hunley Bank Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 13).

 

Hunley Bank Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

30,000

30,000

At 31 December 2023

30,000

30,000

Amortisation

At 1 January 2023

30,000

30,000

At 31 December 2023

30,000

30,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

 

Hunley Bank Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

772,043

1,725,895

66,659

4,653

2,569,250

Additions

-

27,517

-

1,183

28,700

Disposals

-

(1,922)

-

-

(1,922)

At 31 December 2023

772,043

1,751,490

66,659

5,836

2,596,028

Depreciation

At 1 January 2023

271,812

626,035

32,241

3,963

934,051

Charge for the year

38,618

75,950

8,605

579

123,752

Eliminated on disposal

-

(1,172)

-

-

(1,172)

At 31 December 2023

310,430

700,813

40,846

4,542

1,056,631

Carrying amount

At 31 December 2023

461,613

1,050,677

25,813

1,294

1,539,397

At 31 December 2022

500,231

1,099,860

34,418

690

1,635,199

6

Debtors

2023
£

2022
£

Trade debtors

20,538

1,360

Other debtors

8,614

6,991

29,152

8,351

 

Hunley Bank Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

121,835

171,808

Trade creditors

 

11,199

14,029

Taxation and social security

 

38,273

42,438

Corporation tax liability

 

88,131

54,506

Other creditors

 

25,993

18,795

 

285,431

301,576

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

121,835

171,808