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COMPANY REGISTRATION NUMBER: 07192540
HUTTON AND CAWOOD BUILDING AND JOINERY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
HUTTON AND CAWOOD BUILDING AND JOINERY LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
53,323
39,669
CURRENT ASSETS
Stocks
716,022
234,540
Debtors
6
1,138,687
609,787
Cash at bank and in hand
225,438
246
-------------
----------
2,080,147
844,573
CREDITORS: amounts falling due within one year
7
1,512,979
463,712
-------------
----------
NET CURRENT ASSETS
567,168
380,861
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
620,491
420,530
CREDITORS: amounts falling due after more than one year
8
16,495
26,578
PROVISIONS
Taxation including deferred tax
13,367
7,574
----------
----------
NET ASSETS
590,629
386,378
----------
----------
HUTTON AND CAWOOD BUILDING AND JOINERY LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
590,628
386,377
----------
----------
SHAREHOLDER FUNDS
590,629
386,378
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
M L Cawood
Director
Company registration number: 07192540
HUTTON AND CAWOOD BUILDING AND JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15A Drakes Industrial Estate, Shay Lane, Halifax, West Yorkshire, HX3 6RL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
In respect of long term contracts for on-going service, work in progress represents the value of the work done in the year, less invoiced including a proportion of direct costs, overheads and a proportion of profits recognised by reference to the stage of completion.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 22 (2022: 20 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
85,008
122,556
207,564
Additions
26,450
26,450
---------
----------
----------
At 30 November 2023
85,008
149,006
234,014
---------
----------
----------
Depreciation
At 1 December 2022
80,337
87,558
167,895
Charge for the year
2,393
10,403
12,796
---------
----------
----------
At 30 November 2023
82,730
97,961
180,691
---------
----------
----------
Carrying amount
At 30 November 2023
2,278
51,045
53,323
---------
----------
----------
At 30 November 2022
4,671
34,998
39,669
---------
----------
----------
6. DEBTORS
2023
2022
£
£
Trade debtors
296,089
426,390
Amounts owed by group undertakings
830,307
171,587
Prepayments and accrued income
8,780
7,332
Corporation tax repayable
967
Other debtors
3,511
3,511
-------------
----------
1,138,687
609,787
-------------
----------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,083
28,489
Trade creditors
972,841
271,318
Amounts owed to group undertakings
4,000
Accruals and deferred income
145,338
50,185
Corporation tax
95,762
Social security and other taxes
278,425
111,038
Credit card
5,599
2,682
Other creditors
931
-------------
----------
1,512,979
463,712
-------------
----------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,495
26,578
---------
---------
9. RELATED PARTY TRANSACTIONS
Included in "Debtors" is an unsecured, repayable on demand, interest free loan of £ 830,307 (2022: £171,587) due from A & C Holdings (Halifax) Limited . During the year the company paid management charges of £ 85,000 (2022: £16,000) to A & C Holdings (Halifax) Limited.
10. CONTROLLING PARTY
The Company is a wholly owned subsidiary of A & C Holdings (Halifax) Limited , a company incorporated in England.