Company registration number 03150096 (England and Wales)
HUNTER STOVES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HUNTER STOVES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
HUNTER STOVES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
60,343
68,712
Tangible assets
4
1,185,774
1,129,330
Investments
5
75,000
75,000
1,321,117
1,273,042
Current assets
Stocks
3,481,492
2,174,505
Debtors
6
1,523,990
1,686,470
Cash at bank and in hand
857,405
2,547,166
5,862,887
6,408,141
Creditors: amounts falling due within one year
7
(3,772,943)
(1,738,912)
Net current assets
2,089,944
4,669,229
Total assets less current liabilities
3,411,061
5,942,271
Creditors: amounts falling due after more than one year
8
(294,745)
(253,013)
Provisions for liabilities
(115,655)
(125,523)
Net assets
3,000,661
5,563,735
Capital and reserves
Called up share capital
17,100
17,100
Share premium account
48,000
48,000
Profit and loss reserves
2,935,561
5,498,635
Total equity
3,000,661
5,563,735

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 31 December 2023 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.

HUNTER STOVES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Mr S P Clatworthy
Mr P J Grimes
Director
Director
Company Registration No. 03150096
HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Hunter Stoves Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trevilla Park, Slaughterbridge, Camelford, Cornwall, United Kingdom, PL32 9TT.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.4
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Land: 0% per annum
Freehold buildings: 2% per annum on cost
Land and buildings Leasehold
Straight line over the term of the lease
Plant and machinery
15% per annum on written down value
Fixtures, fittings & equipment
Computers: 25% per annum on cost
Other: 25% per annum on written down value
Motor vehicles
25% per annum on cost

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.

HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

 

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.

1.10
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.

1.11
Retirement benefits

The Company operates a defined contribution scheme for the benefit of its directors and employees. Contributions payable are charged to the profit and loss account in the year they are payable.

HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

1.14
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
35
33
HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
246,852
241
247,093
Amortisation and impairment
At 1 January 2023
178,189
192
178,381
Amortisation charged for the year
8,345
24
8,369
At 31 December 2023
186,534
216
186,750
Carrying amount
At 31 December 2023
60,318
25
60,343
At 31 December 2022
68,663
49
68,712
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
769,068
1,887,984
2,657,052
Additions
-
0
208,025
208,025
Disposals
-
0
(1,000)
(1,000)
At 31 December 2023
769,068
2,095,009
2,864,077
Depreciation and impairment
At 1 January 2023
184,145
1,343,577
1,527,722
Depreciation charged in the year
26,536
124,795
151,331
Eliminated in respect of disposals
-
0
(750)
(750)
At 31 December 2023
210,681
1,467,622
1,678,303
Carrying amount
At 31 December 2023
558,387
627,387
1,185,774
At 31 December 2022
584,923
544,407
1,129,330
5
Fixed asset investments
2023
2022
£
£
Investment in subsidiary undertakings
75,000
75,000

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
75,000
Carrying amount
At 31 December 2023
75,000
At 31 December 2022
75,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,105,284
1,257,415
Other debtors
418,706
429,055
1,523,990
1,686,470

Other debtors totalling nil (2022: £63,372) are recoverable after more than 1 year.

7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
27,441
26,741
Trade creditors
174,561
76,676
Amounts owed to group undertakings
75,000
75,000
Taxation and social security
748,872
917,768
Other creditors
2,747,069
642,727
3,772,943
1,738,912

lncluded within other creditors are balances totalling £41,563 (2022: £7,749) relating to amounts owed

under hire purchase contracts. Net obligations under fìnance lease and hire purchase contracts are secured on the assets concerned.

 

The bank loans and overdraft are secured on the assets of the company.

HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
132,358
156,653
Other creditors
162,387
96,360
294,745
253,013

 

The long-term bank loans are secured on the assets of the company.

Included within other creditors are balances totalling £70,596 (2022: nil) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
19,374
41,618
9
Deferred government grant income
2023
2022
£
£
Balance at 1 January 2021
96,360
110,647
Amortisation in the year
(4,568)
(5,151)
91,791
96,360

Deferred government grant income is included within other creditors in Creditors: amounts falling due after more than one year.

10
Events after the reporting date

In the period since the year end, the company sold its freehold property to a pension scheme of which 2 of the directors are beneficiaries. The consideration was £1m and the company realised a profit of approximately £500k. The property has subsequently been let from the pension scheme under a formal lease agreement.

HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
129,852
122,500
Between two and five years
499,190
490,000
In over five years
418,542
552,500
1,047,584
1,165,000
HUNTER STOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.19
187,769
2,072,360
29,435
(2,289,564)
-
187,769
2,072,360
29,435
(2,289,564)
-

The loan to the directors was unsecured and repayable on demand.

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