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Registered number: 821923









HORNCASTLES (SEVENOAKS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
COMPANY INFORMATION


Director
C D Horncastle 




Registered number
821923



Registered office
66 High Street

Sevenoaks

Kent

TN13 1JR




Accountants
Creasey Son & Wickenden
Chartered Accountants

Hearts of Oak House

4 Pembroke Road

Sevenoaks

Kent

TN13 1XR





 
HORNCASTLES (SEVENOAKS) LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
HORNCASTLES (SEVENOAKS) LIMITED
REGISTERED NUMBER: 821923

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
157,442
165,836

  
157,442
165,836

Current assets
  

Stocks
  
366,483
330,125

Debtors: amounts falling due within one year
 6 
12,340
9,272

Cash at bank and in hand
 7 
332,829
268,775

  
711,652
608,172

Creditors: amounts falling due within one year
 8 
(104,815)
(60,408)

Net current assets
  
 
 
606,837
 
 
547,764

  

Net assets
  
764,279
713,600


Capital and reserves
  

Called up share capital 
  
2,833
2,833

Capital redemption reserve
  
7,167
7,167

Profit and loss account
  
754,279
703,600

  
764,279
713,600


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
HORNCASTLES (SEVENOAKS) LIMITED
REGISTERED NUMBER: 821923
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2024.


C D Horncastle
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Horncastles (Sevenoaks) Limited ("the company") is limited by shares, domiciled and incorporated in England. The address of its registered office and principal place of business is 66 High Street, Sevenoaks, Kent, TN13 1JR.
The company's principal activity is that of clothing retail.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 and rounded to the nearest £. They present information for this company alone.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings
-
2-10% per annum on cost; land not depreciated
Motor vehicles
-
25% per annum on cost
Fixtures and fittings
-
10-25% per annum on book value
Computer equipment
-
25% per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
14
15


4.


Director's remuneration

2024
2023
£
£

Director's emoluments
47,527
62,979


Page 6

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Freehold property
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
214,889
54,685
42,599
6,009
318,182


Disposals
-
(39,790)
-
(575)
(40,365)



At 29 February 2024

214,889
14,895
42,599
5,434
277,817



Depreciation


At 1 March 2023
61,306
50,962
34,071
6,009
152,348


Charge for the year on owned assets
3,664
3,723
1,005
-
8,392


Disposals
-
(39,790)
-
(575)
(40,365)



At 29 February 2024

64,970
14,895
35,076
5,434
120,375



Net book value



At 29 February 2024
149,919
-
7,523
-
157,442



At 28 February 2023
153,583
3,724
8,529
-
165,836

Page 7

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
7,299
4,236

Other debtors
1,382
-

Prepayments and accrued income
2,598
1,850

Deferred taxation
1,061
3,186

12,340
9,272



7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
332,829
268,775



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
67,282
21,637

Corporation tax
10,417
10,412

Other taxation and social security
4,591
5,890

Other creditors
7,679
5,795

Accruals and deferred income
14,846
16,674

104,815
60,408


Page 8

 
HORNCASTLES (SEVENOAKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Deferred taxation






2024


£






At beginning of year
3,186


Utilised in year
(2,125)



At end of year
1,061

The deferred tax asset is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
1,061
3,186


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,503 (2023 - £2,460). Contributions totalling £521 (2023 - £60) were payable to the fund at the balance sheet date.


11.


Related party transactions

At the year end the company owed Mr C Horncastle £1,932 (2023: £988).

 
Page 9