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Registration number: 6961280

Nicholas Hythe Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Nicholas Hythe Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Nicholas Hythe Limited

Company Information

Directors

Mr William Halliday

Mr Ross Halliday

Mrs Paula Hazell

Registered office

1 The Quadrant
St Ives
Cambridgeshire
PE27 5PE

Accountants

Periscope Group Limited
Faveo House, 2 Somerville Court
Banbury Business Park
Oxfordshire
OX17 3SN

 

Nicholas Hythe Limited

(Registration number: 6961280)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

48,957

33,672

Current assets

 

Stocks

5

37,328

73,743

Debtors

6

156,608

95,146

Cash at bank and in hand

 

110,256

45,079

 

304,192

213,968

Creditors: Amounts falling due within one year

7

(290,857)

(195,492)

Net current assets

 

13,335

18,476

Total assets less current liabilities

 

62,292

52,148

Creditors: Amounts falling due after more than one year

7

(7,757)

(13,700)

Provisions for liabilities

(1,294)

(925)

Net assets

 

53,241

37,523

Capital and reserves

 

Called up share capital

8

50,003

50,003

Retained earnings

3,238

(12,480)

Shareholders' funds

 

53,241

37,523

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.

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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 11 September 2024 and signed on its behalf by:
 

 

Nicholas Hythe Limited

(Registration number: 6961280)
Balance Sheet as at 31 December 2023

.........................................
Mr William Halliday
Director

.........................................
Mr Ross Halliday
Director

.........................................
Mrs Paula Hazell
Director

 

Nicholas Hythe 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 United Kingdom.

The address of its registered office is:
1 The Quadrant
St Ives
Cambridgeshire
PE27 5PE

These financial statements were authorised for issue by the Board on 11 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Grant income received as government assistance is recognised in the profit and loss account on a systematic basis, over the periods in which the company has incurred the related costs for which the grant is intended to compensate or provide immediate financial support.

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.

 

Nicholas Hythe Limited

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

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.

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

Showroom displays

Reducing balance 20%

Fixtures and fittings

Reducing balance 25%

Motor vehicles

Reducing balance 20%

Office equipment

Reducing balance 25%

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 merchandise sold 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Nicholas Hythe Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 - 11).

 

Nicholas Hythe Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

21,553

20,750

41,176

83,479

Additions

-

-

22,595

22,595

At 31 December 2023

21,553

20,750

63,771

106,074

Depreciation

At 1 January 2023

13,866

16,937

19,004

49,807

Charge for the year

1,922

953

4,435

7,310

At 31 December 2023

15,788

17,890

23,439

57,117

Carrying amount

At 31 December 2023

5,765

2,860

40,332

48,957

At 31 December 2022

7,687

3,813

22,172

33,672

5

Stocks

2023
£

2022
£

Work in progress

21,308

35,140

Other inventories

16,020

38,603

37,328

73,743

6

Debtors

Current

2023
£

2022
£

Trade debtors

68,751

8,280

Prepayments

10,118

6,985

Other debtors

77,739

79,881

 

156,608

95,146

7

Creditors

Creditors: amounts falling due within one year

 

Nicholas Hythe Limited

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,954

5,964

Trade creditors

 

186,324

85,088

Taxation and social security

 

20,280

12,290

Accruals and deferred income

 

75,038

83,325

Other creditors

 

3,261

8,825

 

290,857

195,492

 

Nicholas Hythe Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

7,757

13,700

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

A Ordinary shares of £1 each

1

1

1

1

B Ordinary shares of £1 each

1

1

1

1

C Ordinary shares of £1 each

1

1

1

1

50,003

50,003

50,003

50,003

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

7,757

13,700

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,954

5,964

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £10,000.00 (2022 - £Nil) per each A Ordinary

10,000

-

 

 

11

Related party transactions

 

Nicholas Hythe Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

58,084

59,278

Contributions paid to money purchase schemes

10,750

10,200

68,834

69,478

Dividends paid to directors

2023
£

2022
£

Mr William Halliday

Ordinary shares

-

-

A Ordinary shares

10,000

-

10,000

-

Mr Ross Halliday

Ordinary shares

-

-

 

 

Mrs Paula Hazell

B Ordinary shares

-

-

Ordinary shares

-

-

-

-

Income and receivables from related parties

2023

2022

Entities with joint control or significant influence
£

Sale of goods

54,331

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

20,020

20,020

Repaid

(5,138)

(5,138)

At end of period

14,882

14,882

 

Nicholas Hythe Limited

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

2022

Entities with joint control or significant influence
£

Total
£

At start of period

15,433

15,433

Advanced

4,587

4,587

At end of period

20,020

20,020

Terms of loans to related parties

During the year amounts were owed and included in other debtors as intercompany balances, by the following
businesses, of which, W & R Halliday are directors or partners.
Royce Court £5,324 (2022 £5,324)
Zone Fitted Furniture Limited £47 (2022 £47)
Castlehythe Limited £95 (2022 £95)

During the year, amounts were owed and included in other debtors as intercompany balances, by Nicholas Hythe Design & Build Limited, a company
of which W & R Halliday and P Hazell are also directors, totalling £9416 (2022 £14553).