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REGISTERED NUMBER: 01757642 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

GEORGE HAINES (ITCHENOR) LIMITED

GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEORGE HAINES (ITCHENOR) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J C S Blevins
L M Brooks
N Gladman
J Tremlett
J R Burnie
H M Roome
D J Maclean





SECRETARY: L M Brooks





REGISTERED OFFICE: Ferryside Boatyard
Itchenor
Chichester
West Sussex
PO20 7AN





REGISTERED NUMBER: 01757642 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 474,866 466,453

CURRENT ASSETS
Stocks 5 153,684 123,603
Debtors 6 316,245 235,926
Cash at bank and in hand 95,355 163,322
565,284 522,851
CREDITORS
Amounts falling due within one year 7 246,744 240,387
NET CURRENT ASSETS 318,540 282,464
TOTAL ASSETS LESS CURRENT
LIABILITIES

793,406

748,917

PROVISIONS FOR LIABILITIES 8 7,499 3,508
NET ASSETS 785,907 745,409

CAPITAL AND RESERVES
Called up share capital 9 251,785 251,785
Capital redemption reserve 10 10,780 10,780
Other reserves 10 (1,000 ) (1,000 )
Retained earnings 10 524,342 483,844
SHAREHOLDERS' FUNDS 785,907 745,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

BALANCE SHEET - continued
30 JUNE 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:




J R Burnie - Director



J Tremlett - Director


GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

George Haines (Itchenor) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The financial statements have been prepared on a going concern basis. The directors believe that the company has adequate resources and support from the directors and shareholders to continue trading as a going concern. The financial statements do not include any adjustment that would result if the going concern assumption was found to be inappropriate.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of turnover can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation (now deemed cost), net of depreciation and any impairment losses.

The freehold land and buildings were professionally revalued at open market value 30 September 2009. These valuations have been adopted as the deemed cost of the assets on transition to FRS 102 Section 1A.

Components of an asset are separated where their value is significant in relation to the total value of the asset and where those components have different useful lives to the remainder of the asset for depreciation purposes.

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

Building components- Between 25 and 50 years (land is not depreciated)
Plant and machinery etc- 20% on cost and 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Treasury shares
The company's own shares that are purchased to be held in treasury are recognised as a deduction from equity. This recognition is the fair value of the consideration given for the treasury shares and is presented within 'other reserves'.

Grant income
Grant income, shown in other operating income, relates to revenue and is recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are
received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£ £ £ £ £
COST OR VALUATION
At 1 July 2023 720,317 242,310 58,342 47,154 1,068,123
Additions - 37,950 - 8,049 45,999
Disposals - (940 ) - - (940 )
At 30 June 2024 720,317 279,320 58,342 55,203 1,113,182
DEPRECIATION
At 1 July 2023 308,607 217,447 35,158 40,458 601,670
Charge for year 12,943 13,432 5,919 4,713 37,007
Eliminated on disposal - (361 ) - - (361 )
At 30 June 2024 321,550 230,518 41,077 45,171 638,316
NET BOOK VALUE
At 30 June 2024 398,767 48,802 17,265 10,032 474,866
At 30 June 2023 411,710 24,863 23,184 6,696 466,453

Cost or valuation at 30 June 2024 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£ £ £ £ £
Valuation in 2009 77,462 - - - 77,462
Cost 642,855 279,320 58,342 55,203 1,035,720
720,317 279,320 58,342 55,203 1,113,182

GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 642,855 642,855
Aggregate depreciation (321,550 ) (308,607 )

The freehold land and buildings were professionally revalued at open market value 30 September 2009. These valuations have been adopted as the deemed cost of the assets on transition to FRS 102 Section 1A.

5. STOCKS
2024 2023
£ £
Stocks 153,684 123,603

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 206,746 132,651
Other debtors 109,499 103,275
316,245 235,926

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 38,092 25,620
Taxation and social security 43,024 35,775
Other creditors 165,628 178,992
246,744 240,387

8. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 7,499 3,508

Deferred tax
£
Balance at 1 July 2023 3,508
Provided during year 3,991
Balance at 30 June 2024 7,499

GEORGE HAINES (ITCHENOR) LIMITED (REGISTERED NUMBER: 01757642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
251,785 Ordinary £1 251,785 251,785

10. RESERVES
Capital
Retained redemption Other
earnings reserve reserves Totals
£ £ £ £

At 1 July 2023 483,844 10,780 (1,000 ) 493,624
Profit for the year 40,498 - - 40,498
At 30 June 2024 524,342 10,780 (1,000 ) 534,122

Other Reserves
20242023
£   £   
Balance brought forward1,0005,030
Repurchase of shares to be held in treasury--
Sale of shares held in treasury-(4,030)
Balance carried forward1,0001,000


11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had operating lease commitments totalling £3,750 (2023: £10,979).