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REGISTERED NUMBER: 06974411 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

Hutchins Guitars Ltd

Hutchins Guitars Ltd (Registered number: 06974411)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hutchins Guitars Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTOR: G D Hutchins





REGISTERED OFFICE: Palmeira Avenue Mansions
19 Church Road
Hove
East Sussex
BN3 2FA





REGISTERED NUMBER: 06974411 (England and Wales)





ACCOUNTANTS: Atkinsons
Chartered Accountants
Palmeira Avenue Mansions
19 Church Road
Hove
East Sussex
BN3 2FA

Hutchins Guitars Ltd (Registered number: 06974411)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 420 452
Tangible assets 5 582 277
1,002 729

CURRENT ASSETS
Stocks 4,701 8,545
Debtors 6 139,042 83,845
Cash at bank and in hand 808 10,835
144,551 103,225
CREDITORS
Amounts falling due within one year 7 4,810 4,717
NET CURRENT ASSETS 139,741 98,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

140,743

99,237

CREDITORS
Amounts falling due after more than one
year

8

5,447

9,467
NET ASSETS 135,296 89,770

CAPITAL AND RESERVES
Called up share capital 125 125
Share premium 149,940 149,940
Retained earnings (14,769 ) (60,295 )
SHAREHOLDERS' FUNDS 135,296 89,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Hutchins Guitars Ltd (Registered number: 06974411)

Balance Sheet - continued
31 July 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 director and authorised for issue on 18 September 2024 and were signed by:





G D Hutchins - Director


Hutchins Guitars Ltd (Registered number: 06974411)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Hutchins Guitars Ltd 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Hutchins Guitars Ltd (Registered number: 06974411)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 August 2023
and 31 July 2024 680
AMORTISATION
At 1 August 2023 228
Amortisation for year 32
At 31 July 2024 260
NET BOOK VALUE
At 31 July 2024 420
At 31 July 2023 452

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 August 2023 121 1,276 1,397
Additions 472 - 472
At 31 July 2024 593 1,276 1,869
DEPRECIATION
At 1 August 2023 105 1,015 1,120
Charge for year 102 65 167
At 31 July 2024 207 1,080 1,287
NET BOOK VALUE
At 31 July 2024 386 196 582
At 31 July 2023 16 261 277

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Amounts owed by group undertakings 139,042 83,845

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 4,320 4,313
Other creditors 490 404
4,810 4,717

Hutchins Guitars Ltd (Registered number: 06974411)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 5,447 9,467

9. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under FRS 102 1AC.35 whereby particulars need not be given for related party transactions concluded under normal market conditions, or transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.