H F HALES & SONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
H F HALES & SONS LTD
COMPANY INFORMATION
Directors
P.J. Hales
Miss R A Hales
Mrs M. Hales
Secretary
Miss R A Hales
Company number
807719 (England and Wales)
Registered office
Unit 2 Hales Industrial Park
Rowleys Green Industrial Estate
Rowleys Green Lane
Coventry
CV6 6AN
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
H F HALES & SONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
H F HALES & SONS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
159
216
Investment properties
4
10,664,160
10,664,160
10,664,319
10,664,376
Current assets
Debtors
5
172,844
125,552
Cash at bank and in hand
436,102
845,205
608,946
970,757
Creditors: amounts falling due within one year
6
(276,167)
(860,920)
Net current assets
332,779
109,837
Total assets less current liabilities
10,997,098
10,774,213
Provisions for liabilities
(879,563)
(879,563)
Net assets
10,117,535
9,894,650
Capital and reserves
Called up share capital
7
1,000
1,000
Other reserves
7,328,688
7,328,688
Profit and loss reserves
2,787,847
2,564,962
Total equity
10,117,535
9,894,650
The notes on pages 3 - 7 form an integral part of these financial statements.
H F HALES & SONS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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 March 2024 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.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
P.J. Hales
Miss R A Hales
Director
Director
Company Registration No. 807719
H F HALES & SONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

H F Hales & Sons Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Hales Industrial Park, Rowleys Green Industrial Estate, Rowleys Green Lane, Coventry, CV6 6AN.

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, modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for rental, service charges and rechargeable expenses.

1.3
Tangible fixed assets

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

Tangible fixed assets other than investment properties and assets under construction are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% straight line

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at the reporting account date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

H F HALES & SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.7
Taxation

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

Current tax

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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
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.

 

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

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

H F HALES & SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

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.

2
Employees

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

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 and 31 March 2024
51,140
Depreciation and impairment
At 1 April 2023
50,924
Depreciation charged in the year
57
At 31 March 2024
50,981
Carrying amount
At 31 March 2024
159
At 31 March 2023
216
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
10,664,160

The directors have valued the company's investment properties at 31st March 2024 on an open market value basis by reference to market evidence of transaction prices for similar properties, and also having regard to recent valuations, undertaken by Bromwich Hardy, Chartered Surveyors and commercial property advisors, who are not connected with the company.

 

 

H F HALES & SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
122,594
65,313
Other debtors
3,927
126
Prepayments and accrued income
46,323
60,113
172,844
125,552
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
-
529,000
Trade creditors
13,944
12,779
Corporation tax
94,314
89,833
Other taxation and social security
37,011
37,825
Other creditors
2,675
51,119
Accruals and deferred income
128,223
140,364
276,167
860,920

The bank loans were secured over certain of the company's properties.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
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:

2024
2023
£
£
Within one year
19,000
19,000
Between two and five years
76,000
76,000
In over five years
689,417
708,417
784,417
803,417
H F HALES & SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Directors' transactions
Description
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors and family loans
50,529
(54,330)
(3,801)
50,529
(54,330)
(3,801)
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