Company Registration No. 05149661 (England and Wales)
HYNDBURN COMMERCIALS LTD
UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HYNDBURN COMMERCIALS LTD
COMPANY INFORMATION
Directors
Mrs C E Teasdale
Mr L K Teasdale
Secretary
Mrs C E Teasdale
Company number
05149661
Registered office
Unit 2, Spring Court
Alan Ramsbottom Way
Great Harwood
Blackburn
Lancashire
BB6 7WL
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HYNDBURN COMMERCIALS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
HYNDBURN COMMERCIALS LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,620
Tangible assets
4
60,599
7,360
60,599
11,980
Current assets
Stocks
1,156
2,328
Debtors
5
110,103
121,567
Cash at bank and in hand
185,671
271,057
296,930
394,952
Creditors: amounts falling due within one year
6
(88,536)
(147,688)
Net current assets
208,394
247,264
Total assets less current liabilities
268,993
259,244
Provisions for liabilities
(11,514)
(1,839)
Net assets
257,479
257,405
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
257,475
257,401
Total equity
257,479
257,405
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 July 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.
HYNDBURN COMMERCIALS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
Mr L K Teasdale
Director
Company registration number 05149661 (England and Wales)
HYNDBURN COMMERCIALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Hyndburn Commercials Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Spring Court, Alan Ramsbottom Way, Great Harwood, Blackburn, Lancashire, BB6 7WL.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of goods and services, excluding value added tax, despatched/provided during the year, for which the right to consideration has been obtained.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.
1.4
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
Motor vehicles
20% on reducing balance
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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 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.
HYNDBURN COMMERCIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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
9
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
92,400
Amortisation and impairment
At 1 August 2023
87,780
Amortisation charged for the year
4,620
At 31 July 2024
92,400
Carrying amount
At 31 July 2024
At 31 July 2023
4,620
HYNDBURN COMMERCIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 August 2023
39,489
39,489
Additions
15,065
51,435
66,500
At 31 July 2024
54,554
51,435
105,989
Depreciation and impairment
At 1 August 2023
32,129
32,129
Depreciation charged in the year
2,974
10,287
13,261
At 31 July 2024
35,103
10,287
45,390
Carrying amount
At 31 July 2024
19,451
41,148
60,599
At 31 July 2023
7,360
7,360
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
106,248
117,727
Other debtors
3,855
3,840
110,103
121,567
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,597
34,385
Taxation and social security
61,360
86,924
Other creditors
12,579
26,379
88,536
147,688
7
Leasing Agreements
The company had operating lease commitments totalling £170,833 (2023 - £197,827) at the year end.