Company Registration No. 03506832 (England and Wales)
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
COMPANY INFORMATION
Directors
Mr H A J Price
Mrs A E Price
Mrs J Disney
Secretary
Mrs J Disney
Company number
03506832
Registered office
Hillside
The Holloway
Minehead
Somerset
TA24 5NR
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
193,695
202,052
Investment properties
4
910,000
870,000
1,103,695
1,072,052
Current assets
Stocks
12,518
11,204
Debtors
5
429,748
114,687
Cash at bank and in hand
444,156
684,171
886,422
810,062
Creditors: amounts falling due within one year
6
(113,849)
(81,468)
Net current assets
772,573
728,594
Total assets less current liabilities
1,876,268
1,800,646
Provisions for liabilities
(47,102)
(38,503)
Net assets
1,829,166
1,762,143
Capital and reserves
Called up share capital
7
1,025
1,025
Non distributable reserve
222,800
182,800
Capital redemption reserve
200
200
Profit and loss reserves
1,605,141
1,578,118
Total equity
1,829,166
1,762,143
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 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 29 February 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 Act 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 9 October 2024 and are signed on its behalf by:
Mr H A J Price
Director
Company Registration No. 03506832
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Hedley Price Funeral Directors Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value of sales made during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
10% straight line
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
25% straight line
Motor vehicles
25%/ 15% 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.
1.4
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 fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.9
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.
1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2023 - 14).
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
414,556
84,092
22,075
286,156
806,879
Additions
15,943
8,112
24,055
At 29 February 2024
414,556
100,035
30,187
286,156
830,934
Depreciation and impairment
At 1 March 2023
307,434
59,760
20,703
216,930
604,827
Depreciation charged in the year
7,661
8,053
2,570
14,128
32,412
At 29 February 2024
315,095
67,813
23,273
231,058
637,239
Carrying amount
At 29 February 2024
99,461
32,222
6,914
55,098
193,695
At 28 February 2023
107,122
24,332
1,372
69,226
202,052
4
Investment property
2024
£
Fair value
At 1 March 2023
870,000
Revaluations
40,000
At 29 February 2024
910,000
Investment properties were valued at fair value by the directors as at 29 February 2024.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
143,507
100,145
Unpaid share capital
425
425
Other debtors
280,000
5,379
Prepayments and accrued income
5,816
8,738
429,748
114,687
HEDLEY PRICE FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
43,909
29,973
Corporation tax
21,605
20,462
Other taxation and social security
4,265
3,242
Other creditors
41,070
24,491
Accruals and deferred income
3,000
3,300
113,849
81,468
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Class A ordinary shares of £1 each
100
100
100 Class B ordinary shares of £1 each
100
100
825 Class C ordinary shares of £1 each
825
825
1,025
1,025