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Hempstead & Johnson Limited

Annual Report and Unaudited Financial Statements
Period from 1 April 2023 to 31 October 2023

Registration number: 00746512

 

Hempstead & Johnson Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Hempstead & Johnson Limited

Company Information

Directors

Mr G T M Karlsson

Mr D S Sneddon

Registered office

28 Speed House
Barbican
London
EC2Y 8AT

Accountants

Francis Clark LLP
Ground Floor
90 Victoria Street
Bristol
BS1 6DP

 

Hempstead & Johnson Limited

Balance Sheet

31 October 2023

Note

31 October
2023
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

19,920

21,247

Current assets

 

Stocks

5

26,815

26,815

Debtors

6

65,799

107,218

Cash at bank and in hand

 

99,689

34,698

 

192,303

168,731

Creditors: Amounts falling due within one year

7

(238,865)

(253,637)

Net current liabilities

 

(46,562)

(84,906)

Total assets less current liabilities

 

(26,642)

(63,659)

Provisions for liabilities

-

(4,037)

Net liabilities

 

(26,642)

(67,696)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Profit and loss account

(27,642)

(68,696)

Shareholders' deficit

 

(26,642)

(67,696)

 

Hempstead & Johnson Limited

Balance Sheet

31 October 2023

For the financial period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Mr D S Sneddon
Director

Company Registration Number: 00746512

 

Hempstead & Johnson Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Speed House
Barbican
London
EC2Y 8AT
England

These financial statements were authorised for issue by the Board on 29 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Hempstead & Johnson Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate where the revision affects only that period, or in the period of the revision and future periods where the revision reflects both current and future periods.

Determining whether there are indicators of impairment of the company's tangible assets. Tangible fixed assets are depreciated over their useful life taking into account residual values, where appropriate. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. The carrying amount is £19,920 (31 March 2023: £21,247).

Determining whether stock is held at the correct value by ensuring it is stated at the lower of cost or net realisable value, the estimate being the selling price less costs to complete and sell. Stock is assessed for impairment and potential provision is estimated. Management undertake regular stocktakes and review the ageing and selling profile of the stock. The carrying value is £26,815 (31 March 2023: £26,815).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Hempstead & Johnson Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% reducing balance

Furniture, Fittings and Equipment

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hempstead & Johnson Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2023 - 6).

 

Hempstead & Johnson Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

14,581

565,381

579,962

At 31 October 2023

14,581

565,381

579,962

Depreciation

At 1 April 2023

10,667

548,046

558,713

Charge for the period

245

1,084

1,329

At 31 October 2023

10,912

549,130

560,042

Carrying amount

At 31 October 2023

3,669

16,251

19,920

At 31 March 2023

3,913

17,334

21,247

5

Stocks

31 October
2023
£

31 March
2023
£

Stock

26,815

26,815

6

Debtors

31 October
2023
£

31 March
2023
£

Trade debtors

38,410

81,119

Amounts owed by group undertakings

25,620

25,620

Prepayments

479

479

Other debtors

1,290

-

65,799

107,218

 

Hempstead & Johnson Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

31 October
2023
£

31 March
2023
£

Due within one year

Trade creditors

9,476

12,564

Amounts owed to group undertakings

211,649

213,292

Corporation tax

-

4,470

Taxation and social security

11,740

16,617

Other creditors

1,003

1,697

Accruals and deferred income

4,997

4,997

238,865

253,637

8

Share capital

Allotted, called up and fully paid shares

 

31 October
2023

31 March
2023

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Parent and ultimate parent undertaking

The company's immediate parent is Nicol & Andrew Holdings Limited, incorporated in England & Wales.

 The ultimate parent is Leviathan Engineering Limited, incorporated in England & Wales.

 

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Leviathan Newco 3 Limited, incorporated in England and Wales.

The address of Leviathan Newco 3 Limited is:
28 Speed House, Barbican, London, England, EC2Y 8AT