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COMPANY REGISTRATION NUMBER: 04132924
HF BROWN & SON LIMITED
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
HF BROWN & SON LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
HF BROWN & SON LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
177,157
150,124
Current assets
Stocks
113,910
110,592
Debtors
7
791,330
687,218
Cash at bank and in hand
9,168
3,065
----------
----------
914,408
800,875
Creditors: amounts falling due within one year
8
( 1,054,036)
( 882,849)
-------------
----------
Net current liabilities
( 139,628)
( 81,974)
----------
----------
Total assets less current liabilities
37,529
68,150
Creditors: amounts falling due after more than one year
9
( 73,165)
( 76,701)
Provisions
Taxation including deferred tax
45,262
30,468
--------
--------
Net assets
9,626
21,917
--------
--------
Capital and reserves
Called up share capital
70,000
70,000
Profit and loss account
( 60,374)
( 48,083)
--------
--------
Shareholders funds
9,626
21,917
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HF BROWN & SON LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 14 November 2024 , and are signed on behalf of the board by:
Mr N F Brown
Director
Company registration number: 04132924
HF BROWN & SON LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portland House, Main Street, Hemingbrough, Selby, North Yorkshire, Y08 6QF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property Improvement
-
10% Straight Line
Plant & Machinery
-
10% & 20% Straight Line
Fixtures & Fittings
-
20% Straight Line
Motor Vehicles
-
25% Straight Line
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(j) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(k) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(l) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 26 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
210,000
----------
Amortisation
At 1 January 2023 and 31 December 2023
210,000
----------
Carrying amount
At 31 December 2023
----------
At 31 December 2022
----------
6. Tangible assets
Leasehold Property Improvem't
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
142,537
78,701
17,843
320,092
559,173
Additions
34,540
31,857
66,397
----------
--------
--------
----------
----------
At 31 December 2023
177,077
78,701
17,843
351,949
625,570
----------
--------
--------
----------
----------
Depreciation
At 1 January 2023
45,631
70,607
16,533
276,278
409,049
Charge for the year
15,151
1,826
796
21,591
39,364
----------
--------
--------
----------
----------
At 31 December 2023
60,782
72,433
17,329
297,869
448,413
----------
--------
--------
----------
----------
Carrying amount
At 31 December 2023
116,295
6,268
514
54,080
177,157
----------
--------
--------
----------
----------
At 31 December 2022
96,906
8,094
1,310
43,814
150,124
----------
--------
--------
----------
----------
7. Debtors
2023
2022
£
£
Trade debtors
233,064
287,409
Prepayments
3,266
3,156
Amounts recoverable on contracts
555,000
396,653
----------
----------
791,330
687,218
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan and overdraft
86,915
101,130
Trade creditors
760,516
631,833
Social security and other taxes
67,058
53,790
Obligations under finance leases and hire purchase contracts
12,387
16,166
Directors loan accounts
75,269
73,966
Other creditors
51,891
5,964
-------------
----------
1,054,036
882,849
-------------
----------
The overdraft is secured by fixed and floating charges over the assets held by the company. Hire purchase liabilities are secured on the associated asset.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan and overdraft
55,790
74,637
Obligations under finance leases and hire purchase contracts
17,375
2,064
--------
--------
73,165
76,701
--------
--------
Hire purchase liabilities are secured on the associated asset.
10. Related party transactions
The company operates from premises owned by a director . The sum of £ 6,058 (2022 £6,020) was paid to the director in respect of rent . A director has given a Limited Guarantee to secure the company bank facility . During the year the directors made loans to the company . The balance owing by the company at 31 December 2023 was £ 75,269 (2022: £73,966).