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Registration number: 04524983

Hythe House Support Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Hythe House Support Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Hythe House Support Limited

Company Information

Directors

M D Duffy

D J Duffy

G E Duffy

R W H Duffy

Company secretary

M D Duffy

Registered office

59 Staplehurst Road
Sittingbourne
Kent
ME10 2NY

 

Hythe House Support Limited

(Registration number: 04524983)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

17,383

14,109

Current assets

 

Debtors

6

201,146

78,886

Cash at bank and in hand

 

179,367

127,629

 

380,513

206,515

Creditors: Amounts falling due within one year

7

(235,584)

(96,998)

Net current assets

 

144,929

109,517

Net assets

 

162,312

123,626

Capital and reserves

 

Called up share capital

8

104

104

Retained earnings

162,208

123,522

Shareholders' funds

 

162,312

123,626

For the financial year ending 29 February 2024 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 year 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2024 and signed on its behalf by:
 

G E Duffy
Director

   
     
 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
59 Staplehurst Road
Sittingbourne
Kent
ME10 2NY
England

These financial statements were authorised for issue by the Board on 17 November 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 returns, rebates and discounts.

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.

Government grants

Government grants are recognised when receivable.

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current 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 income 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.

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

Motor vehicles

25% straight line basis

Fixtures and fittings

25% straight line basis

Office equipment

25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over its estimated useful life

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

64,500

64,500

At 29 February 2024

64,500

64,500

Amortisation

At 1 March 2023

64,500

64,500

At 29 February 2024

64,500

64,500

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

-

-

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

121,866

12,433

134,299

Additions

9,598

-

9,598

At 29 February 2024

131,464

12,433

143,897

Depreciation

At 1 March 2023

107,757

12,433

120,190

Charge for the year

6,324

-

6,324

At 29 February 2024

114,081

12,433

126,514

Carrying amount

At 29 February 2024

17,383

-

17,383

At 28 February 2023

14,109

-

14,109

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

172,822

42,920

Amounts owed by related parties

11

15,443

26,643

Prepayments

 

12,881

5,843

Other debtors

 

-

3,480

   

201,146

78,886

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

57,126

36,285

Accruals and deferred income

177,026

59,037

Other creditors

1,432

1,676

235,584

96,998

Barclays Bank plc holds a fixed and floating charge over the assets of the company. There is a cross guarantee and debenture between the company, Hythe House Properties Limited and Barclays Bank plc on the assets of the company.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B non-voting shares of £0.10 each

40

4

40

4

140

104

140

104

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

4,380

Later than one year and not later than five years

29,116

-

29,116

4,380

The amount of non-cancellable operating lease payments recognised as an expense during the year was £15,579 (2023 - £10,512).

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £3,312.50 (2023 - £828.12) per each Ordinary B non-voting shares of 10 pence

132,500

33,125

Interim dividend of £Nil (2023 - £24,843.74) per each Ordinary B non-voting shares of £1

-

99,375

132,500

132,500

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

87,175

83,625

Contributions paid to money purchase schemes

1,466

1,357

88,641

84,982

Dividends paid to directors

2024
£

2023
£

M D Duffy

Ordinary B non-voting

-

27,604

Ordinary B 10 pence non-voting

33,125

5,521

33,125

33,125

D J Duffy

Ordinary B non-voting

-

27,604

Ordinary B 10 pence non-voting

33,125

5,521

33,125

33,125

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

11

Related party transactions (continued)

R W H Duffy

Ordinary B non-voting

-

27,604

Ordinary B 10 pence non-voting

33,125

5,521

33,125

33,125

G E Duffy

Ordinary B non-voting

-

27,604

Ordinary B 10 pence non-voting

33,125

5,521

33,125

33,125

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

11

Related party transactions (continued)

Summary of transactions with other related parties

Hythe House Properties Limited (controlled by the directors of the Company)
 The company rents properties from Hythe House Properties Limited. The company also provides administration services to Hythe House Properties Limited.
 

Income and receivables from related parties

2024

Other related parties
£

Receipt of services

6,000

2023

Other related parties
£

Receipt of services

6,000

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

57,300

2023

Other related parties
£

Rendering of services

34,800

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

26,643

26,643

Advanced

6,000

6,000

Repaid

(17,200)

(17,200)

At end of period

15,443

15,443

 

Hythe House Support Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

11

Related party transactions (continued)

2023

Other related parties
£

Total
£

At start of period

18,977

18,977

Advanced

7,666

7,666

At end of period

26,643

26,643

Terms of loans to related parties

Interest free loan, repayable on demand.

Loans from related parties

2024

Other related parties
£

Total
£

Advanced

57,300

57,300

Repaid

(57,300)

(57,300)

At end of period

-

-

2023

Other related parties
£

Total
£

Advanced

34,800

34,800

Repaid

(34,800)

(34,800)

At end of period

-

-

Terms of loans from related parties

Interest free loan, repayable on demand.