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Company No: 00056710 (England and Wales)

HATCHER AND SONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HATCHER AND SONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HATCHER AND SONS LIMITED

BALANCE SHEET

As at 30 April 2024
HATCHER AND SONS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,790,073 2,815,409
Investments 2,840 2,840
2,792,913 2,818,249
Current assets
Stocks 382,634 357,519
Debtors 4 406,811 407,176
Cash at bank and in hand 92,622 102,839
882,067 867,534
Creditors: amounts falling due within one year 5 ( 318,238) ( 268,089)
Net current assets 563,829 599,445
Total assets less current liabilities 3,356,742 3,417,694
Creditors: amounts falling due after more than one year 6 ( 494,663) ( 526,653)
Provision for liabilities ( 75,808) ( 96,495)
Net assets 2,786,271 2,794,546
Capital and reserves
Called-up share capital 114,850 114,850
Share premium account 20,381 20,381
Revaluation reserve 1,970,089 1,970,089
Profit and loss account 680,951 689,226
Total shareholder's funds 2,786,271 2,794,546

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hatcher and Sons Limited (registered number: 00056710) were approved and authorised for issue by the Board of Directors on 12 November 2024. They were signed on its behalf by:

S A Hill
Director
M Raisey
Director
HATCHER AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HATCHER AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hatcher and Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11 High Street, Taunton, Somerset, TA1 3PQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 39 40

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2023 2,750,000 407,689 3,157,689
Additions 0 1,733 1,733
Disposals 0 ( 5,671) ( 5,671)
At 30 April 2024 2,750,000 403,751 3,153,751
Accumulated depreciation
At 01 May 2023 0 342,280 342,280
Charge for the financial year 0 27,069 27,069
Disposals 0 ( 5,671) ( 5,671)
At 30 April 2024 0 363,678 363,678
Net book value
At 30 April 2024 2,750,000 40,073 2,790,073
At 30 April 2023 2,750,000 65,409 2,815,409

4. Debtors

2024 2023
£ £
Trade debtors 13,652 26,145
Amounts owed by Parent undertakings 366,447 359,937
Other debtors 26,712 21,094
406,811 407,176

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 21,250 10,000
Trade creditors 160,132 177,657
Taxation and social security 49,958 30,633
Other creditors 86,898 49,799
318,238 268,089

The bank borrowing is secured on the freehold land and buildings and a debenture over the assets of the company.

The Bank loans comprise:

A bank loan with an interest rate of 1% over base rate with the final installment due June 2026. The carrying amount at the year end is £23,696 (2023: £33,186), of which £10,000 (2023: £10,000) is due within one year.

A bank loan with an interest rate of 2.58% over base rate with the final instalment due March 2026. The carrying amount at the year end is £157,500 (2023: £168,750), of which £11,250 (2023: £Nil) is due within one year.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 469,946 501,936
Other creditors 24,717 24,717
494,663 526,653

The bank borrowings are secured on the freehold land and buildings and a debenture over the assets of the company. The bank borrowing comprises:

A bank loan with an interest rate of 1% over base rate with the final instalment due June 2026. The carrying amount at the year end is £23,696 (2023: £33,186). £13,696 (2023: £23,186) is due in greater than one year, but less than five years.

A bank loan with an interest rate of 2.5% over LIBOR with the final instalment due June 2026. The carrying amount at the year end is £310,000 (2023: £310,000). £310,000 (2023: £310,000) is due in greater than one year, but less than five years.

A bank loan with an interest rate of 2.58% over base rate with the final instalment due March 2026. The carrying amount at the year end is £157,500 (2023: £168,750). £146,250 (2023: £168,750) is due in greater than one year, but less than five years.

The £310,000 and £157,500 loans are rolling loans and the agreements are resigned every three years. The nature of the loans is such that the repayments will be made in instalments over more than 5 years and this forms the basis for the disclosure below.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 411,250 478,750
Other creditors 24,717 24,717
435,967 503,467

7. Financial commitments

Other financial commitments

2024 2023
£ £
Financial commitments not provided for in the balance sheet 0 5,169