Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 SC016424 Mr Roger Barlee Mr David Lanning Mr Andrew Barlee iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC016424 2023-02-28 SC016424 2024-02-29 SC016424 2023-03-01 2024-02-29 SC016424 frs-core:CurrentFinancialInstruments 2024-02-29 SC016424 frs-core:Non-currentFinancialInstruments 2024-02-29 SC016424 frs-core:FurnitureFittings 2024-02-29 SC016424 frs-core:FurnitureFittings 2023-03-01 2024-02-29 SC016424 frs-core:FurnitureFittings 2023-02-28 SC016424 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-02-29 SC016424 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC016424 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-28 SC016424 frs-core:PlantMachinery 2024-02-29 SC016424 frs-core:PlantMachinery 2023-03-01 2024-02-29 SC016424 frs-core:PlantMachinery 2023-02-28 SC016424 frs-core:CapitalRedemptionReserve 2024-02-29 SC016424 frs-core:ShareCapital 2024-02-29 SC016424 frs-core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 SC016424 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 SC016424 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC016424 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 SC016424 frs-bus:SmallEntities 2023-03-01 2024-02-29 SC016424 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 SC016424 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC016424 frs-bus:Director1 2023-03-01 2024-02-29 SC016424 frs-bus:Director2 2023-03-01 2024-02-29 SC016424 frs-bus:Director3 2023-03-01 2024-02-29 SC016424 frs-core:CurrentFinancialInstruments 1 2024-02-29 SC016424 frs-core:Non-currentFinancialInstruments 1 2024-02-29 SC016424 frs-core:CurrentFinancialInstruments 2 2024-02-29 SC016424 frs-core:CurrentFinancialInstruments 4 2024-02-29 SC016424 frs-countries:Scotland 2023-03-01 2024-02-29 SC016424 2022-02-28 SC016424 2023-02-28 SC016424 2022-03-01 2023-02-28 SC016424 frs-core:CurrentFinancialInstruments 2023-02-28 SC016424 frs-core:Non-currentFinancialInstruments 2023-02-28 SC016424 frs-core:CapitalRedemptionReserve 2022-02-28 SC016424 frs-core:CapitalRedemptionReserve 2023-02-28 SC016424 frs-core:ShareCapital 2022-02-28 SC016424 frs-core:ShareCapital 2023-02-28 SC016424 frs-core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 SC016424 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-02-28 SC016424 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 SC016424 frs-core:CurrentFinancialInstruments 1 2023-02-28 SC016424 frs-core:Non-currentFinancialInstruments 1 2023-02-28 SC016424 frs-core:CurrentFinancialInstruments 2 2023-02-28 SC016424 frs-core:CurrentFinancialInstruments 4 2023-02-28
Registered number: SC016424
J. Hewit & Sons Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Sutherland Black
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: SC016424
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 575,345 597,387
575,345 597,387
CURRENT ASSETS
Stocks 5 529,215 512,894
Debtors 6 40,324 192,840
Cash at bank and in hand 79,710 72,103
649,249 777,837
Creditors: Amounts Falling Due Within One Year 7 (59,099 ) (111,309 )
NET CURRENT ASSETS (LIABILITIES) 590,150 666,528
TOTAL ASSETS LESS CURRENT LIABILITIES 1,165,495 1,263,915
Creditors: Amounts Falling Due After More Than One Year 8 (74,504 ) (86,879 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,570 ) (9,925 )
NET ASSETS 1,079,421 1,167,111
CAPITAL AND RESERVES
Called up share capital 9 45,550 45,550
Capital redemption reserve 10,500 10,500
Profit and Loss Account 1,023,371 1,111,061
SHAREHOLDERS' FUNDS 1,079,421 1,167,111
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Barlee
Director
28/10/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 March 2022 45,550 10,500 1,002,919 1,058,969
Profit for the year and total comprehensive income - - 160,852 160,852
Dividends paid - - (52,710) (52,710)
As at 28 February 2023 and 1 March 2023 45,550 10,500 1,111,061 1,167,111
Loss for the year and total comprehensive income - - (23,535 ) (23,535)
Dividends paid - - (64,155) (64,155)
As at 29 February 2024 45,550 10,500 1,023,371 1,079,421
Page 3
Page 4
Notes to the Financial Statements
1. General Information
J. Hewit & Sons Limited is a private company, limited by shares, incorporated in Scotland, registered number SC016424 . The registered office is 12 Nettlehill Road, Houstoun Industrial Estate, Livingston, West Lothian, EH54 5DL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2.5% straight line
Plant & Machinery 10% on reducing balance
Fixtures & Fittings 15% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 4
Page 5
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 741,234 180,961 26,530 948,725
Disposals - (267 ) (12,626 ) (12,893 )
As at 29 February 2024 741,234 180,694 13,904 935,832
Depreciation
As at 1 March 2023 197,231 132,760 21,347 351,338
Provided during the period 15,881 4,912 1,249 22,042
Disposals - (267 ) (12,626 ) (12,893 )
As at 29 February 2024 213,112 137,405 9,970 360,487
Net Book Value
As at 29 February 2024 528,122 43,289 3,934 575,345
As at 1 March 2023 544,003 48,201 5,183 597,387
Page 5
Page 6
5. Stocks
2024 2023
£ £
Materials 41,293 33,899
Finished goods 433,352 441,327
Work in progress 54,570 37,668
529,215 512,894
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 36,198 58,056
Prepayments and accrued income 2,751 2,387
Other debtors - Brackley Lease Deposit 1,375 1,375
Insurance receivable - 130,622
40,324 192,440
Due after more than one year
Neopost Deposit - 400
40,324 192,840
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 40,927 54,273
Bank loans and overdrafts 1,650 255
Corporation tax - 39,091
Other taxes and social security 3,300 2,927
VAT 2,568 5,329
Other creditors 870 884
Energy Saving Trust Loan <1 year 2,351 2,351
Pension scheme 5,502 4,667
Voucher unallocated 1,931 1,156
Accruals and deferred income - 376
59,099 111,309
Page 6
Page 7
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 17,389 17,389
Energy Saving Trust Loan 13,125 15,476
Directors loan account 43,990 54,014
74,504 86,879
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 45,550 45,550
Page 7