REGISTERED NUMBER: |
FRED HINCHLIFFE & SONS LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 |
REGISTERED NUMBER: |
FRED HINCHLIFFE & SONS LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 |
FRED HINCHLIFFE & SONS LIMITED (REGISTERED NUMBER: 00451243) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5TH APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FRED HINCHLIFFE & SONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 5TH APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Railway Court |
Off Ten Pound Walk |
Doncaster |
South Yorkshire |
DN4 5FB |
BANKERS: |
1 High Street |
Doncaster |
DN1 1ED |
SOLICITORS: |
4 Priory Place |
Doncaster |
DN1 1BP |
FRED HINCHLIFFE & SONS LIMITED (REGISTERED NUMBER: 00451243) |
BALANCE SHEET |
5TH APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FRED HINCHLIFFE & SONS LIMITED (REGISTERED NUMBER: 00451243) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5TH APRIL 2024 |
1. | STATUTORY INFORMATION |
Fred Hinchliffe & Sons Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
No depreciation is provided on freehold farm land. |
Stocks |
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 items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Produce is valued at the proportion of market value approximating to cost . Growing crops are valued at the lower of cost and net realisable value. Cost includes all direct costs relating to location and condition at the Balance Sheet date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
FRED HINCHLIFFE & SONS LIMITED (REGISTERED NUMBER: 00451243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5TH APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 6th April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 5th April 2024 |
DEPRECIATION |
At 6th April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 5th April 2024 |
NET BOOK VALUE |
At 5th April 2024 |
At 5th April 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 116,130 (2023 - £ 116,130 ) which is not depreciated. |
Cost or valuation at 5th April 2024 is represented by: |
Fixtures |
Land and | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 1971 | 52,200 | - | - | - | 52,200 |
Cost | 227,156 | 1,470,258 | 799 | 26,251 | 1,724,464 |
279,356 | 1,470,258 | 799 | 26,251 | 1,776,664 |
FRED HINCHLIFFE & SONS LIMITED (REGISTERED NUMBER: 00451243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5TH APRIL 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold land at £52,200 value had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 21,531 | 21,531 |
Value of land in freehold land and buildings | 116,130 | 116,130 |
Freehold land was valued on an open market basis on 15th April 1971 by professional agricultural valuers . |
No liability to Corporation tax would arise on a disposal at the balance sheet valuation. |
The net book value of tangible fixed assets includes £NIL (2023 - £ 85,374 ) in respect of assets held under hire purchase contracts. |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Produce and stores stocks |
Growing crops |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | - | 19,685 |
FRED HINCHLIFFE & SONS LIMITED (REGISTERED NUMBER: 00451243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5TH APRIL 2024 |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 6th April 2023 |
and 5th April 2024 |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is C W Hinchliffe. |