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Registered number: 01160850
Hutchings Bros. (Sea Food And Game) Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Revis & Co Accountancy Services Ltd
AAT
1st Floor 50 High Street
Cosham
Portsmouth
Hampshire
PO6 3AG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01160850
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,432 37,170
Investments 5 5,101 5,101
30,533 42,271
CURRENT ASSETS
Stocks 6 5,000 5,000
Debtors 7 353,994 327,044
Cash at bank and in hand 146,706 244,446
505,700 576,490
Creditors: Amounts Falling Due Within One Year 8 (497,312 ) (483,987 )
NET CURRENT ASSETS (LIABILITIES) 8,388 92,503
TOTAL ASSETS LESS CURRENT LIABILITIES 38,921 134,774
Creditors: Amounts Falling Due After More Than One Year 9 (7,746 ) (17,862 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,358 ) (9,293 )
NET ASSETS 24,817 107,619
CAPITAL AND RESERVES
Called up share capital 10 10,520 10,520
Share premium account 2,700 2,700
Capital redemption reserve 27 27
Profit and Loss Account 11,570 94,372
SHAREHOLDERS' FUNDS 24,817 107,619
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Page 2
For the year ending 31 May 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 Simon Hutchings
Director
08/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Hutchings Bros. (Sea Food And Game) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01160850 . The registered office is 1101 Christchurch Road, Bournemouth, Dorset, BH7 6BQ.
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:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% 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. 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 years 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 assets reflect 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.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 127,482 58,215 5,492 191,189
Additions 4,475 3,850 2,989 11,314
Disposals (755 ) (30,443 ) (255 ) (31,453 )
As at 31 May 2024 131,202 31,622 8,226 171,050
Depreciation
As at 1 June 2023 116,792 35,331 1,896 154,019
Provided during the period 3,650 2,074 1,414 7,138
Disposals (189 ) (15,244 ) (106 ) (15,539 )
As at 31 May 2024 120,253 22,161 3,204 145,618
Net Book Value
As at 31 May 2024 10,949 9,461 5,022 25,432
As at 1 June 2023 10,690 22,884 3,596 37,170
5. Investments
Unlisted
£
Cost
As at 1 June 2023 5,101
As at 31 May 2024 5,101
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 5,101
As at 1 June 2023 5,101
6. Stocks
2024 2023
£ £
Materials 5,000 5,000
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 202,892 269,429
Prepayments and accrued income 11,910 -
Other debtors 96,701 55,034
VAT 811 -
Other taxes and social security - 2,581
Directors' loan accounts 41,680 -
353,994 327,044
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 281,107 391,853
Bank loans and overdrafts 11,160 11,160
Corporation tax - 42,311
Other taxes and social security 4,505 -
VAT - 1,075
Other creditors 6,646 15,456
Accruals and deferred income 193,894 20,000
Directors' loan accounts - 2,132
497,312 483,987
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,746 17,862
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,520 10,520
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Simon Hutchings - 41,680 - - 41,680
The above loan is unsecured, interest free and repayable on demand.
12. Controlling Party
The company's controlling party is Mr Simon Hutchings by virtue of his ownership of 54% of the issued share capital in the company.
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