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REGISTERED NUMBER: 02904363 (England and Wales)















HILLS RETAIL STORES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






HILLS RETAIL STORES LIMITED (REGISTERED NUMBER: 02904363)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


HILLS RETAIL STORES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mrs E I Hall
J E Hall
R D Hall





SECRETARY: G P Allmand





REGISTERED OFFICE: 5 - 6 Bridge Street
Spalding
Lincolnshire
PE11 1XA





REGISTERED NUMBER: 02904363 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

HILLS RETAIL STORES LIMITED (REGISTERED NUMBER: 02904363)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 622,403 626,455

CURRENT ASSETS
Stocks 358,041 329,312
Debtors 5 44,033 47,469
Cash at bank and in hand 315,589 387,069
717,663 763,850
CREDITORS
Amounts falling due within one year 6 411,673 441,882
NET CURRENT ASSETS 305,990 321,968
TOTAL ASSETS LESS CURRENT LIABILITIES 928,393 948,423

PROVISIONS FOR LIABILITIES 2,871 3,884
NET ASSETS 925,522 944,539

CAPITAL AND RESERVES
Called up share capital 5,100 5,100
Revaluation reserve arising on de-merger 7 196,543 196,543
Retained earnings 723,879 742,896
925,522 944,539

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by:





R D Hall - Director


HILLS RETAIL STORES LIMITED (REGISTERED NUMBER: 02904363)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Hills Retail Stores Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 18% on reducing balance
Plant and machinery etc - 25% on cost, 25% on reducing balance and 20% on cost


Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.


HILLS RETAIL STORES LIMITED (REGISTERED NUMBER: 02904363)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 792,809 189,459 982,268
DEPRECIATION
At 1 May 2023 181,890 173,923 355,813
Charge for year - 4,052 4,052
At 30 April 2024 181,890 177,975 359,865
NET BOOK VALUE
At 30 April 2024 610,919 11,484 622,403
At 30 April 2023 610,919 15,536 626,455

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,470 16,679
Other debtors 33,563 30,790
44,033 47,469

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 200,562 251,544
Taxation and social security 52,715 65,159
Other creditors 158,396 125,179
411,673 441,882

HILLS RETAIL STORES LIMITED (REGISTERED NUMBER: 02904363)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. RESERVES
Revaluation
reserve
arising
on
de-merger
£   
At 1 May 2023
and 30 April 2024 196,543

8. CALLED UP SHARE CAPITAL

Number Class Nominal value 2024 2023
£    £   
4,100 A Ordinary £1 4,100 4,100
500 B Ordinary £1 500 500
500 C Ordinary £1 500 500
5,100 5,100