Registered number
08524274
Hodkin & Jones (Sheffield) Limited
Filleted Accounts
30 April 2024
Hodkin & Jones (Sheffield) Limited
Registered number: 08524274
Balance Sheet
as at 30 April 2024
Notes 2024 2023
Fixed assets
Tangible assets 4 18,413 41,362
Current assets
Stocks 39,612 40,560
Debtors 5 118,317 139,624
Cash at bank and in hand 344,304 306,605
502,233 486,789
Creditors: amounts falling due within one year 6 (196,685) (221,490)
Net current assets 305,548 265,299
Total assets less current liabilities 323,961 306,661
Creditors: amounts falling due after more than one year 7 (10,833) (20,833)
Net assets 313,128 285,828
Capital and reserves
Called up share capital 100 100
Profit and loss account 313,028 285,728
Shareholders' funds 313,128 285,828
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Stoddard
Director
Approved by the board on 22 January 2025
Hodkin & Jones (Sheffield) Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years from month of purchase
Motor vehicles over 3 years from month of purchase
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Grant income
Capital and revenue grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 18
3 Intangible fixed assets
Goodwill:
Cost
At 1 May 2023 63,070
At 30 April 2024 63,070
Amortisation
At 1 May 2023 63,070
At 30 April 2024 63,070
Net book value
At 30 April 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
Cost
At 1 May 2023 40,648 79,139 119,787
At 30 April 2024 40,648 79,139 119,787
Depreciation
At 1 May 2023 29,646 48,779 78,425
Charge for the year 7,422 15,527 22,949
At 30 April 2024 37,068 64,306 101,374
Net book value
At 30 April 2024 3,580 14,833 18,413
At 30 April 2023 11,002 30,360 41,362
5 Debtors 2024 2023
Trade debtors 72,447 94,114
Deferred tax asset 262 1,462
Other debtors 45,608 44,048
118,317 139,624
Amounts due after more than one year included above 262 1,462
6 Creditors: amounts falling due within one year 2024 2023
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts - 8,525
Trade creditors 71,980 89,594
Taxation and social security costs 32,587 29,376
Other creditors 82,118 83,995
196,685 221,490
7 Creditors: amounts falling due after one year 2024 2023
Bank loans 10,833 20,833
8 Loans 2024 2023
Creditors include:
Secured bank loan and hire purchase contract 20,833 39,358
The hire purchase contract is secured on a specific asset owned by the company. The bank loan is a Covid Bounce Back Loan and is secured by the UK Government.
9 Controlling party
75% of the issued share capital of the company is held in the D Stoddard Will Trust and therefore the trustees to the trust are considered to be the controlling party.
10 Other information
Hodkin & Jones (Sheffield) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Callywhite Lane
Dronfield
Derbyshire
S18 2XP
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