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Company No: 01865275 (England and Wales)

C.S. HODGES AND SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

C.S. HODGES AND SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

C.S. HODGES AND SON LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
C.S. HODGES AND SON LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr D Clark
Mr D P Hassin
Mr S Hodges
Mr P Stevens
SECRETARY S C Hentall
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
BUSINESS ADDRESS Unit 6B
Cranborne Industrial Estate
Cranborne Road
Potters Bar
Hertfordshire
EN6 3JN
COMPANY NUMBER 01865275 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
C.S. HODGES AND SON LIMITED

BALANCE SHEET

As at 31 March 2024
C.S. HODGES AND SON LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 431,108 625,823
431,108 625,823
Current assets
Stocks 42,339 29,110
Debtors 5 908,112 814,117
Cash at bank and in hand 771,313 662,588
1,721,764 1,505,815
Creditors: amounts falling due within one year 6 ( 1,051,979) ( 717,433)
Net current assets 669,785 788,382
Total assets less current liabilities 1,100,893 1,414,205
Creditors: amounts falling due after more than one year 7 ( 120,873) ( 138,374)
Provision for liabilities ( 91,261) ( 130,330)
Net assets 888,759 1,145,501
Capital and reserves
Called-up share capital 8 1,000 1,000
Other reserves 84,906 28,302
Profit and loss account 802,853 1,116,199
Total shareholders' funds 888,759 1,145,501

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of C.S. Hodges and Son Limited (registered number: 01865275) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

Mr D Clark
Director
C.S. HODGES AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
C.S. HODGES AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

C.S. Hodges and Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, United Kingdom, E1W 9US, United Kingdom.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for property maintenance services net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

The costs of short-term employee benefits are recognised as a liability and an expense.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 20 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes raw materials and other direct costs based on
normal operating capacity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 40

3. Share-based payments

Equity-settled share-based payment schemes

The company participates in a share based payment plan pursuant to the CS Hodges EMI Share Option Plan (the ‘Plan’) for its employees. The options have a 10 year term and are subject to forfeiture and lapse in accordance with the Plan rules.

The options outstanding at the reporting date entailed the right to subscribe for B ordinary shares of £1 at a strike price of £231.

Details of the share options outstanding during the financial year are as follows:

2024 2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 481 231.00 0 0
Granted during the period 0 0 481 231.00
Outstanding at the end of the period 481 231.00 481 231.00
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £ 0 and £ 0 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 616,884 565,825 37,558 13,812 1,234,079
Additions 0 88,136 1,600 6,154 95,890
Disposals ( 270,000) ( 59,147) 0 0 ( 329,147)
At 31 March 2024 346,884 594,814 39,158 19,966 1,000,822
Accumulated depreciation
At 01 April 2023 265,650 307,564 27,005 8,037 608,256
Charge for the financial year 2,912 66,666 1,755 5,956 77,289
Disposals ( 69,737) ( 46,094) 0 0 ( 115,831)
At 31 March 2024 198,825 328,136 28,760 13,993 569,714
Net book value
At 31 March 2024 148,059 266,678 10,398 5,973 431,108
At 31 March 2023 351,234 258,261 10,553 5,775 625,823

5. Debtors

2024 2023
£ £
Trade debtors 808,220 726,435
Other debtors 99,892 87,682
908,112 814,117

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,186 11,967
Trade creditors 496,499 387,786
Taxation and social security 344,257 155,824
Obligations under finance leases and hire purchase contracts 54,768 46,347
Other creditors 146,269 115,509
1,051,979 717,433

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 30,673 38,825
Obligations under finance leases and hire purchase contracts 90,200 99,549
120,873 138,374

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary A GBP shares of £ 1.00 each (2023: nil shares) 1,000 0
Nil Ordinary GBP shares (2023: 1,000 shares of £ 1.00 each) 0 1,000
1,000 1,000

During the period the 1,000 Ordinary GBP shares in issue were converted into 1,000 Ordinary A GBP shares

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

The share based payment reserve represents the charge to profit or loss for services received in relation to equity settled share based payments not yet settled.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 28,300 0
between one and five years 26,000 0
54,300 0

10. Related party transactions

At the reporting date, the company owed £68,643 (2023: £6,171) to the directors of the company. The amount is interest free and repayable on demand.

During the reporting period the company paid project management fees of £450,939 (2023: £556,920) to a company under common management. At the reporting date the company owed £339,806 (2023: £238,059) to the same company.

All amounts are interest free and repayable upon demand.