Lawrence Hunt & Co Limited 01185833 false 2023-05-18 2024-05-17 2024-05-17 The principal activity of the company is the operation of stores retailing convenience food and drink products Digita Accounts Production Advanced 6.30.9574.0 true true true true



false true true
01185833 2023-05-18 2024-05-17 01185833 2024-05-17 01185833 bus:Director9 2024-05-17 01185833 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-05-17 01185833 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2024-05-17 01185833 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2024-05-17 01185833 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2024-05-17 01185833 bus:OrdinaryShareClass5 bus:Non-cumulativeShares 2024-05-17 01185833 bus:OtherShareClass1 bus:Non-cumulativeShares 2024-05-17 01185833 bus:Consolidated 2024-05-17 01185833 core:AcceleratedTaxDepreciationDeferredTax 2024-05-17 01185833 core:RetainedEarningsAccumulatedLosses 2024-05-17 01185833 core:ShareCapital 2024-05-17 01185833 core:SharePremium 2024-05-17 01185833 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-17 01185833 core:CurrentFinancialInstruments 2024-05-17 01185833 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-17 01185833 core:Goodwill 2024-05-17 01185833 core:PatentsTrademarksLicencesConcessionsSimilar 2024-05-17 01185833 core:BetweenOneFiveYears 2024-05-17 01185833 core:BetweenTwoFiveYears 2024-05-17 01185833 core:MoreThanFiveYears 2024-05-17 01185833 core:WithinOneYear 2024-05-17 01185833 core:FurnitureFittings 2024-05-17 01185833 core:LandBuildings 2024-05-17 01185833 core:LeaseholdImprovements 2024-05-17 01185833 core:MotorVehicles 2024-05-17 01185833 core:ToolsEquipment 2024-05-17 01185833 core:DeferredTaxation 2024-05-17 01185833 core:AllSubsidiaries 2024-05-17 01185833 bus:FRS102 2023-05-18 2024-05-17 01185833 bus:Audited 2023-05-18 2024-05-17 01185833 bus:FullAccounts 2023-05-18 2024-05-17 01185833 bus:RegisteredOffice 2023-05-18 2024-05-17 01185833 bus:Director1 2023-05-18 2024-05-17 01185833 bus:Director4 2023-05-18 2024-05-17 01185833 bus:Director5 2023-05-18 2024-05-17 01185833 bus:Director9 2023-05-18 2024-05-17 01185833 bus:HighestPaidDirector 2023-05-18 2024-05-17 01185833 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-05-18 2024-05-17 01185833 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-05-18 2024-05-17 01185833 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2023-05-18 2024-05-17 01185833 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2023-05-18 2024-05-17 01185833 bus:OrdinaryShareClass5 bus:Non-cumulativeShares 2023-05-18 2024-05-17 01185833 bus:OtherShareClass1 bus:Non-cumulativeShares 2023-05-18 2024-05-17 01185833 bus:Consolidated 2023-05-18 2024-05-17 01185833 bus:PrivateLimitedCompanyLtd 2023-05-18 2024-05-17 01185833 bus:Agent1 2023-05-18 2024-05-17 01185833 core:Goodwill 2023-05-18 2024-05-17 01185833 core:LicencesFranchises 2023-05-18 2024-05-17 01185833 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-18 2024-05-17 01185833 core:LandBuildingsUnderOperatingLeases 2023-05-18 2024-05-17 01185833 core:Buildings 2023-05-18 2024-05-17 01185833 core:FurnitureFittings 2023-05-18 2024-05-17 01185833 core:LandBuildings 2023-05-18 2024-05-17 01185833 core:LeaseholdImprovements 2023-05-18 2024-05-17 01185833 core:MotorCars 2023-05-18 2024-05-17 01185833 core:MotorVehicles 2023-05-18 2024-05-17 01185833 core:OfficeEquipment 2023-05-18 2024-05-17 01185833 core:ToolsEquipment 2023-05-18 2024-05-17 01185833 core:DeferredTaxation 2023-05-18 2024-05-17 01185833 core:AllSubsidiaries 2023-05-18 2024-05-17 01185833 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-18 2024-05-17 01185833 core:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2023-05-18 2024-05-17 01185833 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-05-18 2024-05-17 01185833 core:Subsidiary1 2023-05-18 2024-05-17 01185833 core:Subsidiary1 1 2023-05-18 2024-05-17 01185833 core:Subsidiary1 countries:England 2023-05-18 2024-05-17 01185833 core:UKTax 2023-05-18 2024-05-17 01185833 5 2023-05-18 2024-05-17 01185833 countries:England 2023-05-18 2024-05-17 01185833 1 2023-05-18 2024-05-17 01185833 2023-05-17 01185833 core:Goodwill 2023-05-17 01185833 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-17 01185833 core:CostValuation 2023-05-17 01185833 core:FurnitureFittings 2023-05-17 01185833 core:LandBuildings 2023-05-17 01185833 core:LeaseholdImprovements 2023-05-17 01185833 core:MotorVehicles 2023-05-17 01185833 core:ToolsEquipment 2023-05-17 01185833 core:DeferredTaxation 2023-05-17 01185833 core:AllSubsidiaries 2023-05-17 01185833 2022-05-18 2023-05-17 01185833 2023-05-17 01185833 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-05-17 01185833 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-05-17 01185833 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2023-05-17 01185833 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2023-05-17 01185833 bus:OrdinaryShareClass5 bus:Non-cumulativeShares 2023-05-17 01185833 bus:OtherShareClass1 bus:Non-cumulativeShares 2023-05-17 01185833 core:AcceleratedTaxDepreciationDeferredTax 2023-05-17 01185833 core:RetainedEarningsAccumulatedLosses 2023-05-17 01185833 core:ShareCapital 2023-05-17 01185833 core:SharePremium 2023-05-17 01185833 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-17 01185833 core:CurrentFinancialInstruments 2023-05-17 01185833 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-17 01185833 core:Goodwill 2023-05-17 01185833 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-17 01185833 core:BetweenOneFiveYears 2023-05-17 01185833 core:BetweenTwoFiveYears 2023-05-17 01185833 core:MoreThanFiveYears 2023-05-17 01185833 core:WithinOneYear 2023-05-17 01185833 core:FurnitureFittings 2023-05-17 01185833 core:LandBuildings 2023-05-17 01185833 core:LeaseholdImprovements 2023-05-17 01185833 core:MotorVehicles 2023-05-17 01185833 core:ToolsEquipment 2023-05-17 01185833 core:AllSubsidiaries 2023-05-17 01185833 bus:HighestPaidDirector 2022-05-18 2023-05-17 01185833 core:LandBuildingsUnderOperatingLeases 2022-05-18 2023-05-17 01185833 core:Subsidiary1 1 2022-05-18 2023-05-17 01185833 core:UKTax 2022-05-18 2023-05-17 01185833 1 2022-05-18 2023-05-17 01185833 2022-05-17 01185833 core:AllSubsidiaries 2022-05-17 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 01185833

Lawrence Hunt & Co Limited

Annual Report and Financial Statements

for the Year Ended 17 May 2024

 

Lawrence Hunt & Co Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 11

Profit and Loss Account and Statement of Retained Earnings

12

Balance Sheet

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 33

 

Lawrence Hunt & Co Limited

Company Information

Directors

Mr K B Hunt

Miss P Bailey

Mrs A C Hunt

Mr T Miller

Mr J Hunt

Registered office

40B Liverpool Road
Penwortham
Preston
Lancashire
PR1 0DQ

Solicitors

Forbes Solicitors
Ribchester House
Lancaster Road
Preston
PR1 2QL

Auditors

Horne Brooke Shenton
Chartered Accountants & Statutory Auditors15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

Lawrence Hunt & Co Limited

Strategic Report for the Year Ended 17 May 2024

The directors present their strategic report for the year ended 17 May 2024.

Principal activity

The principal activity of the company is the operation of stores retailing convenience food and drink products

Fair review of the business

Trading results
Pre-tax results for the 52 weeks year to 17 May 2024 were £1,371,009 (2023: £1,964,249 52 weeks), a decrease of £593,240 on the previous year.

Financial position
The company's balance sheet as detailed on page 13 shows the company financial position at the year end date with shareholders' funds amounting to £4,869,014 (2023: £6,468,602). Fixed assets stood at £4,438,701 at the balance sheet date (2023: £4,786,638). Net current assets of the company stand at £802,793 at the year end (2023: £2,010,947). Liquidity is strong and can be seen within the notes to these accounts.


Key performance indicators (KPI's)
The principal financial KPI's are like for like sales growth and operating profit. The company regularly monitors its key performance indicators to assess performance.

These include:

- Sales and like for like sales growth.

- Gross profit and gross profit percentage return on sales.

- Operating profit and operating profit percentage return on sales.

- Energy costs.

Section 172(1) statement

Section 172 of the Companies Act 2006 requires that the directors of the company act in a way that they consider, in good faith, would be most likely to promote the company for the benefits of its stakeholders as a whole, but also having regard to a range of factors including the following:-

Long term consequences

All decisions are made with the aim of remaining operational and competitive within a highly competitive marketplace and to maintain sustainable profitable growth to provide long term value to the company’s stakeholders.

Initiatives and decisions made to help achieve the company’s long-term strategy include driving cost efficiencies in all areas, improve customer experience and convenience food to go product range options and further capital investment plans in new stores and existing store refits, including energy saving measures such as LED lighting and refrigeration upgrades.

All capital investment decisions are made after considering the long-term viability and strategic direction of the company.

 

Lawrence Hunt & Co Limited

Strategic Report for the Year Ended 17 May 2024

The interests of employees

The directors are committed to the company being a responsible employer and aim to create a safe and supportive working environment for the workforce, who are a fundamental asset of the business. The health and safety of employees is put at the forefront of any decisions made. The company has continued to provide staff with the training, skills, tools and information required to achieve the best of their abilities.

The company encourages a positive, fair and diverse working environment for all employees.

Fostering stakeholder business relationships

The directors continue to balance the needs and requirements of all stakeholders, including customers and suppliers, and aim to act responsibly and fairly towards all stakeholders. Capital is allocated to all stakeholders to help meet their needs; for example, the continuing improvement and renovation of existing stores providing customers with improved facilities, including food to go initiatives, and making supplier payments on a timely basis in accordance with their agreed terms.

Impact on the community and the environment

When making decisions the directors look to recognise the effect this has on the local communities in which the stores operate and aim to ensure these stores are in convenient residential locations and stocked with quality produce. The company also continues to be involved in supporting various local community projects and sponsorships and local charitable causes.

The directors are committed to reducing the company’s environmental impact and contribution to climate change through increased energy management and awareness and changes to operational procedures. As part of their commitment to reducing their environmental impact, the company has introduced a number of energy saving measures, including the installation of LED lighting in the stores. A large proportion of the company’s energy usage is required for refrigeration and the company has installed energy efficiency doors for display cabinets to reduce energy waste. Additionally, the company has changed the design and installation of their systems, using less harmful refrigerants and smaller compressor. The company has also invested in air to water recovery systems in their heating systems to reduce energy usage further.

Maintaining a reputation for high standard of business conduct

Since the business was founded in 1946 the business has continued to be managed by the Hunt family and is governed based on core family values. Throughout this time the directors have been focused on trust and integrity and ensuring these values and culture spreads throughout the company. Internal and external policies are reviewed regularly by the directors, with an aim of operating in a responsible manner and maintaining a good reputation by building on best practice and adhering to statutory improvements.

Act fairly between members of the company

As a family company, the shareholders of the company are family members, and the directors' decisions are aligned with the long-term interests of the family. The company’s board of directors include family members and also non-family directors who also bring financial and operational representation. Together the company’s board of directors' wealth of experience ensures decision making is equitable, sound and aligned to the shareholders as a whole for the long term.

 

Lawrence Hunt & Co Limited

Strategic Report for the Year Ended 17 May 2024

Principal risks and uncertainties

The company's trade is subject to the business conditions, general economic risks and regulatory requirements of the U.K. and the company ensures it mitigates these risks by quality assurance procedures. The company's principle risks and uncertainties which could impact the business are set out below.

Business conditions and general economic risks
As a grocery convenience store retailer, the business is exposed to the general conditions of the UK economy, in particular those related to any downturn in the spending power of consumers in the North West of England. These risks are continually monitored and considered by the company; local store-based customer service focus and improved convenience store experience and product selection enable mitigation of these risks.

Funding & liquidity
Funding requirements are managed for both the short and long term cash flow needs of the business, ensuring the company has sufficient available funds for trade operations and planned store refurbishments and changes and new store investment.

Regulatory compliance risk
The company is subject to regulatory compliance risks which can arise from a failure to fully comply with the applicable laws, regulations and codes of practice the trade, e.g., licensing, health & safety, and fire regulations. It is the company’s policy to ensure that the company and all employees operate within safe and legal guidelines and these guidelines are regularly reviewed and monitored.

IT systems
The company's retail store operations are dependent on the day-to-day efficient and uninterrupted operation of its IT systems. The Company recognises that IT infrastructure systems are subject to operational business risks of damage or interruption from power loss, telecommunications failure, sabotage, vandalism or similar misconduct. The Company, with its IT infrastructure provider, has put in place contingency and recovery plans in order to mitigate the impact of such failures.

Approved by the Board on 11 February 2025 and signed on its behalf by:

.........................................
Miss P Bailey
Director

 

Lawrence Hunt & Co Limited

Directors' Report for the Year Ended 17 May 2024

The directors present their report and the financial statements for the year ended 17 May 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr K B Hunt

Miss P Bailey

Mrs A C Hunt

Mr T Miller

Mr J Hunt (appointed 1 March 2024)

Dividends

All dividends voted for the year ended 17th May 2024 have been paid and are provided for within these accounts. Dividends paid are as set out in note 24 to the financial statements.

Going concern

The company’s business activities, together with factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 2 to 4. The financial position of the company, its cash flows, liquidity position and borrowing facilities are presented on the balance sheet on page 13.

As part of the going concern assessment the directors have considered the forecast financial performance, cash balances and cash flow forecast.

The directors consider that the company has adequate resources to remain in operation for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Financial instruments

Objectives and policies

The company's financial instruments consist mainly of cash and bank balances and current asset investments.

The directors manage the company's exposure to financial risk by seeking advice from its external financial advisors.

Price risk, credit risk, liquidity risk and cash flow risk

Funding and liquidity
The company finances its operations from retained profits, working capital management and cash generated from operations. The objective is to ensure continuity of funding and cash levels are sufficient to meet ongoing needs of the business and that there is flexibility to deal with unforeseen events. The policy is to smooth the cash management of the business and to arrange funding ahead of requirements, should it be needed.

Interest risk management
The objective is to limit the company's exposure to interest rate fluctuations. The company maintains a policy of interest rate management.

Derivatives
The company has no financial instruments that fall to be classified as derivatives.

 

Lawrence Hunt & Co Limited

Directors' Report for the Year Ended 17 May 2024

Engagement with suppliers, customers and other relationships

As part of the Section 172 statement, the company has referred to this matter and further detail can be found in the strategic report.

Environmental report

Emissions and energy consumption

2024

2023

2022

2021

Energy (kWh)

Natural gas

-

-

10,011

10,956

Electricity (scope 2)

2,811,753

2,891,731

3,427,060

3,305,945

Transport (scope 1, scope 2, scope 3)

104,911

165,161

65,350

152,880

Total energy (kWh)

2,916,664

3,056,892

3,502,421

3,469,781

Emissions (tCO2e)

Natural gas

-

-

1.83

2.01

Electricity (scope 2)

582.17

559.2

662.72

701.95

Transport (scope 1, scope 2, scope 3)

25.40

45.0

16.3

35.98

Total SECR emissions

607.57

604.2

680.85

739.93

Intensity Metric

tCO2e / Sales Floor Area (m2)

0.08

0.08

0.1300

0.1413

Lawrence Hunt & Co Ltd are committed to reducing their environmental impact and contribution to climate change through increased energy management and awareness and changes to operational procedures. The company are continuing the phased replacement of self-cleaning AC cassettes in some stores. These improve the efficiency of the units by permanently cleaning the filters and improving airflow.

Lawrence Hunt & Co Ltd have plans to install solar panels at one of the stores in the summer of 2024, followed by another store in 2025.

Environmental report data records and methodology

Carbon Emission Factors used in calculations are the 'Government conversion factors for company reporting of greenhouse gas emissions'.

Annual factors for 2024 published on 30/10/2024 have been used in the calculations of carbon emissions for this report.

In line with the scope of the SECR report, the data from the sources listed above were categorised into Scope 1, Scope 2 and Scope 3 emissions.

 

Lawrence Hunt & Co Limited

Directors' Report for the Year Ended 17 May 2024

Employment of disabled persons

The company has a policy for giving full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities; for continuing the employment of and for arranging appropriate training for employees of the company who have become disabled persons during the period when they were employed by the company; for the training, career development and promotion of disabled persons employed by the company.

Future developments

The directors intend to continue providing friendly, local convenience stores with the objective to develop and grow the business. The directors will continue to consider any viable new stores and the development of existing stores in the coming financial year.

Engagement with employees

An established communication system, through area managers, store managers and assistant managers, ensures that employees are regularly consulted on matters likely to affect their interests, and are informed of the performance of the company. The involvement of the employees is actively encouraged at all times.

Further detail can be found within our Section 172 statement which can be found in the strategic report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 11 February 2025 and signed on its behalf by:

.........................................
Miss P Bailey
Director

 

Lawrence Hunt & Co Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 The Financial Reporting Standard. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Lawrence Hunt & Co Limited

Independent Auditor's Report to the Members of Lawrence Hunt & Co Limited

Opinion

We have audited the financial statements of Lawrence Hunt & Co Limited (the 'company') for the year ended 17 May 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 17 May 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Lawrence Hunt & Co Limited

Independent Auditor's Report to the Members of Lawrence Hunt & Co Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the retail sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation;

 

Lawrence Hunt & Co Limited

Independent Auditor's Report to the Members of Lawrence Hunt & Co Limited

we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

reviewing the board minutes to identify any evidence of non-compliance with laws and regulations, ongoing litigation or enquiries.

 

To assess the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Deborah Walsh BA FCA (Senior Statutory Auditor)
For and on behalf of Horne Brooke Shenton, Statutory Auditor

15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

11 February 2025

 

Lawrence Hunt & Co Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 17 May 2024

Note

2024
£

2023
£

Turnover

3

43,799,053

44,626,290

Cost of sales

 

(39,453,993)

(39,709,560)

Gross profit

 

4,345,060

4,916,730

Administrative expenses

 

(4,181,677)

(4,046,691)

Other operating income

4

1,176,986

1,078,433

Operating profit

5

1,340,369

1,948,472

Gain on financial assets at fair value through profit and loss

 

8,905

21,945

Other interest receivable and similar income

6

55,187

9,939

Interest payable and similar charges

7

(33,452)

(16,107)

 

30,640

15,777

Profit before tax

 

1,371,009

1,964,249

Taxation

11

(332,745)

(376,361)

Profit for the financial year

 

1,038,264

1,587,888

Retained earnings brought forward

 

6,341,404

5,767,463

Dividends paid

 

(2,637,852)

(1,013,947)

Retained earnings carried forward

 

4,741,816

6,341,404

The company has no recognised gains or losses for the year other than the results above.

 

Lawrence Hunt & Co Limited

(Registration number: 01185833)
Balance Sheet as at 17 May 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

12

150,601

250,140

Tangible Assets

13

4,260,902

4,509,300

Investments

14

27,198

27,198

 

4,438,701

4,786,638

Current assets

 

Stocks

15

1,497,196

1,616,018

Debtors

16

438,050

725,716

Investments

17

708,870

706,410

Cash at bank and in hand

 

2,317,534

2,426,595

 

4,961,650

5,474,739

Creditors: Amounts falling due within one year

19

(4,158,857)

(3,463,792)

Net current assets

 

802,793

2,010,947

Total assets less current liabilities

 

5,241,494

6,797,585

Provisions for liabilities

20

(372,480)

(328,983)

Net assets

 

4,869,014

6,468,602

Capital and Reserves

 

Called up share capital

103,620

103,620

Share premium reserve

23,578

23,578

Retained Earnings

4,741,816

6,341,404

Shareholders' funds

 

4,869,014

6,468,602

Approved and authorised by the Board on 11 February 2025 and signed on its behalf by:
 

.........................................

Mr K B Hunt

Director

 

Lawrence Hunt & Co Limited

Statement of Cash Flows for the Year Ended 17 May 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,038,264

1,587,888

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

629,399

558,672

Profit on disposal of tangible assets

(242,337)

(345,430)

Profit from disposals of investments

(1,343)

(1,487)

(Profit) / loss on revaluation of investments

 

(7,562)

(20,458)

Finance income

6

(55,187)

(9,939)

Finance costs

7

33,452

16,107

Income tax expense

11

332,745

376,361

 

1,727,431

2,161,714

Working capital adjustments

 

Decrease/(increase) in stocks

15

118,822

(113,933)

Decrease/(increase) in trade debtors

16

287,666

(100,952)

(Decrease)/increase in trade creditors

19

(45,649)

440,253

Cash generated from operations

 

2,088,270

2,387,082

Income taxes paid

11

(311,604)

(185,856)

Net cash flow from operating activities

 

1,776,666

2,201,226

Cash flows from investing activities

 

Interest received

6

55,187

9,939

Acquisitions of tangible assets

(984,391)

(923,412)

Proceeds from sale of tangible assets

 

945,266

902,909

Proceeds from sale of intangible assets

 

-

1

Other investments

 

6,445

7,340

Net cash flows from investing activities

 

22,507

(3,223)

Cash flows from financing activities

 

Interest paid

7

(6,787)

(16,107)

Dividends

25

(1,901,447)

(940,178)

Net cash flows from financing activities

 

(1,908,234)

(956,285)

Net (decrease)/increase in cash and cash equivalents

 

(109,061)

1,241,718

Cash and cash equivalents at 18 May

 

2,426,595

1,184,877

Cash and cash equivalents at 17 May

 

2,317,534

2,426,595

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England. The company's registration number is 01185833.

The address of its registered office is:
40B Liverpool Road
Penwortham
Preston
Lancashire
PR1 0DQ

These financial statements were authorised for issue by the Board on 11 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£).

Exemption from preparing group accounts

Fixed asset investments include an investment in Longton Properties Limited, a wholly owned subsidiary incorporated in England. Under the provision of section 405 of the Companies Act 2006, the company is exempt from preparing consolidated accounts as the inclusion of Longton Properties Limited is not material for the purposes of giving a true and fair view. Therefore these accounts show information about the company as an individual entity and not as a group.

Going concern

The financial statements have been prepared on the going concern basis. The directors assessment of going concern is included in the Directors' Report on page 5 of the financial statements.

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of judgements, estimates and assumptions about the carrying values of assets and liabilities that have a significant effect on the amounts recognised in the financial statements are detailed in the accounting policies below and relate to:

- Stocks

- Useful economic life of tangible fixed assets

- Useful economic life of intangible fixed assets

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for retail convenience store sales exclusive of value added tax in the ordinary course of the Company's activities.

The Company recognises turnover at the retail point of sale when the risks and rewards of owning the goods has passed to the customer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Other operating income

Other operating income is represented by ancillary commissions and rental income received or receivable supplementary to the convenience retail store operations; commissions receivable, rental income, government grants receivable and miscellaneous sundry income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets less estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

Straight line over the estimated useful economic life after residual value

Leasehold Property

Over the unexpired term of the lease

Fixtures and fittings

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Technological equipment

33 1/3% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Goodwill is capitalised and amortised over 10 years on a straight line basis in line with the directors' view of their useful economic life.

Intangible assets

Intangible assets are measured at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

Franchises

Over the life of the franchise agreement.

Investments

Fixed asset investments in subsidiaries are accounted for at cost less impairment.

Current asset investments are accounted for at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

Stocks

Retail stock is valued at purchase cost (net of VAT). Full provision is made for obsolete or slow moving stocks.

In previous years, and prior to the full implementation of the continuous stock system and related controls, retail stock was valued at selling price (net of VAT) less an estimated gross margin which, in the opinion of the directors, gave a valuation approximating to actual cost, and is considered to be lower than net realisable value.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

The company operates two defined contribution pension schemes. The assets of the scheme are held separately from those of the company. The annual contributions to the defined contribution plans are recognised as employee benefit expense when they are due and are charged to the Profit and Loss account. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Basic financial instruments, including fixed asset investments, cash and bank balances, debtors, creditors and loans, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. Any impairment losses or reversals of any previous impairment losses are recognised in the profit and loss.

Other financial instruments, including current asset investments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognsed in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

UK Sale of goods

43,799,053

44,626,290

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

1,176,986

1,078,433

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

530,080

445,354

Amortisation expense

99,319

113,318

Operating lease expense - property

605,461

585,790

Operating lease expense - other

108,405

99,761

Profit on disposal of property, plant and equipment

(242,337)

(345,430)

Auditor's remuneration - The audit of the company's annual accounts

23,000

22,000

Auditor's remuneration - Tax services

4,500

4,500

Auditor's remuneration - advice services

20,500

16,500

6

Other interest receivable and similar income

2024
£

2023
£

Other finance income

55,187

9,939

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

120

-

Other interest payable on loans under 1 year

33,332

16,107

33,452

16,107

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

6,851,593

6,516,328

Social security costs

372,920

345,846

Pension costs, defined contribution scheme

345,860

273,571

Other employee expense

17,986

16,745

7,588,359

7,152,490

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

3

4

Distribution

446

472

Other departments

11

10

460

486

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

336,754

305,615

Contributions paid to money purchase schemes

81,624

135,000

418,378

440,615

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

122,008

119,282

Company contributions to money purchase pension schemes

20,000

30,000

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

23,000

22,000

Other fees to auditors

Taxation compliance services

4,500

4,500

All other non-audit services

20,500

16,500

25,000

21,000


 

Included within pension contributions are fees paid to the auditor of £1,250 (2023: £1,500) which relate to the audit fees of The Lawrence Hunt Pension Scheme.

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

289,248

331,722

Deferred taxation

Arising from origination and reversal of timing differences

43,497

44,639

Tax expense in the income statement

332,745

376,361

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19.77%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,371,009

1,964,249

Corporation tax at standard rate

342,752

388,383

Tax decrease from effect of capital allowances and depreciation

(5,876)

(14,432)

Tax increase from other short-term timing differences

43,497

44,639

Effect of expense not deductible in determining taxable profit (tax loss)

(75,865)

(75,530)

Other tax effects for reconciliation between accounting profit and tax expense (income)

28,237

33,301

Total tax charge

332,745

376,361

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

372,480

-

372,480

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

328,983

-

328,983

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

12

Intangible assets

Goodwill
 £

Franchise
 £

Total
£

Cost or valuation

At 18 May 2023

2,356,630

4,400

2,361,030

At 17 May 2024

2,356,630

4,400

2,361,030

Amortisation

At 18 May 2023

2,109,130

1,760

2,110,890

Amortisation charge

99,319

220

99,539

At 17 May 2024

2,208,449

1,980

2,210,429

Carrying amount

At 17 May 2024

148,181

2,420

150,601

At 17 May 2023

247,500

2,640

250,140

Amortisation of intangible fixed assets is included in administrative expenses.

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2023 - £-).
 

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

13

Tangible Assets

Freehold property
£

Leasehold property
£

Fixtures and fittings
£

Technical equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 18 May 2023

3,608,323

696,549

3,811,414

191,008

597,617

8,904,911

Additions

16,794

62,593

506,237

10,268

388,499

984,391

Disposals

(563,527)

-

(38,751)

-

(269,497)

(871,775)

At 17 May 2024

3,061,590

759,142

4,278,900

201,276

716,619

9,017,527

Depreciation

At 18 May 2023

844,213

425,025

2,771,550

180,483

174,340

4,395,611

Charge for the year

52,779

42,163

300,580

9,249

125,089

529,860

Eliminated on disposal

(90,318)

-

(25,607)

-

(52,921)

(168,846)

At 17 May 2024

806,674

467,188

3,046,523

189,732

246,508

4,756,625

Carrying amount

At 17 May 2024

2,254,916

291,954

1,232,377

11,544

470,111

4,260,902

At 17 May 2023

2,764,110

271,524

1,039,864

10,525

423,277

4,509,300

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

Revaluation

On transition to FRS 102 in the year ended 17th May 2016, the company elected for the 1987 revaluation of the freehold retail unit at Walmer Bridge of £79,500 to become the deemed historic cost.

The historical cost of the Walmer Bridge retail unit assets in 1987 before revaluation by independent valuer was £55,748. These Walmer Bridge assets were revalued in 1987 to a market value of £79,500.

14

Investments in subsidiaries, joint ventures and associates

2024
£

2023
£

Investments in subsidiaries

27,198

27,198

Subsidiaries

£

Cost or valuation

At 18 May 2023

27,198

Provision

Carrying amount

At 17 May 2024

27,198

At 17 May 2023

27,198

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Longton Properties Limited

40B Liverpool Road
Penwortham
Preston
Lancashire
PR1 0DQ

England

£1 Ordinary shares

100%

100%

Longton Properties Limited was dormant under the Companies Act 2006 throughout the year. The profit for the financial period of Longton Properties Limited was £Nil and the aggregate amount of capital and reserves at the end of the period was £1,000.

15

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,497,196

1,616,018

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

16

Debtors

2024
£

2023
£

Other debtors

13,275

14,223

Prepayments

424,775

711,493

438,050

725,716

Details of non-current trade and other debtors

£519 (2023 -£6,365) of other receivables is classified as non current.

17

Current asset investments

2024
£

2023
£

Other investments

708,870

706,410

18

Cash and cash equivalents

2024
£

2023
£

Cash on hand

42,413

42,289

Cash at bank

1,294,033

880,337

Short-term deposits

981,088

1,503,969

2,317,534

2,426,595

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

19

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

1,702,154

1,725,383

Amounts owed to group undertakings and undertakings in which the company has a participating interest

26

1,000

1,000

Corporation tax

11

289,248

311,604

PAYE and social security

 

167,322

169,585

VAT

 

412,630

360,027

Accrued expenses

 

385,936

441,159

Pension contributions unpaid

 

58,130

68,543

Directors current account

 

939,671

176,601

Wages and salaries

 

165,977

156,244

Other creditors

 

36,789

53,646

 

4,158,857

3,463,792

20

Deferred tax and other provisions

Deferred tax
£

Total
£

At 18 May 2023

328,983

328,983

Additional provisions

43,497

43,497

At 17 May 2024

372,480

372,480

21

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £345,860 (2023 - £273,571).

Contributions totalling £58,130 (2023 - £68,543) were payable to the scheme at the end of the year and are included in creditors.

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

48,362

48,362

48,362

48,362

A Preferred Ordinary shares of £1 each

24,000

24,000

24,000

24,000

B Preferred Ordinary shares of £1 each

8,000

8,000

8,000

8,000

C Preferred Ordinary shares of £1 each

10,000

10,000

10,000

10,000

D Preferred Ordinary shares of £1 each

3,258

3,258

3,258

3,258

E Preferred Ordinary shares of £1 each

10,000

10,000

10,000

10,000

103,620

103,620

103,620

103,620

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
All shares rank rank pari passu in all respects with the exception of dividends declared under sub-article 15.4 of the company's articles, and voting rights.
Every Ordinary share carries one voting right.
 

A Preferred Ordinary shares have the following rights, preferences and restrictions:
All shares rank rank pari passu in all respects with the exception of dividends declared under sub-article 15.4 of the company's articles, and voting rights.
The A Preferred Ordinary shares do not carry voting rights.
 

B Preferred Ordinary shares have the following rights, preferences and restrictions:
All shares rank rank pari passu in all respects with the exception of dividends declared under sub-article 15.4 of the company's articles, and voting rights.
The B Preferred Ordinary shares do not carry voting rights.
 

C Preferred Ordinary shares have the following rights, preferences and restrictions:
All shares rank rank pari passu in all respects with the exception of dividends declared under sub-article 15.4 of the company's articles, and voting rights.
Every C Preferred Ordinary share carries one voting right.
 

D Preferred Ordinary shares have the following rights, preferences and restrictions:
All shares rank rank pari passu in all respects with the exception of dividends declared under sub-article 15.4 of the company's articles, and voting rights.
The D Preferred Ordinary shares do not carry voting rights.
 

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

E Preferred Ordinary shares have the following rights, preferences and restrictions:
All shares rank rank pari passu in all respects with the exception of dividends declared under sub-article 15.4 of the company's articles, and voting rights.
The E Preferred Ordinary shares do not carry voting rights.
 

23

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

566,526

515,481

Later than one year and not later than five years

1,927,186

1,891,961

Later than five years

1,632,685

1,319,679

4,126,397

3,727,121

The amount of non-cancellable operating lease payments recognised as an expense during the year was £605,461 (2023 - £585,790).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

93,093

98,850

Later than one year and not later than five years

304,630

378,032

Later than five years

354,379

523,623

752,102

1,000,505

Total contingent rents recognised as income in the period are £Nil (2023 - £Nil).

The leases in place are on general commercial leasing terms with set rent review periods and no contingent rent.

24

Dividends

2024

2023

£

£

Dividends paid

2,637,852

1,013,947

 

 
 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

25

Notes to the statement of cash flows

Cash outflows from financing activities

2024
£

2023
£

Dividends paid

2,637,852

1,013,947

Dividends - non-cash flow items

(736,405)

(73,769)

Interest - non-cash flow items

(26,665)

-

Cash outflows from financing activities

1,874,782

940,178

The cash flow statement for the current year and comparative year have been adjusted to reflect non-cash payment outflow of dividends and interest paid at the year end date.

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

Analysis of changes in net debt

At 18 May 2023
£

Cash flows
£

Other non-cash changes
£

Changes in market value
£

At 17 May 2024
£

Cash and cash equivalents

Cash

2,426,595

(109,061)

-

-

2,317,534

Other assets

Current asset investments

706,410

-

(5,102)

7,562

708,870

 

3,133,005

(109,061)

(5,102)

7,562

3,026,404

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

26

Related party transactions

Key management compensation, including directors remuneration

2024
£

2023
£

Salaries and other short term employee benefits

336,754

305,615

Post-employment benefits

81,624

135,000

418,378

440,615

Summary of transactions with entities / persons with joint control or significant interest

Total dividends of £2,637,852 were paid to shareholders during the year (2023: £1,013,947). This includes dividends paid to directors of £2,391.951 (2023: £761,882) and dividends paid to other shareholders of £245,900 (2026: £252,065).

The retail unit at Longton is owned privately by close family members of a company director. One of the family members is also a shareholder of the company. The retail unit is rented to the company on a commercial basis and the company paid rent of £24,000 (2023: £24,000).

Summary of transactions with other related parties

The Self Administered Pension Fund rents four of the leased retail properties to the company. These properties are rented on normal commercial terms under a lease agreement. Included within administrative expenses is £90,966 (2023: £94,681) in respect of the rent paid in respect of these three retail properties.

During the year the company realised market value proceeds of £765,000 on the disposal of 3 freehold properties to a related party entity. Valuation of the properties at disposal was determined by an external professional valuer.

Loans from related parties

2024

Subsidiary
£

Total
£

At start of period

1,000

1,000

At end of period

1,000

1,000

2023

Subsidiary
£

Total
£

At start of period

1,000

1,000

At end of period

1,000

1,000

 

Lawrence Hunt & Co Limited

Notes to the Financial Statements for the Year Ended 17 May 2024

Terms of loans from related parties

Included in the accounts is a loan the company owes to the wholly owned subsidiary, Longton Properties Limited, in respect of the transfer of the net assets of Longton Properties Limited, which took place on 16th May 2003. The loan is repayable on demand, is unsecured and is included within creditors due within one year in the accounts. No interest is payable on the loan.
 

27

Financial instruments

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets measured at fair value through profit or loss

708,870

706,410

Financial assets measured at fair value

Current asset investments
Fair value is determined by the investment provider as being the value of the investment at the year end date.

The fair value is £708,870 (2023 - £706,410) and the change in value included in profit or (loss) is £2,460 (2023 - £14,605).