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Company registration number: 10179269
Hutchinson Scott Limited
Unaudited filleted financial statements
31 May 2024
Hutchinson Scott Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hutchinson Scott Limited
Directors and other information
Directors Mr MP Scott
Mr P Hodson
Company number 10179269
Registered office Embsay Mills
Embsay
Skipton
BD23 6QF
Accountants The Barker Partnership
24 High Street
Pateley Bridge
Harrogate
North Yorkshire
HG3 5JU
Bankers Barclays Bank plc
1 Churchill Place
London
E14 5HP
Hutchinson Scott Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Hutchinson Scott Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hutchinson Scott Limited for the year ended 31 May 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Hutchinson Scott Limited, as a body, in accordance with the terms of our engagement letter dated 1 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Hutchinson Scott Limited and state those matters that we have agreed to state to the board of directors of Hutchinson Scott Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hutchinson Scott Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hutchinson Scott Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hutchinson Scott Limited. You consider that Hutchinson Scott Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hutchinson Scott Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
24 High Street
Pateley Bridge
Harrogate
North Yorkshire
HG3 5JU
11 February 2025
Hutchinson Scott Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 75,319 79,690
_______ _______
75,319 79,690
Current assets
Stocks 169,279 150,788
Debtors 6 361,593 399,103
Cash at bank and in hand 128,219 60,830
_______ _______
659,091 610,721
Creditors: amounts falling due
within one year 7 ( 207,333) ( 203,205)
_______ _______
Net current assets 451,758 407,516
_______ _______
Total assets less current liabilities 527,077 487,206
Creditors: amounts falling due
after more than one year 8 ( 15,209) ( 20,208)
Provisions for liabilities ( 18,829) ( 19,922)
_______ _______
Net assets 493,039 447,076
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 492,939 446,976
_______ _______
Shareholders funds 493,039 447,076
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 February 2025 , and are signed on behalf of the board by:
Mr MP Scott Mr P Hodson
Director Director
Company registration number: 10179269
Hutchinson Scott Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Embsay Mills, Embsay, Skipton, BD23 6QF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 June 2023 52,498 71,584 124,082
Additions 11,345 - 11,345
_______ _______ _______
At 31 May 2024 63,843 71,584 135,427
_______ _______ _______
Depreciation
At 1 June 2023 16,888 27,504 44,392
Charge for the year 4,696 11,020 15,716
_______ _______ _______
At 31 May 2024 21,584 38,524 60,108
_______ _______ _______
Carrying amount
At 31 May 2024 42,259 33,060 75,319
_______ _______ _______
At 31 May 2023 35,610 44,080 79,690
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 15,351 54,761
Other debtors 346,242 344,342
_______ _______
361,593 399,103
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 32,564 108,179
Corporation tax 58,530 16,350
Social security and other taxes 29,386 23,610
Other creditors 86,853 55,066
_______ _______
207,333 203,205
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 15,209 20,208
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr MP Scott ( 5,791) 31,000 ( 60,000) ( 34,791)
Mr P Hodson ( 30,149) 48,000 ( 60,000) ( 42,149)
_______ _______ _______ _______
( 35,940) 79,000 ( 120,000) ( 76,940)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr MP Scott ( 38,083) 92,292 ( 60,000) ( 5,791)
Mr P Hodson ( 34,441) 64,292 ( 60,000) ( 30,149)
_______ _______ _______ _______
( 72,524) 156,584 ( 120,000) ( 35,940)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Hodson & Scott Property Limited 39,676 53,774 342,000 342,000
_______ _______ _______ _______
Hutchinson Scott Limited & Hodson & Scott Property Limited are associated companies as they are both under the control of Mr. M. Scott & Mr. P. Hodson, who are Directors and shareholders of both companies. Hodson & Scott Property Limited owns the premises at the Mill in Embsay, which Hutchinson Scott Limited trade from and a commercial rent is charged to Hutchinson Scott Limited . Hutchinson Scott Limited has loaned money to Hodson & Scott Property Limited to help finance the purchase of the Mill at Embsay.The rent charged by Hodson & Scott Property Limited and sum owed by Hodson & Scott Limited are shown above and the sum outstanding to Hutchinson Scott Limited is show in note 7 of the accounts.