REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
C B HESLOP AND COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
C B HESLOP AND COMPANY LIMITED |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
C B HESLOP AND COMPANY LIMITED |
COMPANY INFORMATION |
for the year ended 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 High Street |
Thatcham |
Berks |
RG19 3JG |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 MAY 2024 |
1. | STATUTORY INFORMATION |
C B Heslop and Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents fee income receivable for services rendered. Fee income is based on invoiced value, excluding vat and is adjusted for work in progress. |
Goodwill |
Goodwill, being the amounts paid in connection with the acquisition of accountancy practices, is being amortised over periods considered by the directors to be relevant to each acquisition and after consideration of ongoing residual value. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Office equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Work in progress represents the amount of unbillied client work stated at the lower of cost or net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Goodwill purchased with the original accountancy practice in 2013 is being amortised as considered appropriate, on the basis that the acquisition underpins a long term strategic plan, to develop the overall ongoing business. Any amortisation is considered having regard to impairment and ongoing residual value. |
On 19th July 2019 the company acquired Heslops Associates Limited, bringing together the two offices of Heslops Chartered Accountants. The acquired assets have been revalued and hived up. Purchased Goodwill attributable to this acquisition is recognised in the company's balance sheet and is considered in line with the long term strategic plan and the overall ongoing value of the practice goodwill. |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MAY 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Office |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 | 12,003 |
NET BOOK VALUE |
At 31 May 2024 | 12,003 |
At 31 May 2023 | 12,003 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 1 High Street, Thatcham, Berks., RG19 3JG. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MAY 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1 High Street, Thatcham, Berks., RG19 3JG. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Registered office: 1 High Street, Thatcham, Berks., RG19 3JG. |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 50,000 | 50,000 |
C B HESLOP AND COMPANY LIMITED (REGISTERED NUMBER: 07910673) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MAY 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 15,201 | 15,201 |
Ordinary S | £1 | 100 | 100 |
Ordinary N | £1 | 100 | 100 |
Ordinary R | £1 | 100 | 100 |
100 | Ordinary J | £1 | 100 | 100 |
15,601 | 15,601 |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 June 2023 | 222,880 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2024 | 177,316 |
12. | ULTIMATE CONTROLLING PARTY |
Control of the company is held by the board of directors. |
13. | LOANS |
2024 | 2023 |
Less than 1 year |
Over 1 year |
Less than 1 year |
Over 1 year |
£ | £ | £ | £ |
Amounts outstanding in respect of loans |
Partnership capital | C B Heslop | 963 | 963 |
Goodwill acquisition | S J Coke | 15,221 | 54,000 | 20,621 | 100,000 |
Trustee for the shareholders |
188,991 |
188,991 |
Blueglobe Limited | 50,000 | 50,000 |
Share acquisition | J P R Prevost | 0 | 24,759 | 0 |
Golby acquisition retention |
10,000 |
10,000 |
Dividends outstanding | 0 | 0 |