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REGISTERED NUMBER: 00520212 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

HORNETT BROS & CO LIMITED

HORNETT BROS & CO LIMITED (REGISTERED NUMBER: 00520212)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HORNETT BROS & CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: M D Hornett
J R Hornett
K P Hornett





SECRETARY: Mrs T A Hornett





REGISTERED OFFICE: 73 Ferry Lane South
Rainham
Essex
RM13 9YH





REGISTERED NUMBER: 00520212 (England and Wales)





AUDITORS: Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

HORNETT BROS & CO LIMITED (REGISTERED NUMBER: 00520212)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,880 3,840
Investments 5 98 98
2,978 3,938

CURRENT ASSETS
Stocks 889,264 1,048,845
Debtors 6 1,033,156 1,010,930
Cash at bank and in hand 1,595,819 1,440,979
3,518,239 3,500,754
CREDITORS
Amounts falling due within one year 7 1,717,615 1,727,913
NET CURRENT ASSETS 1,800,624 1,772,841
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,803,602

1,776,779

PROVISIONS FOR LIABILITIES 8 691 702
NET ASSETS 1,802,911 1,776,077

CAPITAL AND RESERVES
Called up share capital 9 3,776 3,776
Capital redemption reserve 10 4,922 4,922
Retained earnings 10 1,794,213 1,767,379
SHAREHOLDERS' FUNDS 1,802,911 1,776,077

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





J R Hornett - Director


HORNETT BROS & CO LIMITED (REGISTERED NUMBER: 00520212)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Hornett Bros & Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

Turnover
Revenue is recongised once a product has either been delivered to the customer or has been collected by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% per annum on reducing balance
Fixtures and fittings - 25% per annum on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


HORNETT BROS & CO LIMITED (REGISTERED NUMBER: 00520212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

HORNETT BROS & CO LIMITED (REGISTERED NUMBER: 00520212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 328,272 107,278 435,550
DEPRECIATION
At 1 June 2023 325,729 105,981 431,710
Charge for year 636 324 960
At 31 May 2024 326,365 106,305 432,670
NET BOOK VALUE
At 31 May 2024 1,907 973 2,880
At 31 May 2023 2,543 1,297 3,840

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 June 2023
and 31 May 2024 98
NET BOOK VALUE
At 31 May 2024 98
At 31 May 2023 98

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 913,209 932,130
Amounts owed by group undertakings 1,000 1,000
Other debtors 118,947 77,800
1,033,156 1,010,930

HORNETT BROS & CO LIMITED (REGISTERED NUMBER: 00520212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 515,438 617,942
Taxation and social security 35,574 93,004
Other creditors 1,166,603 1,016,967
1,717,615 1,727,913

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 691 702

Deferred
tax
£   
Balance at 1 June 2023 702
Accelerated Capital Allowances (11 )
Balance at 31 May 2024 691

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,776 Ordinary £1.00 3,776 3,776

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2023 1,767,379 4,922 1,772,301
Profit for the year 26,834 26,834
At 31 May 2024 1,794,213 4,922 1,799,135

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Brown (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP

HORNETT BROS & CO LIMITED (REGISTERED NUMBER: 00520212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Other than the directors there are no other members of key management.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are MD Hornett and JR Hornett by way of their shareholdings in Hornett Holdings Limited, the parent company of Hornett Bros & Co Limited.