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Hindley & Son Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03046600
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 54,734 33,330
Investments 5 100 100
54,834 33,430
CURRENT ASSETS
Stocks 6 12,039 14,551
Debtors 7 12,449 11,263
Cash at bank and in hand 116,136 114,881
140,624 140,695
Creditors: Amounts Falling Due Within One Year 8 (105,933 ) (146,648 )
NET CURRENT ASSETS (LIABILITIES) 34,691 (5,953 )
TOTAL ASSETS LESS CURRENT LIABILITIES 89,525 27,477
NET ASSETS 89,525 27,477
CAPITAL AND RESERVES
Called up share capital 9 250,000 250,000
Profit and Loss Account (160,475 ) (222,523 )
SHAREHOLDERS' FUNDS 89,525 27,477
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Jacqueline Beaumont
Director
Mr Duncan Hindley
Director
Mrs Tina Hibbs
Director
Mrs Alona Jackson
Director
12 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hindley & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03046600 . The registered office is 10 Tamworth Street, Lichfield, Staffordshire, WS13 6JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Reducing Balance
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 34 (2023: 32)
34 32
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 178,775 9,640 - 11,717
Additions - - 14,495 14,785
As at 30 June 2024 178,775 9,640 14,495 26,502
Depreciation
As at 1 July 2023 159,193 1,401 - 6,208
Provided during the period 3,916 1,648 302 2,672
As at 30 June 2024 163,109 3,049 302 8,880
Net Book Value
As at 30 June 2024 15,666 6,591 14,193 17,622
As at 1 July 2023 19,582 8,239 - 5,509
Computer Equipment Total
£ £
Cost
As at 1 July 2023 - 200,132
Additions 916 30,196
As at 30 June 2024 916 230,328
Depreciation
As at 1 July 2023 - 166,802
Provided during the period 254 8,792
As at 30 June 2024 254 175,594
Net Book Value
As at 30 June 2024 662 54,734
As at 1 July 2023 - 33,330
Page 4
Page 5
5. Investments
Associates
£
Cost
As at 1 July 2023 100
As at 30 June 2024 100
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 100
As at 1 July 2023 100
6. Stocks
2024 2023
£ £
Stock 12,039 14,551
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,967 3,457
Other debtors 2,482 7,806
12,449 11,263
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 22,913 21,642
Bank loans and overdrafts 1,973 2,431
Other loans 19,167 29,167
Other creditors 9,617 52,122
Taxation and social security 52,263 41,286
105,933 146,648
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 250,000 250,000
Page 5