REGISTERED NUMBER: |
Financial Statements For The Year Ended 30 June 2024 |
for |
Hulley SFM Limited |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 30 June 2024 |
for |
Hulley SFM Limited |
Hulley SFM Limited (Registered number: SC601547) |
Contents of the Financial Statements |
For The Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Hulley SFM Limited |
Company Information |
For The Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Hulley SFM Limited (Registered number: SC601547) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hulley SFM Limited (Registered number: SC601547) |
Notes to the Financial Statements |
For The Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Hulley SFM Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Turnover from a contract to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
1. The amount of turnover can be measured reliably; |
2. It is probable that the Company will receive the consideration due under the contract; |
3. The stage of completion of the contract at the end of the reporting period can be measured |
reliably; and |
4. The costs incurred and the costs to complete the contract can be measured reliably. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 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 statement of financial position date. |
Hulley SFM Limited (Registered number: SC601547) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
Operating leases: the company as a lessee |
Rentals paid under operating leases are charges to the Statement of Comprehensive Income on a straight line basis over the lease term. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings | 1,375,974 | 1,220,408 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 261,212 | 173,296 |
Accruals and deferred income |
6. | SECURED DEBTS |
The Royal Bank of Scotland plc holds a floating charge over the assets of the company. |
Hulley SFM Limited (Registered number: SC601547) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A Shares | £1 | 521,250 | 521,250 |
Ordinary B Shares | £1 | 173,750 | 173,750 |
695,000 | 695,000 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
At the period end balances due from owners holding a participating interest in the entity totalled £1,375,974 (2023 - £1,220,408). All balances are unsecured, interest free and repayable on demand. |
Also during the period the Company was repaid loans totalling £nil (2023 - repaid loans totalling £46,167) from owners holding a minority participating interest in the entity who are also directors of the Company. During the period £30,766 (2023 - £39,833) was advanced to the Company by owners with a minority participating interest. |
At the period end balances due to an owner holding a participating interest in the entity who is also a director of the Company totalled £261,211 (2023 - £173,296). All balances are unsecured, interest free and repayable on demand. |
During the year, the company was recharged £1,086,919 (2023: £1,009,784) of sales income from a group company. They were also recharged £632,979 (2023: £543,978) of expenses from the same group company. Rent of £28,467 (2023: £24,400) and management charges of £193,664 (2023: £167,006) were charged from this group company during the year. |
10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Hulley & Kirkwood Limited, a company registered in Scotland. The consolidated financial statements of the parent company are available from Companies House, 139 Fountainbridge, Edinburgh EH3 9FF. |
In the opinion of the directors there is no ultimate controlling party. |