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COMPANY REGISTRATION NUMBER: 00669180
THOMAS HOGG & SON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2024
THOMAS HOGG & SON LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
28,143
28,628
Current assets
Stocks
125,212
133,016
Debtors
6
15,781
13,209
Cash at bank and in hand
343,016
374,143
----------
----------
484,009
520,368
Creditors: amounts falling due within one year
7
67,048
104,186
----------
----------
Net current assets
416,961
416,182
----------
----------
Total assets less current liabilities
445,104
444,810
Provisions
8
486
607
----------
----------
Net assets
444,618
444,203
----------
----------
Capital and reserves
Called up share capital
10
8
8
Profit and loss account
444,610
444,195
----------
----------
Shareholders funds
444,618
444,203
----------
----------
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 statement of income and retained earnings has not been delivered.
For the year ending 31st December 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 .
THOMAS HOGG & SON LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
D. Hogg
Director
Company registration number: 00669180
THOMAS HOGG & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Buckland Nurseries, Reigate Road, Buckland, Reigate, Surrey, RH2 9RE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and 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
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st January 2024 and 31st December 2024
26,200
14,000
12,634
9,500
62,334
---------
---------
---------
-------
---------
Depreciation
At 1st January 2024
13,934
10,639
9,133
33,706
Charge for the year
13
399
73
485
---------
---------
---------
-------
---------
At 31st December 2024
13,947
11,038
9,206
34,191
---------
---------
---------
-------
---------
Carrying amount
At 31st December 2024
26,200
53
1,596
294
28,143
---------
---------
---------
-------
---------
At 31st December 2023
26,200
66
1,995
367
28,628
---------
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
2,752
1,224
Other debtors
13,029
11,985
---------
---------
15,781
13,209
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,367
22,828
Corporation tax
2,528
8,990
Social security and other taxes
11,082
14,024
Other creditors
21,071
58,344
---------
----------
67,048
104,186
---------
----------
8. Provisions
Deferred tax (note 9)
£
At 1st January 2024
607
Charge against provision
( 121)
----
At 31st December 2024
486
----
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 8)
486
607
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
486
607
----
----
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
8
8
8
8
----
----
----
----