Silverfin false false 31/07/2024 01/08/2023 31/07/2024 S L Andrews 17/01/2019 M Brooke 30/03/2022 P G Brooke 03/01/2019 07 March 2025 The principal activity of the Company during the financial year was holiday lettings. 01239862 2024-07-31 01239862 bus:Director1 2024-07-31 01239862 bus:Director2 2024-07-31 01239862 bus:Director3 2024-07-31 01239862 2023-07-31 01239862 core:CurrentFinancialInstruments 2024-07-31 01239862 core:CurrentFinancialInstruments 2023-07-31 01239862 core:Non-currentFinancialInstruments 2024-07-31 01239862 core:Non-currentFinancialInstruments 2023-07-31 01239862 core:ShareCapital 2024-07-31 01239862 core:ShareCapital 2023-07-31 01239862 core:RetainedEarningsAccumulatedLosses 2024-07-31 01239862 core:RetainedEarningsAccumulatedLosses 2023-07-31 01239862 core:LandBuildings 2023-07-31 01239862 core:ToolsEquipment 2023-07-31 01239862 core:LandBuildings 2024-07-31 01239862 core:ToolsEquipment 2024-07-31 01239862 core:CurrentFinancialInstruments core:Secured 2024-07-31 01239862 2023-08-01 2024-07-31 01239862 bus:FilletedAccounts 2023-08-01 2024-07-31 01239862 bus:SmallEntities 2023-08-01 2024-07-31 01239862 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 01239862 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01239862 bus:Director1 2023-08-01 2024-07-31 01239862 bus:Director2 2023-08-01 2024-07-31 01239862 bus:Director3 2023-08-01 2024-07-31 01239862 core:LandBuildings core:BottomRangeValue 2023-08-01 2024-07-31 01239862 core:LandBuildings core:TopRangeValue 2023-08-01 2024-07-31 01239862 core:ToolsEquipment 2023-08-01 2024-07-31 01239862 2022-08-01 2023-07-31 01239862 core:LandBuildings 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 01239862 (England and Wales)

HEMYOCK PRODUCTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

HEMYOCK PRODUCTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

HEMYOCK PRODUCTS LIMITED

BALANCE SHEET

As at 31 July 2024
HEMYOCK PRODUCTS LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 948,278 897,841
948,278 897,841
Current assets
Debtors 4 135,049 145,276
Cash at bank and in hand 690 99,658
135,739 244,934
Creditors: amounts falling due within one year 5 ( 61,606) ( 39,089)
Net current assets 74,133 205,845
Total assets less current liabilities 1,022,411 1,103,686
Creditors: amounts falling due after more than one year 6 ( 35,095) ( 52,879)
Provision for liabilities 0 ( 3,635)
Net assets 987,316 1,047,172
Capital and reserves
Called-up share capital 100 100
Profit and loss account 987,216 1,047,072
Total shareholder's funds 987,316 1,047,172

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Hemyock Products Limited (registered number: 01239862) were approved and authorised for issue by the Board of Directors on 07 March 2025. They were signed on its behalf by:

P G Brooke
Director
HEMYOCK PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
HEMYOCK PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hemyock Products Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stonehayes Farm, Combe Raleigh, Nr Honiton, EX14 4UG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for holiday lettings booked in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 45 - 50 years straight line
Tools and equipment 10 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Tools and equipment Total
£ £ £
Cost
At 01 August 2023 953,665 38,744 992,409
Additions 59,903 9,085 68,988
At 31 July 2024 1,013,568 47,829 1,061,397
Accumulated depreciation
At 01 August 2023 70,366 24,202 94,568
Charge for the financial year 14,427 4,124 18,551
At 31 July 2024 84,793 28,326 113,119
Net book value
At 31 July 2024 928,775 19,503 948,278
At 31 July 2023 883,299 14,542 897,841

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 109,801 130,301
Other debtors 25,248 14,975
135,049 145,276

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 23,674 19,035
Trade creditors 2,896 2,276
Amounts owed to directors 19,670 0
Accruals 4,999 3,999
Other taxation and social security 610 2,308
Other creditors 9,757 11,471
61,606 39,089

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 35,095 52,879

7. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 August 2023, the balance owed by the director was £781. During the year, £9,431 was advanced to the director, and £9,431 was repaid by the director. At 31 July 2024, the balance owed by the director was £nil.

At 1 August 2022, the balance owed by the director was £nil. During the year, £13,517 was advanced to the director, and £12,736 was repaid by the director. At 31 July 2023, the balance owed by the director was £781.