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No description of principal activity
2023-07-01
Sage Accounts Production Advanced 2024 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
2700971
2023-07-01
2024-06-30
2700971
2024-06-30
2700971
2023-06-30
2700971
2022-07-01
2023-06-30
2700971
2023-06-30
2700971
2022-06-30
2700971
core:PlantMachinery
2023-07-01
2024-06-30
2700971
core:FurnitureFittings
2023-07-01
2024-06-30
2700971
core:MotorVehicles
2023-07-01
2024-06-30
2700971
bus:LeadAgentIfApplicable
2023-07-01
2024-06-30
2700971
bus:Director1
2023-07-01
2024-06-30
2700971
core:PlantMachinery
2023-06-30
2700971
core:FurnitureFittings
2023-06-30
2700971
core:MotorVehicles
2023-06-30
2700971
core:PlantMachinery
2024-06-30
2700971
core:FurnitureFittings
2024-06-30
2700971
core:MotorVehicles
2024-06-30
2700971
core:WithinOneYear
2024-06-30
2700971
core:WithinOneYear
2023-06-30
2700971
core:AfterOneYear
2024-06-30
2700971
core:AfterOneYear
2023-06-30
2700971
core:ShareCapital
2024-06-30
2700971
core:ShareCapital
2023-06-30
2700971
core:RetainedEarningsAccumulatedLosses
2024-06-30
2700971
core:RetainedEarningsAccumulatedLosses
2023-06-30
2700971
core:PlantMachinery
2023-06-30
2700971
core:FurnitureFittings
2023-06-30
2700971
core:MotorVehicles
2023-06-30
2700971
bus:SmallEntities
2023-07-01
2024-06-30
2700971
bus:AuditExemptWithAccountantsReport
2023-07-01
2024-06-30
2700971
bus:FullAccounts
2023-07-01
2024-06-30
2700971
bus:SmallCompaniesRegimeForAccounts
2023-07-01
2024-06-30
2700971
bus:PrivateLimitedCompanyLtd
2023-07-01
2024-06-30
COMPANY REGISTRATION NUMBER:
2700971
Filleted Unaudited Financial Statements |
|
Year ended 30 June 2024
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 7 |
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Hancock and Read Limited |
|
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hancock and Read Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Hancock and Read Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hancock and Read Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hancock and Read Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Hancock and Read Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hancock and Read Limited. You consider that Hancock and Read Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Hancock and Read Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
25 March 2025
Statement of Financial Position |
|
30 June 2024
Fixed assets
Tangible assets |
6 |
|
53,488 |
69,206 |
|
|
|
|
|
Current assets
Stocks |
75,606 |
|
136,375 |
Debtors |
7 |
19,374 |
|
29,012 |
Cash at bank and in hand |
70,853 |
|
21,485 |
|
--------- |
|
--------- |
|
165,833 |
|
186,872 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
104,040 |
|
117,139 |
|
--------- |
|
--------- |
Net current assets |
|
61,793 |
69,733 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
115,281 |
138,939 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
30,265 |
53,738 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
2,676 |
2,317 |
|
|
--------- |
--------- |
Net assets |
|
82,340 |
82,884 |
|
|
--------- |
--------- |
|
|
|
|
Statement of Financial Position (continued) |
|
30 June 2024
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
82,240 |
82,784 |
|
|
-------- |
-------- |
Shareholder funds |
|
82,340 |
82,884 |
|
|
-------- |
-------- |
|
|
|
|
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 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 March 2025
, and are signed on behalf of the board by:
Company registration number:
2700971
Notes to the Financial Statements |
|
Year ended 30 June 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 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 |
- |
15% reducing balance |
|
Fixtures and fittings |
- |
15% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Government grants
Income from Government grants are in respect of the Cornavirus Job Retention Scheme and the Bounce Back Loan Scheme.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2023:
13
).
6.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 July 2023 and 30 June 2024 |
72,624 |
3,875 |
112,182 |
188,681 |
|
-------- |
------- |
--------- |
--------- |
Depreciation |
|
|
|
|
At 1 July 2023 |
58,888 |
1,767 |
58,820 |
119,475 |
Charge for the year |
2,060 |
316 |
13,342 |
15,718 |
|
-------- |
------- |
--------- |
--------- |
At 30 June 2024 |
60,948 |
2,083 |
72,162 |
135,193 |
|
-------- |
------- |
--------- |
--------- |
Carrying amount |
|
|
|
|
At 30 June 2024 |
11,676 |
1,792 |
40,020 |
53,488 |
|
-------- |
------- |
--------- |
--------- |
At 30 June 2023 |
13,736 |
2,108 |
53,362 |
69,206 |
|
-------- |
------- |
--------- |
--------- |
|
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
5,682 |
16,860 |
Other debtors |
13,692 |
12,152 |
|
-------- |
-------- |
|
19,374 |
29,012 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
10,268 |
10,015 |
Trade creditors |
23,907 |
35,258 |
Social security and other taxes |
24,079 |
12,186 |
Other creditors |
45,786 |
59,680 |
|
--------- |
--------- |
|
104,040 |
117,139 |
|
--------- |
--------- |
|
|
|
The hire purchase liability of £13,205 (2023: £5,156) disclosed under other creditors falling due within one year is secured on the related company assets.
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
9,640 |
19,908 |
Other creditors |
20,625 |
33,830 |
|
-------- |
-------- |
|
30,265 |
53,738 |
|
-------- |
-------- |
|
|
|
The company has borrowed £50,000 under the Government's Covid Bounce Back Loan scheme.
This loan is repayable over a six year term from May 2020, with no repayments having been made under the terms of the loan agreement due for the first 12 months.
Interest of 2.5% is payable monthly, in arrears, on this loan; the Government funded the first 12 months interest charge.
The Government acts as guarantor to the lender for this loan.
The hire purchase liability of £20,625 (2023 £33,830) disclosed under other creditors falling due after more than one year is secured on the related assets of the company.