REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
J. HICKINSON & SON LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
J. HICKINSON & SON LIMITED |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
J. HICKINSON & SON LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
BALANCE SHEET |
31 August 2024 |
31.8.23 | 31.8.24 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
8 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
BALANCE SHEET - continued |
31 August 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
J. Hickinson & Son Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant & machinery | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially recognised at cost and subsequently recognised at cost or valuation less accumulated depreciation and accumulated impairment losses. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is a reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
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. |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of the grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying value of the asset. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
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 current liabilities. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
Dividends received are included in the company financial statements in the period in which the related dividends are actually paid, or in respect of the final dividend for the year, approved by shareholders. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant & | Motor | Computer |
Totals | property | machinery | vehicles | equipment |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Cost or valuation at 31 August 2024 is represented by: |
Freehold | Plant & | Motor | Computer |
Totals | property | machinery | vehicles | equipment |
£ | £ | £ | £ | £ |
Valuation in 2004 | 77,951 | 77,951 | - | - | - |
Valuation in 2012 | 25,000 | 25,000 | - | - | - |
Cost | 2,087,455 | 314,283 | 1,717,120 | 40,908 | 15,144 |
2,190,406 | 417,234 | 1,717,120 | 40,908 | 15,144 |
The freehold property at Units 4/5 Hindlands Road Industrial Estate, Larkhall ML9 2PA was revalued by Daly and Partners, Chartered Surveyors, on 1 April 2004 at £200,000 and further revalued by Graham & Sibbald, Chartered Surveyors, on 5 March 2012 at £225,000. The orginal cost was £102,049. |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant & | Motor |
Totals | machinery | vehicles |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to associates | - | 150,000 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
J. HICKINSON & SON LIMITED (REGISTERED NUMBER: SC052939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.24 | 31.8.23 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 561,446 | 141,231 |
Clydesdale Bank plc holds a floating charge over all of the assets of the company. |
Hire purchase obligations are secured over the assets to which they relate. |
11. | RELATED PARTY DISCLOSURES |
During the year the company provided additional loans to Kerr Nisbet Holdings Limited, its parent company, amounting to £2,000. At the year end the company was owed £13,139 (2023 - £11,139). |
During the year Angus F Gunn Limited, a company under common control, provided the company with additional loans amounting to £250,000 and the company repaid a total of £400,000. At the year end the company owed £Nil (2023 - £150,000). |
All loans to/from related parties are unsecured, interest free, have no fixed terms of repayment and are repayable on demand. |
12. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent of the company is Kerr Nisbet Holdings Limited, a company registered in Scotland, whose registered office is Unit 4/5 Hindsland Road Industrial Estate, Larkhall, Lanarkshire ML9 2PA. |
No individual controls a majority of the shares in the parent company and, therefore, there is no ultimate controlling party. |