Registration number:
A G Hicks Limited
for the Year Ended 31 October 2024
A G Hicks Limited
Contents
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
A G Hicks Limited
(Registration number: 00555369)
Statement of Financial Position as at 31 October 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
- |
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
250 |
250 |
|
|
Profit and loss account |
2,136,750 |
2,047,085 |
|
|
Shareholders' funds |
2,137,000 |
2,047,335 |
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
|
A G Hicks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England and Wales
Principal activity
The principal activity of the company is that of a caravan site operator
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
A G Hicks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
|
2 |
Accounting policies (continued) |
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. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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.
A G Hicks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
|
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold Buildings and improvements |
- 15 years straight line |
|
Machinery and equipment |
- 10% straight line |
|
Motor vehicles |
- 25% straight line |
|
Office equipment and IT |
- 25% straight line |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
A G Hicks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
|
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
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.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
A G Hicks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
|
Tangible assets |
|
Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 November 2023 |
|
|
|
|
|
|
Additions |
|
- |
|
- |
|
|
At 31 October 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 November 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 October 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 October 2024 |
|
|
|
- |
|
|
At 31 October 2023 |
|
|
- |
|
|
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
- |
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
|
|
A G Hicks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
|
Related party transactions |
Two of the directors, Mrs M H M Hicks and Mrs R M Baker, are partners in A G Hicks and Sons which carries on the business of farming. All non-management labour used by the company is paid for by A G Hicks and Sons and re-charged by way of management fees. The amount re-charged for the year ended 31 October 2024 was £5,784 (2023 - £5,834). The company also hires equipment from the farming partnership at an annual cost of £5,000 (2023 - £5,000) and rents two fields, a paddock and shed at a cost of £8,000 per annum (2023 - £8,000).
|
Transactions with directors |
|
2024 |
At 1 November 2023 |
Advances to director |
Repayments by director |
At 31 October 2024 |
|
Directors |
( |
|
( |
( |
|
2023 |
At 1 November 2022 |
Repayments by director |
At 31 October 2023 |
|
Directors |
( |
( |
( |