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Company registration number: 7863002
HF Supplies Limited
Unaudited filleted financial statements
30 November 2024
HF Supplies Limited
Contents
Statement of financial position
Notes to the financial statements
HF Supplies Limited
Statement of financial position
30th November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 27,757 38,186
_______ _______
27,757 38,186
Current assets
Stocks 53,757 56,874
Debtors 6 98,070 99,756
Cash at bank and in hand 16,748 4,881
_______ _______
168,575 161,511
Creditors: amounts falling due
within one year 7 ( 220,182) ( 244,645)
_______ _______
Net current liabilities ( 51,607) ( 83,134)
_______ _______
Total assets less current liabilities ( 23,850) ( 44,948)
Creditors: amounts falling due
after more than one year 8 ( 22,726) ( 46,160)
Provisions for liabilities ( 677) -
_______ _______
Net liabilities ( 47,253) ( 91,108)
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account ( 47,353) ( 91,208)
_______ _______
Shareholders deficit ( 47,253) ( 91,108)
_______ _______
For the year ending 30 November 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2025 , and are signed on behalf of the board by:
Mr Kelvin Hickton
Director
Company registration number: 7863002
HF Supplies Limited
Notes to the financial statements
Year ended 30th November 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Redcliffe Street, Sutton-in-Ashfield, Nottinghamshire, NG17 4ES.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
Company law requires directors to consider whether it is appropriate to prepare the financial statements on a going concern basis. Accordingly, the Directors have considered financial forecasts for a period of at least 12 months from the date of approving these accounts and which take reasonable account of the potential impact of the economic conditions, in order to determine whether the available facilities are sufficient to support the company's projected financial requirements and whether the forecast income is sufficient to meet the liabilities of the company as they fall due.The Directors are of the opinion that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors have therefore adopted the going concern basis in preparing these financial statements.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st December 2023 85,600 13,427 47,016 146,043
Additions - 923 - 923
_______ _______ _______ _______
At 30th November 2024 85,600 14,350 47,016 146,966
_______ _______ _______ _______
Depreciation
At 1st December 2023 58,122 12,713 37,022 107,857
Charge for the year 5,496 858 4,998 11,352
_______ _______ _______ _______
At 30th November 2024 63,618 13,571 42,020 119,209
_______ _______ _______ _______
Carrying amount
At 30th November 2024 21,982 779 4,996 27,757
_______ _______ _______ _______
At 30th November 2023 27,478 714 9,994 38,186
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 86,114 84,555
Other debtors 11,956 15,201
_______ _______
98,070 99,756
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 27,028 42,949
Trade creditors 61,330 80,526
Corporation tax - 55
Social security and other taxes 68,607 67,073
Other creditors 63,217 54,042
_______ _______
220,182 244,645
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 21,541 39,830
Other creditors 1,185 6,330
_______ _______
22,726 46,160
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr F. Hickton 3,347 15,235 ( 18,582) -
Mr Kelvin Hickton - - - -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr F. Hickton 9,112 27,617 ( 33,382) 3,347
Mr Kelvin Hickton 4,830 - ( 4,830) -
_______ _______ _______ _______
13,942 27,617 ( 38,212) 3,347
_______ _______ _______ _______
Interest on these loans was paid at the official rate of interest applying at the time.
11. Controlling party
The company is controlled by Mr F Hickton by virtue of his associated shareholdings.