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Company Registration No. 11119379 (England and Wales)
Hicks & Brown Limited Unaudited accounts for the year ended 31 December 2024
Hicks & Brown Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Hicks & Brown Limited Company Information for the year ended 31 December 2024
Directors
Mrs AM Leet-Cook Mrs RM Turner
Company Number
11119379 (England and Wales)
Registered Office
Home Farm House The Street Ampton Bury St. Edmunds Suffolk IP31 1NY England
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Hicks & Brown Limited Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Intangible assets
4
6,000
8,000
Tangible assets
5
25,879
29,239
31,879
37,239
Current assets
Inventories
212,711
209,265
Debtors
6
82,282
73,052
Cash at bank and in hand
(46,674)
57,522
248,319
339,839
Creditors: amounts falling due within one year
7
(362,078)
(285,893)
Net current (liabilities)/assets
(113,759)
53,946
Total assets less current liabilities
(81,880)
91,185
Creditors: amounts falling due after more than one year
8
-
(62,321)
Net (liabilities)/assets
(81,880)
28,864
Capital and reserves
Called up share capital
100
100
Profit and loss account
(81,980)
28,764
Shareholders' funds
(81,880)
28,864
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by
Mrs RM Turner Director Company Registration No. 11119379
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Hicks & Brown Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Hicks & Brown Limited is a private company, limited by shares, registered in England and Wales, registration number 11119379. The registered office is Home Farm House, The Street, Ampton, Bury St. Edmunds, Suffolk, IP31 1NY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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Hicks & Brown Limited Notes to the Accounts for the year ended 31 December 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25% straight line
Plant & machinery
20% reducing balance
Fixtures & fittings
15% reducing balance
Computer equipment
20% reducing balance
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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Hicks & Brown Limited Notes to the Accounts for the year ended 31 December 2024
Current taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
20,000
At 31 December 2024
20,000
Amortisation
At 1 January 2024
12,000
Charge for the year
2,000
At 31 December 2024
14,000
Net book value
At 31 December 2024
6,000
At 31 December 2023
8,000
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Hicks & Brown Limited Notes to the Accounts for the year ended 31 December 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 January 2024
6,081
48,126
54,207
Additions
-
1,503
1,503
At 31 December 2024
6,081
49,629
55,710
Depreciation
At 1 January 2024
5,705
19,263
24,968
Charge for the year
150
4,713
4,863
At 31 December 2024
5,855
23,976
29,831
Net book value
At 31 December 2024
226
25,653
25,879
At 31 December 2023
376
28,863
29,239
6
Debtors
2024
2023
£
£
Amounts falling due within one year
VAT
3,904
10,973
Trade debtors
64,814
8,016
Accrued income and prepayments
10,174
52,227
Other debtors
3,390
1,836
82,282
73,052
7
Creditors: amounts falling due within one year
2024
2023
£
£
VAT
41,396
29,513
Trade creditors
80,773
77,639
Taxes and social security
39,914
15,015
Other creditors
171,061
142,974
Loans from directors
13,500
17,875
Accruals
15,434
2,877
362,078
285,893
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
-
62,321
9
Average number of employees
During the year the average number of employees was 7 (2023: 12).
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