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Registration number: 6961280

Nicholas Hythe Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2024

Nicholas Hythe Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 11

Nicholas Hythe Limited

Company Information

Directors | Mr William Halliday Mr Ross Halliday Mrs Paula Hazell

Registered office | 1 The Quadrant St Ives Cambridgeshire PE27 5PE

Accountants | Periscope Group Limited Faveo House, 2 Somerville Court Banbury Business Park Adderbury Oxfordshire OX17 3SN

Nicholas Hythe Limited

(Registration number: 6961280)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 126,847 | 48,957
Current assets |  |  |
Stocks | 5 | 20,819 | 37,328
Debtors | 6 | 116,854 | 156,608
Cash at bank and in hand |  | 142,988 | 110,256
|  | 280,661 | 304,192
Creditors: Amounts falling due within one year | 7 | (345,679) | (290,857)
Net current (liabilities)/assets |  | (65,018) | 13,335
Total assets less current liabilities |  | 61,829 | 62,292
Creditors: Amounts falling due after more than one year | 7 | (42,297) | (7,757)
Provisions for liabilities |  | (6,950) | (1,294)
Net assets |  | 12,582 | 53,241
Capital and reserves |  |  |
Called up share capital | 8 | 50,003 | 50,003
Retained earnings |  | (37,421) | 3,238
Shareholders' funds |  | 12,582 | 53,241

For the financial 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.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2025 and signed on its behalf by:

Nicholas Hythe Limited

(Registration number: 6961280)
Balance Sheet as at 31 December 2024

......................................... Mr William Halliday Director
......................................... Mr Ross Halliday Director
......................................... Mrs Paula Hazell Director

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1 The Quadrant
St Ives
Cambridgeshire
PE27 5PE

These financial statements were authorised for issue by the Board on 18 September 2025.

2 | 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.

Going concern

The financial statements have been prepared on a going concern basis.
Long Term Growth
The reported loss for the year of £40,659, together with the increase in fixed assets to £126,847, reflects one-off costs associated with the opening and refurbishment of the new Ely showroom. Excluding these exceptional costs, the company’s underlying operations remained profitable. The directors view the Ely investment as a strategic step to support long-term growth.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grant income received as government assistance is recognised in the profit and loss account on a systematic basis, over the periods in which the company has incurred the related costs for which the grant is intended to compensate or provide immediate financial support.

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.

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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
Showroom displays | Reducing balance 20%
Fixtures and fittings | Reducing balance 25%
Motor vehicles | Reducing balance 20%
Office equipment | Reducing balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 21,553 | 20,750 | 63,771 | 106,074
Additions | 4,036 | 16,000 | 69,350 | 89,386
Disposals | - | (7,750) | - | (7,750)
At 31 December 2024 | 25,589 | 29,000 | 133,121 | 187,710
Depreciation
At 1 January 2024 | 15,788 | 17,890 | 23,439 | 57,117
Charge for the year | 1,693 | 827 | 8,092 | 10,612
Eliminated on disposal | - | (6,866) | - | (6,866)
At 31 December 2024 | 17,481 | 11,851 | 31,531 | 60,863
Carrying amount
At 31 December 2024 | 8,108 | 17,149 | 101,590 | 126,847
At 31 December 2023 | 5,765 | 2,860 | 40,332 | 48,957

5 | Stocks

| 2024 £ | 2023 £
Work in progress | 9,447 | 21,308
Other inventories | 11,372 | 16,020
| 20,819 | 37,328

6 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 10,265 | 68,751
Prepayments | 12,850 | 10,118
Other debtors | 93,739 | 77,739
| 116,854 | 156,608

7 | Creditors

Creditors: amounts falling due within one year

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 9 | 12,663 | 5,954
Trade creditors |  | 209,072 | 186,324
Taxation and social security |  | 9,090 | 20,280
Accruals and deferred income |  | 83,575 | 75,038
Other creditors |  | 31,279 | 3,261
|  | 345,679 | 290,857

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 9 | 42,297 | 7,757

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 50,000 | 50,000 | 50,000 | 50,000
A Ordinary shares of £1 each | 1 | 1 | 1 | 1
B Ordinary shares of £1 each | 1 | 1 | 1 | 1
C Ordinary shares of £1 each | 1 | 1 | 1 | 1
| 50,003 | 50,003 | 50,003 | 50,003

9 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 42,297 | 7,757

Current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 12,663 | 5,954

10 | Dividends

Interim dividends paid

|  | 2024 £ |  | 2023 £
Interim dividend of £Nil (2023 - £10,000.00) per each A Ordinary |  | - |  | 10,000

11 | Related party transactions

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 58,100 | 58,084
Contributions paid to money purchase schemes | 17,400 | 10,750
| 75,500 | 68,834

Dividends paid to directors

|  | 2024 £ |  | 2023 £
Mr William Halliday |  |  |  |
Ordinary shares |  | - |  | -
A Ordinary shares |  | - |  | 10,000
|  | - |  | 10,000
Mr Ross Halliday |  |  |  |
Ordinary shares |  | - |  | -
C Ordinary shares |  | - |  | -
|  | - |  | -
Mrs Paula Hazell |  |  |  |
Ordinary shares |  | - |  | -
B Ordinary shares |  | - |  | -
|  | - |  | -

Loans to related parties

2024 | Entities with joint control or significant influence £ | Total £
At start of period | 14,882 | 14,882
Repaid | (4,790) | (4,790)
At end of period | 10,092 | 10,092

2023 | Entities with joint control or significant influence £ | Total £
At start of period | 20,020 | 20,020
Repaid | (5,138) | (5,138)
At end of period | 14,882 | 14,882

Nicholas Hythe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Terms of loans to related parties

During the year amounts were owed and included in other debtors as intercompany balances, by the following
businesses, of which, W & R Halliday are directors or partners.
Royce Court £5,324 (2023 £5,324)
Zone Fitted Furniture Limited £47 (2023 £47)
Castlehythe Limited £95 (2023 £95)
During the year, amounts were owed and included in other debtors as intercompany balances, by Nicholas Hythe Design & Build Limited, a company
of which W & R Halliday and P Hazell are also directors, totalling £4625 (2023 £9416).