REGISTERED NUMBER: 03978569 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HUGH RICE (BEVERLEY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs S Rice

P J Rice

M Rice

J P Rice

Mrs D T Rice

Ms D Rice-Hewitt

Mrs H M Hirst

REGISTERED OFFICE:

Unit 5-6 St Stephens Shopping Centre

Ferensway

Hull

HU2 8LN

REGISTERED NUMBER:

03978569 (England and Wales)

AUDITORS:

Sowerby

Chartered Accountants and Statutory Auditors

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Tangible assets

4

38,944

31,499

CURRENT ASSETS

Stocks

486,136

599,663

Debtors

5

143,563

101,200

Cash at bank

1,105

1,105

630,804

701,968

CREDITORS

Amounts falling due within one year

6

1,650,417

1,705,882

NET CURRENT LIABILITIES

(1,019,613

)

(1,003,914

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(980,669

)

(972,415

)

PROVISIONS FOR LIABILITIES

25,000

50,000

NET LIABILITIES

(1,005,669

)

(1,022,415

)

CAPITAL AND RESERVES

Called up share capital

615

615

Capital redemption reserve

385

385

Retained earnings

(1,006,669

)

(1,023,415

)

SHAREHOLDERS' FUNDS

(1,005,669

)

(1,022,415

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

P J Rice - Director

1.	STATUTORY INFORMATION

Hugh Rice (Beverley) Limited is a private company, limited by shares and is registered and incorporated in England and Wales. The registered number is 03978569 and the registered office is at Unit 5-6 St Stephens Shopping Centre, Ferensway, Hull, HU2 8LN.

The principal activity of the company is that of jewellers and watch repairers.

The financial statements are prepared in sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements of the company are consolidated in the financial statements of Hugh Rice Holdings Limited. These consolidated statements are available from its registered office at Unit 5-6 St Stephens Shopping Centre, Ferensway, Hull, HU2 8LN.

GOING CONCERN

During the fiscal year whilst the business achieved £1.4m of revenue, a decrease compared to the previous year, gross profit margin remained strong at 48%, reflecting effective cost management and pricing strategies and EBITDA was £24k.

The group ended the year with strong liquidity and cash headroom of £0.07m

The Directors are satisfied with the results.

In conclusion, the statutory accounts demonstrate a strong financial performance. The company's financial forecasts show the company is expected to continue to make profit and generate positive cashflows giving the company the ability to continue to operate for the foreseeable future.

Based on these facts and the current financial position, forecasts and cash flows of the company, the directors have concluded it is appropriate for the financial statements to be prepared on a going concern basis. The Directors have based their opinion on the assumption that the existing bank facilities will remain at their current levels throughout the review period. These facilities are not scheduled for renewal until 2026 as part of the annual review process, and given the Group and Company's strong relationship with its bankers, there is no indication that the facilities will not be maintained at their present levels.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the Company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale. For retail goods this is upon delivery of the goods to the customer for 'Click and collect' internet items this is when the goods are collected from retail shops.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

20% on cost

Plant and machinery etc

-

33.3% on cost and 20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. 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. Stock is calculated on the first in first out basis.

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

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.

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.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Related parties

For the purposes of these financial statements, a party is considered to be related to the Company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company;

(ii) the Company and the party are subject to common control;

(iii) the party is an associate of the Company or a joint venture in which the Company is a venture

(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Trade and other creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

893,486

167,265

1,060,751

Additions

-

18,864

18,864

At 31 December 2024

893,486

186,129

1,079,615

DEPRECIATION

At 1 January 2024

889,733

139,519

1,029,252

Charge for year

936

10,483

11,419

At 31 December 2024

890,669

150,002

1,040,671

NET BOOK VALUE

At 31 December 2024

2,817

36,127

38,944

At 31 December 2023

3,753

27,746

31,499

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

143,563

101,200

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

1,066,867

1,233,693

Trade creditors

180,998

172,668

Amounts owed to group undertakings

186,514

144,908

Taxation and social security

96,695

113,280

Other creditors

119,343

41,333

1,650,417

1,705,882

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

200,000

118,333

Between one and five years

582,500

765,000

In more than five years

-

20,000

782,500

903,333

8.	SECURED DEBTS

Composite company unlimited guarantee given by Hugh Rice Limited, Hugh Rice Production Limited, Hugh Rice (Beverley) Limited, Hugh Rice (Whitefriargate) Limited and Hugh Rice Holding Limited.

Debenture held by the bank including Fixed Charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future. Group set off held.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Skewis FCCA (Senior Statutory Auditor)

for and on behalf of Sowerby

10.	RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:

2024

2023

£

£

Other related parties

42,500

60,000

The following amounts were outstanding at the reporting end date:

2024

2023

Amounts due to related parties

£

£

Other related parties

15,000

18,000

Other related parties are a pension fund of which the directors are beneficiaries to which rents are paid.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Hugh Rice Holdings Limited.

Hugh Rice Holdings Limited financial statements are available from its registered office, Unit 5-6 St Stephens Shopping Centre, Ferensway, Hull, HU2 8LN.

The company is not under the ultimate control of any one individual.