REGISTERED NUMBER: 05835739 (England and Wales)

Hepplestone Fine Art Limited

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

GD Hepplestone

SECRETARY:

GD Hepplestone

REGISTERED OFFICE:

Heskin Farmers' Market and Craft Centre

Heskin Hall Estate

Wood Lane, Heskin

Chorley

Lancashire

PR7 5PA

REGISTERED NUMBER:

05835739 (England and Wales)

ACCOUNTANTS:

McMillan & Co LLP

Chartered Accountants

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

137,708

151,396

Investments

6

500

500

138,208

151,896

CURRENT ASSETS

Stocks

200,622

244,624

Debtors

7

11,679

33,918

Cash at bank and in hand

34,553

160,704

246,854

439,246

CREDITORS

Amounts falling due within one year

8

242,313

418,060

NET CURRENT ASSETS

4,541

21,186

TOTAL ASSETS LESS CURRENT LIABILITIES

142,749

173,082

CREDITORS

Amounts falling due after more than one year

9

(50,995

)

(68,732

)

PROVISIONS FOR LIABILITIES

11

(17,336

)

(22,716

)

NET ASSETS

74,418

81,634

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

74,318

81,534

SHAREHOLDERS' FUNDS

74,418

81,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 December 2025 and were signed by:

GD Hepplestone - Director

1.	STATUTORY INFORMATION

Hepplestone Fine Art Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The amounts in the financial statements have been rounded to the nearest £1.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Investments

Investments are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

50,000

AMORTISATION

At 1 April 2024

and 31 March 2025

50,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

16,306

144,462

111,249

8,768

280,785

Additions

22,915

7,286

-

2,479

32,680

At 31 March 2025

39,221

151,748

111,249

11,247

313,465

DEPRECIATION

At 1 April 2024

11,135

70,891

40,686

6,677

129,389

Charge for year

7,370

20,214

17,641

1,143

46,368

At 31 March 2025

18,505

91,105

58,327

7,820

175,757

NET BOOK VALUE

At 31 March 2025

20,716

60,643

52,922

3,427

137,708

At 31 March 2024

5,171

73,571

70,563

2,091

151,396

6.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2025

2024

£

£

Investment

500

500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,795

26,555

Prepayments and accrued income

417

-

Prepayments

6,467

7,363

11,679

33,918

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

12,400

7,062

Payments on account

24,045

-

Trade creditors

28,520

122,182

Corporation tax

5,416

-

Social security and other taxes

-

2,729

VAT

7,745

2,828

Other creditors

80,542

60,335

Directors' current accounts

76,118

216,996

Accrued expenses

7,527

5,928

242,313

418,060

Included in creditors is a balance owing to the directors of £76,118 (2024 - £216,996).The loans bear no interest and have no fixed repayment terms.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

50,995

68,732

10.	SECURED DEBTS

Hire purchase liabilities are secured by the underlying assets.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

17,336

22,716

Deferred tax

£

Balance at 1 April 2024

22,716

Credit to Statement of Income and Retained Earnings during year

(5,380

)

Balance at 31 March 2025

17,336

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

50

Ordinary A

£1

50

25

50

Ordinary B

£1

50

25

NIL

Ordinary C

£1

-

49

NIL

Ordinary D

£1

-

1

100

100

13.	RELATED PARTY DISCLOSURES

In the opinion of the directors the company is controlled by Mr GD Hepplestone and Mrs S Hepplestone.