REGISTERED NUMBER: 05914868 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HUGH RICE (WHITEFRIARGATE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J Rice

M Rice

J P Rice

Ms D Rice-Hewitt

REGISTERED OFFICE:

Unit 5-6 St Stephens Shopping Centre

Ferensway

Hull

HU2 8LN

REGISTERED NUMBER:

05914868 (England and Wales)

AUDITORS:

Sowerby

Chartered Accountants and Statutory Auditors

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

CURRENT ASSETS

Cash at bank

-

483,081

TOTAL ASSETS LESS CURRENT LIABILITIES

-

483,081

CAPITAL AND RESERVES

Called up share capital

657

657

Capital redemption reserve

343

343

Retained earnings

(1,000

)

482,081

SHAREHOLDERS' FUNDS

-

483,081

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 05914868 and the registered office is at Unit 5-6 St Stephens Shopping Centre, Ferensway, Hull, HU2 8LN.

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, Unit 5-6 St Stephens Shopping Centre, Ferensway, Hull, HU2 8LN.

Going concern

The director's have used a basis other than that of going concern in the preparation of the financial statements.

Within prior years the company exited all stores held with its franchise partner. This was a planned exit due to the franchise partner returning stores to an owner operating model and therefore not renewing the company's lease.

The company therefore ceased to trade in prior years and the financial statements have been prepared on a basis other than that of going concern. This basis includes, where applicable, writing the company's assets down to net realisable value.

No material uncertainty is raised in relation to the company being able to meet its final creditors as they fall due.

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.

Tangible fixed assets

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

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

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.

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 4 (2023 - 4 ) .

4.	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

In auditing the financial statements, we have concluded that the director's use of a basis other than that of going concern in the preparation of the financial statements is appropriate.

Within the prior year the company exited all stores held with its franchise partner. This was a planned exit due to the franchise partner returning stores to an owner operating model and therefore not renewing the company's lease.

The company therefore ceased its trade in the prior year and the financial statements have been prepared on a basis other than that of going concern. This basis includes, where applicable, writing the company's assets down to net realisable value.

No material uncertainty is raised in relation to the company being able to meet its final creditors as they fall due.

5.	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.