S.W.Hull & Son (Farms) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00725597 (England and Wales)

S.W.Hull & Son (Farms) Limited

Financial Statements for the Year Ended 31st March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A W Hull

T A Hull

REGISTERED OFFICE:

Dean Farm

Wickham Road

Fareham

Hampshire

PO17 5BN

REGISTERED NUMBER:

00725597 (England and Wales)

ACCOUNTANTS:

Sheen Stickland

Chartered Accountants

4 High Street

Alton

Hampshire

GU34 1BU

FIXED ASSETS

Tangible assets

4

101,292

116,484

Investments

5

11

11

101,303

116,495

CURRENT ASSETS

Stocks

52,427

60,490

Debtors

6

358,836

149,494

411,263

209,984

CREDITORS

Amounts falling due within one year

7

406,719

275,085

NET CURRENT ASSETS/(LIABILITIES)

4,544

(65,101

)

TOTAL ASSETS LESS CURRENT LIABILITIES

105,847

51,394

CREDITORS

Amounts falling due after more than one year

8

(76,667

)

(230

)

PROVISIONS FOR LIABILITIES

(15,419

)

(17,723

)

NET ASSETS

13,761

33,441

CAPITAL AND RESERVES

Called up share capital

36,500

36,500

Retained earnings

(22,739

)

(3,059

)

SHAREHOLDERS' FUNDS

13,761

33,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th November 2020 and were signed on its behalf by:

A W Hull - Director

1.	STATUTORY INFORMATION

S.W.Hull & Son (Farms) 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.

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 represents gross outputs excluding Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

not provided

Improvements to property

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Tractors and combines

-

15% on reducing balance

Motor vehicles

-

15% 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st April 2019

and 31st March 2020

15,554

10,280

136,328

DEPRECIATION

At 1st April 2019

-

10,274

106,897

Charge for year

-

1

4,416

At 31st March 2020

-

10,275

111,313

NET BOOK VALUE

At 31st March 2020

15,554

5

25,015

At 31st March 2019

15,554

6

29,431

Tractors

and

Motor

Office

combines

vehicles

equipment

Totals

£

£

£

£

COST

At 1st April 2019

and 31st March 2020

172,877

46,014

3,446

384,499

DEPRECIATION

At 1st April 2019

111,828

37,310

1,706

268,015

Charge for year

9,157

1,306

312

15,192

At 31st March 2020

120,985

38,616

2,018

283,207

NET BOOK VALUE

At 31st March 2020

51,892

7,398

1,428

101,292

At 31st March 2019

61,049

8,704

1,740

116,484

The net book value of tangible fixed assets includes £ 8,678 (2019 - £ 10,209 ) in respect of assets held under hire purchase contracts.

A tractor and a combine harvester having net book values of £50,415 have been used as security against a loan made to the company.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st April 2019

and 31st March 2020

11

NET BOOK VALUE

At 31st March 2020

11

At 31st March 2019

11

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

58,539

64,965

Hudson loan

2,500

2,500

Other debtors

279,791

4,074

Directors' current accounts

-

71,957

Tax

5,615

5,615

VAT

12,060

-

Prepayments and accrued income

331

383

358,836

149,494

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

112,923

44,329

Hire purchase contracts

230

2,759

Trade creditors

248,277

206,006

Social security and other taxes

4,414

2,022

VAT

-

4,929

Wages control account

3,088

-

Loan

20,000

-

Directors' current accounts

12,747

10,000

Accruals and deferred income

5,040

5,040

406,719

275,085

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

230

Loan

76,667

-

76,667

230

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

112,923

44,329

Hire purchase contracts

230

2,989

Other loan

96,667

-

209,820

47,318

The outstanding hire purchase liability is secured on the assets being financed.

The bank overdraft is secured by a fixed and floating charge over all property and assets past, present and future, including goodwill, book debts, uncalled capital and all property, plant and machinery.

The other loan is secured on a tractor and combine harvester owned by the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2020 and 31st March 2019:

2020

2019

£

£

A W Hull

Balance outstanding at start of year

71,957

56,172

Amounts advanced

40,427

87,785

Amounts repaid

(112,800

)

(72,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(416

)

71,957

11.	ULTIMATE CONTROLLING PARTY

The controlling party is A W Hull.