S Hutton Limited Filleted accounts for Companies House (small and micro)

28 29 September 2022 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 214,521 6,419 1,310 219,630 158,362 10,243 359 168,246 51,384 56,159 xbrli:pure xbrli:shares iso4217:GBP 04578064 2021-01-01 2021-12-31 04578064 2021-12-31 04578064 2020-12-31 04578064 2020-01-01 2020-12-31 04578064 2020-12-31 04578064 bus:Director1 2021-01-01 2021-12-31 04578064 core:PlantMachinery 2020-12-31 04578064 core:PlantMachinery 2021-12-31 04578064 core:PlantMachinery 2021-01-01 2021-12-31 04578064 core:WithinOneYear 2021-12-31 04578064 core:WithinOneYear 2020-12-31 04578064 core:AfterOneYear 2020-12-31 04578064 core:ShareCapital 2021-12-31 04578064 core:ShareCapital 2020-12-31 04578064 core:RetainedEarningsAccumulatedLosses 2021-12-31 04578064 core:RetainedEarningsAccumulatedLosses 2020-12-31 04578064 core:PlantMachinery 2020-12-31 04578064 bus:SmallEntities 2021-01-01 2021-12-31 04578064 bus:Audited 2021-01-01 2021-12-31 04578064 bus:FullAccounts 2021-01-01 2021-12-31 04578064 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 04578064 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: 04578064

S Hutton Limited

Filleted Financial Statements

For the year ended

31 December 2021

S Hutton Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		51,384	56,159

Current assets

Stocks		46,903	19,454
Debtors	6	1,581,115	1,377,313
Cash at bank and in hand		96,049	579,990
		------------	------------
		1,724,067	1,976,757

Creditors: amounts falling due within one year	7	435,280		443,300
		------------		------------
Net current assets			1,288,787	1,533,457
			------------	------------
Total assets less current liabilities			1,340,171	1,589,616

Creditors: amounts falling due after more than one year	8		–	47,786

Provisions

Taxation including deferred tax	11,969	10,670
	------------	------------
Net assets	1,328,202	1,531,160
	------------	------------

S Hutton Limited

Statement of Financial Position (continued)

31 December 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,328,200	1,531,158
	------------	------------
Shareholders funds	1,328,202	1,531,160
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2022 , and are signed on behalf of the board by:

S Hutton
Director

Company registration number: 04578064

S Hutton Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Going concern

During the year the COVID-19 pandemic resulted in further national and local lockdowns. Given the nature of the business, the company was able to remain open and trading throughout this period. The directors remain committed to the protection of the business and are mindful of the significant ongoing support being offered by the Government and where appropriate the directors will seek to ensure the company receives all available support. For these reasons the financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on completion of work done, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & Machinery	-	15% and 25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Research and development

Research expenditure is written off in the period in which it is incurred.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2020: 29 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 January 2021	214,521	214,521
Additions	6,419	6,419
Disposals	( 1,310)	( 1,310)
	---------	---------
At 31 December 2021	219,630	219,630
	---------	---------
Depreciation
At 1 January 2021	158,362	158,362
Charge for the year	10,243	10,243
Disposals	( 359)	( 359)
	---------	---------
At 31 December 2021	168,246	168,246
	---------	---------
Carrying amount
At 31 December 2021	51,384	51,384
	---------	---------
At 31 December 2020	56,159	56,159
	---------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	663,405	542,970
Amounts owed by group undertakings and undertakings in which the company has a participating interest	755,254	475,564
Other debtors	162,456	358,779
	------------	------------
	1,581,115	1,377,313
	------------	------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	2,214
Trade creditors	150,505	101,325
Amounts owed to group undertakings and undertakings in which the company has a participating interest	38,308	47,425
Social security and other taxes	169,552	185,964
Other creditors	76,915	106,372
	---------	---------
	435,280	443,300
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	–	47,786
	----	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	–	39,600
	----	--------

10. Contingencies

The company has provided a composite company unlimited guarantee in respect of group facilities to the company's bankers .

11. Summary audit opinion

The auditor's report for the year dated 29 September 2022 was unqualified .

The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .

12. Director's advances, credits and guarantees

At the start of the year £216,000 was owed by one of the directors, during the year they resigned as a director as such the balance was transferred to other debtors. £108,000 was repaid during the year and £108,000 was owed to the company at the year end. The loan account for another director remained in credit throughout the year. No interest was charged and the loans are repayable on demand.

13. Related party transactions

The company has taken advantage of the exemptions available under FRS102 relating to the disclosure of related party transactions with other members of the S & F Hutton (Holdings) Limited group.

14. Controlling party

The company is a wholly owned subsidiary of S & F Hutton (Holdings) Limited, a company registered in England and Wales. S & F Hutton (Holdings) Limited prepare group accounts. The address of the registered office is The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT.