Hill & Sons (Botley & Denmead) Ltd - Accounts to registrar (filleted) - small 18.2

HILL & SONS (BOTLEY & DENMEAD) LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S A Hill

C D Cook

SECRETARY:

Mrs S A Hill

REGISTERED OFFICE:

Hillsons Road

Bottings Industrial Estate

Botley

Southampton

Hampshire

SO30 2GE

REGISTERED NUMBER:

00403721 (England and Wales)

ACCOUNTANTS:

Compass Accountants Limited

Chartered Accountants

Venture House

The Tanneries

East Street

Titchfield

Hampshire

PO14 4AR

BANKERS:

Santander

21 Prescot Street

London

E1 8AD

FIXED ASSETS

Property, plant and equipment

4

22,947

13,047

Investment property

5

3,400,000

3,400,000

3,422,947

3,413,047

CURRENT ASSETS

Debtors

6

27,765

32,676

Cash at bank

1,900

5,129

29,665

37,805

CREDITORS

Amounts falling due within one year

7

142,340

94,049

NET CURRENT LIABILITIES

(112,675

)

(56,244

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,310,272

3,356,803

CREDITORS

Amounts falling due after more than one year

8

(685,592

)

(736,737

)

PROVISIONS FOR LIABILITIES

(383,479

)

(381,398

)

NET ASSETS

2,241,201

2,238,668

CAPITAL AND RESERVES

Called up share capital

10

12,132

12,132

Fair value reserve

11

1,754,013

1,754,013

Capital redemption reserve

11

7,168

7,168

Retained earnings

11

467,888

465,355

SHAREHOLDERS' FUNDS

2,241,201

2,238,668

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 16th December 2021 and were signed on its behalf by:

Mrs S A Hill - Director

1.	STATUTORY INFORMATION

Hill & Sons (Botley & Denmead) Ltd 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 (£).

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.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Computer equipment

-

33.3% on cost

Investment property

Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

All properties are held for their investment potential and are not depreciated. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation is only one amongst many factors reflected in the valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.

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.

Revaluation reserve

Surpluses and deficits, to the extent that any deficit is regarded as temporary, arising from the valuations of properties are taken direct to the revaluation reserve. Where a permanent diminution in the value of an individual property is identified, the deficit is eliminated first against any revaluation reserve in respect of that property with any excess being charged to the profit and loss account. Valuation surpluses or deficits realised on sale are transferred from the revaluation reserve to the profit and loss account.

Basic financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 1A to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1st July 2020

8,497

18,450

558

27,505

Additions

10,923

-

-

10,923

At 30th June 2021

19,420

18,450

558

38,428

DEPRECIATION

At 1st July 2020

-

14,072

386

14,458

Charge for year

-

937

86

1,023

At 30th June 2021

-

15,009

472

15,481

NET BOOK VALUE

At 30th June 2021

19,420

3,441

86

22,947

At 30th June 2020

8,497

4,378

172

13,047

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2020

and 30th June 2021

3,400,000

NET BOOK VALUE

At 30th June 2021

3,400,000

At 30th June 2020

3,400,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

1,310,107

1,310,107

The investment properties were valued on an open market basis in January 2020 by VAS for the purposes of remortgaging the premises.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

8,960

11,852

Other debtors

18,805

20,824

27,765

32,676

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts

42,915

38,429

Trade creditors

13,656

6,483

Taxation and social security

63,190

43,442

Other creditors

22,579

5,695

142,340

94,049

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans

685,592

736,737

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Bank loans

690,054

740,227

Bank Of Cyprus UK Limited hold a floating charge against Hill & Sons (Botley and Denmead) Limited covering all property or undertakings of the company. Contains negative pledge

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.21

30.6.20

value:

£

£

9,355

Ordinary

£1

9,355

9,355

200

Ordinary B

£1

200

200

2,577

Ordinary C

£1

2,577

2,577

12,132

12,132

11.

RESERVES

Fair

Capital

Retained

value

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1st July 2020

465,355

1,754,013

7,168

2,226,536

Profit for the year

75,268

75,268

Dividends

(72,735

)

(72,735

)

At 30th June 2021

467,888

1,754,013

7,168

2,229,069

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th June 2021 and 30th June 2020:

30.6.21

30.6.20

£

£

Mrs S A Hill

Balance outstanding at start of year

(1,274

)

4,148

Amounts advanced

74,467

79,706

Amounts repaid

(82,213

)

(85,128

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9,020

)

(1,274

)

C D Cook

Balance outstanding at start of year

(2,323

)

(4,254

)

Amounts advanced

13,162

12,954

Amounts repaid

(22,398

)

(11,023

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(11,559

)

(2,323

)

This loan was provided interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs S Hill who holds 75% of the share capital of the company.