George Haines (Itchenor) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01757642 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

GEORGE HAINES (ITCHENOR) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C S Blevins

L M Brooks

N Gladman

J Tremlett

J R Burnie

H M Roome

D J Maclean

SECRETARY:

L M Brooks

REGISTERED OFFICE:

Ferryside Boatyard

Itchenor

Chichester

West Sussex

PO20 7AN

REGISTERED NUMBER:

01757642 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

465,769

479,997

CURRENT ASSETS

Stocks

5

104,581

72,373

Debtors

6

176,899

102,771

Cash at bank and in hand

265,321

236,626

546,801

411,770

CREDITORS

Amounts falling due within one year

7

262,928

200,092

NET CURRENT ASSETS

283,873

211,678

TOTAL ASSETS LESS CURRENT LIABILITIES

749,642

691,675

PROVISIONS FOR LIABILITIES

8

2,614

1,342

NET ASSETS

747,028

690,333

CAPITAL AND RESERVES

Called up share capital

9

251,785

251,785

Capital redemption reserve

10,780

10,780

Retained earnings

484,463

427,768

SHAREHOLDERS' FUNDS

747,028

690,333

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2021 and were signed on its behalf by:

J R Burnie - Director

J Tremlett - Director

1.	STATUTORY INFORMATION

George Haines (Itchenor) 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 (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

• the Company has transferred the significant risks and rewards of ownership to the buyer;

• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• the amount of turnover can be measured reliably;

• it is probable that the Company will receive the consideration due under the transaction; and

• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of turnover can be measured reliably;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation (now deemed cost), net of depreciation and any impairment losses.

The freehold land and buildings were professionally revalued at open market value 30 September 2009. These valuations have been adopted as the deemed cost of the assets on transition to FRS 102 Section 1A.

Components of an asset are separated where their value is significant in relation to the total value of the asset and where those components have different useful lives to the remainder of the asset for depreciation purposes.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Depreciation is provided on the following bases:

Building components

- Between 25 and 50 years (land is not depreciated)

Plant and machinery etc

- 20% on cost and 25% on cost

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 classified by the director as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

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.

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.

Grant income

Grant income, shown in other operating income, relates to revenue and is recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 16 ).

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 July 2020

720,317

209,289

28,745

39,469

997,820

Additions

-

8,585

-

2,177

10,762

Disposals

-

(777

)

-

-

(777

)

At 30 June 2021

720,317

217,097

28,745

41,646

1,007,805

DEPRECIATION

At 1 July 2020

264,144

195,333

28,745

29,601

517,823

Charge for year

14,877

6,799

-

3,314

24,990

Eliminated on disposal

-

(777

)

-

-

(777

)

At 30 June 2021

279,021

201,355

28,745

32,915

542,036

NET BOOK VALUE

At 30 June 2021

441,296

15,742

-

8,731

465,769

At 30 June 2020

456,173

13,956

-

9,868

479,997

Cost or valuation at 30 June 2021 is represented by:

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2009

77,462

-

-

-

77,462

Cost

642,855

217,097

28,745

41,646

930,343

720,317

217,097

28,745

41,646

1,007,805

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

642,855

642,855

Aggregate depreciation

(279,021

)

(264,144

)

Value of land in freehold land and buildings

363,834

378,711

The freehold land and buildings were professionally revalued at open market value 30 September 2009. These valuations have been adopted as the deemed cost of the assets on transition to FRS 102 Section 1A.

5.

STOCKS

2021

2020

£

£

Stocks

104,581

72,373

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

104,359

31,290

Other debtors

72,540

71,481

176,899

102,771

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

35,394

37,790

Taxation and social security

35,012

7,060

Other creditors

192,522

155,242

262,928

200,092

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

2,614

1,342

Deferred tax

£

Balance at 1 July 2020

1,342

Charge to Income Statement during year

1,272

Balance at 30 June 2021

2,614

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

251,785

Ordinary

£1

251,785

251,785

10.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had operating lease commitments totalling £11,950 (2020: £17,150).