P & S Hockin Limited 31/07/2021 iXBRL

P & S Hockin Limited 31/07/2021 iXBRL

P & S HOCKIN LIMITED - Company Information

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Company registration number: 08554155
P & S Hockin Limited
Unaudited filleted financial statements
31 July 2021
P & S HOCKIN LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr Peter Hockin
Mrs Sharon Hockin
Secretary Mr Peter Hockin
Company number 08554155
Registered office Caddsdown Industrial Park
Bideford
Devon
EX39 3DX
Business address Caddsdown Industrial Park
Bideford
Devon
EX39 3DX
Accountants Thomas Westcott
47 Bouport Street
Barnstaple
Devon
EX31 1SQ
P & S HOCKIN LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 7,096,997 6,959,860
_______ _______
7,096,997 6,959,860
Current assets
Debtors 6 2,751,047 2,040,612
Cash at bank and in hand 114,825 314,562
_______ _______
2,865,872 2,355,174
Creditors: amounts falling due
within one year 7 ( 647,091) ( 594,748)
_______ _______
Net current assets 2,218,781 1,760,426
_______ _______
Total assets less current liabilities 9,315,778 8,720,286
Provisions for liabilities ( 63,352) ( 60,315)
_______ _______
Net assets 9,252,426 8,659,971
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 9,252,424 8,659,969
_______ _______
Shareholders funds 9,252,426 8,659,971
_______ _______
For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 December 2021 , and are signed on behalf of the board by:
Mr Peter Hockin
Director
Company registration number: 08554155
P & S HOCKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Devonshire Pine (Holdings) Ltd, Caddsdown Industrial Park, Bideford, Devon, EX39 3DX.
Principal activity
The principal activity of the company is commercial property rental.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in 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 statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - All freehold property is held as investment property and as such is recorded at fair value.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in 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 statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 August 2020 7,282,752 7,282,752
Additions 137,137 137,137
_______ _______
At 31 July 2021 7,419,889 7,419,889
_______ _______
Depreciation
At 1 August 2020 and 31 July 2021 322,892 322,892
_______ _______
Carrying amount
At 31 July 2021 7,096,997 7,096,997
_______ _______
At 31 July 2020 6,959,860 6,959,860
_______ _______
Included in the cost of freehold land and buildings above is £589,030 relating to land which is not depreciated. The above freehold property relates to investment properties. The investment properties have been valued by the directors as at 31 July 2021.
6. Debtors
2021 2020
£ £
Trade debtors - 5,520
Other debtors 2,751,047 2,035,092
_______ _______
2,751,047 2,040,612
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 7,178 52,099
Accruals and deferred income 2,000 2,000
Social security and other taxes 164,537 67,273
Other creditors 473,376 473,376
_______ _______
647,091 594,748
_______ _______
There is an unlimited cross guarantee dated 2 August 2018 given by Devonshire Pine (Holdings) Ltd, Devonshire Pine Ltd and P & S Hockin Ltd. This is secured by a debenture dated 24 September 2015 given by P & S Hockin Ltd.
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Events after the end of the reporting period
Although there are no specific known factors which could have an impact on the company's financial statements, it should be noted that as at the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors 1,047 - 1,047
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors 1 1,046 1,047
_______ _______ _______