Hills Retail Stores Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02904363 (England and Wales)

HILLS RETAIL STORES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Mrs E I Hall

J E Hall

R D Hall

SECRETARY:

G P Allmand

REGISTERED OFFICE:

5 - 6 Bridge Street

Spalding

Lincolnshire

PE11 1XA

REGISTERED NUMBER:

02904363 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

FIXED ASSETS

Tangible assets

4

626,455

631,783

CURRENT ASSETS

Stocks

329,312

355,847

Debtors

5

47,469

44,882

Cash at bank and in hand

387,069

387,202

763,850

787,931

CREDITORS

Amounts falling due within one year

6

441,882

462,698

NET CURRENT ASSETS

321,968

325,233

TOTAL ASSETS LESS CURRENT LIABILITIES

948,423

957,016

PROVISIONS FOR LIABILITIES

3,884

5,496

NET ASSETS

944,539

951,520

CAPITAL AND RESERVES

Called up share capital

5,100

5,100

Revaluation reserve arising on de-merger

7

196,543

196,543

Retained earnings

742,896

749,877

944,539

951,520

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 and authorised for issue by the Board of Directors and authorised for issue on 17 January 2024 and were signed on its behalf by:

Mrs E I Hall - Director

1.	STATUTORY INFORMATION

Hills Retail Stores 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

18% on reducing balance

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2022

and 30 April 2023

792,809

189,459

982,268

DEPRECIATION

At 1 May 2022

181,890

168,595

350,485

Charge for year

-

5,328

5,328

At 30 April 2023

181,890

173,923

355,813

NET BOOK VALUE

At 30 April 2023

610,919

15,536

626,455

At 30 April 2022

610,919

20,864

631,783

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

16,679

15,703

Other debtors

30,790

29,179

47,469

44,882

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

251,544

320,489

Taxation and social security

65,159

71,476

Other creditors

125,179

70,733

441,882

462,698

7.

RESERVES

Revaluation

reserve

arising

on

de-merger

£

At 1 May 2022

and 30 April 2023

196,543

8.	CALLED UP SHARE CAPITAL

Number

Class

Nominal value

2023

2022

£

£

4,100

A Ordinary

£1

4,100

4,100

500

B Ordinary

£1

500

500

500

C Ordinary

£1

500

500