Peter Hilton Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03091168 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2023

FOR

PETER HILTON LTD

TRADING AS

HILTON SUZUKI

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr M R Withers

SECRETARY:

Mrs E J Withers

REGISTERED OFFICE:

London Road

Spellbrook

Bishop's Stortford

Hertfordshire

CM23 4AU

REGISTERED NUMBER:

03091168 (England and Wales)

ACCOUNTANTS:

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peter Hilton Ltd for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Peter Hilton Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Peter Hilton Ltd and state those matters that we have agreed to state to the director of Peter Hilton Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Peter Hilton Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peter Hilton Ltd. You consider that Peter Hilton Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Peter Hilton Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

28 March 2024

FIXED ASSETS

Tangible assets

4

31,792

32,629

CURRENT ASSETS

Stocks

2,366,642

1,694,950

Debtors

5

965,251

975,791

Cash at bank and in hand

1,207,837

1,432,250

4,539,730

4,102,991

CREDITORS

Amounts falling due within one year

6

1,739,341

1,514,586

NET CURRENT ASSETS

2,800,389

2,588,405

TOTAL ASSETS LESS CURRENT LIABILITIES

2,832,181

2,621,034

PROVISIONS FOR LIABILITIES

7,948

6,200

NET ASSETS

2,824,233

2,614,834

CAPITAL AND RESERVES

Called up share capital

8

75,000

75,000

Retained earnings

9

2,749,233

2,539,834

SHAREHOLDERS' FUNDS

2,824,233

2,614,834

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28 March 2024 and were signed by:

Mr M R Withers - Director

1.	STATUTORY INFORMATION

Peter Hilton 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.

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.

Long leasehold

-

7.5% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% 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.

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.

Hire purchase and 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2022

37,288

341,643

378,931

Additions

-

12,284

12,284

At 30 June 2023

37,288

353,927

391,215

DEPRECIATION

At 1 July 2022

28,263

318,039

346,302

Charge for year

933

12,188

13,121

At 30 June 2023

29,196

330,227

359,423

NET BOOK VALUE

At 30 June 2023

8,092

23,700

31,792

At 30 June 2022

9,025

23,604

32,629

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

22,723

3,541

Other debtors

942,528

972,250

965,251

975,791

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

399

Trade creditors

321,221

235,675

Taxation and social security

165,783

244,672

Other creditors

1,252,337

1,033,840

1,739,341

1,514,586

Included within other creditors is a stocking loan amount to £668,431 (2022: 411,038) The stocking loan is secured by a fixed and floating charge over the assets of the company and personal guarantees provided by Mr M R Withers and Mrs E J Withers.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

80,000

80,000

Between one and five years

180,000

60,000

260,000

140,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

67,500

Ordinary

£1

67,500

67,500

2,000

Ordinary A

£1

2,000

2,000

2,000

Ordinary B

£1

2,000

2,000

2,000

Ordinary D

£1

2,000

2,000

1,500

Ordinary E

£1

1,500

1,500

75,000

75,000

9.

RESERVES

Retained

earnings

£

At 1 July 2022

2,539,834

Profit for the year

343,755

Dividends

(134,356

)

At 30 June 2023

2,749,233

10.	RELATED PARTY DISCLOSURES

During the year, the company provided an interest free loan to Withers Properties Limited, a company under common control. As at the year end, the outstanding balance due was £853,575 (2022: 899,838).

During the year, dividends were paid to the director and his close family totalling £134,356 (2022: 144,356).

11.	POST BALANCE SHEET EVENTS

Subsequent to the balance sheet date an amount of £793,702 included within bank balances as at 30 June 2023 was misappropriated by an unconnected third party.

12.	ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Mr M Withers, by virtue of his controlling interest in the company's issued share capital.