Hills Retail Stores Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02904363 (England and Wales)

HILLS RETAIL STORES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

to

4

Chartered Accountants' Report

5

DIRECTORS:

Mrs E I Hall

Mr J E Hall

Mr R D Hall

SECRETARY:

Mr 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

2

683,043

699,495

CURRENT ASSETS

Stocks

262,014

244,670

Debtors

86,510

71,700

Cash at bank and in hand

250,121

184,450

598,645

500,820

CREDITORS

Amounts falling due within one year

344,710

333,576

NET CURRENT ASSETS

253,935

167,244

TOTAL ASSETS LESS CURRENT LIABILITIES

936,978

866,739

PROVISIONS FOR LIABILITIES

10,769

9,760

NET ASSETS

926,209

856,979

CAPITAL AND RESERVES

Called up share capital

3

5,100

Revaluation reserve arising on de-merger

196,543

Profit and loss account

724,566

655,336

SHAREHOLDERS' FUNDS

926,209

856,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 January 2017 and were signed on its behalf by:

Mr J E Hall - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added

tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer.

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

-

2.5% on cost

Plant and machinery etc

-

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

972,309

Additions

26,519

Disposals

(4,889

)

At 30 April 2016

993,939

DEPRECIATION

At 1 May 2015

272,814

Charge for year

41,461

Eliminated on disposal

(3,379

)

At 30 April 2016

310,896

NET BOOK VALUE

At 30 April 2016

683,043

At 30 April 2015

699,495

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

4,100

A Ordinary

£1

4,100

500

B Ordinary

£1

500

C Ordinary

£1

500

5,100

4.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2015 - £140,000) were paid to the directors .

Mr J E Hall

Director

2016

2015

£

Amount due to related party at the balance sheet date

8,901

2,500

Mr R D Hall

Director

2016

2015

£

Amount due to related party at the balance sheet date

8,420

12,500

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial

statements, from which the unaudited abbreviated accounts (set out on pages two to four) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Hills Retail Stores Limited for the year ended 30 April 2016 which comprise the Profit and Loss Account, the Balance

Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hills Retail Stores Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hills Retail Stores Limited and state those matters that we have agreed to state to the Board of Directors of Hills Retail Stores Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hills Retail Stores Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hills Retail Stores Limited 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 Hills Retail Stores Limited. You consider that Hills Retail Stores Limited 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 Hills Retail Stores Limited. 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.

Duncan & Toplis Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

19 January 2017