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Unaudited Financial Statements for the Year Ended 31 October 2017 |
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A.Hemingway and Sons Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2017 |
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for |
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A.Hemingway and Sons Limited |
A.Hemingway and Sons Limited (Registered number: 00637427) |
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Contents of the Financial Statements |
for the year ended 31 October 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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A.Hemingway and Sons Limited |
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Company Information |
for the year ended 31 October 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
& Statutory Auditor |
2 President Buildings |
Sheffield |
South Yorkshire |
S4 7UQ |
A.Hemingway and Sons Limited (Registered number: 00637427) |
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Statement of Financial Position |
31 October 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
A.Hemingway and Sons Limited (Registered number: 00637427) |
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Statement of Financial Position - continued |
31 October 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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A.Hemingway and Sons Limited (Registered number: 00637427) |
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Notes to the Financial Statements |
for the year ended 31 October 2017 |
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1. | STATUTORY INFORMATION |
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A.Hemingway and Sons Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and |
net of VAT. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing inventories to their present location and condition. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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A.Hemingway and Sons Limited (Registered number: 00637427) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2016 |
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Disposals |
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At 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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A.Hemingway and Sons Limited (Registered number: 00637427) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2017 |
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4. | PROPERTY, PLANT AND EQUIPMENT - continued |
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Cost or valuation at 31 October 2017 is represented by: |
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Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 1995 | 195,868 | - | - | - | 195,868 |
Valuation in 2007 | 350,439 | - | - | - | 350,439 |
Valuation in 2010 | (24,724 | ) | - | - | - | (24,724 | ) |
Cost | 104,353 | 137,387 | 32,750 | 350 | 274,840 |
625,936 | 137,387 | 32,750 | 350 | 796,423 |
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If freehold land and buildings had not been revalued they would have been included at the following historical |
cost: |
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2017 | 2016 |
£ | £ |
Cost | 116,353 | 116,353 |
Aggregate depreciation | 20,026 | 20,026 |
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Value of land in freehold land and buildings | 96,327 | 96,327 |
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Freehold land and buildings were valued on an open market basis on 31 October 2010 by an independent valuation company |
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The company has not adopted a formal policy of annual market value revaluations for its freehold property but |
wishes to continue to use and show the revaluation undertaken in 2010. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Directors' loan accounts | 11,769 | 6,848 |
VAT |
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Prepayments and accrued income |
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A.Hemingway and Sons Limited (Registered number: 00637427) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Tax due for interest on loans | 7 | - |
VAT | 24,814 | - |
Other creditors |
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Pensions Payable | - | 233 |
Directors' loan accounts | 91,343 | 73,046 |
Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 2-5 years |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Bank loans |
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All bank loans and the bank overdraft facility are secured on the following assets: |
* All book and other debts |
* All assets, goodwill, undertaking and uncalled share capital both present and future. |
* Freehold land known as 6.85 Acres SE of Whitely Lane, Ecclesia, Sheffield |
* Land and Buildings lying SW of Whitely Lane, Grandsire, Sheffield |
* Land known as 4.24 Acres at Whitely Lane, Grandsire, Sheffield |
* Land known as 17 Acres lying to SE Whitely Lane, Sheffield |
A.Hemingway and Sons Limited (Registered number: 00637427) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2017 |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2016 |
and 31 October 2017 |
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10. | RELATED PARTY DISCLOSURES |
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The following loans from directors subsided during the years ended 31 October 2017 and 31 October 2016: |
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2017 | 2016 |
£ | £ |
Mr RV Hemingway |
Balance outstanding at start of year | 68,622 | 31,274 |
Amounts advanced | 50,241 | 62,000 |
Amounts withdrawn | (27,520 | ) | (24,652 | ) |
Balance outstanding at end of year | 91,343 | 68,622 |
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Mr Adrian Hemingway |
Balance outstanding at start of year | (3,337 | ) | 5,315 |
Amounts advanced | 18,098 | 7,000 |
Amounts withdrawn | (20,020 | ) | (15,652 | ) |
Balance outstanding at end of year | (5,259 | ) | (3,337 | ) |
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Mr Andrew Hemingway |
Balance outstanding at start of year | 4,424 | 9,616 |
Amounts advanced | 17,645 | 13,500 |
Amounts withdrawn | (22,770 | ) | (18,692 | ) |
Balance outstanding at end of year | (701 | ) | 4,424 |
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Mr Roger Hemingway |
Balance outstanding at start of year | (3,510 | ) | 5,142 |
Amounts advanced | 12,244 | 7,000 |
Amounts withdrawn | (14,542 | ) | (15,652 | ) |
Balance outstanding at end of year | (5,808 | ) | (3,510 | ) |
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No interest was charged in relation to the sums owed and no repayment date has been set. |
A.Hemingway and Sons Limited (Registered number: 00637427) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2017 |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is not under the control of any one person or family. |