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2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
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2020-04-01
2021-03-31
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SC248297
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SC248297
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2021-03-31
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2021-03-31
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SC248297
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2020-03-31
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2021-03-31
COMPANY REGISTRATION NUMBER:
SC248297
Charles Hutchison Limited
|
|
Filleted Unaudited Financial Statements
|
|
Charles Hutchison Limited
|
|
Year ended 31 March 2021
Chartered accountants' report to the board of directors on the unaudited statutory financial statements of
Charles Hutchison Limited
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
Charles Hutchison Limited
|
|
Chartered Accountants' Report to the Board of Directors on the Unaudited Statutory Financial Statements of
Charles Hutchison Limited
|
|
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charles Hutchison Limited for the year ended 31 March 2021, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Charles Hutchison Limited in accordance with the terms of our engagement letter dated 21 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Charles Hutchison Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charles Hutchison Limited and its director for our work or for this report.
It is your duty to ensure that Charles Hutchison 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 Charles Hutchison Limited. You consider that Charles Hutchison 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 Charles Hutchison 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.
RITSONS
Chartered Accountants
103 HIGH STREET
FORRES
MORAY
IV36 1AA
10 December 2021
Charles Hutchison Limited
|
|
Statement of Financial Position
|
|
31 March 2021
Fixed assets
Tangible assets
|
5
|
|
320,685
|
336,982
|
|
|
|
|
|
Current assets
Debtors
|
6
|
79,517
|
|
79,517
|
Cash at bank and in hand
|
268,535
|
|
217,840
|
|
---------
|
|
---------
|
|
348,052
|
|
297,357
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
351,259
|
|
349,324
|
|
---------
|
|
---------
|
Net current liabilities
|
|
3,207
|
51,967
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
317,478
|
285,015
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
119,091
|
132,799
|
|
|
---------
|
---------
|
Net assets
|
|
198,387
|
152,216
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
198,287
|
152,116
|
|
|
---------
|
---------
|
Shareholders funds
|
|
198,387
|
152,216
|
|
|
---------
|
---------
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Charles Hutchison Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2021
These financial statements were approved by the
board of directors
and authorised for issue on
8 December 2021
, and are signed on behalf of the board by:
Mr C A Hutchison
|
|
Director
|
|
|
|
Company registration number:
SC248297
Charles Hutchison Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 18 Lynstock Crescent, Nethybridge, Inverness-shire, PH25 3DX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared using the going concern basis because the director has confirmed their intention to continue to provide sufficient funds to enable the company to meet all its liabilities as they fall due. Should this basis not be appropriate, then adjustments to the financial statements may be necessary to accrue for further liabilities that may be incurred and to reclassify fixed assets and long term liabilities as current assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Property
|
-
|
5% reducing balance
|
|
Plant and Machinery
|
-
|
25% reducing balance
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
Equipment
|
-
|
33% straight line
|
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
4
).
5.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 April 2020
|
51,115
|
276,125
|
512,337
|
1,642
|
841,219
|
Additions
|
29,570
|
10,655
|
30,000
|
899
|
71,124
|
|
--------
|
---------
|
---------
|
-------
|
---------
|
At 31 March 2021
|
80,685
|
286,780
|
542,337
|
2,541
|
912,343
|
|
--------
|
---------
|
---------
|
-------
|
---------
|
Depreciation
|
|
|
|
|
|
At 1 April 2020
|
7,291
|
161,187
|
334,118
|
1,641
|
504,237
|
Charge for the year
|
3,670
|
31,399
|
52,055
|
297
|
87,421
|
|
--------
|
---------
|
---------
|
-------
|
---------
|
At 31 March 2021
|
10,961
|
192,586
|
386,173
|
1,938
|
591,658
|
|
--------
|
---------
|
---------
|
-------
|
---------
|
Carrying amount
|
|
|
|
|
|
At 31 March 2021
|
69,724
|
94,194
|
156,164
|
603
|
320,685
|
|
--------
|
---------
|
---------
|
-------
|
---------
|
At 31 March 2020
|
43,824
|
114,938
|
178,219
|
1
|
336,982
|
|
--------
|
---------
|
---------
|
-------
|
---------
|
|
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
At 31 March 2021
|
154,187
|
63,309
|
217,496
|
|
---------
|
--------
|
---------
|
At 31 March 2020
|
84,412
|
175,582
|
259,994
|
|
---------
|
---------
|
---------
|
|
|
|
|
6.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Other debtors
|
79,517
|
79,517
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
17,235
|
11,555
|
Corporation tax
|
1,208
|
–
|
Social security and other taxes
|
7,774
|
20,986
|
Other creditors
|
325,042
|
316,783
|
|
---------
|
---------
|
|
351,259
|
349,324
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
50,000
|
–
|
Other creditors
|
69,091
|
132,799
|
|
---------
|
---------
|
|
119,091
|
132,799
|
|
---------
|
---------
|
|
|
|
9.
Director's advances, credits and guarantees
Charles A Hutchison (CAHL) is a company in which
Mr C A Hutchison
is a director. The companies operate a current account for various transactions and at 31 March 2021 CAHL owed CHL £79,220 (2020 - £79,220). This sum is included in debtors and has no fixed terms of repayment. The company has been advanced a loan by the director C A Hutchison. At 31 March 2021 the amount owed was £174,975 (2020 - £185,6341). This sum is included in creditors falling due within one year, is unsecured and interest free, and has no fixed terms of repayment. C B Hutchison, son of the director, has advanced a loan to the company of £72,060 (2020 - £36,576) which is included in creditors falling due within one year. The loan is unsecured, interest free and has no fixed terms of repayment.