back to ERNEST H.HILL,LIMITED detail Ernest H Hill Limited - Filleted accounts
Registered number
00091553
Ernest H Hill Limited
Unaudited Filleted Accounts
30 September 2018
Ernest H Hill Limited
Registered number: 00091553
Balance Sheet
as at 30 September 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 1,308,616 1,347,238
Current assets
Stocks 408,701 439,889
Debtors 4 1,036,107 1,093,643
Cash at bank and in hand 558 345
1,445,366 1,533,877
Creditors: amounts falling due within one year 5 (918,046) (1,207,443)
Net current assets 527,320 326,434
Total assets less current liabilities 1,835,936 1,673,672
Creditors: amounts falling due after more than one year 6 (19,263) (62,084)
Provisions for liabilities (28,754) (35,720)
Net assets 1,787,919 1,575,868
Capital and reserves
Called up share capital 310,000 310,000
Profit and loss account 1,477,919 1,265,868
Shareholder's funds 1,787,919 1,575,868
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Dale
Director
Approved by the board on 24 April 2019
Ernest H Hill Limited
Notes to the Accounts
for the year ended 30 September 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Motor vehicles over 4 years
Fixtures and fittings 4-10% straight line
Office equipment 10-33% straight line
Tooling 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 26 27
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2017 1,048,095 628,155 165,815 1,842,065
Additions 8,876 39,731 9,359 57,966
Disposals - (8,282) - (8,282)
At 30 September 2018 1,056,971 659,604 175,174 1,891,749
Depreciation
At 1 October 2017 - 411,895 82,932 494,827
Charge for the year 21,139 44,364 31,085 96,588
On disposals - (8,282) - (8,282)
At 30 September 2018 21,139 447,977 114,017 583,133
Net book value
At 30 September 2018 1,035,832 211,627 61,157 1,308,616
At 30 September 2017 1,048,095 216,260 82,883 1,347,238
4 Debtors 2018 2017
£ £
Trade debtors 429,828 530,412
Amounts owed by group undertakings 573,768 528,381
Other debtors 32,511 34,850
1,036,107 1,093,643
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loan less balances 513,511 749,464
Obligations under finance lease and hire purchase contracts 32,285 28,788
Trade creditors 194,596 231,783
Taxation and social security costs 41,778 (12,492)
Other creditors 135,876 209,900
918,046 1,207,443
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 19,263 62,084
7 Loans 2018 2017
£ £
Creditors include:
Secured bank loans 817,923 886,480
The bank loans and overdrafts of companies in the Margery Hill Limited Group are secured by fixed charges over the assets of the various companies and a cross guarantee between the various subsidiary companies and Margery Hill Limited. At 30 September 2018 the amount of the bank loans less balances was £462,630 (2017 - £732,592).
8 Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions paid by the company and amounted to £7,080 (2017 - £6,756). Contributions totalling £1,619 (2017 - £747) were payable to the fund at the balance sheet date and are included in creditors.
9 Related party transactions
The company incurs management charges from Nesthill Limited, a fellow subsidiary in the Margery Hill Limited Group. The amount charged in the year was £370,000 (2017 - £291,000).
The company has benefitted from group relief for losses surrendered by Watsons Anodising Limited, a fellow subsidiary in the Margery Hill Limited Group. The benefit in the year was £2,366 (2017 - £2,232).
10 Controlling party
The whole of the allotted share capital is held by Margery Hill Limited, a company registered in England.
11 Other information
Ernest H Hill Limited is a private company limited by shares and incorporated in England. Its registered office is:
Longacre Way
Holbrook Industrial Estate
Holbrook
Sheffield
S20 3FS
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