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Registration number: 04820939

Henderson Fabrications UK Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2021

image-name
 

Henderson Fabrications UK Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

 

Henderson Fabrications UK Limited

Company Information

Directors

Mr S O'Looney

Mr BC Davy

Company secretary

Mrs SM Revitt

Registered office

Kings Park Road
Moulton Park
Northampton
Northamptonshire
NN3 6LL

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Henderson Fabrications UK Limited

Directors' Report for the Year Ended 30 November 2021

The directors present their report and the financial statements for the year ended 30 November 2021.

Directors of the company

The directors who held office during the year were as follows:

Mr S O'Looney

Mr BC Davy

Mr AR Lantsbury (Resigned 2 August 2021)

Principal activity

The principal activity of the company is that of precision sheet metal work specialists.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 4 August 2022 and signed on its behalf by:

.........................................
Mr S O'Looney
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Henderson Fabrications UK Limited
for the Year Ended 30 November 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Henderson Fabrications UK Limited for the year ended 30 November 2021 as set out on pages 4 to 13 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Henderson Fabrications UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Henderson Fabrications UK Limited. You consider that Henderson Fabrications UK 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 accounts of Henderson Fabrications UK 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 accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

4 August 2022

 

Henderson Fabrications UK Limited

(Registration number: 04820939)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

50,000

75,000

Tangible assets

5

290,189

262,554

 

340,189

337,554

Current assets

 

Stocks

6

72,000

32,000

Debtors

7

1,259,175

696,635

Cash at bank and in hand

 

1,771,929

1,485,924

 

3,103,104

2,214,559

Creditors: Amounts falling due within one year

8

(1,217,651)

(868,941)

Net current assets

 

1,885,453

1,345,618

Total assets less current liabilities

 

2,225,642

1,683,172

Creditors: Amounts falling due after more than one year

8

-

(11,585)

Provisions for liabilities

(55,444)

(53,888)

Net assets

 

2,170,198

1,617,699

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

2,169,998

1,617,499

Shareholders' funds

 

2,170,198

1,617,699

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Henderson Fabrications UK Limited

(Registration number: 04820939)
Balance Sheet as at 30 November 2021

Approved and authorised by the Board on 4 August 2022 and signed on its behalf by:
 

.........................................

Mr S O'Looney
Director

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 04820939.

The address of its registered office is:
Kings Park Road
Moulton Park
Northampton
Northamptonshire
NN3 6LL

These financial statements were authorised for issue by the Board on 4 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold

10% on cost

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 0 (2020 - 27).

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2020

500,000

500,000

At 30 November 2021

500,000

500,000

Amortisation

At 1 December 2020

425,000

425,000

Amortisation charge

25,000

25,000

At 30 November 2021

450,000

450,000

Carrying amount

At 30 November 2021

50,000

50,000

At 30 November 2020

75,000

75,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2020

99,180

1,061,092

57,123

1,217,395

Additions

-

101,942

35,588

137,530

Disposals

-

-

(11,439)

(11,439)

At 30 November 2021

99,180

1,163,034

81,272

1,343,486

Depreciation

At 1 December 2020

89,911

818,001

46,929

954,841

Charge for the year

2,952

94,521

7,798

105,271

Eliminated on disposal

-

-

(6,815)

(6,815)

At 30 November 2021

92,863

912,522

47,912

1,053,297

Carrying amount

At 30 November 2021

6,317

250,512

33,360

290,189

At 30 November 2020

9,269

243,091

10,194

262,554

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Included within the net book value of land and buildings above is £6,317 (2020 - £9,269) in respect of long leasehold land and buildings.
 

6

Stocks

2021
£

2020
£

Inventory

72,000

32,000

7

Debtors

Note

2021
£

2020
£

Trade debtors

 

1,222,060

670,964

Intercompany

11

7,250

-

Prepayments

 

28,305

22,057

Staff loans

 

1,560

3,614

Total current trade and other debtors

 

1,259,175

696,635

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

906,296

128,209

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

-

492,750

VAT Control account

 

144,985

64,400

PAYE and NIC creditor

 

14,425

12,920

Other creditors

 

919

3,209

Accruals

 

12,637

9,716

Corporation tax control

 

126,804

143,271

HP and finance lease liability 1 (under 1yr)

 

11,585

14,466

 

1,217,651

868,941

Due after one year

 

HP and finance lease liability 1 (1-2 yrs)

 

-

11,585

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

-

11,585

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Hire purchase contracts

-

11,585

2021
£

2020
£

Current loans and borrowings

Hire purchase contracts

11,585

14,466

 

Henderson Fabrications UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £42,000 (2020 - £114,000).

11

Related party transactions

Summary of transactions with other related parties



 Spectrum Powder Coaters Limited is a company in which B Davy and S O'Looney are directors.

During the year the company made purchases of goods totalling £253,903 (2020: £261,397) from Spectrum Powder Coaters Limited. At the balance sheet date the company owed Spectrum Powder Coaters Limited £50,475 (2020: £24,579) in respect of goods purchased.