IRIS Accounts Production v23.2.0.158 07216831 Board of Directors 31.12.21 30.12.22 30.12.22 vehicle leasing brokers. The company's principal trading style is Bridle Vehicle Leasing. true false true true false false false true false 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REGISTERED NUMBER: 07216831 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2022

FOR

HANBOROUGH ENTERPRISES LIMITED

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


HANBOROUGH ENTERPRISES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 DECEMBER 2022







DIRECTORS: S J Donald
D Fitzgerald
N J Fox
G R Jones
N Griffin
G Digirolamo





REGISTERED OFFICE: Tamarisk House
North Leigh Business Park
North Leigh
Oxfordshire
OX29 6SW





REGISTERED NUMBER: 07216831 (England and Wales)





AUDITORS: DSA Prospect Audit Limited
The Old Chapel
Union Way
Witney
Oxfordshire
OX28 6HD

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2022

The directors present their strategic report for the year ended 30 December 2022.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS
The principal activity of the company is that of a vehicle leasing broker. The company's principal trading name is Bridle Vehicle Leasing.

2022 was another challenging year. The availability of stock did not improve as hoped, which continued to affect vehicle delivery timescales. The ongoing impact of Covid- 19, along with Brexit and the outbreak of war in Ukraine were all contributing factors. The availability of minibuses has been severely affected, which has hampered not only our ability to provide new buses to prospective clients, but impacted the number of own book vehicles that can be replaced with new, so that we can monetise our residual value position.

The UK automotive industry saw a reduction in vehicle registration numbers in 2022. (GOV.UK - Latest figures for 2022 show that the number of new registrations was down 4% in the UK compared with 2021).

In Nov 2022, Alan Carreras (Sales Director) resigned. His roles and responsibilities were assumed by the remaining Directors.

The company's turnover for the year ended 30 December 2022 was £21,839,278 (2021 - £20,075,749), an increase of 9%. The company's profit before tax and dividends for the year was £158,528 (2021 - £561,836). The company's profit before interest, amortisation, depreciation and investment adjustments for the year ended 30 December 2022 was £1,687,323 (2021 - £1,838,717).

The company continues to invest in its systems, its team and the appropriate training requirements to ensure we are best placed to serve our clients by providing a service that exceeds expectations. The company has also continued with its strategy to add to its 'own book' fleet which it is considered will bring additional financial returns in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the key risk of the business to be the continued demand for new vehicles within the UK. Given the various income streams of the company other principle risks are considered to be:

- availability of funding
- availability of stock
- residual value risk
- maintenance expenditure risk
- financing cost risk
- interest rate risk
- staffing

FINANCIAL KEY PERFORMANCE INDICATORS
Key Performance Indicators (KPI's) are used by the company to review the overall performance of the business. Monthly management accounts are produced and reviewed and are compared to budgeted figures across our various branches. These reviews allow us to take the appropriate actions when deemed necessary.

KPI's are also used to monitor lead generation, sales orders and delivery targets.

ON BEHALF OF THE BOARD:





G R Jones - Director


29 September 2023

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 DECEMBER 2022

The directors present their report with the financial statements of the company for the year ended 30 December 2022.

DIVIDENDS
The total distribution of dividends for the year ended 30 December 2022 will be £376,986.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in note 26 to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 December 2021 to the date of this report.

S J Donald
D Fitzgerald
N J Fox
G R Jones

Other changes in directors holding office are as follows:

N Griffin and G Digirolamo were appointed as directors after 30 December 2022 but prior to the date of this report.

A Carreras and G Digirolamo ceased to be directors after 30 December 2022 but prior to the date of this report.

COVID-19 PANDEMIC
The additional risk of the impact of COVID-19 on the company has been assessed by the directors. The directors do not expect COVID-19 to have a material impact on the company's future operations.

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 DECEMBER 2022


AUDITORS
In accordance with the company's articles, a resolution proposing that DSA Prospect Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

ON BEHALF OF THE BOARD:





G R Jones - Director


29 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANBOROUGH ENTERPRISES LIMITED

Opinion
We have audited the financial statements of Hanborough Enterprises Limited (the 'company') for the year ended 30 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANBOROUGH ENTERPRISES LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANBOROUGH ENTERPRISES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and
skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the industry;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection,
anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations
2013) and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual,
suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential
bias; and
- investigated the rationale behind significant or unusual transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's
legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HANBOROUGH ENTERPRISES LIMITED





Mr Gary John McHale FCCA (Senior Statutory Auditor)
for and on behalf of DSA Prospect Audit Limited
The Old Chapel
Union Way
Witney
Oxfordshire
OX28 6HD

29 September 2023

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 21,839,278 20,075,749

Cost of sales 15,404,479 14,033,839
GROSS PROFIT 6,434,799 6,041,910

Administrative expenses 6,326,318 5,354,669
108,481 687,241

Other operating income - 24,385
OPERATING PROFIT 5 108,481 711,626

Income from shares in group undertakings 379,100 81,600
Interest receivable and similar income 3 8,097
379,103 89,697
487,584 801,323
Amounts written off investments 6 104,967 -
382,617 801,323

Interest payable and similar expenses 7 224,089 239,487
PROFIT BEFORE TAXATION 158,528 561,836

Tax on profit 8 91,495 (95,298 )
PROFIT FOR THE FINANCIAL YEAR 67,033 657,134

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 67,033
Prior year adjustment (3,521,906 )
TOTAL COMPREHENSIVE INCOME SINCE LAST
ANNUAL REPORT

(2,864,772

)

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

BALANCE SHEET
30 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 7,457,831 5,217,771
Tangible assets 11 3,445,713 2,939,177
Investments 12 692,272 3,465,761
11,595,816 11,622,709

CURRENT ASSETS
Stocks 13 - 18,180
Debtors 14 2,591,126 2,392,390
Cash at bank 173,785 260,547
2,764,911 2,671,117
CREDITORS
Amounts falling due within one year 15 4,992,160 3,602,952
NET CURRENT LIABILITIES (2,227,249 ) (931,835 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,368,567 10,690,874

CREDITORS
Amounts falling due after more than one year 16 2,400,455 4,412,809
NET ASSETS 6,968,112 6,278,065

CAPITAL AND RESERVES
Called up share capital 21 1,629,500 629,500
Share premium 22 3,880,535 8,380,535
Retained earnings 22 1,458,077 (2,731,970 )
SHAREHOLDERS' FUNDS 6,968,112 6,278,065

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





G R Jones - Director


HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2022

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 31 December 2020 629,500 571,317 8,380,535 9,581,352
Prior year adjustment - (3,521,906 ) - (3,521,906 )
As restated 629,500 (2,950,589 ) 8,380,535 6,059,446

Changes in equity
Dividends - (438,515 ) - (438,515 )
Total comprehensive income - 657,134 - 657,134
Balance at 30 December 2021 629,500 (2,731,970 ) 8,380,535 6,278,065

Changes in equity
Issue of share capital 1,000,000 - (4,500,000 ) (3,500,000 )
Dividends - (376,986 ) - (376,986 )
Total comprehensive income - 4,567,033 - 4,567,033
Balance at 30 December 2022 1,629,500 1,458,077 3,880,535 6,968,112

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,288,655 2,079,439
Interest paid (36,568 ) (647 )
Interest element of hire purchase payments paid (187,521 ) (238,840 )
Tax paid (9,335 ) 51,544
Net cash from operating activities 1,055,231 1,891,496

Cash flows from investing activities
Purchase of intangible fixed assets (2,827,554 ) (204,475 )
Purchase of tangible fixed assets (1,630,368 ) (96,192 )
Purchase of fixed asset investments - (395,040 )
Sale of intangible fixed assets 55,000 20,000
Sale of tangible fixed assets 456,587 140,695
Sale of fixed asset investments 2,668,522 20,000
Impairment of investments 104,967 -
Interest received 3 8,097
Dividends received 379,100 81,600
Net cash from investing activities (793,743 ) (425,315 )

Cash flows from financing activities
New loans in year 47,654 -
Loan repayments in year (9,575 ) -
Capital repayments in year 314,444 (813,337 )
Amount withdrawn by directors (1,429,793 ) (642,754 )
Share issue 1,000,000 -
Equity dividends paid (376,986 ) (438,515 )
Net cash from financing activities (454,256 ) (1,894,606 )

Decrease in cash and cash equivalents (192,768 ) (428,425 )
Cash and cash equivalents at beginning of year 2 48,645 477,070

Cash and cash equivalents at end of year 2 (144,123 ) 48,645

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 158,528 561,836
Depreciation charges 1,370,440 1,046,655
Profit on disposal of fixed assets (170,701 ) (9,261 )
Government grants - (24,385 )
Finance costs 224,089 239,487
Finance income (379,103 ) (89,697 )
1,203,253 1,724,635
Decrease/(increase) in stocks 18,180 (18,180 )
(Increase)/decrease in trade and other debtors (188,592 ) 896,100
Increase/(decrease) in trade and other creditors 255,814 (523,116 )
Cash generated from operations 1,288,655 2,079,439

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 December 2022
30.12.22 31.12.21
£    £   
Cash and cash equivalents 173,785 260,547
Bank overdrafts (317,908 ) (211,902 )
(144,123 ) 48,645
Year ended 30 December 2021
30.12.21 31.12.20
£    £   
Cash and cash equivalents 260,547 477,070
Bank overdrafts (211,902 ) -
48,645 477,070


3. ANALYSIS OF CHANGES IN NET DEBT

At 31.12.21 Cash flow At 30.12.22
£    £    £   
Net cash
Cash at bank 260,547 (86,762 ) 173,785
Bank overdrafts (211,902 ) (106,006 ) (317,908 )
48,645 (192,768 ) (144,123 )
Debt
Finance leases (2,807,900 ) (314,444 ) (3,122,344 )
Debts falling due within 1 year - (10,000 ) (10,000 )
Debts falling due after 1 year - (28,079 ) (28,079 )
(2,807,900 ) (352,523 ) (3,160,423 )
Total (2,759,255 ) (545,291 ) (3,304,546 )

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022

1. STATUTORY INFORMATION

Hanborough Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Hanborough Enterprises Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Hanborough Capital Limited, Tamarisk House, North Leigh Business Park, North Leigh, OX29 6SW.

Turnover
Turnover represents amounts receivable from principal activities, net of value added tax and trade discounts.

Revenue from the sale of cars is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses since 2011, is being amortised over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 50% on cost, 25% on cost, 25% on reducing balance and at varying rates on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instruments.

Financial assets and liabilities are offset with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

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

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

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.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amount of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation reserve.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior year. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation reserve.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2022 2021
£    £   
Brokerage of motor vehicles 7,724,537 7,037,599
Sale of motor vehicles 7,602,107 7,807,660
Maintenance sales 2,775,995 2,554,740
Motor vehicle rental income 3,736,639 2,675,750
21,839,278 20,075,749

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 3,512,854 2,552,559
Social security costs 362,140 253,008
Other pension costs 90,039 50,576
3,965,033 2,856,143

The average number of employees during the year was as follows:
2022 2021

Directors 4 3
Sales and administration 86 65
90 68

2022 2021
£    £   
Directors' remuneration 305,639 138,047
Directors' pension contributions to money purchase schemes 10,172 8,911

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 3

Information regarding the highest paid director for the year ended 30 December 2022 is as follows:
2022
£   
Emoluments etc 134,427
Pension contributions to money purchase schemes 3,282

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Depreciation - owned assets 53,354 35,334
Depreciation - assets on hire purchase contracts 770,258 648,107
Profit on disposal of fixed assets (170,701 ) (9,261 )
Goodwill amortisation 546,828 363,214
Auditors remuneration 22,000 22,000

6. AMOUNTS WRITTEN OFF INVESTMENTS
2022 2021
£    £   
Investment write down 104,967 -

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 20,707 647
Other interest paid 15,861 -
Hire purchase 187,521 238,840
224,089 239,487

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 9,335 (138,351 )

Deferred tax 82,160 43,053
Tax on profit 91,495 (95,298 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 158,528 561,836
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 -
19%)

30,120

106,749

Effects of:
Expenses not deductible for tax purposes (9,944 ) 2,739
Income not taxable for tax purposes (72,079 ) (15,504 )
Capital allowances in excess of depreciation (34,802 ) (70,315 )
Utilisation of tax losses 9,335 (23,669 )
Adjustments to tax charge in respect of previous periods - (138,351 )
Group relief 9,904 -
Deferred tax movement 82,160 43,053
Tax losses carried forward 76,801 -
Total tax charge/(credit) 91,495 (95,298 )

9. DIVIDENDS
2022 2021
£    £   
Ordinary shares of £1 each
Interim 376,986 438,515

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

10. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
Cost
At 31 December 2021 6,809,571 1,725 6,811,296
Additions 2,827,554 - 2,827,554
Disposals (60,000 ) - (60,000 )
At 30 December 2022 9,577,125 1,725 9,578,850
Amortisation
At 31 December 2021 1,591,800 1,725 1,593,525
Amortisation for year 546,828 - 546,828
Eliminated on disposal (19,334 ) - (19,334 )
At 30 December 2022 2,119,294 1,725 2,121,019
Net book value
At 30 December 2022 7,457,831 - 7,457,831
At 30 December 2021 5,217,771 - 5,217,771

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 31 December 2021 71,285 115,613 3,439,436 90,044 3,716,378
Additions 15,217 15,361 1,566,421 33,369 1,630,368
Disposals - (16,000 ) (356,102 ) - (372,102 )
At 30 December 2022 86,502 114,974 4,649,755 123,413 4,974,644
Depreciation
At 31 December 2021 22,639 73,237 637,824 43,501 777,201
Charge for year 14,184 11,348 765,779 32,301 823,612
Eliminated on disposal - (13,926 ) (57,956 ) - (71,882 )
At 30 December 2022 36,823 70,659 1,345,647 75,802 1,528,931
Net book value
At 30 December 2022 49,679 44,315 3,304,108 47,611 3,445,713
At 30 December 2021 48,646 42,376 2,801,612 46,543 2,939,177

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 31 December 2021 47,000 3,399,367 3,446,367
Additions - 1,566,421 1,566,421
Disposals - (341,102 ) (341,102 )
At 30 December 2022 47,000 4,624,686 4,671,686
Depreciation
At 31 December 2021 2,938 632,893 635,831
Charge for year 11,015 759,243 770,258
Eliminated on disposal - (55,456 ) (55,456 )
At 30 December 2022 13,953 1,336,680 1,350,633
Net book value
At 30 December 2022 33,047 3,288,006 3,321,053
At 30 December 2021 44,062 2,766,474 2,810,536

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 31 December 2021 3,465,761
Disposals (2,668,522 )
Impairments (104,967 )
At 30 December 2022 692,272
Net book value
At 30 December 2022 692,272
At 30 December 2021 3,465,761

Details of the company's subsidiaries at 30 December 2022 are as follows:

Name of undertaking Registered office Nature of business Class of shares held % Held

Alternative Route Finance Limited England and Wales Dormant A and B Ordinary 100%
Plan (GB) Limited England and Wales Vehicle leasing
broker
A Ordinary 85%
Fulton Network Limited England and Wales Vehicle leasing
broker
Ordinary and
Ordinary B
100%
Kew Vehicle Leasing Limited England and Wales Vehicle leasing
broker
Ordinary 100%
Fleetprocure Limited England and Wales Vehicle
procurement
platform
A Ordinary 51%
Sprint Contracts Limited England and Wales Vehicle leasing
broker
Ordinary 100%
SRK Specialist Cars Limited England and Wales Used vehicle sales Ordinary 51%
Bridle Leasing Limited England and Wales Dormant Ordinary 100%
Bridle Group Limited England and Wales Dormant Ordinary 100%
Go Green Leasing Limited England and Wales Dormant Ordinary 100%

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

13. STOCKS
2022 2021
£    £   
Stocks - 18,180

14. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 1,455,033 1,384,522
Amounts owed by group undertakings 99,209 6,906
Other debtors 167,489 149,421
Deferred tax asset 517,549 599,709
Prepayments 351,845 251,832
2,591,125 2,392,390

Amounts falling due after more than one year:
Amounts owed by group undertakings 1 -

Aggregate amounts 2,591,126 2,392,390

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 17) 327,908 211,902
Hire purchase contracts (see note 18) 2,089,370 857,444
Trade creditors 996,920 1,367,659
Amounts owed to group undertakings 219,817 490,829
Social security and other taxes 671,136 298,030
Other creditors 335,782 51,034
Accrued expenses 351,227 326,054
4,992,160 3,602,952

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 17) 28,079 -
Hire purchase contracts (see note 18) 1,032,974 1,950,456
Amounts owed to group undertakings - 1,000,000
Other creditors 1,306,842 -
Director's loan accs > 1 yr 32,560 1,462,353
2,400,455 4,412,809

17. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 317,908 211,902
Bank loans 10,000 -
327,908 211,902

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

17. LOANS - continued
2022 2021
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 28,079 -

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 2,089,370 857,444
Between one and five years 1,032,974 1,950,456
3,122,344 2,807,900

Non-cancellable operating leases
2022 2021
£    £   
Within one year 213,355 107,033
Between one and five years 525,386 176,964
738,741 283,997

19. SECURED DEBTS

As at 30 December 2022 four fixed charges were in place over specified assets. There was also a debenture in place with a fixed and floating charge. The floating charge covers all the property or undertaking of the company.

Tangible fixed assets with a carrying amount of £3,321,053 (2021 - £2,810,536) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

20. DEFERRED TAX
£   
Balance at 31 December 2021 (599,709 )
Charge to Statement of Comprehensive Income during year 82,160
Balance at 30 December 2022 (517,549 )

HANBOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 07216831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2022

21. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £ £
403,100 A ordinary £1 403,100 403,100
10,000 B ordinary £1 10,000 10,000
25,500 C ordinary £1 25,500 25,500
25,500 D ordinary £1 25,500 25,500
25,500 E ordinary £1 25,500 25,500
10,200 F ordinary £1 10,200 10,200
10,200 G ordinary £1 10,200 10,200
119,500 H ordinary £1 119,500 119,500
629,500 629,500

Each class of share is entitled to full voting rights, dividend rights and distributions including in the event of a winding up of the company.

22. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 31 December 2021 (2,731,970 ) 8,380,535 5,648,565
Profit for the year 67,033 67,033
Dividends (376,986 ) (376,986 )
Share premium transfer 4,500,000 (4,500,000 ) -
At 30 December 2022 1,458,077 3,880,535 5,338,612

23. PENSION COMMITMENTS

The amount recognised in profit or loss as an expense for defined contribution plans amounted to £87,705 (2021 : £50,576).

24. ULTIMATE PARENT COMPANY

Hanborough Capital Limited is regarded by the directors as being the company's ultimate parent company.

The company's financial statements are consolidated into the ultimate holding company's financial statements and are available from the parent's registered office. The registered office is Tamarisk House, North Leigh Business Park, North Leigh, OX29 6SW.

25. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year rent and service charges of £95,801 (2021 : £80,389) was paid to an associated company.

During the year consultancy of £0 (2021 : £600,000) was paid to an associated company.

26. POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the reporting date which require amendment to, or disclosure in, the financial statements.