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Registration number: 03231657

Holdtrade (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Holdtrade (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Holdtrade (UK) Limited

(Registration number: 03231657)
Balance Sheet as at 31 December 2022

Note

2022
 £

2021
 £

Fixed assets

 

Tangible assets

4

4,598

6,131

Investments

5

210,108

210,108

 

214,706

216,239

Current assets

 

Stocks

728,395

897,298

Debtors

6

597,064

268,761

Cash at bank and in hand

 

59,718

193,547

 

1,385,177

1,359,606

Creditors: Amounts falling due within one year

7

(872,290)

(861,510)

Net current assets

 

512,887

498,096

Total assets less current liabilities

 

727,593

714,335

Provisions for liabilities

(1,191)

(1,190)

Net assets

 

726,402

713,145

Capital and reserves

 

Called up share capital

3,000

3,000

Capital redemption reserve

7,000

7,000

Profit and loss account

716,402

703,145

Total equity

 

726,402

713,145

 

Holdtrade (UK) Limited

(Registration number: 03231657)
Balance Sheet as at 31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared and 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.

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.

Approved and authorised by the Board on 19 September 2023 and signed on its behalf by:
 

M B Burrow

Director

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1
The Rubicon
51 Norman Road
LONDON
SE10 9QB

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.

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards,including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' 'FRS 102 1A', and with the Companies Act 2006.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

The turnover shown in the profit and loss account represents revenue earned during the period exclusive of VAT.

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods In which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful Fife of the asset. Where part of a grant relating to an asset is deferred, It Is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, It Is recognised In income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 appty 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.

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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:

Asset class

Depreciation method and rate

Improvements to property

10% Straight Line

Plant and machinery

25% Reducing Balance

Fixtures, fittings & equipment

25% Reducing Balance

Equipment

25% Reducing Balance

Investments

Fixed asset Investments are Initially recorded at cost, and subsequently stated at cost less any accumulated Impalnrient losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for In accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, The cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entitles accounted for In accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions am from accumulated profits of the joInt venture arising before or after the date of acquisition.

Financial instruments

Classification
A financial asset or a financial liability Is recognised only when the company becomes a party to the contractual provisIons of the instrument.

Basic financial instruments are Initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it Is recognised at the present value of the future payments discounted at a market rate of interest for a simUar debt instrument.


 Recognition and measurement
Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised In profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial Instruments, including derivatives, are initially recognised at fair value, unless payment for an asset Is deferred beyond normal business terms or financed at a rate of interest that Is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments In a designated hedging relationship.

Financial assets that are measured at costar amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there Is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics


 Impairment
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Trade and other 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 and other 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.

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.

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2021 - 11).

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

185,188

11,596

77,158

85,569

359,511

At 31 December 2022

185,188

11,596

77,158

85,569

359,511

Depreciation

At 1 January 2022

185,187

11,264

73,242

83,687

353,380

Charge for the year

-

83

979

471

1,533

At 31 December 2022

185,187

11,347

74,221

84,158

354,913

Carrying amount

At 31 December 2022

1

249

2,937

1,411

4,598

At 31 December 2021

1

332

3,916

1,882

6,131

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Investments

Shares in group undertakings

£

Cost or valuation

At 1 January 2022 and 31 December 2021

210,108

Impairment

At 1 January 2021 and 31 December 2022

-

Carrying amount

At 31 December 2022

210,108

At 31 December 2021

210,108

6

Debtors

Current

2022
£

2021
£

Trade debtors

483,669

98,686

Prepayments

-

98,116

Other debtors

113,395

71,959

 

597,064

268,761

 

Holdtrade (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
 £

2021
 £

Due within one year

 

Bank loans and overdrafts

39,517

49,167

Trade creditors

 

589,616

408,898

Other taxation and social security

 

16,452

31,408

Other creditors

 

226,705

372,031

Corporation tax

 

-

6

 

872,290

861,510

8

Related party transactions

Transactions with directors

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

M B Burrow

3,737

(4,076)

(339)

       
     

 

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

M B Burrow

-

16,898

(13,161)

3,737

         
       

 

Summary of transactions with other related parties

During the year the company invoiced a management fee of £Nil (2021: £30,000) to GB Rail Ltd where Mr M Burrow is a shareholder and the director of the company.

Included in other creditors an amount of £Nil (2021: £Nil) was due to the Holdtrade Mining Limited a fellow group company and £213,828 (2021: £362,519) was due to the GB Rail Ltd where Mr M Burrow is a shareholder and the director of the company.

Included in other debtors an amount of £40,610 (2021: £40,610) was due from the Holdtrade Ghana Ltd where M Burrow is a director of the company.

 

9

Controlling party

The company was under the control of Mr M. Burrow throughout the current and previous year. Mr Burrow is the managing director of the company.