Company registration number 05374162 (England and Wales)
HAWKESWORTH APPLIANCE TESTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
HAWKESWORTH APPLIANCE TESTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HAWKESWORTH APPLIANCE TESTING LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
81,577
Tangible assets
4
461,699
471,306
Current assets
Debtors
5
1,843,332
2,336,889
Cash at bank and in hand
2,656,658
1,664,985
4,499,990
4,001,874
Creditors: amounts falling due within one year
6
(1,717,596)
(1,468,819)
Net current assets
2,782,394
2,533,055
Total assets less current liabilities
3,325,670
3,004,361
Provisions for liabilities
(21,500)
Net assets
3,304,170
3,004,361
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
3,303,170
3,003,361
Total equity
3,304,170
3,004,361
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HAWKESWORTH APPLIANCE TESTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2023 and are signed on its behalf by:
Mr T G Crowley
Director
Company Registration No. 05374162
HAWKESWORTH APPLIANCE TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Hawkesworth Appliance Testing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Guidance House, York Road, Thirsk, North Yorkshire, YO7 3BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
Software costs in relation to implementation and configuration are capitalised at the point the work is completed and will be amortised when the software has come into use by the business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Freehold land
Nil
Office equipment & fixtures and fittings
25% to 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts 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).
HAWKESWORTH APPLIANCE TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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 instrument.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
HAWKESWORTH APPLIANCE TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
41
39
3
Intangible fixed assets
Goodwill
Computer Software
Total
£
£
£
Cost
At 1 July 2022
500,000
500,000
Additions
-
81,577
81,577
At 30 June 2023
500,000
81,577
581,577
Amortisation
At 1 July 2022 and 30 June 2023
500,000
500,000
Carrying amount
At 30 June 2023
81,577
81,577
At 30 June 2022
HAWKESWORTH APPLIANCE TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Freehold Buildings
Freehold Land
Office equipment & fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
613,880
116,140
730,020
Additions
4,932
4,932
Transfers
(50,000)
50,000
At 30 June 2023
563,880
50,000
121,072
734,952
Depreciation
At 1 July 2022
149,458
109,256
258,714
Depreciation charged in the year
11,280
3,259
14,539
At 30 June 2023
160,738
112,515
273,253
Carrying amount
At 30 June 2023
403,142
50,000
8,557
461,699
At 30 June 2022
464,422
6,884
471,306
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,759,916
1,647,476
Other debtors
700
560,628
Prepayments
82,716
128,785
1,843,332
2,336,889
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdrafts
115,427
169,582
Trade creditors
324,973
289,429
Corporation tax
245,661
188,165
Other taxation and social security
311,221
238,272
Other creditors
48,236
Accruals and deferred income
672,078
583,371
1,717,596
1,468,819
HAWKESWORTH APPLIANCE TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
131,220
128,790
9
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
279,439
556,443
(860,000)
(24,118)
Director
-
279,439
556,443
(860,000)
(24,118)
558,878
1,112,886
(1,720,000)
(48,236)