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REGISTERED NUMBER: 11797241 (England and Wales)


























GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023

FOR

HUNT HOLDCO LIMITED

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


HUNT HOLDCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2023







DIRECTORS: Mr T J Hunt
Mrs F D Hunt
Mrs S B Clarke
Mr G T Hunt



REGISTERED OFFICE: The Warren
Martins Lane
Chilbolton
Stockbridge
Hampshire
SO20 6BL



REGISTERED NUMBER: 11797241 (England and Wales)



SENIOR STATUTORY AUDITOR: Graham Taylor



AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2023


The directors present their strategic report of the company and the group for the year ended 31st January 2023.

REVIEW OF BUSINESS
The principal activities of the group are; the sale of new and used machinery in the agricultural, professional turf, groundscare, construction and residential markets; providing machinery servicing and repairs; selling of spare parts; and hire of machinery. This is mainly specialising in John Deere products as a group of John Deere dealerships in the UK but in addition to this we supply a range of products from other suppliers to ensure that our customers' business needs are met. We traded throughout the year from eight locations in the South of England; Chilbolton & Blashford in Hampshire, Tilshead in Wiltshire, Ventnor on the Isle of Wight, Cheddar, Nether Stowey & Sparkford in Somerset, and Dorchester in Dorset.

On 1st February 2022 the trade and assets of C Smart Agricultural Services Ltd was hived up into the Hunt Forest Group Ltd business.

ANALYSIS OF FINANCIAL PERFORMANCE
During the year ended 31st January 2023 the financial performance of the business continued from strength to strength and this has left the group in an excellent financial position at the year end. The hive up of the C Smart Agricultural Services Ltd business was successfully completed and the merger of the businesses has delivered increased financial performance and improved service for customers.

The key financial performance indicators of the group are considered to be turnover, gross profit and net profit.

Group consolidated turnover for the year ended 31st January 2023 was £116,562,852 compared to £102,720,741 for the preceding year. This represents an increase in turnover of £13,842,111 which equates to 13.5%.

Gross profit for year ended 31st January 2023 was £14,584,690 compared to £12,749,757 for the preceding year. This represents an increase in gross profit of £1,834,933 which equates to a small increase in the group's gross profit margin from 12.4% to 12.5%.

Profit before tax for the year was £5,164,890 compared to £4,215,197 for the preceding year and profit after tax for the year was £4,194,579 compared to £3,311,986 for the preceding year.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risks that affect the group are market risk, credit risk and liquidity risk as well as the uncertainties around the longer term impact of 'Brexit' and the uncertainties over the general economic situation caused by Covid-19. The directors continuously aim to minimise the group's exposure to financial risk.

Market risk
This is largely driven by the impact of the weather and other factors that affect our customers' product yields and product prices which in turn impacts upon their spending power. Increasingly, the cost of finance is becoming a consideration for customer purchase decisions. Adverse conditions in the business environment that may impact upon our new machinery sales, would be managed by a steady or increased demand for our service and parts departments as consumers decide to retain their machinery for longer. This provides us with a level of protection against market volatility.

Credit risk
As a group we manage our credit risk through the use of credit checks and credit limits which are carefully monitored.

Liquidity and cashflow risk
By maintaining suitable cash levels and reserves and regular monitoring of cashflow we consider that sufficient measures are in place to manage our liquidity risk.

Interest rate risk
The group uses various stocking facilities and has an overdraft and a bank loan, all of which are variable and linked to the Bank of England Base Rate. The group also has hire purchase liabilities at the year end and the interest rate on these is fixed.

Covid-19
The impact of Covid-19 continues to affect almost all businesses and also on the outlook for general economic confidence and stability within the UK. Whilst there have been no operational restrictions in the period, the greater uncertainty for us will be the longer term impact that this will have on the UK economy (seen through inflation) and as a result we are mindful that spending power within the country may suffer over coming years.


HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2023

SECTION 172(1) STATEMENT
The directors of the group, as those of all UK companies, must act in accordance with the duties set out under Chapter 2 of the Companies Act 2006. This includes the provisions set out under Section 172 of the Act which covers the 'Duty to promote the success of the company'.

In summary these require that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the company.

The board of directors of Hunt Holdco Limited consider, both individually and together, that we have acted in a way that we consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set out above, in the decisions we have taken in the year ended 31st January 2023.

In this regard we have been working as a board towards achieving a number of strategic aims during the year. These include the development and growth of the business, the alignment of operations within the group in order to achieve synergies in the future and using the combined knowledge of staff within the group to create a successful operation across all depots.

In our decision making process we consider both short term and long term consequences of our actions and ensure that we also take into careful consideration the impact of any decisions on other stakeholders. These include our employees, customers, suppliers and the local community in which we operate.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The success of the business has continued to be driven by fostering enduring relationships with its suppliers, customers and others. The board of directors, both individually and collectively, are acutely aware that these relationships are fundamental to the ongoing success of the group and accordingly the impact of any decisions on these stakeholders are always considered as part of any decision making process.


STREAMLINED ENERGY AND CARBON REPORTING
During the year our cumulative consumption of energy and equivalent emissions of greenhouse gases across all eight depots (2022: nine depots) that were operational during the year was as follows;

Annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from:
2023 2022
Combustion of gas 40 18
Consumption of fuel for the purposes of transport 1,348 1,115
Purchase of electricity for own use including for transport 64 46

Energy consumed from our activities in kWh:
2023 2022
Combustion of gas 212,577 93,493
Consumption of fuel for the purposes of transport 5,484,768 4,619,519
Purchase of electricity for own use including for transport 329,558 216,712

Data has been collated centrally from utility bills, fuel cards and fuel delivery bills. These have been converted into kWh and tonnes of carbon dioxide equivalent using government published conversion factors.

This usage above equates to 12.46 (2022: 11.48) tonnes of carbon dioxide equivalent per £1m of turnover.

As a group we actively work to improve our energy efficiency. Measures that we have taken include:
- The installation of electric vehicle charging points and a move towards electric vehicles.
- The installation of solar panels on commercial premises to reduce the level of purchased energy.


HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2023

EMPLOYEES
During the year we employed an average of 187 staff as shown in note 5 to the financial statements as we have
continued to grow our staff base with a strategic aim of reducing our use of subcontracted labour and bringing more employees into our operations. Our staff are largely drawn from local areas to our depots and this helps the business to support local communities.

As a board of directors we recognise the risk of losing key staff members and succession plans are in place which are regularly monitored. We undertake regular reviews to build engagement with our staff and identify opportunities for further growth and development of them within the business, as well as providing training to assist them in achieving their goals. Our ongoing staff retention level demonstrates our success in this area.

HEALTH AND SAFETY
We take the health and safety of our employees very seriously and in addition to the work undertaken by an external consultant who is used to ensure compliance with Health and Safety regulations, we believe that there is a culture within the company that promotes safe working. We provide suitable training necessary for our employees to undertake their jobs safely and ensure that appropriate policies and procedures are in place.

THE ENVIRONMENT
The nature of our business means that we are acutely aware of the importance of the environment and accordingly take pride in working to preserve it. John Deere are continually developing new technologies to minimise emissions to reduce the environmental impact of the products it produces and as a company we have also taken steps to start introducing electronic charging points at our depots as well as looking at other initiatives to reduce our environmental impact.

FUTURE DEVELOPMENTS AND RESEARCH AND DEVELOPMENT
The board of directors regularly explores new opportunities for growth and development of the group. We continuously review our product portfolio and brand offering to broaden our customer base and provide some diversity to our business. This further expands our presence along the south of England. Post year end we have closed our Sparkford and Cheddar depots and have combined their operations in new purpose built premises in Green Ore.

As a group we also continue to look at further opportunities to advance our technological solutions and improve our business processes to create a business of the modern world.

SUMMARY
At the year end the group was in a strong financial position and has an excellent customer base that we continue to look after carefully. By maintaining careful cost control and monitoring general economic developments we are confident that we can adapt to any challenges that could present themselves in the future. On 1st February 2022, the trade and assets of C Smart Agricultural Services Ltd were hived up into the Hunt Forest Group Ltd business.

Having grown the group to a size which makes it well established in the agricultural machinery sector, the management policies that are currently in place should enable the company to deal with risks that it is exposed to and to ensure it maintains a healthy market position in the future.

ON BEHALF OF THE BOARD:





Mr T J Hunt - Director


5th October 2023

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JANUARY 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st January 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31st January 2023 amounted to £510,000.

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1st February 2022 to the date of this report.

Mr T J Hunt
Mrs F D Hunt
Mrs S B Clarke
Mr G T Hunt

DISCLOSURE IN THE STRATEGIC REPORT
Items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the Report of the Directors are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr T J Hunt - Director


5th October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUNT HOLDCO LIMITED


Opinion
We have audited the financial statements of Hunt Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st January 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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
HUNT HOLDCO LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the group based upon our knowledge of the group, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with Health and Safety regulations and the reporting requirements of the Companies Act 2006 and Financial Reporting Standard 102.

Audit procedures performed by the engagement team in relation to laws and regulations included making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, undertaking a review of the accident logs, reviewing legal and professional invoices for indications of potential legal claims against the company and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

As group auditors we are required to communicate with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner considers that the engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
HUNT HOLDCO LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Graham Taylor (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

5th October 2023

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2023

2023 2022
Notes £    £   

TURNOVER 4 116,562,852 102,720,741

Cost of sales 101,978,162 89,970,984
GROSS PROFIT 14,584,690 12,749,757

Administrative expenses 9,203,687 8,510,024
OPERATING PROFIT 6 5,381,003 4,239,733

Interest receivable and similar income - 405
5,381,003 4,240,138

Interest payable and similar expenses 7 216,113 24,941
PROFIT BEFORE TAXATION 5,164,890 4,215,197

Tax on profit 8 970,311 903,211
PROFIT FOR THE FINANCIAL YEAR 4,194,579 3,311,986
Profit attributable to:
Owners of the parent 3,363,255 2,654,847
Non-controlling interests 831,324 657,139
4,194,579 3,311,986

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST JANUARY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 4,194,579 3,311,986


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

4,194,579

3,311,986

Total comprehensive income attributable to:
Owners of the parent 3,363,255 2,654,847
Non-controlling interests 831,324 657,139
4,194,579 3,311,986

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED BALANCE SHEET
31ST JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 4,679,896 4,687,574
Investments 13 - -
4,679,896 4,687,574

CURRENT ASSETS
Stocks 14 40,843,056 31,059,736
Debtors 15 11,777,330 8,175,050
Cash at bank and in hand 1,470,775 1,288,876
54,091,161 40,523,662
CREDITORS
Amounts falling due within one year 16 34,652,629 23,535,683
NET CURRENT ASSETS 19,438,532 16,987,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,118,428

21,675,553

CREDITORS
Amounts falling due after more than one
year

17

(2,571,386

)

(3,715,075

)

PROVISIONS FOR LIABILITIES 21 (464,244 ) (434,759 )
NET ASSETS 21,082,798 17,525,719

CAPITAL AND RESERVES
Called up share capital 22 1,600 1,600
Other reserves 23 10,018,696 10,018,696
Retained earnings 23 7,059,148 4,205,893
SHAREHOLDERS' FUNDS 17,079,444 14,226,189

NON-CONTROLLING INTERESTS 24 4,003,354 3,299,530
TOTAL EQUITY 21,082,798 17,525,719

The financial statements were approved by the Board of Directors and authorised for issue on 5th October 2023 and were signed on its behalf by:





Mr T J Hunt - Director


HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

COMPANY BALANCE SHEET
31ST JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 91,622 42,804
Investments 13 954 954
92,576 43,758

CURRENT ASSETS
Debtors 15 918,490 903,663
Cash at bank and in hand 70,231 93,057
988,721 996,720
CREDITORS
Amounts falling due within one year 16 13,257 10,394
NET CURRENT ASSETS 975,464 986,326
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,068,040

1,030,084

CAPITAL AND RESERVES
Called up share capital 22 1,600 1,600
Retained earnings 23 1,066,440 1,028,484
SHAREHOLDERS' FUNDS 1,068,040 1,030,084

Company's profit for the financial year 547,956 226,285

The financial statements were approved by the Board of Directors and authorised for issue on 5th October 2023 and were signed on its behalf by:





Mr T J Hunt - Director


HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2023

Called up
share Retained Other
capital earnings reserves
£    £    £   

Balance at 1st February 2021 1,600 1,751,046 10,018,696

Changes in equity
Dividends - (200,000 ) -
Total comprehensive income - 2,654,847 -
Balance at 31st January 2022 1,600 4,205,893 10,018,696

Changes in equity
Dividends - (510,000 ) -
Total comprehensive income - 3,363,255 -
Balance at 31st January 2023 1,600 7,059,148 10,018,696
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1st February 2021 11,771,342 2,692,391 14,463,733

Changes in equity
Dividends (200,000 ) (50,000 ) (250,000 )
Total comprehensive income 2,654,847 657,139 3,311,986
Balance at 31st January 2022 14,226,189 3,299,530 17,525,719

Changes in equity
Dividends (510,000 ) (127,500 ) (637,500 )
Total comprehensive income 3,363,255 831,324 4,194,579
Balance at 31st January 2023 17,079,444 4,003,354 21,082,798

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st February 2021 1,600 1,002,199 1,003,799

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 226,285 226,285
Balance at 31st January 2022 1,600 1,028,484 1,030,084

Changes in equity
Dividends - (510,000 ) (510,000 )
Total comprehensive income - 547,956 547,956
Balance at 31st January 2023 1,600 1,066,440 1,068,040

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,959,736 186,596
Interest paid (199,389 ) (21,266 )
Interest element of hire purchase payments
paid

(16,724

)

(3,675

)
Tax paid (1,016,992 ) (838,715 )
Net cash from operating activities 2,726,631 (677,060 )

Cash flows from investing activities
Purchase of tangible fixed assets (821,121 ) (221,648 )
Purchase of fixed asset investments - (4,350,000 )
Sale of tangible fixed assets 721,083 598,139
Subsidiary acquisition costs - (63,765 )
Cash in subsidiary on acquisition - 1,145,561
Interest received - 405
Net cash from investing activities (100,038 ) (2,891,308 )

Cash flows from financing activities
Bank loan repayments in year (37,169 ) (31,311 )
Other loan repayments in year (1,026,386 ) (200,000 )
Capital repayments net of finance raised (687,835 ) (213,110 )
Subsidiary dividend to minority interest (127,500 ) (50,000 )
Equity dividends paid (510,000 ) (200,000 )
Net cash from financing activities (2,388,890 ) (694,421 )

Increase/(decrease) in cash and cash equivalents 237,703 (4,262,789 )
Cash and cash equivalents at beginning
of year

2

1,233,072

5,495,861

Cash and cash equivalents at end of year 2 1,470,775 1,233,072

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 5,164,890 4,215,197
Depreciation charges 478,986 785,229
Profit on disposal of fixed assets (242,873 ) (86,986 )
Finance costs 216,113 24,941
Finance income - (405 )
5,617,116 4,937,976
Increase in stocks (9,783,320 ) (3,923,136 )
(Increase)/decrease in trade and other debtors (3,602,280 ) 3,683,757
Increase/(decrease) in trade and other creditors 11,728,220 (4,512,001 )
Cash generated from operations 3,959,736 186,596

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 31st January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 1,470,775 1,288,876
Bank overdrafts - (55,804 )
1,470,775 1,233,072
Year ended 31st January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 1,288,876 5,495,861
Bank overdrafts (55,804 ) -
1,233,072 5,495,861


HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.2.22 Cash flow changes At 31.1.23
£    £    £    £   
Net cash
Cash at bank
and in hand 1,288,876 181,899 1,470,775
Bank overdrafts (55,804 ) 55,804 -
1,233,072 237,703 1,470,775
Debt
Finance leases (821,490 ) 687,835 (128,397 ) (262,052 )
Debts falling due
within 1 year (1,070,700 ) 1,063,555 (1,054,625 ) (1,061,770 )
Debts falling due
after 1 year (3,516,331 ) - 1,054,625 (2,461,706 )
(5,408,521 ) 1,751,390 (128,397 ) (3,785,528 )
Total (4,175,449 ) 1,989,093 (128,397 ) (2,314,753 )

4. ACQUISITION OF BUSINESS

During the previous period, a subsidiary company, Hunt Forest Group Limited, acquired a trading subsidiary. The cash flow for the year ended 31 January 2022 was adjusted to reflect the following assets and liabilities at acquisition:

£
Fixed assets 1,568,406
Stock 11,113,620
Debtors 4,553,291
Cash at bank and in hand 1,145,561
Creditors - non debt (8,928,722 )
Creditors - debt (647,975 )
Tax creditor (94,696 )
Provisions (253,941 )

Hunt Forest Group Limited incurred costs on the acquisition of the subsidiary to the sum of £63,765. The total consideration was £8,519,309. £4,413,765 of this was paid in cash during the year ended 31 January 2022. The balance of £4,105,544 was included within creditors and was in other non-cash changes.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2023


1. STATUTORY INFORMATION

Hunt Holdco 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 company and the group's principal place of business is the head office at Martins Lane, Chilbolton, Stockbridge, Hampshire, SO20 6BL but as explained in the Strategic Report it also operates from a number of other locations in the South of England.

The financial statements are presented in pounds sterling, which is also the functional currency of the company.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2023.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The acquisition method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Where merger relief is available, this is applied and accordingly the cost of the business combination is instead measured as the nominal value of the share capital issued in consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and the underlying assumptions are based on historical 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.

The carrying value of stock and the inclusion of any provisions for slow moving or obsolete stock is an area of estimation uncertainty and requires professional judgement. The stock value at the balance sheet date of £40,843,056 is after allowing for slow moving and obsolete stock.

The group has a specific estimation technique in place to consider obsolete and slow moving stock in connection with parts stock. This considers the length of time that the stock has been held by the company and based on this analysis, the company then applies a percentage reduction to the value of each stock line.

The group also keep the value of wholegood stock under constant review and if the net realisable value of this stock drops below the original cost then the company make the necessary adjustments to the carrying value.

The group have established these estimation techniques based on the detailed knowledge and understanding that they have of the industry and the business.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable. The fair value of the consideration received or receivable takes into account the amount of any discounts given by the entity and is stated net of VAT.

Turnover from the sale of machinery and parts is recognised when the significant risks and rewards of ownership of the goods have passed to the customer, the amount of revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover is recognised on repairs and servicing when the relevant activity is complete. Turnover in respect of hire income is recognised on a straight line basis over the term of the hire agreement.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Freehold land & buildings - straight line over 50 years
Leasehold land & buildings - Over the remaining term of the lease
Improvements to property - in accordance with the property
Plant & machinery and motor vehicles - 25% on reducing balance and 25% straight line

All fixed assets are initially recorded at cost or at fair value on acquisition of a subsidiary.

Fixed assets other than freehold land and buildings are subsequently recorded at cost less depreciation and any impairment. Freehold land and buildings are recorded at depreciated cost or depreciated fair value on acquisition of a subsidiary. No depreciation is charged on freehold land and depreciation is charged on freehold buildings straight line over 50 years.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

The weighted average cost method is applied for the calculation of cost in relation to parts stock. Provision is made for damaged and obsolete parts stock where appropriate. Provision is made for slow-moving parts stock based upon the period that the stock item has been held and a percentage reduction is applied to the value of each stock line.

Wholegoods are considered on an individual basis as a result of the customisation and individual specification of each item. Wholegoods stock is written down where its carrying value is higher than the estimated selling price less costs to complete and sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

There are no lease incentives in relation to any operating leases in operation during the period.

Pension costs and other post-retirement benefits
The group contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit will be required to settle the obligation and a reliable estimate can be made.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

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

2023 2022
£    £   
Sale of goods 100,996,117 88,692,306
Rendering of services 10,327,196 9,947,584
Hire of goods 1,773,430 1,049,064
Other revenue 3,466,109 3,031,787
116,562,852 102,720,741

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 7,810,448 6,827,498
Social security costs 909,222 749,465
Other pension costs 207,736 290,164
8,927,406 7,867,127

The average number of employees during the year was as follows:
2023 2022

Sales 28 33
Workshop 88 89
Admin 44 27
Parts 27 26
187 175

The key management personnel of the group comprise the board of directors of the subsidiary company Hunt Forest Group Limited and the board of directors of Hunt Holdco Limited. The total emoluments of the 8 key management personnel of the group, which were incurred by the trading subsidiaries, comprising salary, pension contributions and benefits in kind totalled £902,486 (2022: £808,797).

2023 2022
£    £   
Directors' remuneration 301,675 304,940
Directors' pension contributions to money purchase schemes 4,403 4,396

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

Money purchase schemes 1 2

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 245,893 259,998
Pension contributions to money purchase schemes 4,403 4,396

6. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 388,195 527,730
Depreciation - assets on hire purchase contracts 90,791 193,734
Profit on disposal of fixed assets (242,873 ) (86,986 )
Goodwill amortisation - 63,765
Foreign exchange differences - 1,204
Auditors' remuneration 4,150 3,950
Operating lease - Land & Buildings 258,500 158,333
Operating lease - Vehicles & Machinery 249,694 140,932
Fees to the company's auditor for other services - audit of subsidiaries 32,000 22,000
Fees to the company's auditor for all other services of subsidiaries 70,093 116,432

Fees to the company's auditor for all other services of subsidiaries includes £5,320 (2022: £5,577) in relation to taxation compliance and £64,773 (2022: £110,855) in relation to all other services. Fees to other component auditors amounted to £Nil (2022: £16,575).

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 5,841 4,160
Bank loan interest 17,744 12,582
Other interest and charges 175,804 4,524
Hire purchase interest 16,724 3,675
216,113 24,941

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 940,826 900,475
Under/over provision in prior years - (2,269 )
Total current tax 940,826 898,206

Deferred tax 29,485 5,005
Tax on profit 970,311 903,211

UK corporation tax has been charged at 19 % (2022 - 19 %).

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


8. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 5,164,890 4,215,197
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

981,329

800,887

Effects of:
Expenses not deductible for tax purposes 4,542 8,521
Capital allowances in excess of depreciation (44,704 ) -
Depreciation in excess of capital allowances - 92,053
Temporary timing differences (341 ) (961 )
Over provision in prior year - (2,293 )
Deferred tax - timing differences 29,485 (81,526 )
Deferred tax adjustments as a result of changes in tax rates - 86,530
Total tax charge 970,311 903,211

Deferred tax liabilities are calculated based upon the tax rates which are expected to apply to the reversal of the relevant timing difference. Accordingly deferred tax liabilities have been calculated at 25% which is the applicable rate from 1st April 2023.

The expected reversal of deferred tax liabilities in the succeeding period is £98,414 (2022: £69,119). This is in relation to the deferred tax liability recognised on accelerated capital allowances and other timing differences.

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £1 each
Interim 510,000 200,000

Dividends proposed after the year end, not recognised as a liability in the financial statements, totalled £624,000 (2022: £510,000).

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st February 2022
and 31st January 2023 63,765
AMORTISATION
At 1st February 2022
and 31st January 2023 63,765
NET BOOK VALUE
At 31st January 2023 -
At 31st January 2022 -

Goodwill has been written off in full in the year of acquisition.

12. TANGIBLE FIXED ASSETS

Group
Plant &
Freehold Leasehold Improvements machinery
land & land & to and motor
buildings buildings property vehicles Totals
£    £    £    £    £   
COST
At 1st February 2022 3,133,078 683,065 - 4,930,185 8,746,328
Additions - 39,628 46,670 863,220 949,518
Disposals - - - (1,163,694 ) (1,163,694 )
At 31st January 2023 3,133,078 722,693 46,670 4,629,711 8,532,152
DEPRECIATION
At 1st February 2022 209,929 494,041 - 3,354,784 4,058,754
Charge for year 70,400 20,735 102 387,749 478,986
Eliminated on disposal - - - (685,484 ) (685,484 )
At 31st January 2023 280,329 514,776 102 3,057,049 3,852,256
NET BOOK VALUE
At 31st January 2023 2,852,749 207,917 46,568 1,572,662 4,679,896
At 31st January 2022 2,923,149 189,024 - 1,575,401 4,687,574

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery
and motor
vehicles
£   
COST
At 1st February 2022 938,394
Additions 128,397
Disposals (607,891 )
At 31st January 2023 458,900
DEPRECIATION
At 1st February 2022 262,786
Charge for year 90,791
Eliminated on disposal (215,098 )
At 31st January 2023 138,479
NET BOOK VALUE
At 31st January 2023 320,421
At 31st January 2022 675,608

Company
Plant &
Freehold Improvements machinery
land & to and motor
buildings property vehicles Totals
£    £    £    £   
COST
At 1st February 2022 45,000 - - 45,000
Additions - 46,670 3,419 50,089
At 31st January 2023 45,000 46,670 3,419 95,089
DEPRECIATION
At 1st February 2022 2,196 - - 2,196
Charge for year 1,098 102 71 1,271
At 31st January 2023 3,294 102 71 3,467
NET BOOK VALUE
At 31st January 2023 41,706 46,568 3,348 91,622
At 31st January 2022 42,804 - - 42,804

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st February 2022
and 31st January 2023 954
NET BOOK VALUE
At 31st January 2023 954
At 31st January 2022 954


Subsidiary undertakings

The following were direct subsidiary undertakings of Hunt Holdco Limited at the year end:
Name Business Class of shares Holding
Hunt Forest Group Limited Sale and maintenance of
agricultural machinery.
"A" Ordinary 80%
"B" Ordinary 74%

The following were subsidiary undertakings of Hunt Forest Group Limited at the year end:
Name Business Class of shares Holding
C. Smart Agricultural Services
Limited
Non-trading but formerly the sale
and maintenance of agricultural
machinery.
Ordinary 100%
R. Hunt (Agricultural Engineers)
Limited
Non-trading but formerly the sale
and maintenance of agricultural
machinery.
"A" & "B" Ordinary 100%
New Forest Farm Machinery
Limited
Non-trading but formerly the sale
and maintenance of agricultural
machinery.
Ordinary & Preference 100%

The registered office address for all subsidiaries is Martins Lane, Chilbolton, Stockbridge, Hampshire, SO20 6BL.



Name


Aggregate
capital and
reserves


Profit /(Loss)
2023 2023
£    £   
Hunt Forest Group Limited 19,251,825 4,453,418
C. Smart Agricultural Services Limited 140,000 -
R. Hunt (Agricultural Engineers) Limited 1,600 -
New Forest Farm Machinery Limited 765,002 -

All subsidiaries are included in the consolidated accounts.

The subsidiary C. Smart Agricultural Services Limited, Registered Number 03635176 has taken advantage of exemption from audit under section 479A of the Companies Act 2006 in its individual accounts as a result of Hunt Forest Group Limited providing a statutory guarantee under section 479C in respect of C. Smart Agricultural Services Limited's outstanding liabilities as at 31st January 2023.

The subsidiary R. Hunt (Agricultural Engineers) Limited, Registered Number 01211696 has taken advantage of exemption from audit under section 480 of the Companies Act 2006 in its individual accounts as a result of being dormant throughout the year ended 31st January 2023.

The subsidiary New Forest Farm Machinery Limited, Registered Number 01426065 has taken advantage of exemption from audit under section 480 of the Companies Act 2006 in its individual accounts as a result of being dormant throughout the year ended 31st January 2023.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


14. STOCKS

Group
2023 2022
£    £   
Stocks 40,843,056 31,059,736

Stocks comprise of finished goods.

Stocks with a value of £6,778,927 (2022: £3,301,914) have been pledged as security for liabilities of the company.

The amount of stock recognised as an expense in cost of sales during the period was £98,390,380 (2022: £89,869,916). This relates to cost of goods sold, goods used as parts of the service function and the stock costs of goods being hired to customers.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 10,142,889 7,332,828 - -
Amounts owed by group undertakings - - 907,682 901,548
Other debtors 44,870 47,425 - -
Directors' current accounts - 6 - 375
VAT 1,237,837 - 10,808 1,740
Prepayments and accrued income 351,734 794,791 - -
11,777,330 8,175,050 918,490 903,663

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 35,384 100,118 - -
Other loans (see note 18) 1,026,386 1,026,386 - -
Hire purchase contracts (see note 19) 152,372 622,746 - -
Trade creditors 31,861,697 18,920,951 - -
Tax 524,296 600,462 9,057 6,394
Social security and other taxes 483,216 353,511 - -
VAT - 115,459 - -
Other creditors 464,748 1,220,944 - -
Directors' current accounts 2,407 2,407 - -
Accruals and deferred income 102,123 572,699 4,200 4,000
34,652,629 23,535,683 13,257 10,394

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 18) 408,934 437,173
Other loans (see note 18) 2,052,772 3,079,158
Hire purchase contracts (see note 19) 109,680 198,744
2,571,386 3,715,075

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 55,804
Bank loans 35,384 44,314
Other loans 1,026,386 1,026,386
1,061,770 1,126,504
Amounts falling due between one and two years:
Bank loans - 1-2 years 37,520 44,314
Other loans - 1-2 years 1,026,386 1,026,386
1,063,906 1,070,700
Amounts falling due between two and five years:
Bank loans - 2-5 years 125,770 132,943
Other loans - 2-5 years 1,026,386 2,052,772
1,152,156 2,185,715
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years by
instalments

245,644

259,916

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 152,372 622,746
Between one and five years 109,680 198,744
262,052 821,490

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 481,502 254,725
Between one and five years 881,156 301,345
In more than five years 385,416 -
1,748,074 556,070

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


19. LEASING AGREEMENTS - continued

Minimum lease receivables fall due as follows:

Group

Non-cancellable
operating leases
2023 2022
£ £
Within one year 170,446 57,436
Between one and five years 109,428 31,508
279,874 88,944

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 444,318 481,487
Hire purchase contracts 262,052 821,490
Trade creditors 6,778,927 3,301,914
7,485,297 4,604,891

Trade creditors includes an amount of £6,778,927 (2022: £3,301,914) for which security has been given. This amount is secured by way of a fixed and floating charge over agricultural vehicles and other equipment included in stock.

Hire purchase contracts are secured over the assets acquired under the agreement.

Bank loans are secured by way of a debenture and over three freehold land and properties owned by the group, known as follows:

Hunt Forest Group Limited, Blashford, Ringwood, BH24 3PE.

Hunt Forest Group Limited, Chilbolton, Stockbridge, SO20 6BL.

Hunt Forest Group Limited, Rookley, Isle of Wight, PO36 3LT.

Interest is charged at 2.4% above base rate per annum. Repayments are in monthly instalments.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax -
Accelerated capital allowances 464,244 434,759
464,244 434,759

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st February 2022 434,759
Charge to Income Statement during year 29,485
Balance at 31st January 2023 464,244

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
800 Ordinary A £1 800 800
800 Ordinary B £1 800 800
1,600 1,600

The rights of the A Ordinary shares and B Ordinary shares were as follows:

The holders of the A Ordinary shares shall be entitled to receive notice of meetings and attend and vote at General Meetings. One vote per A Ordinary share. The holders of the B Ordinary shares shall not be entitled to receive notice of meetings or to attend or vote at General Meetings.

Any dividends declared by the company shall be paid to the holders of the B Ordinary shares only pro-rata to the number of B Ordinary shares held. No dividend shall be paid to holders of A Ordinary shares.

On a return of capital on liquidation or otherwise (except on redemption or purchase by the company of any shares) the surplus assets of the company remaining after the payment of its liabilities shall be paid to the holders of B Ordinary shares only pro-rata to the number of B Ordinary shares held.

23. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1st February 2022 4,205,893 10,018,696 14,224,589
Profit for the year 3,363,255 3,363,255
Dividends (510,000 ) (510,000 )
At 31st January 2023 7,059,148 10,018,696 17,077,844

Company
Retained
earnings
£   

At 1st February 2022 1,028,484
Profit for the year 547,956
Dividends (510,000 )
At 31st January 2023 1,066,440

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


23. RESERVES - continued

The company applied Merger Relief, S612 and S615 of Companies Act 2006 to the share for share exchange to acquire the subsidiary Hunt Forest Group Limited. The investment is recorded at the nominal value of the shares issued by way of share for share exchange, £800, plus the additional cost to acquire shares of £154. The fair value adjustment on consolidation is £10,018,696 this is shown in 'Other Reserves'.

24. NON-CONTROLLING INTERESTS

The company holds 74% of the voting rights and 80% of the rights to dividends and capital on winding up of the subsidiary company Hunt Forest Group Limited.

Minority interests hold 26% of the voting rights and 20% of the rights to dividends and capital on winding up of the subsidiary company Hunt Forest Group Limited.

The subsidiary companies C. Smart Agricultural Services Limited, R. Hunt (Agricultural Engineers) Limited and New Forest Farm Machinery Limited are 100% owned by Hunt Forest Group Limited.

25. PENSION COMMITMENTS

The group contributes to defined contribution pension schemes for its directors and employees. The assets of the schemes are held separately from those of the group in independently administered funds. There were unpaid contributions due at the end of the period in relation to these schemes amounting to £33,249 (2022: £29,066). The amount recognised as an expense in the year was £207,736 (2022: £290,164).

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st January 2023 and 31st January 2022:

2023 2022
£    £   
Mr T J Hunt
Balance outstanding at start of year 6 -
Amounts advanced - 50,006
Amounts repaid (6 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6

Mrs F D Hunt
Balance outstanding at start of year - -
Amounts advanced - 49,197
Amounts repaid - (49,197 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr G T Hunt
Balance outstanding at start of year - -
Amounts advanced - 49,198
Amounts repaid - (49,198 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023


26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs S B Clarke
Balance outstanding at start of year - -
Amounts advanced - 49,198
Amounts repaid - (49,198 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

These loans were unsecured with interest charged on overdrawn balances at HMRC approved rates and were repaid during the year or within nine months of the year end.

27. RELATED PARTY DISCLOSURES

Transactions and balances with related parties as reported in the consolidated figures of Hunt Holdco Limited.

Key management personnel of the entity (in the aggregate)
2023 2022
£    £   
Sales 4,432 3,240
Dividends paid 510,000 200,000
Amount due from related party 65 12
Amount due to related party 2,266 2,394

The amounts due from or to key management personnel are unsecured, interest free and repayable on demand.

Total key management personnel compensation is disclosed in note 5.

Other related parties
2023 2022
£    £   
Sales 150,599 381,097
Provision of services from related party 111,737 116,964
Amount due from related party 3,310 1,499

The amounts due from other related parties are unsecured, interest free and repayable on demand.

28. POST BALANCE SHEET EVENTS

Subsequent to the year end Hunt Forest Group Limited closed the Sparkford and Cheddar depots, combining their operations into new purpose built premises in Green Ore.

29. ULTIMATE CONTROLLING PARTY

The company is not under the control of any one individual or entity.

30. SHARE-BASED PAYMENT TRANSACTIONS

At the period end there were outstanding unvested options over 26 Ordinary A shares at a weighted average exercise price of £4,615.38 per share. The share options vest in accordance with the rules of the Hunt Holdco Limited 2019 Enterprise Management Incentive Share Option Scheme.