Company Registration No. 02316548 (England and Wales)
HHB COMMUNICATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
HHB COMMUNICATIONS LIMITED
COMPANY INFORMATION
Directors
IP Jones
SR Angel
P Christensen
Company number
02316548
Registered office
73-75 Scrubs Lane
London
NW10 6QU
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
HHB COMMUNICATIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
HHB COMMUNICATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
The directors present the strategic report for the year ended 31 January 2023.
Fair review of the business
This was another successful year for the company and turnover of £26.9m was achieved, a slight decrease in comparison with the £29.9m in the previous year.
Set against a challenging socio-economic environment of trading during an unprecedented cost of living crisis brought on by the unexpected war in Ukraine in addition to the post-pandemic effect on the UK economy still reeling from uncertainties connected to Brexit, the focus of the company continues to be building on and maintaining its enviable reputation, strengthening its position within the marketplace, and ensuring that our core business is sufficiently resourced and profitable across all our HHB, Source and Scrub divisions.
Key performance indicators
The key financial performance indicators used to monitor the performance of the company are set out below:
Taking into account the difficult market conditions as described above and navigating global supply chain issues, during the year the turnover decreased by 10.3% to £26.9 million (2022: £29.9m). The company continues to trade without incurring any bad debts, which highlights the unique position it occupies within its core markets and customers following years of successful trading.
Owing to the strong performance of our core brands the company increased its gross profit percentage by 0.4% in 2023, however its gross profit decreased by £0.8m in the year from £8.9m in 2022 to £8.1m.
In addition, due to focus on streamlining expenses, the company's profit before taxation has seen a slight 2.7% decrease from £2.3m in 2022 to £2.24m.
Future Developments
In 2023 the HHB group continued to assert its reputation for being the leading UK supplier of professional audio products and services to the media and entertainment industries. In addition to expanding its business and creating new opportunities and successes described below, the HHB group continued focusing on sustainability and reducing its carbon footprint by reviewing all aspects of the impact of its operations – ensuring it is being as energy efficient as possible, with the recently appointed a Head of Sustainability continuously reviewing existing practices and recommending improvements. The company selected energy suppliers to ensure renewable sources of energy are being used, as well as reducing its fleet of vehicles and replacing to environmentally friendly ones amongst other initiatives.
During the year HHB continued to work with many notable postproduction facilities, film and recording studios, and broadcasters including but not limited to: Publicis, Warner Brothers De Lane Lea, Royal College of Music, Pierce Entertainment, BBC, School Farm Studios, Molinare, Sky and Pinewood amongst others. Across these customers HHB has facilitated the equipping of several entirely new facilities as well as major upgrades to existing studios, prepared clients to be certified for Dolby Atmos and continued the successful partnership with Avid in the UK placing amongst the top audio resellers of AVID in EMEA. In addition, HHB was announced as the first channel partner for Audinate Dante Connect to enable cloud-based workflows for broadcasters.
HHB has continually focused on growing its existing core product partnerships, with the recently appointed distribution brand Comrex achieving increased sales in the UK marketplace.
HHB’s website attracts significant increase in traffic owing to ongoing focus and improvements to product pages combined with regular original articles and features showcasing recent industry leading HHB projects with unique solutions, which in turn has led to additional sales leads and elevating HHB’s brand awareness.
HHB COMMUNICATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
During the year Source Distribution was featured frequently in industry news with a number of distributed products being awarded Specialist Press Awards highlighting Source Distribution’s influence and reputation within the industry such as but not limited to:
- Photo News Gear of the Year award for Best Video Accessory and Pro-Moviemaker Gear of The Year award for Best Wireless Mic for Rode Wireless Go II
- Sound on Sound awards for Highly Commended products for Rodecaster Pro II integrated Audio Production Studio and Genelec 8351B Monitors
- Trusted Reviews Awards for Best wired headphones - Rode NTH-100
Source Distribution launched its completely redeveloped website to a great success in April 2022 presenting a new modern public face for the business and a solid platform to build online tools to support it moving forward. As a consequence, Source turned its focus on growing their online presence specifically on LinkedIn and achieving significant growth and engagement with its followers.
Source’s distributed brands Vicoustic and Genelec were exclusively featured in a series of focused sustainability reports by Sound On Sound magazine published in July 22.
During 2022, record sales were achieved for the Genelec brand across both HHB and Source Distribution including some prestigious installations at Birmingham University, Royal College of Music, University of Surrey and City of London University.
More recently, Source Distribution successfully designed and oversaw the production of a new Rode exhibition stand for MPTS in May 2023 with the end product being very highly regarded, as well the design being lauded by Rode and other European distributors.
In June 2023, Source Distribution was appointed the sole UK/ROI distributor for the legendary synth brand Buchla. Its founder was an original pioneer of electronic musical instrument design and the brand’s products will enhance the already stellar Source brands portfolio.
IP Jones
Director
4 July 2023
HHB COMMUNICATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2023.
Principal activities
The principal activity during the year was the importing, distribution and resale of professional audio, video and music technology products.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £220,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
IP Jones
JS Rainey
(Resigned 31 January 2023)
SR Angel
P Christensen
Auditor
In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
HHB COMMUNICATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
Sustainable development
It is the company’s mission to be global leaders in broadcast and professional audio technology through the provision of high quality and long-life products to our customers. All directors and staff are very mindful of their environmental responsibilities and obligations. The company recycles all paper, cardboard, packaging, plastics, electrical and electronic waste using certified recycling providers and recognised audited schemes and monitors the amount of waste and recycling being undertaken at each of its business locations. HHB Communications Ltd is a registered producer under the UK WEEE regulations and is fully compliant with those regulations.
The company ensures that its vehicles fully comply with all regulatory requirements and are well maintained and efficient, in terms of both their fuel efficiency and their environmental impact. All staff are encouraged to be environmentally aware with their choice of transportation and are encouraged to utilise public transport when it is practical to do so. Season ticket loans are made available to all staff to facilitate this.
Electric charging points for vehicles have been installed at the company’s HQ in London to increase fuel efficiency and to reduce harmful emissions. The company is also taking action to move away from diesel fuelled vehicles by ultilising petrol/electric hybrid vehicles and will at some point in the future embrace fully electric vehicles where practical.
Business continuity and information security management
The company has in place appropriate policies and processes relating to ‘Business Continuity’ and ‘Information Security Management Systems’ and are currently working towards becoming certified in Internationally recognised standards: ISO 22301 and ISO 27001.
The company is committed to ensuring the Health & Safety of employees. There are adequate levels of Fire Wardens and First Aiders at each site, and Health and Safety inspections and drills are carried out on a regular basis. Particular attention has been paid to COVID-19 Risk Assessments during the pandemic and various mitigating actions have been taken to reduce the risk of infection transmission within our premises.
On behalf of the board
IP Jones
Director
4 July 2023
HHB COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HHB COMMUNICATIONS LIMITED
- 5 -
Opinion
We have audited the financial statements of HHB Communications Limited (the 'company') for the year ended 31 January 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HHB COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HHB COMMUNICATIONS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Capability of the audit in detecting irregularity, including fraud
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.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
HHB COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HHB COMMUNICATIONS LIMITED
- 7 -
Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade and import and export legislation; the waste electronic and electronic equipment (WEEE) regulations; data protection legislation; anti-bribery and anti-corruption legislation.
ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates in particular in relation to the warranty and stock provision estimates;
Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, or large and unusual journal entries;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the balance sheet includes a number of items selected on a random basis;
Discussions with management; and
Reviewing board minutes.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
HHB COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HHB COMMUNICATIONS LIMITED
- 8 -
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 an auditor's report 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.
Paul Forster (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited
4 July 2023
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
HHB COMMUNICATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
26,854,747
29,954,946
Cost of sales
(18,784,490)
(21,068,695)
Gross profit
8,070,257
8,886,251
Distribution costs
(228,762)
(207,898)
Administrative expenses
(5,609,520)
(6,410,795)
Other operating income
42,335
Operating profit
5
2,231,975
2,309,893
Interest receivable and similar income
6
9,701
2,679
Interest payable and similar expenses
7
(8,065)
Profit before taxation
2,241,676
2,304,507
Tax on profit
9
(431,752)
(402,164)
Profit for the financial year
1,809,924
1,902,343
Other comprehensive income
Tax relating to other comprehensive income
71,749
Total comprehensive income for the year
1,809,924
1,974,092
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HHB COMMUNICATIONS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
41,219
96,155
Investments
12
28,929
28,929
70,148
125,084
Current assets
Stocks
14
5,997,135
6,331,028
Debtors
15
2,717,439
3,625,443
Cash at bank and in hand
3,106,283
2,376,845
11,820,857
12,333,316
Creditors: amounts falling due within one year
16
(4,043,099)
(6,144,510)
Net current assets
7,777,758
6,188,806
Total assets less current liabilities
7,847,906
6,313,890
Creditors: amounts falling due after more than one year
17
(28,929)
(28,929)
Provisions for liabilities
Provisions
18
441,315
470,046
Deferred tax liability
19
5,212
32,389
(446,527)
(502,435)
Net assets
7,372,450
5,782,526
Capital and reserves
Called up share capital
21
320,460
320,460
Share premium account
287,792
287,792
Capital redemption reserve
419,582
419,582
Profit and loss reserves
22
6,344,616
4,754,692
Total equity
7,372,450
5,782,526
The financial statements were approved by the board of directors and authorised for issue on 4 July 2023 and are signed on its behalf by:
IP Jones
Director
Company Registration No. 02316548
HHB COMMUNICATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 February 2021
292,110
244,700
1,723,686
419,582
5,661,028
8,341,106
Year ended 31 January 2022:
Profit for the year
-
-
-
-
1,902,343
1,902,343
Other comprehensive income:
Tax relating to other comprehensive income
-
-
71,749
-
71,749
Total comprehensive income for the year
71,749
1,902,343
1,974,092
Issue of share capital
21
28,350
43,092
-
-
-
71,442
Dividends
10
-
-
-
-
(4,604,114)
(4,604,114)
Transfers
-
-
(1,795,435)
-
1,795,435
-
Balance at 31 January 2022
320,460
287,792
419,582
4,754,692
5,782,526
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
-
1,809,924
1,809,924
Dividends
10
-
-
-
-
(220,000)
(220,000)
Balance at 31 January 2023
320,460
287,792
419,582
6,344,616
7,372,450
HHB COMMUNICATIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
1,406,108
(1,676,064)
Interest paid
(8,065)
Income taxes paid
(456,844)
(533,019)
Net cash inflow/(outflow) from operating activities
949,264
(2,217,148)
Investing activities
Purchase of tangible fixed assets
(9,527)
(23,279)
Proceeds from disposal of tangible fixed assets
4,604,114
Interest received
9,701
2,679
Net cash generated from investing activities
174
4,583,514
Financing activities
Proceeds from issue of shares
71,442
Repayment of bank loans
(878,064)
Dividends paid
(220,000)
(4,604,114)
Net cash used in financing activities
(220,000)
(5,410,736)
Net increase/(decrease) in cash and cash equivalents
729,438
(3,044,370)
Cash and cash equivalents at beginning of year
2,376,845
5,421,215
Cash and cash equivalents at end of year
3,106,283
2,376,845
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 13 -
1
Accounting policies
Company information
HHB Communications Limited is a company limited by shares incorporated in England and Wales. The registered office is 73-75 Scrubs Lane, London, NW10 6QU.
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.
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 the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The financial statements present information about the company as an individual entity and not about its group. The company has two wholly owned subsidiary undertakings, that are both dormant and are immaterial to the company. Therefore consolidated financial statements have not been prepared.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets, with the exception of freehold land and buildings, are measured at cost net of depreciation and any impairment losses. Freehold land and buildings are held at their frozen valuation at the date of transition to FRS 102. Freehold land and buildings acquired since this date are measured at cost.
Depreciation 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:
Plant and machinery
20% - 33.3% straight line
Fixtures, fittings & equipment
10% - 33.3% straight line
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 14 -
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 15 -
1.10
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 17 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 18 -
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Warranty provision
Warranties are provided on products sold by the company. Where the company is liable for these warranties, a provision is made for this. This provision requires management's best estimation of the costs that will be incurred in meeting its warranty obligations. In addition the timing of the cashflows and therefore the net present value of the obligation require management's judgement.
Stock provision
Stock is provided for where items are identified as slow moving or obsolete. The calculation of the provision involves management's best estimate on the net realisable value of the identified stock.
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 19 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
26,517,901
29,634,280
Sale of services and repairs
276,423
263,692
Carriage
37,088
44,252
Other income
23,335
12,722
26,854,747
29,954,946
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
22,708,868
27,393,376
Europe
3,460,910
2,065,438
USA & Canada
6,066
9,270
Rest of the World
678,903
486,862
26,854,747
29,954,946
2023
2022
£
£
Other revenue
Interest income
9,701
2,679
Grants received
-
42,335
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Sales and service
45
48
Administration
12
12
Total
57
60
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
4
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,229,745
4,423,161
Social security costs
566,455
516,005
Pension costs
148,296
143,356
3,944,496
5,082,522
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(117,056)
(122,294)
Hedging instrument losses
24,490
4,257
Government grants
-
(42,335)
Fees payable to the company's auditor for the audit of the company's financial statements
20,800
20,700
Depreciation of owned tangible fixed assets
47,250
61,117
Loss on disposal of tangible fixed assets
17,213
-
Operating lease charges
35,802
45,874
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
9,701
2,679
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,701
2,679
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
8,065
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 21 -
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,081,801
1,904,923
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
450,723
880,792
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
458,929
458,000
Deferred tax
Origination and reversal of timing differences
(27,177)
(55,836)
Total tax charge
431,752
402,164
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,241,676
2,304,507
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
425,918
437,856
Tax effect of expenses that are not deductible in determining taxable profit
5,805
5,714
Change in unrecognised deferred tax assets
(11,037)
(56,895)
Effect of change in corporation tax rate
(9,388)
8,176
Permanent capital allowances in excess of depreciation
19,869
6,117
Under/(over) provided in prior years
585
1,196
Taxation charge for the year
431,752
402,164
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
9
Taxation
(Continued)
- 22 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
(71,749)
10
Dividends
2023
2022
£
£
Final paid
220,000
-
Dividend in specie
4,604,114
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost or valuation
At 1 February 2022
489,079
186,904
675,983
Additions
8,392
1,135
9,527
Disposals
(98,465)
(25,203)
(123,668)
At 31 January 2023
399,006
162,836
561,842
Depreciation and impairment
At 1 February 2022
408,174
171,654
579,828
Depreciation charged in the year
38,992
8,258
47,250
Eliminated in respect of disposals
(84,256)
(22,199)
(106,455)
At 31 January 2023
362,910
157,713
520,623
Carrying amount
At 31 January 2023
36,096
5,123
41,219
At 31 January 2022
80,905
15,250
96,155
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
28,929
28,929
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 23 -
13
Subsidiaries
Details of the company's subsidiaries at 31 January 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
HHB Limited
England and Wales
Dormant
Ordinary
100.00
Source Distribution Limited
England and Wales
Dormant
Ordinary
100.00
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
5,997,135
6,331,028
At the year end a provision for obsolete and damaged stock of £391,145 (2022 - £354,859) was made. The movement on the provision was charged to cost of sales in the profit and loss account.
Included within stock are goods subject to reservation of title.
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,315,720
2,682,010
Amounts owed by group undertakings
148,250
455,000
Other debtors
4,897
4,873
Prepayments and accrued income
248,572
483,560
2,717,439
3,625,443
16
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,834,614
2,867,407
Corporation tax
260,000
257,915
Other taxation and social security
644,597
1,418,540
Other creditors
750,457
76,632
Accruals and deferred income
553,431
1,524,016
4,043,099
6,144,510
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 24 -
17
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
28,929
28,929
18
Provisions for liabilities
2023
2022
£
£
Warranty provision
441,315
470,046
Movements on provisions:
Warranty provision
£
At 1 February 2022
470,046
Utilisation of provision
(28,731)
At 31 January 2023
441,315
The warranty provision relates to the estimated future cost of product repairs discounted to present value. £175,838 (2022: £181,697) of the provision is expected to be utilised in the next 12 months, with the balance expected to be utilised after 12 months.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
5,212
32,389
2023
Movements in the year:
£
Liability at 1 February 2022
32,389
Credit to profit or loss
(27,177)
Liability at 31 January 2023
5,212
The deferred tax liability set out above is expected to reverse after 12 months.
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 25 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
148,296
143,356
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
320,460
320,460
320,460
320,460
All ordinary shares rank equally as regards to rights to voting, rights to dividends and rights to participating in a distribution on winding up.
22
Profit and loss reserves
The profit and loss reserve is wholly distributable.
23
Financial commitments, guarantees and contingent liabilities
The company has given a general indemnity to Barclays Bank for £60,000 in respect of an HM Revenue and Customs VAT deferment account.
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
128,070
455,147
Between two and five years
102,374
213,335
230,444
668,482
HHB COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 26 -
25
Related party transactions
At the year end the company owed its subsidiaries £28,929 (2022 - £28,929). These balances are shown in creditors amounts falling due in more than one year.
Total remuneration, including pension contributions, paid to directors' family members amounted to £53,500 (2022 - £51,750).
26
Ultimate controlling party
The ultimate controlling party at the year end is Mr I Jones, by virtue of his shareholding in HHB Communications Holdings Limited. In the previous year, the ultimate controlling party was also Mr I Jones however, this was by virtue of his shareholding in Old Oak Common Holdings Limited.
27
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
1,809,924
1,902,343
Adjustments for:
Taxation charged
431,752
402,164
Finance costs
8,065
Investment income
(9,701)
(2,679)
Loss on disposal of tangible fixed assets
17,213
-
Depreciation and impairment of tangible fixed assets
47,250
61,117
Decrease in provisions
(28,731)
(13,826)
Movements in working capital:
Decrease/(increase) in stocks
333,893
(1,856,907)
Decrease/(increase) in debtors
908,004
(2,062,553)
Decrease in creditors
(2,103,496)
(113,788)
Cash generated from/(absorbed by) operations
1,406,108
(1,676,064)
28
Analysis of changes in net funds
1 February 2022
Cash flows
31 January 2023
£
£
£
Cash at bank and in hand
2,376,845
729,438
3,106,283
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