REGISTERED NUMBER: 05765343 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
for |
Halsall Holdings Limited |
REGISTERED NUMBER: 05765343 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
for |
Halsall Holdings Limited |
Halsall Holdings Limited (Registered number: 05765343) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Halsall Holdings Limited |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Chancery Court |
34 West Street |
Retford |
Nottinghamshire |
DN22 6ES |
Halsall Holdings Limited (Registered number: 05765343) |
Group Strategic Report |
for the Year Ended 31 January 2023 |
The directors present their strategic report of the company and the group for the year ended 31 January 2023. |
The principal activity of the group in the year under review was that of electrical contractors. |
REVIEW OF BUSINESS |
The directors are pleased to report that the company, going into 2023/2024, continues to generate good turnover and profit levels. |
The company enters the new financial year where future prospects remain positive, as it continues to report strong order books for the foreseeable future as a result of retaining strong links with long-term customers, which has been based on reputation and quality of service. |
We operate from our Cannock Head Office with works being generated across a number of areas in the commercial sector, an approach that has offered some protection against any downturn in activity in these markets. |
Halsall Electrical Limited's reputation has continued to attract enquiries from both existing and many new clients and as such the company is working closely with many large organisations in relation to future opportunities. |
Turnover in the year increased to £86.1m, from £53.5m in the prior year. Gross profit for the year is £10.85m (2022: £9.1m) |
Operating profit before tax stands at £3.7m (2022: £2.2m) |
The Company's Net Assets at the year end were £17.4m (2022: £16.1m) |
The directors consider, given the current unpredictable state of the current economic climate, that the results for financial year ended 31 January 2023 to be satisfactory and as such take this opportunity to formally convey their most sincere appreciation to all members of staff for their continued loyalty and commitment to the company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors continue to monitor the level of enquiries, contracts awarded, turnover, gross profit and cash resources, which they consider all to be key performance indicators. |
The company is exposed to the usual business risks which the directors believe need to be monitored closely, especially during periods of economic uncertainty. The directors continually assess markets and contracts to identify any changes within the business sector in an attempt to mitigate the impact of any future general risk within the sector impacting upon the company. |
Additional to the general business risk within the market place the company is exposed to price risks, credit risks and cash flow associated with selling on credit. These risks are managed through tight credit control procedures, including credit assessments of customers. |
Halsall Holdings Limited (Registered number: 05765343) |
Group Strategic Report |
for the Year Ended 31 January 2023 |
SECTION 172(1) STATEMENT |
The revised UK Corporate Governance Code ('2018 Code') was published in July 2018 and applies to accounting periods beginning on or after January 1, 2019. The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') require Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. This S172 statement explains how Halsall Holdings Limited Directors: |
- have engaged with employees, suppliers, customers and others; and |
- have had regard to employee interests, the need to foster the company's business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the company during the financial year. |
The S172 statement focuses on matters of strategic importance to the company, and the level of information disclosed is consistent with the size and the complexity of the business. |
The Board of directors are aware of their responsibilities and when making decisions, each director ensures that they acts in the way that they consider in good faith, would most likely promote the Company's success for the benefit of its members as a whole and in doing so has regard to: |
S172(1) (A) The likely consequences of any decision in the long term. The aims set out in the review of the business section of the strategic report illustrate the long term focus of the directors. |
S172(1) (B) The interests of the company's employees. The directors recognise that the employees are fundamental to the delivery of strategic ambitions and work closely with their representatives. Frequent appraisals and assessment of our team members wellbeing ensures high retention of staff and key personnel. |
S172(1) (C) The need to foster the company's business relationships with suppliers, customers and others. Delivery of strategic goals requires strong mutually beneficial relationships with suppliers, customers and other agencies. The business continuously assesses the customer base within the context of business strategy and the management team ensures that these relationships are maintained. |
S172(1) (D) The impact of the company's operations on the community and the environment. The company considers its energy usage looking to make efficiencies where possible. |
S172(1) (E) The desirability of the company maintaining a reputation for high standards of business conduct. Compliance with relevant governance standards helps assure that the correct decision are made by the board which promote high standards of business conduct. |
S172(1) (F) The need to act fairly as between members of the company. The directors consider all factors when determining the best course of action to deliver the Company's long term strategic goals. The impact on all stakeholders is considered as fairly as possible in the interest of the Company. |
ON BEHALF OF THE BOARD: |
26 October 2023 |
Halsall Holdings Limited (Registered number: 05765343) |
Report of the Directors |
for the Year Ended 31 January 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2023 will be £ 1,640,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
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. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Halsall Holdings Limited |
Opinion |
We have audited the financial statements of Halsall Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Statement of 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 31 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the Strategic Report and the Report of the Directors have not been prepared in accordance with applicable legal requirements as the energy consumption analysis has been omitted. |
Report of the Independent Auditors to the Members of |
Halsall Holdings Limited |
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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- Substantive procedures performed in accordance with the ISAs (UK). |
- Challenging assumptions and judgments made by management in its significant accounting estimates. |
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |
- Assessing the extent of compliance with the relevant laws and regulations. |
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 |
Halsall Holdings 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Chancery Court |
34 West Street |
Retford |
Nottinghamshire |
DN22 6ES |
Halsall Holdings Limited (Registered number: 05765343) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 January 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 86,119,909 | 53,473,117 |
Cost of sales | 75,266,563 | 44,375,309 |
GROSS PROFIT | 10,853,346 | 9,097,808 |
Administrative expenses | 7,176,838 | 6,916,412 |
3,676,508 | 2,181,396 |
Other operating income | 1,500 | 16,556 |
OPERATING PROFIT | 4 | 3,678,008 | 2,197,952 |
Interest receivable and similar income | 1,773 | - |
PROFIT BEFORE TAXATION | 3,679,781 | 2,197,952 |
Tax on profit | 5 | 716,946 | 354,631 |
PROFIT FOR THE FINANCIAL YEAR |
Halsall Holdings Limited (Registered number: 05765343) |
Consolidated Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 7,565,457 | 7,089,120 |
Investments | 9 | - | - |
7,565,457 | 7,089,120 |
CURRENT ASSETS |
Debtors | 10 | 20,128,051 | 22,208,332 |
Cash at bank and in hand | 11,973,891 | 5,812,721 |
32,101,942 | 28,021,053 |
CREDITORS |
Amounts falling due within one year | 11 | 22,231,892 | 18,997,501 |
NET CURRENT ASSETS | 9,870,050 | 9,023,552 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 17,435,507 | 16,112,672 |
CAPITAL AND RESERVES |
Called up share capital | 13 | 50,000 | 50,000 |
Retained earnings | 14 | 17,385,507 | 16,062,672 |
SHAREHOLDERS' FUNDS | 17,435,507 | 16,112,672 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by: |
A J Wright - Director |
Halsall Holdings Limited (Registered number: 05765343) |
Company Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,061,444 | 1,663,098 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Halsall Holdings Limited (Registered number: 05765343) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 January 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2021 | 50,000 | 15,719,351 | 15,769,351 |
Changes in equity |
Dividends | - | (1,500,000 | ) | (1,500,000 | ) |
Total comprehensive income | - | 1,843,321 | 1,843,321 |
Balance at 31 January 2022 | 50,000 | 16,062,672 | 16,112,672 |
Changes in equity |
Dividends | - | (1,640,000 | ) | (1,640,000 | ) |
Total comprehensive income | - | 2,962,835 | 2,962,835 |
Balance at 31 January 2023 | 50,000 | 17,385,507 | 17,435,507 |
Halsall Holdings Limited (Registered number: 05765343) |
Company Statement of Changes in Equity |
for the Year Ended 31 January 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Halsall Holdings Limited (Registered number: 05765343) |
Consolidated Cash Flow Statement |
for the Year Ended 31 January 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 9,444,664 | 261,017 |
Tax paid | (435,358 | ) | (1,054,829 | ) |
Net cash from operating activities | 9,009,306 | (793,812 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (967,504 | ) | (972,472 | ) |
Sale of tangible fixed assets | 84,782 | 998,324 |
Sale of fixed asset investments | - | 1,708,477 |
Interest received | 1,773 | - |
Net cash from investing activities | (880,949 | ) | 1,734,329 |
Cash flows from financing activities |
Amount introduced by directors | 1,640,000 | 1,500,000 |
Amount withdrawn by directors | (1,967,187 | ) | (1,453,205 | ) |
Equity dividends paid | (1,640,000 | ) | (1,500,000 | ) |
Net cash from financing activities | (1,967,187 | ) | (1,453,205 | ) |
Increase/(decrease) in cash and cash equivalents | 6,161,170 | (512,688 | ) |
Cash and cash equivalents at beginning of year |
2 |
5,812,721 |
6,325,409 |
Cash and cash equivalents at end of year | 2 | 11,973,891 | 5,812,721 |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 January 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 3,679,781 | 2,197,952 |
Depreciation charges | 379,812 | 455,764 |
Loss/(profit) on disposal of fixed assets | 26,574 | (218,879 | ) |
Finance income | (1,773 | ) | - |
4,084,394 | 2,434,837 |
Decrease/(increase) in trade and other debtors | 2,068,018 | (5,670,314 | ) |
Increase in trade and other creditors | 3,292,252 | 3,496,494 |
Cash generated from operations | 9,444,664 | 261,017 |
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 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 11,973,891 | 5,812,721 |
Year ended 31 January 2022 |
31.1.22 | 1.2.21 |
£ | £ |
Cash and cash equivalents | 5,812,721 | 6,325,409 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.22 | Cash flow | At 31.1.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,812,721 | 6,161,170 | 11,973,891 |
5,812,721 | 6,161,170 | 11,973,891 |
Total | 5,812,721 | 6,161,170 | 11,973,891 |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Halsall Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts incorporate the accounts of Halsall Holdings Limited and all its subsidiary undertakings. A separate Profit and Loss Account dealing with the results of the company has not been presented in accordance with section 408 of the Companies Act 2006. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Turnover is inclusive of accrued income in respect of work undertaken during the year which at the balance sheet date has not been billed in accordance with FRS102 section 23. |
Turnover recognised in this manner is based upon an assessment of the fair value of the contracts at the |
balance sheet date as a proportion of the total value of the engagement. |
Tangible fixed assets |
Land and Buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are held at fair value. Movements in fair value are reflected through the profit and loss account in the year to which they relate. |
Amounts recoverable on contracts |
The amount by which recorded turnover on long term contracts is in excess of payments on account is classified as amounts recoverable on contracts under debtors. |
Payments received on account |
The balance of payments on account in excess of amounts offset against amounts recoverable on contracts and long-term contract balances is classified as payments received on account under creditors, where applicable. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 7,515,184 | 7,188,414 |
Social security costs | 896,447 | 834,558 |
Other pension costs | 191,410 | 184,594 |
8,603,041 | 8,207,566 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration and support | 54 | 55 |
Production | 53 | 51 |
The average number of employees by undertakings that were proportionately consolidated during the year was 107 (2022 - 106 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 2,092,022 | 1,919,247 |
Directors' pension contributions to money purchase schemes | 63,644 | 59,724 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 509,543 | 551,229 |
Pension contributions to money purchase schemes | 2,134 | 2,525 |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 912,553 | 681,931 |
Depreciation - owned assets | 379,811 | 455,767 |
Loss/(profit) on disposal of fixed assets | 26,574 | (218,879 | ) |
Auditors' remuneration | 41,250 | 38,750 |
5. | 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 | 704,684 | 372,448 |
Deferred tax | 12,262 | (17,817 | ) |
Tax on profit | 716,946 | 354,631 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 3,679,781 | 2,197,952 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
699,158 |
417,611 |
Effects of: |
Expenses not deductible for tax purposes | 2,033 | 16,631 |
Capital allowances in excess of depreciation | - | (110,793 | ) |
Depreciation in excess of capital allowances | 3,492 | - |
Deferred tax charge | 12,263 | (17,817 | ) |
Capital gain | - | 48,999 |
Total tax charge | 716,946 | 354,631 |
6. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 1,640,000 | 1,500,000 |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Land and | Plant and | and | Motor |
Buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2022 | 5,810,328 | 556,540 | 637,900 | 2,492,041 | 9,496,809 |
Additions | 615,693 | 16,341 | 4,730 | 330,740 | 967,504 |
Disposals | - | - | - | (660,177 | ) | (660,177 | ) |
At 31 January 2023 | 6,426,021 | 572,881 | 642,630 | 2,162,604 | 9,804,136 |
DEPRECIATION |
At 1 February 2022 | - | 308,239 | 357,625 | 1,741,825 | 2,407,689 |
Charge for year | - | 66,161 | 71,250 | 242,400 | 379,811 |
Eliminated on disposal | - | - | - | (548,821 | ) | (548,821 | ) |
At 31 January 2023 | - | 374,400 | 428,875 | 1,435,404 | 2,238,679 |
NET BOOK VALUE |
At 31 January 2023 | 6,426,021 | 198,481 | 213,755 | 727,200 | 7,565,457 |
At 31 January 2022 | 5,810,328 | 248,301 | 280,275 | 750,216 | 7,089,120 |
Company |
Land and | Motor |
Buildings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 February 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 February 2022 |
and 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Cost or valuation at 31 January 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Cost | 50,000 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: The Graduation Centre, Progress Drive, Cannock, Staffordshire, England, WS11 0JF |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The Graduation Centre, Progress Drive, Cannock, Staffordshire, England, WS11 0JF |
Nature of business: |
% |
Class of shares: | holding |
10. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 6,896,890 | 6,673,100 |
Prepayments | 148,842 | 141,584 | - | - |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contracts | 3,616,010 | 5,134,946 |
Other debtors | 7,579,236 | 8,592,404 |
VAT | 862,303 | 1,028,010 |
Deferred tax asset | 103,144 | 115,406 | 103,144 | 115,406 |
19,206,425 | 21,685,450 |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
10. | DEBTORS - continued |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due after more than one year: |
Trade debtors | 921,626 | 522,882 |
Aggregate amounts | 20,128,051 | 22,208,332 |
Deferred tax asset |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 103,144 | 115,406 | 103,144 | 115,406 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 16,466,232 | 12,984,406 |
Amounts owed to group undertakings | - | - |
Tax | (19,519 | ) | (288,845 | ) |
Social security and other taxes | 452,871 | 398,254 |
VAT | - | - | 60,000 | 59,340 |
Other creditors | 2,727,791 | 4,321,823 |
Billing in excess of costs | 1,846,360 | 524,374 | - | - |
Directors' current accounts | 497,925 | 825,112 | 497,925 | 825,112 |
Accrued expenses | 260,232 | 232,377 |
22,231,892 | 18,997,501 |
12. | DEFERRED TAX |
Group |
£ |
Balance at 1 February 2022 | (115,406 | ) |
Provided during year | 12,262 |
Accelerated capital allowances |
Balance at 31 January 2023 | (103,144 | ) |
Company |
£ |
Balance at 1 February 2022 | ( |
) |
Accelerated capital allowances | 12,262 |
Balance at 31 January 2023 | ( |
) |
Halsall Holdings Limited (Registered number: 05765343) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 40,000 | 40,000 |
Ordinary A | £1 | 10,000 | 10,000 |
50,000 | 50,000 |
14. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 February 2022 | 16,062,672 |
Profit for the year | 2,962,835 |
Dividends | (1,640,000 | ) |
At 31 January 2023 | 17,385,507 |
15. | RELATED PARTY DISCLOSURES |
At 31 January 2023, a balance of £11,976,078 was owing to a company that is controlled by the owners of Halsall Holdings Limited. During the year, the company purchased services of £3,200,000. |
At 31 January 2023, a balance of £2,833,852 is owed to another company that is controlled by the owners of Halsall Holdings Limited. During the year, the company purchased services of 26,020,578. |
At 31 January 2023, a balance of £6,600,553 is owed by a company owned by connected persons. |