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Company No: 08562025 (England and Wales)

HOOD ENGINEERING (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

HOOD ENGINEERING (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

HOOD ENGINEERING (UK) LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
HOOD ENGINEERING (UK) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTOR Mr R F Hollier
SECRETARY Miss G Hewson
REGISTERED OFFICE Leanne House
6 Avon Close
Weymouth
DT4 9UX
United Kingdom
COMPANY NUMBER 08562025 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX
HOOD ENGINEERING (UK) LIMITED

BALANCE SHEET

As at 30 June 2023
HOOD ENGINEERING (UK) LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 210,513 216,721
210,513 216,721
Current assets
Stocks 4 22,929 1,777
Debtors 5 93,959 105,840
Cash at bank and in hand 35,711 72,583
152,599 180,200
Creditors: amounts falling due within one year 6 ( 193,628) ( 186,654)
Net current liabilities (41,029) (6,454)
Total assets less current liabilities 169,484 210,267
Creditors: amounts falling due after more than one year 7 ( 23,204) ( 32,899)
Provision for liabilities ( 1,498) ( 1,866)
Net assets 144,782 175,502
Capital and reserves
Called-up share capital 100 100
Profit and loss account 144,682 175,402
Total shareholders' funds 144,782 175,502

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Hood Engineering (UK) Limited (registered number: 08562025) were approved and authorised for issue by the Director on 09 November 2023. They were signed on its behalf by:

Mr R F Hollier
Director
HOOD ENGINEERING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
HOOD ENGINEERING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hood Engineering (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 July 2022 213,668 26,503 4,150 2,353 246,674
Additions 0 0 0 225 225
At 30 June 2023 213,668 26,503 4,150 2,578 246,899
Accumulated depreciation
At 01 July 2022 6,766 18,382 2,790 2,015 29,953
Charge for the financial year 4,274 1,625 272 262 6,433
At 30 June 2023 11,040 20,007 3,062 2,277 36,386
Net book value
At 30 June 2023 202,628 6,496 1,088 301 210,513
At 30 June 2022 206,902 8,121 1,360 338 216,721

4. Stocks

2023 2022
£ £
Stocks 2,172 1,777
Work in progress 20,757 0
22,929 1,777

5. Debtors

2023 2022
£ £
Trade debtors 93,891 105,840
Other debtors 68 0
93,959 105,840

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 27,806 30,592
Taxation and social security 18,953 31,339
Other creditors 136,869 114,723
193,628 186,654

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,204 32,899

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's director

The director maintained an interest free loan with the company which is repayable on demand. At the balance sheet date the amount owing to the director was £135,681 (2022 £113,601).