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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI608878
2022-04-01
2023-03-31
NI608878
2023-03-31
NI608878
2022-03-31
NI608878
2021-04-01
2022-03-31
NI608878
2022-03-31
NI608878
core:NetGoodwill
2022-04-01
2023-03-31
NI608878
core:LandBuildings
2022-04-01
2023-03-31
NI608878
core:PlantMachinery
2022-04-01
2023-03-31
NI608878
core:MotorVehicles
2022-04-01
2023-03-31
NI608878
bus:Director1
2022-04-01
2023-03-31
NI608878
bus:Director2
2022-04-01
2023-03-31
NI608878
core:WithinOneYear
2023-03-31
NI608878
core:WithinOneYear
2022-03-31
NI608878
core:AfterOneYear
2023-03-31
NI608878
core:AfterOneYear
2022-03-31
NI608878
core:ShareCapital
2023-03-31
NI608878
core:ShareCapital
2022-03-31
NI608878
core:OtherReservesSubtotal
2023-03-31
NI608878
core:OtherReservesSubtotal
2022-03-31
NI608878
core:RetainedEarningsAccumulatedLosses
2023-03-31
NI608878
core:RetainedEarningsAccumulatedLosses
2022-03-31
NI608878
bus:SmallEntities
2022-04-01
2023-03-31
NI608878
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
NI608878
bus:AbridgedAccounts
2022-04-01
2023-03-31
NI608878
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
NI608878
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
NI608878
core:OfficeEquipment
2022-04-01
2023-03-31
NI608878
core:RetainedEarningsAccumulatedLosses
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
NI608878
H & M Services - Energy Solutions Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
H & M Services - Energy Solutions Limited |
|
Abridged Statement of Financial Position |
|
31 March 2023
Fixed assets
Intangible assets |
5 |
|
18,844 |
41,344 |
Tangible assets |
6 |
|
20,279 |
27,546 |
|
|
-------- |
-------- |
|
|
39,123 |
68,890 |
|
|
|
|
|
Current assets
Stocks |
4,000 |
|
6,000 |
Debtors |
66,744 |
|
50,014 |
Investments |
7 |
81,849 |
|
85,593 |
Cash at bank and in hand |
754,686 |
|
729,744 |
|
--------- |
|
--------- |
|
907,279 |
|
871,351 |
|
|
|
|
|
Creditors: amounts falling due within one year |
245,570 |
|
260,255 |
|
--------- |
|
--------- |
Net current assets |
|
661,709 |
611,096 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
700,832 |
679,986 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
7,853 |
16,346 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
5,475 |
8,082 |
|
|
--------- |
--------- |
Net assets |
|
687,504 |
655,558 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Non distributable reserve |
|
6,285 |
10,631 |
Profit and loss account |
9 |
|
681,217 |
644,925 |
|
|
--------- |
--------- |
Shareholders funds |
|
687,504 |
655,558 |
|
|
--------- |
--------- |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
H & M Services - Energy Solutions Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 March 2023
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 November 2023
, and are signed on behalf of the board by:
Mrs. T. McLorn |
Mr. K. Harper |
Director |
Director |
|
|
Company registration number:
NI608878
H & M Services - Energy Solutions Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 9, Lisburn Enterprise Centre, Lisburn, BT28 2BP, Co. Antrim.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Investments in listed shares
FRS 102 requires the use of fair value for investments in shares which are publicly traded or where the fair value can be measured reliably. Movements in this fair value are recognised in the statement of income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the directors apply judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. In arriving at this judgement there are a large number of assumptions and estimates involved. This includes management's expectations of revenue, timing and quantum of any future capital expenditure and estimates and cost of future funding. At the date of approval of the financial statements, the world wide economy has been adversely affected by geopolitical events, which have caused inflationary pressures. This has had, and is likely to have, an impact upon the company's financial position. Nonetheless, the directors consider that this does not represent a material uncertainty for the company to be able to continue as a going concern for the foreseeable future. Furthermore, the government has put in place various measures to assist businesses through the crisis and those, combined with prudent management will, the directors believe, assist the company to continue as a going concern. As a result they have adopted the going concern basis of accounting. Key sources of estimation uncertainty The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. The key estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revenue recognition Revenue comprises the fair value of consideration received or receivable for the sale of goods and services. Revenue from the sale of goods is always recognised when the significant risks and rewards of ownership of the goods have been transferred to the customer, which is upon delivery of the goods to the customer's home. Revenue from the rendering of services is recognised over the period in which services are rendered. Impairment Goodwill is tested for impairment in accordance with the accounting policy for goodwill set out below. The recoverable amount of goodwill is determined based on value in use. This calculation requires the use of estimates and projections. Depreciation The company's statement of financial position reflects a tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. There have been no significant revisions to the estimated lives during the current financial year. Bad debts The company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost - these include trade debtors. If there is objective evidence of impairment, the company recognises a bad debt in its statement of income immediately. However, it in making that assessment, events may subsequently occur which could indicate that a trade debtor has become impaired, or a previously impaired debt has become recoverable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill is the difference between the fair value of the consideration given on the acquisition of a business and the aggregate fair value of the separate net assets acquired. Goodwill arising on the acquisition of joint ventures and associates are included in the carrying amount of the investments; other goodwill is shown separately in the balance sheet. In all other cases goodwill is being amortised through the profit and loss account in equal instalments over its estimated economic life of up to a maximum of 20 years on a straight-line basis. Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill, whether written off directly to reserves, or amortised through the profit and loss account, is taken into consideration, when that part of the business which caused the initial entry is subsequently sold or closed, in determining the profit or loss on the disposal.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Property alterations |
- |
100% straight line |
|
Plant and machinery |
- |
25% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on normal selling price, less further costs expected to be incurred to disposal.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2022:
4
).
5.
Intangible assets
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
225,000 |
|
--------- |
Amortisation |
|
At 1 April 2022 |
183,656 |
Charge for the year |
22,500 |
|
--------- |
At 31 March 2023 |
206,156 |
|
--------- |
Carrying amount |
|
At 31 March 2023 |
18,844 |
|
--------- |
At 31 March 2022 |
41,344 |
|
--------- |
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 April 2022 |
89,584 |
Additions |
520 |
|
-------- |
At 31 March 2023 |
90,104 |
|
-------- |
Depreciation |
|
At 1 April 2022 |
62,038 |
Charge for the year |
7,787 |
|
-------- |
At 31 March 2023 |
69,825 |
|
-------- |
Carrying amount |
|
At 31 March 2023 |
20,279 |
|
-------- |
At 31 March 2022 |
27,546 |
|
-------- |
|
|
7.
Investments
|
2023 |
2022 |
|
£ |
£ |
Other investments |
81,849 |
85,593 |
|
-------- |
-------- |
|
|
|
8.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss |
81,849 |
85,593 |
|
-------- |
-------- |
|
|
|
9.
Reserves
The profit and loss account records retained earnings and accumulated losses. The non distributable reserve records profits on fair value gains and losses on available for sale financial assets and other non realised profits, after accounting for tax. Realised and unrealised gains and losses arising from changes in the fair value of the “financial assets measured at fair value through profit or loss” investment category are included in the income statement in the period in which they arise. Unrealised gains and losses arising from changes in the fair value of investments classified as available for sale are recognised in the non distributable reserve within equity. When investments classified as available for sale are sold or impaired, the accumulated fair value adjustments in the non distributable reserve within equity are included in the income statement.
10.
Directors' advances, credits and guarantees
During the period the company repaid £1,250 to the directors in respect of funds advanced to the company on an interest free basis. At the balance sheet date, the company owed the directors £146,226 (2022 - £147,476). All amounts are repayable upon demand.
11.
Controlling party
The company was not under the control of any individual during the period.