IRIS Accounts Production v23.3.1.45 01849424 Board of Directors 28.2.23 1.3.22 28.2.23 28.2.23 true true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure018494242022-02-28018494242023-02-28018494242022-03-012023-02-28018494242021-02-28018494242021-03-012022-02-28018494242022-02-2801849424ns16:EnglandWales2022-03-012023-02-2801849424ns15:PoundSterling2022-03-012023-02-2801849424ns11:Director12022-03-012023-02-2801849424ns11:Consolidated2023-02-2801849424ns11:ConsolidatedGroupCompanyAccounts2022-03-012023-02-2801849424ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2801849424ns11:FRS102ns11:Consolidated2022-03-012023-02-2801849424ns11:Auditedns11:Consolidated2022-03-012023-02-2801849424ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-03-012023-02-2801849424ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2022-03-012023-02-2801849424ns11:FullAccounts2022-03-012023-02-280184942412022-03-012023-02-2801849424ns11:OrdinaryShareClass12022-03-012023-02-2801849424ns11:Consolidated2022-03-012023-02-2801849424ns11:Director22022-03-012023-02-2801849424ns11:CompanySecretary12022-03-012023-02-2801849424ns11:RegisteredOffice2022-03-012023-02-2801849424ns11:Consolidated2021-03-012022-02-2801849424ns6:CurrentFinancialInstruments2023-02-2801849424ns6:CurrentFinancialInstruments2022-02-2801849424ns6:Non-currentFinancialInstruments2023-02-2801849424ns6:Non-currentFinancialInstruments2022-02-2801849424ns6:ShareCapital2023-02-2801849424ns6:ShareCapital2022-02-2801849424ns6:RetainedEarningsAccumulatedLosses2023-02-2801849424ns6:RetainedEarningsAccumulatedLosses2022-02-2801849424ns6:ShareCapital2021-02-2801849424ns6:RetainedEarningsAccumulatedLosses2021-02-2801849424ns6:RetainedEarningsAccumulatedLosses2021-03-012022-02-2801849424ns6:RetainedEarningsAccumulatedLosses2022-03-012023-02-2801849424ns6:NetGoodwill2022-03-012023-02-2801849424ns6:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2801849424ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-03-012023-02-2801849424ns6:LeaseholdImprovements2022-03-012023-02-2801849424ns6:FurnitureFittings2022-03-012023-02-2801849424ns6:MotorVehicles2022-03-012023-02-2801849424ns6:LandBuildings2022-02-2801849424ns6:LeaseholdImprovements2022-02-2801849424ns6:FurnitureFittings2022-02-2801849424ns6:MotorVehicles2022-02-2801849424ns6:LandBuildings2022-03-012023-02-2801849424ns6:LandBuildings2023-02-2801849424ns6:LeaseholdImprovements2023-02-2801849424ns6:FurnitureFittings2023-02-2801849424ns6:MotorVehicles2023-02-2801849424ns6:LandBuildings2022-02-2801849424ns6:LeaseholdImprovements2022-02-2801849424ns6:FurnitureFittings2022-02-2801849424ns6:MotorVehicles2022-02-2801849424ns6:CostValuation2022-02-2801849424ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2801849424ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2801849424ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2023-02-2801849424ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-02-2801849424ns6:Secured2023-02-2801849424ns6:Secured2022-02-2801849424ns6:DeferredTaxation2022-02-2801849424ns6:DeferredTaxation2022-03-012023-02-2801849424ns6:DeferredTaxation2023-02-2801849424ns11:OrdinaryShareClass12023-02-2801849424ns6:RetainedEarningsAccumulatedLosses2022-02-28
REGISTERED NUMBER: 01849424 (England and Wales)











HOLMBURY LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023






HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow
Statement

16


to


17

Notes to the Consolidated Financial
Statements

18


to


29


HOLMBURY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: D French
J G French





SECRETARY: P M French





REGISTERED OFFICE: Premier House
1 Vale Rise
Tonbridge
Kent
TN9 1TB





REGISTERED NUMBER: 01849424 (England and Wales)





AUDITORS: GMP Audit Limited, Statutory Auditor
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28TH FEBRUARY 2023


The directors present their strategic report of the company and the group for the year ended 28th February 2023.

REVIEW OF BUSINESS
For the very first time, the size of the Holmbury group, Holmbury Ltd and its USA subsidiary, Holmbury Inc, exceeded UK medium sized company thresholds for two consecutive years.

As a result, the group is now required to prepare and submit Holmbury group accounts for the year to 28th February 2023.

The principal activity of the group remains the design and distribution of hydraulic components.

The group enjoyed an excellent year across all its various sectors. This is reflected in the sales growth shown within the accounts. As well as its strong trading position, the group's year-end balance sheet is very strong indeed.

Holmbury group operates internationally. Holmbury Inc has extensive sales within the USA and a high proportion of Holmbury Ltd's sales are to customers outside of the UK. The group maintains a full-time presence in the far east.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors constantly review the market and the business to ensure that trading risk is minimised.

The group has some exposure to foreign exchange risk, which it manages through various means in the international currency markets. As well as these measures, Holmbury Inc's sales are predominantly invoiced in US Dollars. This in turn provides a natural hedge against any group purchases invoiced in US Dollars.

The group manages liquidity risk through ensuring timely collection of its debtors.

The group holds significant cash balances, a high proportion of which are invested through a variety of short-term investments.

The group would normally look at bank loans when financing longer term projects. However, its financial strength meant that in the 2023 financial year, Holmbury Ltd made early settlement of its remaining bank loan, which had been in place for some ten years to help finance the purchase of its UK offices and warehouse at Tonbridge. The Tonbridge property is now totally debt free.

Holmbury Ltd has taken a lot of steps to mitigate the effects of Brexit. These include establishing a warehouse facility in The Netherlands. These measures have allowed Holmbury Ltd to continue its strong European sales and enjoy an excellent reputation for performance with its European customers.

PERFORMANCE DURING THE YEAR AND POST YEAR END
The company has enjoyed an excellent year. Its key customers have all reported very favourably on Holmbury's performance, which is reflected within the sales growth figures reported as financial key performance indicators below.

The group prepares internal sales and profit forecasts. These show that the group is expecting to enjoy another very healthy year to end February 2024.

Taking account of Holmbury Inc's USA sales, group turnover is now predominantly outside of the UK. The group's directors regard this as a very important factor, it provides a hedge against a downturn in a single market.

Looking at events post the 28th February 2023 year end, there is nothing of significance to report nor is the group currently engaged in any R&D projects. Sales continue to hold up well and Directors are confident that the group is well placed for future success.


HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28TH FEBRUARY 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The key financial indicators contained within these accounts are:

Group turnover for the year was £15.4 million (2022 : £13.6 million), an increase of 13%.

Group profit after tax for the year was £1,411,410 (2022 : £1,227,533), an increase of 15%.

Group balance sheet at year end was £6,940,026 (2022 : £5,594,411), an increase of 24%.

OTHER KEY PERFORMANCE INDICATORS
The group values its employees very highly and makes all reasonable efforts to ensure their well-being and career progression.

Understanding the needs of our customers is of the utmost importance to the group. The group does so through various channels, not only through its sales force but also constant development of its websites and various advertising channels.

The group is well aware of environmental and social issues and continues to make every effort to manage these.

ON BEHALF OF THE BOARD:





J G French - Director


27th November 2023

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


The directors present their report with the financial statements of the company and the group for the year ended 28th February 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the design, development, assembly and distribution of hydraulic components.

DIVIDENDS
The total distribution of dividends for the year ended 28th February 2023 was £280,899 (2022: £280,899).

RESEARCH AND DEVELOPMENT
Items required to be disclosed in relation to research and development are set out in the strategic report.

FUTURE DEVELOPMENTS
Items required to be disclosed in relation to future developments are set out in the strategic report.

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

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

D French
J G French

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;
- 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


AUDITORS
The auditors, GMP Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J G French - Director


27th November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLMBURY LIMITED


Opinion
We have audited the financial statements of Holmbury Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28th February 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28th February 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 Matter
This is the first year that the group has been exempt from preparing consolidated accounts. As a result, consolidated accounts were not prepared last year and therefore the comparative group information was not audited. The individual company accounts for Holmbury Ltd were audited, and therefore the Balance Sheet and notes for the parent company as a standalone entity for the year ended 28 February 2022 were audited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLMBURY LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLMBURY LIMITED


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.

- Discussion with management which included consideration of known or suspected
instances of non-compliance with laws and regulations and fraud.
- Reviewing, evaluating and testing systems and controls to assess their effectiveness to
prevent and detected irregularities.
- Identifying , reviewing and testing journal entries.
- Challenging assumptions and judgements made by management in respect of significant
accounting estimates.

There are inherent limitations in the audit procedures described above, and the further removed any non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely it is that we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one due to error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.




Richard Appleyard FCA (Senior Statutory Auditor)
for and on behalf of GMP Audit Limited, Statutory Auditor
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE

28th November 2023

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2023 2022
Notes £    £   

TURNOVER 3 15,415,576 13,697,583

Cost of sales 9,917,089 9,219,076
GROSS PROFIT 5,498,487 4,478,507

Administrative expenses 3,660,105 2,967,565
1,838,382 1,510,942

Other operating income 4 - 28,524
OPERATING PROFIT 6 1,838,382 1,539,466

Interest receivable and similar income 1,686 155
1,840,068 1,539,621

Interest payable and similar expenses 7 27,627 10,583
PROFIT BEFORE TAXATION 1,812,441 1,529,038

Tax on profit 8 401,031 301,505
PROFIT FOR THE FINANCIAL YEAR 1,411,410 1,227,533
Profit attributable to:
Owners of the parent 1,252,493 1,143,661
Non-controlling interests 158,917 83,872
1,411,410 1,227,533

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,411,410 1,227,533


OTHER COMPREHENSIVE INCOME
Functional currency exchange difference 162,367 44,968
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


162,367


44,968
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,573,777

1,272,501

Total comprehensive income attributable to:
Owners of the parent 1,414,859 1,188,630
Non-controlling interests 158,918 83,871
1,573,777 1,272,501

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

CONSOLIDATED BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,046,494 1,074,850
Investments 13 - -
1,046,494 1,074,850

CURRENT ASSETS
Stocks 14 3,630,206 4,568,290
Debtors 15 2,704,070 2,571,022
Cash at bank and in hand 1,472,895 1,137,935
7,807,171 8,277,247
CREDITORS
Amounts falling due within one year 16 1,638,309 3,446,765
NET CURRENT ASSETS 6,168,862 4,830,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,215,356

5,905,332

CREDITORS
Amounts falling due after more than
one year

17

(202,511

)

(241,726

)

PROVISIONS FOR LIABILITIES 21 (72,819 ) (69,195 )
NET ASSETS 6,940,026 5,594,411

CAPITAL AND RESERVES
Called up share capital 22 200 200
Retained earnings 23 6,237,318 5,103,357
SHAREHOLDERS' FUNDS 6,237,518 5,103,557

NON-CONTROLLING INTERESTS 702,508 490,854
TOTAL EQUITY 6,940,026 5,594,411

The financial statements were approved by the Board of Directors and authorised for issue on 27th November 2023 and were signed on its behalf by:





J G French - Director


HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

COMPANY BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,034,643 1,061,475
Investments 13 792 792
1,035,435 1,062,267

CURRENT ASSETS
Stocks 14 1,819,594 2,085,705
Debtors 15 1,393,927 1,316,674
Cash at bank and in hand 954,185 671,621
4,167,706 4,074,000
CREDITORS
Amounts falling due within one year 16 847,368 1,228,736
NET CURRENT ASSETS 3,320,338 2,845,264
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,355,773

3,907,531

CREDITORS
Amounts falling due after more than
one year

17

(202,511

)

(241,726

)

PROVISIONS FOR LIABILITIES 21 (72,819 ) (69,195 )
NET ASSETS 4,080,443 3,596,610

CAPITAL AND RESERVES
Called up share capital 22 200 200
Retained earnings 23 4,080,243 3,596,410
SHAREHOLDERS' FUNDS 4,080,443 3,596,610

Company's profit for the financial year 764,732 883,346

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2023 and were signed on its behalf by:




.....................................................
J G French - Director


HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28TH FEBRUARY 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1st March 2021 200 4,195,627 4,195,827 392,343 4,588,170

Changes in equity
Functional currency translation
difference

-

-

-

14,640

14,640
Dividends - (280,899 ) (280,899 ) - (280,899 )
Total comprehensive income - 1,188,629 1,188,629 83,871 1,272,500
Balance at 28th February 2022 200 5,103,357 5,103,557 490,854 5,594,411

Changes in equity
Functional currency translation
difference

-

-

-

52,736

52,736
Dividends - (280,899 ) (280,899 ) - (280,899 )
Total comprehensive income - 1,414,860 1,414,860 158,918 1,573,778
Balance at 28th February 2023 200 6,237,318 6,237,518 702,508 6,940,026

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28TH FEBRUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st March 2021 200 2,993,963 2,994,163

Changes in equity
Dividends - (280,899 ) (280,899 )
Total comprehensive income - 883,346 883,346
Balance at 28th February 2022 200 3,596,410 3,596,610

Changes in equity
Dividends - (280,899 ) (280,899 )
Total comprehensive income - 764,732 764,732
Balance at 28th February 2023 200 4,080,243 4,080,443

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 893,428 56,554
Interest paid (27,627 ) (10,188 )
Interest element of hire purchase or
finance lease rental payments paid

-

(395

)
Foreign exchange differences 213,846 59,607
Tax paid (393,246 ) (297,454 )
Net cash from operating activities 686,401 (191,876 )

Cash flows from investing activities
Purchase of tangible fixed assets (65,338 ) (274,458 )
Sale of tangible fixed assets - 50,500
Interest received 1,686 155
Net cash from investing activities (63,652 ) (223,803 )

Cash flows from financing activities
Equity dividends paid (280,899 ) (280,899 )
Net cash from financing activities (280,899 ) (280,899 )

Increase/(decrease) in cash and cash equivalents 341,850 (696,578 )
Cash and cash equivalents at
beginning of year

2

885,457

1,582,035

Cash and cash equivalents at end
of year

2

1,227,307

885,457

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,812,441 1,529,038
Depreciation charges 95,121 88,697
Profit on disposal of fixed assets - (9,656 )
Government grants - (1,840 )
Finance costs 27,627 10,583
Finance income (1,686 ) (155 )
1,933,503 1,616,667
Decrease/(increase) in stocks 938,084 (2,528,370 )
Increase in trade and other debtors (149,240 ) (358,233 )
(Decrease)/increase in trade and other creditors (1,828,919 ) 1,326,490
Cash generated from operations 893,428 56,554

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 28th February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 1,472,895 1,137,935
Bank overdrafts (245,588 ) (252,478 )
1,227,307 885,457
Year ended 28th February 2022
28/2/22 1/3/21
£    £   
Cash and cash equivalents 1,137,935 1,582,035
Bank overdrafts (252,478 ) -
885,457 1,582,035


HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28TH FEBRUARY 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/22 Cash flow At 28/2/23
£    £    £   
Net cash
Cash at bank and in hand 1,137,935 334,960 1,472,895
Bank overdrafts (252,478 ) 6,890 (245,588 )
885,457 341,850 1,227,307
Debt
Debts falling due within 1 year (33,943 ) (1,335 ) (35,278 )
Debts falling due after 1 year (241,726 ) 39,215 (202,511 )
(275,669 ) 37,880 (237,789 )
Total 609,788 379,730 989,518

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. STATUTORY INFORMATION

Holmbury Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The presentation currency of the group accounts is pounds sterling which is different from the functional currency of Holmbury Inc which is US dollars. For the purpose of producing consolidated group accounts the figures for Holmbury Inc have been translated into pounds sterling. Exchange differences arising from re-translation of the opening balances are taken to other comprehensive income to the extent that they are attributable to the parent company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Holmbury Ltd and its subsidiary undertakings, Holmbury US Holdings Ltd and Holmbury Inc, for the year ended 28th February 2023.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings and associated undertakings acquired or disposed of in the period are included in the consolidated profit and loss account from the date of acquisition or up to the date of disposal.

Goodwill arising on consolidation (representing the excess of the fair value of the consideration given over the fair value of the separable net assets acquired) is capitalised and amortised by equal annual instalments over its estimated useful life.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Holmbury Ltd acquired business assets with a value of $326,765 from a USA based associate in 2003 and subsequently incorporated a new, wholly owned, subsidiary, Holmbury Inc, in late 2003. These assets were amortised in the books of Holmbury Inc over the next 20 years. They are now fully amortised but kept in the books as the business considers that they still have value.

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

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 75 years. Land nil.
Improvements to property - 10% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Government grants
Grant income has been recognised under the performance model.

Grants that do not specify any future performance-related conditions are recorded when the grant proceeds are received or receivable. Any grant that imposes specified future performance-related conditions is recognised only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued on a FIFO basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. TURNOVER

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

All turnover relates to the sale of goods, including freight charges.

The directors have chosen not to disclose the group's turnover by geographical markets as it considers such information to be commercially sensitive and could be seriously prejudicial to the interests of the group.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry receipts - 830
Government grants - 1,840
Exchange gains - 25,854
- 28,524

Other operating income includes government grants under the Coronavirus Job Retention Scheme of £nil (2022: £1,840).

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,314,259 1,828,745
Social security costs 149,748 119,352
Other pension costs 47,928 77,096
2,511,935 2,025,193

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


5. EMPLOYEES AND DIRECTORS - continued

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

Administration 25 25
Warehouse 6 6
31 31

2023 2022
£    £   
Directors' remuneration 218,728 156,830
Directors' pension contributions to money purchase schemes 25,000 55,000

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

Money purchase schemes 1 1

Information regarding the highest paid director for the year ended 28th February 2023 is as follows:
2023
£   
Emoluments etc 150,272
Pension contributions to money purchase schemes 25,000

6. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 103,833 87,786
Depreciation - owned assets 95,439 74,934
Profit on disposal of fixed assets - (9,656 )
Auditors' remuneration 21,250 7,975
Foreign exchange differences 54,787 22,555

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 27,627 10,188
Hire purchase - 395
27,627 10,583

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 175,606 187,468
US corporation tax 221,801 80,397
Total current tax 397,407 267,865

Deferred tax 3,624 33,640
Tax on profit 401,031 301,505

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 1,812,441 1,529,038
Profit multiplied by the standard rate of corporation tax in the
UK of 19 % (2022 - 19 %)

344,364

290,517

Effects of:
Expenses not deductible for tax purposes 19,411 13,776
Income not taxable for tax purposes - (1,835 )
Capital allowances in excess of depreciation (23,159 ) (34,319 )
Profits not taxed in UK (165,010 ) (80,671 )
US corporation tax 221,801 80,397
Origination and reversal of timing differences not recognised 3,624 33,640
Total tax charge 401,031 301,505

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Functional currency exchange difference 162,367 - 162,367

2022
Gross Tax Net
£    £    £   
Functional currency exchange difference 44,968 - 44,968

9. INDIVIDUAL INCOME STATEMENT

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.


HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


10. DIVIDENDS


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st March 2022 243,855
Exchange differences 26,199
At 28th February 2023 270,054
AMORTISATION
At 1st March 2022 243,855
Exchange differences 26,199
At 28th February 2023 270,054
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 -

12. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2022 731,096 149,895 385,995 351,808 1,618,794
Additions - 695 64,643 - 65,338
Exchange differences - - 1,745 - 1,745
At 28th February 2023 731,096 150,590 452,383 351,808 1,685,877
DEPRECIATION
At 1st March 2022 55,771 68,890 258,316 160,967 543,944
Charge for year 6,829 8,158 32,742 47,710 95,439
At 28th February 2023 62,600 77,048 291,058 208,677 639,383
NET BOOK VALUE
At 28th February 2023 668,496 73,542 161,325 143,131 1,046,494
At 28th February 2022 675,325 81,005 127,679 190,841 1,074,850

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


12. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2022 731,096 149,895 369,751 351,808 1,602,550
Additions - 695 64,642 - 65,337
At 28th February 2023 731,096 150,590 434,393 351,808 1,667,887
DEPRECIATION
At 1st March 2022 55,771 68,890 255,447 160,967 541,075
Charge for year 6,829 8,158 29,472 47,710 92,169
At 28th February 2023 62,600 77,048 284,919 208,677 633,244
NET BOOK VALUE
At 28th February 2023 668,496 73,542 149,474 143,131 1,034,643
At 28th February 2022 675,325 81,005 114,304 190,841 1,061,475

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaki
£   
COST
At 1st March 2022
and 28th February 2023 792
NET BOOK VALUE
At 28th February 2023 792
At 28th February 2022 792


HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


13. FIXED ASSET INVESTMENTS - continued


The company's investments in the group's principal undertakings are as follows:

2023 2022
£    £   
Shares in subsidiary undertaking at cost 792 792
792 792




Country of
incorporation

Principal
activity
Proportion of
ordinary
shares held


Holmbury US Holdings Ltd

England and Wales
Holding
company

75.44%




*Holmbury Inc


United States of
America
Design and
distribution of
hydraulic
components



0%

*The company is a 100% owned subsidiary of Holmbury US Holdings Ltd.

The registered office of Holmbury US Holdings Ltd is Premier House, 1 Vale Rise, Tonbridge, Kent TN9 1TB.

The address of Holmbury Inc is Curtis Centre, 33801 Curtis Blvd., Suite 104, Eastlake, Ohio, 44095, United State of America.

14. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 3,630,206 4,568,290 1,819,594 2,085,705

Group closing stock of £3,630,581 as at 28th February 2023 (2022 - £4,568,290) is after a provision of £60,115 (2022 - £79,123) in respect of slow-moving and obsolete stock. The decrease of £19,008 in the slow-moving / obsolete stock provision has been recognised in the group income statement.

Company closing stock of £1,819,969 as at 28th February 2023 (2022 - £2,085,705) is after a provision of £12,797 (2022 - £29,345) in respect of slow-moving and obsolete stock. The decrease of £16,548 in the slow-moving / obsolete stock provision has been recognised in the company income statement.

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,562,005 2,412,875 1,315,257 1,221,174
Other debtors 2,125 169 2,125 169
Tax 27,467 43,490 - -
Accrued income 202 - - -
Prepayments 112,271 114,488 76,545 95,331
2,704,070 2,571,022 1,393,927 1,316,674

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18)
280,866

286,421

35,278

33,943
Trade creditors 788,998 2,605,608 370,859 803,444
Tax 175,606 187,468 175,606 187,468
Social security and other taxes 35,495 24,258 35,495 24,062
Pensions control 2,001 1,917 2,001 1,917
VAT 172,614 157,788 172,614 157,788
Accrued expenses 182,729 183,305 55,515 20,114
1,638,309 3,446,765 847,368 1,228,736

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 202,511 241,726 202,511 241,726

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 245,588 252,478 - -
Bank loans 35,278 33,943 35,278 33,943
280,866 286,421 35,278 33,943
Amounts falling due between one and two years:
Bank loans and overdrafts 202,511 241,726 202,511 241,726

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 34,769 36,631
Between one and five years 47,105 73,931
81,874 110,562

Lease payments recognised as an expense in the year were £40,566 (2022: £3,358).

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 245,588 252,478 - -
Bank loans 237,789 275,669 237,789 275,669
483,377 528,147 237,789 275,669

The overdraft is secured against the assets of Holmbury Inc.

The bank loan is secured against the freehold property of Holmbury Ltd.

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 72,819 69,195 72,819 69,195

Group
Deferred
tax
£   
Balance at 1st March 2022 69,195
Charge to Income Statement during year 3,624
Balance at 28th February 2023 72,819

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


21. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1st March 2022 69,195
Charge to Income Statement during year 3,624
Balance at 28th February 2023 72,819

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

23. RESERVES

Group
Retained
earnings
£   

At 1st March 2022 5,103,357
Profit for the year 1,252,493
Dividends (280,899 )
Presentation currency exchange
difference 162,367
At 28th February 2023 6,237,318

Company
Retained
earnings
£   

At 1st March 2022 3,596,410
Profit for the year 764,732
Dividends (280,899 )
At 28th February 2023 4,080,243


24. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 807,685 was paid.

Key management personnel compensation includes directors' salaries, social security, benefits and pension contributions for the directors of Holmbury Ltd and Holmbury Inc.

HOLMBURY LIMITED (REGISTERED NUMBER: 01849424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


25. POST BALANCE SHEET EVENTS

Creditors due after more than one year of £202,511 at the balance sheet date, being the bank loan balance due after one year, were repaid in full after the year-end but before the date of approval of these accounts.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D French.