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REGISTERED NUMBER: 03979110 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

PH HULL & SONS LIMITED

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


PH HULL & SONS LIMITED

COMPANY INFORMATION
for the year ended 30 April 2023







DIRECTORS: R W Hull
A W Hull





SECRETARY: A W Hull





REGISTERED OFFICE: Wolds Farm
Six Hills Road
Ragdale
Melton Mowbray
Leicestershire
LE14 3PP





REGISTERED NUMBER: 03979110 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

STRATEGIC REPORT
for the year ended 30 April 2023


The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
As directors, we aim to present a balanced and comprehensive review of the development and performance of our business and of its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties the company faces.

The principal activity of the company during the year continued to be that of Total Waste Management, predominantly in the food production sector of the UK.

The result of the year and financial position at the year end were considered satisfactory by the directors, who are pleased with another increase in turnover and profits despite a challenging economic environment.

Key performance indicators
The total customer sites managed has continued to see a significant increase year on year. As a result, the company's turnover has increased to £13,888,630 from £10,430,910 and operating profit has increased from £2,506,583 to £3,787,604.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial
Trade debtors are regularly reviewed by the accounts department of the company and escalated to the Financial Director where applicable to ensure a quick resolution.

Compliance
The principal risk to the company is legislative compliance within the industry which continues to be appropriately managed. The company's management regularly review compliance procedures and keep up to date with government consultations to ensure compliance with all regulations.

Health and Safety
The Company takes a very proactive approach to health and safety, with regular reviews of our operational processes and staff training.

As with many businesses our size, the environment in which we operate continues to be competitive, but overall we believe that we are in a strong position operationally and financially. With these risks and uncertainty in mind, we are aware that any plans for the future development of the Company may be subject to unforeseen events outside of its control.

ON BEHALF OF THE BOARD:





R W Hull - Director


18 October 2023

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

REPORT OF THE DIRECTORS
for the year ended 30 April 2023


The directors present their report with the financial statements of the company for the year ended 30 April 2023.

PRINCIPAL ACTIVITIES
The principal activity of the company in the year under the review was that of recycling services and storage.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £1,394,500 (2022: £1,691,000). The directors recommend that no final dividend be paid.

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

R W Hull
A W Hull

Other changes in directors holding office are as follows:

P H Hull ceased to be a director after 30 April 2023 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
Information relating to financial instruments is given in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT 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 company'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 company's auditors are aware of that information.

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 company'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 company's auditors are aware of that information.

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

REPORT OF THE DIRECTORS
for the year ended 30 April 2023


AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



R W Hull - Director


18 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PH HULL & SONS LIMITED


Opinion
We have audited the financial statements of PH Hull & Sons Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PH HULL & SONS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

Based on our understanding of the business and the industry, we have identified the principal risks of non-compliance with laws and regulations related to UK tax legislation and General Data Protection Regulation, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

- Enquiries with management for consideration of known or suspected instances of non-compliance with laws and
regulations and fraud;
- Challenging assumptions made by management in their accounting estimates; and
- Identifying and testing material journal entries, in particular those journal entries posted with unusual account
combinations, journal entries crediting revenue, journal entries crediting cash and journal entries with specific
defined descriptions.

There are inherent limitations in the audit procedures described above. The more removed non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely 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 resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, 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.

Other matters which we are required to address
There was no requirement for the audit of the financial statements in the prior period. The comparatives are therefore unaudited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PH HULL & SONS 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.




Paul Orton FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

18 October 2023

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 30 April 2023

2023 2022
Notes £    £   

TURNOVER 4 13,888,630 10,430,910

Cost of sales (8,242,028 ) (6,355,263 )
GROSS PROFIT 5,646,602 4,075,647

Administrative expenses (2,007,046 ) (1,721,522 )
3,639,556 2,354,125

Other operating income 148,048 152,458
OPERATING PROFIT 6 3,787,604 2,506,583

Interest receivable and similar income 3,165 -
3,790,769 2,506,583

Interest payable and similar expenses 7 (37,930 ) (24,887 )
PROFIT BEFORE TAXATION 3,752,839 2,481,696

Tax on profit 8 (806,251 ) (449,580 )
PROFIT FOR THE FINANCIAL YEAR 2,946,588 2,032,116

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

BALANCE SHEET
30 April 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 8,386 14,364
Tangible assets 11 2,225,542 2,331,219
2,233,928 2,345,583

CURRENT ASSETS
Debtors 12 3,447,702 2,996,237
Cash at bank and in hand 1,686,299 795,457
5,134,001 3,791,694
CREDITORS
Amounts falling due within one year 13 (2,436,344 ) (2,739,656 )
NET CURRENT ASSETS 2,697,657 1,052,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,931,585

3,397,621

CREDITORS
Amounts falling due after more than one
year

14

(614,431

)

(694,917

)

PROVISIONS FOR LIABILITIES 18 (323,456 ) (261,094 )
NET ASSETS 3,993,698 2,441,610

CAPITAL AND RESERVES
Called up share capital 19 11 11
Retained earnings 3,993,687 2,441,599
SHAREHOLDERS' FUNDS 3,993,698 2,441,610

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





R W Hull - Director


PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

STATEMENT OF CHANGES IN EQUITY
for the year ended 30 April 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2021 5 2,100,483 2,100,488

Changes in equity
Issue of share capital 6 - 6
Dividends - (1,691,000 ) (1,691,000 )
Total comprehensive income - 2,032,116 2,032,116
Balance at 30 April 2022 11 2,441,599 2,441,610

Changes in equity
Dividends - (1,394,500 ) (1,394,500 )
Total comprehensive income - 2,946,588 2,946,588
Balance at 30 April 2023 11 3,993,687 3,993,698

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

CASH FLOW STATEMENT
for the year ended 30 April 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,133,599 1,887,720
Interest paid (17,359 ) (12,070 )
Interest element of hire purchase payments
paid

(20,571

)

(12,817

)
Tax paid (756,854 ) (278,527 )
Net cash from operating activities 3,338,815 1,584,306

Cash flows from investing activities
Purchase of intangible fixed assets - (12,290 )
Purchase of tangible fixed assets (217,397 ) (94,210 )
Interest received 3,165 -
Net cash from investing activities (214,232 ) (106,500 )

Cash flows from financing activities
Loan repayments in year (77,500 ) (97,360 )
Capital repayments in year (81,253 ) (152,492 )
Movement on directors' current accounts (680,488 ) 592,471
Share issue - 6
Equity dividends paid (1,394,500 ) (1,691,000 )
Net cash from financing activities (2,233,741 ) (1,348,375 )

Increase in cash and cash equivalents 890,842 129,431
Cash and cash equivalents at beginning
of year

2

795,457

666,026

Cash and cash equivalents at end of year 2 1,686,299 795,457

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 30 April 2023


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit for the financial year 2,946,588 2,032,116
Depreciation charges 408,644 371,419
Finance costs 37,930 24,887
Finance income (3,165 ) -
Taxation 806,251 449,580
4,196,248 2,878,002
Increase in trade and other debtors (451,465 ) (981,944 )
Increase/(decrease) in trade and other creditors 388,816 (8,338 )
Cash generated from operations 4,133,599 1,887,720

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 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 1,686,299 795,457
Year ended 30 April 2022
30/4/22 1/5/21
£    £   
Cash and cash equivalents 795,457 666,026


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Other
non-cash
At 1/5/22 Cash flow changes At 30/4/23
£    £    £    £   
Net cash
Cash at bank
and in hand 795,457 890,842 1,686,299
795,457 890,842 1,686,299
Debt
Finance leases (559,108 ) 81,253 - (557,447 )
Debts falling due
within 1 year (77,500 ) - - (77,500 )
Debts falling due
after 1 year (329,375 ) 77,500 - (251,875 )
(965,983 ) 158,753 - (886,822 )
Total (170,526 ) 1,049,595 - 799,477

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2023


1. STATUTORY INFORMATION

PH Hull & Sons Limited is a private limited company, registered in England and Wales. Its registered office address is Wolds Farm, Six Hills Road, Ragdale, Melton Mowbray, Leicestershire, United Kingdom, LE14 3PP and the registered number is 03979110.

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Government grants
The company has received funding in the form of the Coronavirus Job Retention Scheme (CJRS). The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised to the extent that it is probable the economic benefits will flow to the company and the turnover can be reliably measured.

Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

Intangible fixed assets other than goodwill
Intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Bespoke software - 25% straight line

Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Freehold property - 2% straight line
Freehold improvements - 2% straight line
Fixtures and fittings - 15% reducing balance
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

(i) Financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

(ii) Financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Monetary 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.

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


2. ACCOUNTING POLICIES - continued

Operating leases
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.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property, plant and equipment, and note 2 for the useful economic lives for each class of assets.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Waste management 13,069,943 9,777,844
Storage & equipment rental 818,687 653,066
13,888,630 10,430,910

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 13,797,054 10,430,910
Europe 91,576 -
13,888,630 10,430,910

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,004,080 846,271
Social security costs 105,440 78,057
Other pension costs 272,920 183,032
1,382,440 1,107,360

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

Directors 3 3
Administration 12 12
Operational 14 14
29 29

2023 2022
£    £   
Directors' remuneration 44,721 32,687
Directors' pension contributions to money purchase schemes 120,000 83,264

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

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 2,502 5,984
Other operating leases 151,659 216,608
Depreciation - owned assets 184,669 204,960
Depreciation - assets on hire purchase contracts 217,997 162,720
Computer software amortisation 5,978 3,739
Auditors' remuneration 15,200 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest on loans and overdrafts 17,359 12,070
Hire purchase interest payable 20,571 12,817
37,930 24,887

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 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 743,889 386,354
Adjustment to prior years - (336 )
Total current tax 743,889 386,018

Deferred tax 62,362 63,562
Tax on profit 806,251 449,580

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 3,752,839 2,481,696
Profit multiplied by the standard rate of corporation tax in the UK of
19.493% (2022 - 19%)

731,541

471,522

Effects of:
Expenses not deductible for tax purposes 3,534 7,117
Capital allowances in excess of depreciation - (29,059 )
Depreciation in excess of capital allowances 71,176 -
Total tax charge 806,251 449,580

On 24 May 2021, the Finance Act 2021 was substantively enacted to introduce a main rate of corporation tax of 25%, with effect from 1 April 2023.

Deferred tax has been provided at the rate prevailing at the balance sheet date of 25%.

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £0.01 each
Interim 1,394,500 1,691,000

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


10. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 200,000 23,915 223,915
AMORTISATION
At 1 May 2022 200,000 9,551 209,551
Amortisation for year - 5,978 5,978
At 30 April 2023 200,000 15,529 215,529
NET BOOK VALUE
At 30 April 2023 - 8,386 8,386
At 30 April 2022 - 14,364 14,364

11. TANGIBLE FIXED ASSETS
Freehold Improvements
land & to Plant and
buildings property machinery
£    £    £   
COST
At 1 May 2022 925,751 84,835 3,162,545
Additions - - 284,267
Reclassification/transfer - - 36,391
At 30 April 2023 925,751 84,835 3,483,203
DEPRECIATION
At 1 May 2022 91,543 17,101 1,909,229
Charge for year 18,515 1,592 344,922
Reclassification/transfer - - 36,391
At 30 April 2023 110,058 18,693 2,290,542
NET BOOK VALUE
At 30 April 2023 815,693 66,142 1,192,661
At 30 April 2022 834,208 67,734 1,253,316

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


11. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2022 195,818 186,723 4,555,672
Additions 12,722 - 296,989
Reclassification/transfer - - 36,391
At 30 April 2023 208,540 186,723 4,889,052
DEPRECIATION
At 1 May 2022 117,272 89,308 2,224,453
Charge for year 13,284 24,353 402,666
Reclassification/transfer - - 36,391
At 30 April 2023 130,556 113,661 2,663,510
NET BOOK VALUE
At 30 April 2023 77,984 73,062 2,225,542
At 30 April 2022 78,546 97,415 2,331,219

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2022 1,009,332 48,490 1,057,822
Additions 79,592 - 79,592
At 30 April 2023 1,088,924 48,490 1,137,414
DEPRECIATION
At 1 May 2022 253,613 11,112 264,725
Charge for year 208,653 9,344 217,997
At 30 April 2023 462,266 20,456 482,722
NET BOOK VALUE
At 30 April 2023 626,658 28,034 654,692
At 30 April 2022 755,719 37,378 793,097

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,217,869 2,633,919
Other debtors 45,194 132,552
Prepayments and accrued income 184,639 229,766
3,447,702 2,996,237

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 77,500 77,500
Hire purchase contracts (see note 16) 194,891 193,566
Trade creditors 1,397,393 1,127,999
Amounts owed to participating interests - 500,000
Tax 373,389 386,354
Social security and other taxes 26,336 21,082
VAT 258,635 166,783
Other creditors 28,479 26,215
Directors' current accounts 16,604 197,092
Accruals and deferred income 63,117 43,065
2,436,344 2,739,656

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 15) 251,875 329,375
Hire purchase contracts (see note 16) 362,556 365,542
614,431 694,917

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 77,500 77,500

Amounts falling due between one and two years:
Bank loans 77,500 77,500

Amounts falling due between two and five years:
Bank loans 174,375 251,875

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 194,891 193,566
Between one and five years 362,556 365,542
557,447 559,108

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 52,350 52,350
Between one and five years 107,050 159,400
159,400 211,750

17. SECURED DEBTS

The bank loan is secured by a way of a fixed and floating charge over the company's assets.

R Hull and A Hull have provided a personal guarantee against the bank loan limited to £175,000.

The hire purchase obligations are secured over the assets concerned.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 323,456 261,094

Deferred
tax
£   
Balance at 1 May 2022 261,094
Provided during year 62,362
Balance at 30 April 2023 323,456

The movement in deferred tax in the following period, based on current rates and information, is an estimated release of £85,000. This relates to the reversal of timing differences on capital allowances.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:


Class:

Nominal
Value:

2023
£

2022
£

110 A1 Ordinary 0.01 1.10 1.10
140 A2 Ordinary 0.01 1.40 1.40
65 B Ordinary 0.01 0.65 0.65
60 B1 Ordinary 0.01 0.60 0.60
65 C Ordinary 0.01 0.65 0.65
60 C1 Ordinary 0.01 0.60 0.60
143 D Ordinary 0.01 1.43 1.43
132 D1 Ordinary 0.01 1.32 1.32
143 E Ordinary 0.01 1.43 1.43
132 E1 Ordinary 0.01 1.32 1.32
10.50 10.50
A1 Ordinary, A2 Ordinary, B Ordinary and B1 Ordinary shares carry full voting, dividend and capital distribution rights.

D Ordinary, D1 Ordinary, E Ordinary and E1 Ordinary shares carry full rights to participating in all income and profits distributions. The shares do not carry voting or capital distribution rights.

PH HULL & SONS LIMITED (REGISTERED NUMBER: 03979110)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £32,920 (2022- £23,032) were paid in the period in respect of the defined contribution scheme.

21. COMMITMENTS UNDER OPERATING LEASES

At 30 April 2023 the company had future minimum rentals recoverable under non-cancellable operating leases as follows:

20232022
££

Not later than 1 year123,000148,000
Later than 1 year and not later than 5 years349,500389,500
Later than 5 years 41,500124,500
514,000662,000

22. RELATED PARTY DISCLOSURES

During the year, total dividends of £353,500 (2022 - £488,000) were paid to the directors .

Amounts owed to entities with joint control over the company
At the year end the company owed £NIL (2022: £500,000) to entities with joint control over the company.

Purchases from other related parties
During the year, the company paid rent and pension payments of £334,994 (2022: £254,994) to other related parties.

Key management personnel
During the period, a total of key management personnel compensation of £272,324 (2022: £154,340) was paid.