Company registration number 03981378 (England and Wales)
HUBACO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
HUBACO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HUBACO LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
91,658
99,724
Investments
5
816,160
846,159
907,818
945,883
Current assets
Debtors
6
1,441,925
2,670,209
Cash at bank and in hand
161,027
663,328
1,602,952
3,333,537
Creditors: amounts falling due within one year
7
(1,284,202)
(1,009,146)
Net current assets
318,750
2,324,391
Total assets less current liabilities
1,226,568
3,270,274
Provisions for liabilities
(17,188)
(18,947)
Net assets
1,209,380
3,251,327
Capital and reserves
Called up share capital
450,000
450,000
Profit and loss reserves
759,380
2,801,327
Total equity
1,209,380
3,251,327
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HUBACO LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
Mr Andrew Utting
Director
Company Registration No. 03981378
HUBACO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Hubaco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hubaco House, Unit 2, Railway View, Clay Cross, Chesterfield, Derbyshire, S45 9FR. The company registration number is 03981378.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. There are no such estimates or judgements applicable to the company.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 bases:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
HUBACO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
HUBACO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
25
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2022
29,570
75,644
20,008
125,222
Additions
20,742
20,742
At 28 February 2023
29,570
75,644
40,750
145,964
Depreciation and impairment
At 1 March 2022
905
5,334
19,259
25,498
Depreciation charged in the year
7,166
17,577
4,065
28,808
At 28 February 2023
8,071
22,911
23,324
54,306
Carrying amount
At 28 February 2023
21,499
52,733
17,426
91,658
At 28 February 2022
28,665
70,310
749
99,724
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
816,160
846,159
HUBACO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
5
Fixed asset investments
(Continued)
- 6 -
Fixed asset investments not carried at market value
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2022
846,159
Additions
1
Disposals
(30,000)
At 28 February 2023
816,160
Carrying amount
At 28 February 2023
816,160
At 28 February 2022
846,159
Fixed asset investments relate to the subsidiaries.
Details of the company's subsidiaries at 28 February 2023 are as follows:
Name of undertaking Reg office Class of share % Held
Terra Nova Equipment Limited UK Ordinary 100
YOURSCHOOLUNIFORM.COM Limited UK Ordinary 100
Terra Nova Equipment Europe B.V. Netherlands Ordinary 100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
447,367
Amounts owed by group undertakings
1,347,167
811,835
Other debtors
94,758
1,411,007
1,441,925
2,670,209
HUBACO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
67,585
1,643
Amounts owed to group undertakings
1,134,754
917,098
Corporation tax
56,356
70,300
Other taxation and social security
17,894
14,162
Other creditors
7,613
5,943
1,284,202
1,009,146
The long-term loans are secured by fixed and floating charges over all the assets of the company.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,819,667
9
Parent company
The ultimate parent company is Hubaco Holdings Limited.