Registration number:
Hawkins Steel Limited
for the Year Ended 30 September 2023
Hawkins Steel Limited
Contents
Company Information |
|
Statement of Directors' Responsibilities |
|
Balance Sheet |
|
Notes to the Financial Statements |
Hawkins Steel Limited
Company Information
Directors |
Mr Michael David Hawkins Mr John Edward George Baker |
Registered office |
|
Auditors |
|
Hawkins Steel Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 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.
Hawkins Steel Limited
(Registration number: 5354204)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Retained earnings |
1,171,817 |
945,622 |
|
Shareholders' funds |
1,171,819 |
945,624 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Hawkins Steel Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
General information |
The address of its registered office is:
United Kingdom
The principal place of business is:
Unit 9a
Thorpe Way
Banbury
Oxon
OX16 4SP
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Hawkins Steel Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Audit report
.........................................
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
The company enters into construction contracts which may take some months to complete. Profits are recognised on these contracts in proportion to the state of completion of the contract. Where losses are anticipated these are accounted for as soon as they are expected.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Hawkins Steel Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Auditor's report |
The auditor’s report on these financial statements was unqualified and there were no matters to which the auditor drew attention by way of emphasis.
The auditor’s report was signed on 21 February 2024 by Jonathan Russell F.C.A (Senior Statutory Auditor) for and on behalf of Just Audit & Assurance Limited, 4 South Bar Street, Banbury, Oxfordshire, OX16 9AA.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Hawkins Steel Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
295,281 |
517,700 |
|
Inter-group trade debtors |
337,718 |
90,308 |
|
Amounts owed by group undertakings |
|
- |
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
584,470 |
392,829 |
|
Inter-group trade creditors |
78,352 |
76,309 |
|
Amounts owed to group undertakings |
- |
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Related party transactions |
Other related party transactions
The company is a wholly owned subsidiary of Hawkins Group of Companies Ltd, the consolidated accounts of which are publicly available. The company has taken advantage of the exemption in FRS 102 from disclosing transactions with members of the group.
Parent and ultimate parent undertaking |
The company's immediate parent is Hawkins Group of Companies Ltd. The registered office is 4 South Bar Street, Banbury, Oxfordshire, OX16 9AA.