Registration number:
Hawkins Group of Companies Limited
for the Year Ended 30 September 2023
Hawkins Group of Companies Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Hawkins Group of Companies Limited
Company Information
Directors |
Mr Paul Beresford Jackson Mr Michael David Hawkins |
Registered office |
|
Bankers |
|
Auditors |
|
Hawkins Group of Companies Limited
Strategic Report for the Year Ended 30 September 2023
The directors present their strategic report for the year ended 30 September 2023.
Principal activity
The principal activity of the group is that of management services and leasing of equipment to its subsidiaries. The group company activities continued to be the manufacture of other fabricated metal products and commercial roofing services.
Fair review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
We consider our key performance indicators are those that communicate the financial performance and strength of the company and the group as a whole, these being turnover, profits and return on capital employed
. Turnover has decreased by 9.2% compared to the previous year.
Return on capital employed has decreased to 22.4% (2021 - 46.4%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes net assets.
Operating profit was £2,692,885 (2021 - £4,657,670). Profit after taxation is £2,222,701 (2021 - £3,862,494).
During the year to 30th September 2022 only very small disruption was caused by the Covid 19 pandemic, the Directors expect in 2022/23 full normal trading conditions will return.
The business market we operate in continues to be challenging. However, the directors are confident of achieving continued profitability.
Principal risks and uncertainties
The principal financial risks faced by the company and the group, and their objectives and policies in relation to those risks are as follows:
Cash flow risk: The company and the group closely monitor and manage cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the company and the group's policy to ensure that forecast funding requirements can be met from available facilities.
Credit risk: Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the company and the group if it is unable to recover sums due from customers. Setting maximum levels of credit tolerance for more significant customers and regularly reviewing these levels mitigate this.
The directors are aware of the risk to the business from Brexit and are reviewing possible outcomes. However it is at present considered that any outcome will have little impact on the group.
Approved by the Board on
.......................................................
Mr Michael David Hawkins
Director
Hawkins Group of Companies Limited
Directors' Report for the Year Ended 30 September 2023
The directors present their report and the for the year ended 30 September 2023.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Just Audit & Assurance Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the Board on
................................................
Mr Michael David Hawkins
Director
Hawkins Group of Companies 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 group and the company 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 Group of Companies Limited
Independent Auditor's Report to the Members of Hawkins Group of Companies Limited
Opinion
We have audited the financial statements of Hawkins Group of Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 30 September 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Hawkins Group of Companies Limited
Independent Auditor's Report to the Members of Hawkins Group of Companies Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 4], 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 is 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.
Auditor 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 an auditor’s report 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:
Hawkins Group of Companies Limited
Independent Auditor's Report to the Members of Hawkins Group of Companies Limited
Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:
• obtaining an understanding of the entity’s policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• an understanding of the entity’s risk assessment process, including the risk of fraud;
• designing our audit procedures to respond to our risk assessment; and
• performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
.................................................
For and on behalf of
4 South Bar Street
Oxfordshire
OX16 9AA
Hawkins Group of Companies Limited
Consolidated Profit and Loss Account for the Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The group has no recognised gains or losses for the year other than the results above.
Hawkins Group of Companies Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 September 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Hawkins Group of Companies Limited
(Registration number: 4304081)
Consolidated Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
Mr Michael David Hawkins
Director
Hawkins Group of Companies Limited
(Registration number: 4304081)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................
Mr Michael David Hawkins
Director
Hawkins Group of Companies Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 September 2023
Equity attributable to the parent company
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
At 30 September 2022 |
|
|
|
|
Hawkins Group of Companies Limited
Statement of Changes in Equity for the Year Ended 30 September 2023
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 October 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 October 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 30 September 2022 |
|
|
|
|
Hawkins Group of Companies Limited
Consolidated Statement of Cash Flows for the Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
(Profit)/loss from sales of investments |
( |
|
|
Finance income |
( |
( |
|
Corporation tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Increase in debtors |
( |
( |
|
Increase/(decrease) in creditors |
|
( |
|
Cash generated from operations |
|
|
|
Corporation tax paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Proceeds from sale of investments |
|
|
|
Dividend income |
|
|
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Dividends paid |
( |
- |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 October |
|
|
|
Cash and cash equivalents at 30 September |
13,071,022 |
10,687,172 |
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
General information |
The address of its registered office is:
The principal place of business is:
Unit 9a
Thorpe Way
Banbury
Oxfordshire
OX16 4SP
Accounting policies |
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2023.
Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006. Its profit for the financial year was £1,576,813 (2022 £1,046,502 ).
Entities, other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence are treated as associates. In the group financial statements, associates are accounted for using the equity method.
Going concern
The financial statements have been prepared on a going concern basis.
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Turnover from the provision of goods and services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Payments on account are deducted from amounts recoverable on long term contracts and where they exceed the value of work carried out are shown in creditors.
Deferred Tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Fixtures, fitting and equipment |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
33% straight line |
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
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 group 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 and subsequently measured at amortised cost using the effective interest method.
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Defined contribution pension obligation
The group operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Judgements in applying accounting policies and key sources of estimation uncertainty |
In the application of the Company's accounting policies, which are described in note 2, management have been required to make judgements, estimates and assumptions. These estimates which relate to the carrying values of assets and liabilities, where not readily available from other sources, are based on underlying assumptions and historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. These estimates and assumptions are reviewed on an ongoing basis.
Fixed Assets
In determining the depreciation rate, management's best estimate of the expected useful economic life of each asset class has been used in determining the rate applied.
Stock
In determining the net realisable value of stock, management provide for any stock items which they believe to be slow moving or obsolete.
Trade Debtors
In determining the recoverability of trade debtors, management provide for any trade debtors that they believe not to be recoverable.
Amounts Recoverable Under Contracts
In determining the amounts recoverable under contracts, management calculate the percentage of budgeted costs that have actually been used and use this as the percentage of the contract value to work out percentage of completion.
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Miscellaneous other operating income |
|
- |
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain/loss on disposal of property, plant and equipment |
|
|
(Gain) loss on investment |
|
( |
104,730 |
(164,352) |
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Operating leases - land & buildings |
275,736 |
295,417 |
(Profit)/loss on disposal of tangible fixed assets |
(32,863) |
(61,136) |
Depreciation of owned assets |
|
|
Auditor's remuneration - The audit of the group's annual accounts |
24,454 |
25,075 |
Auditor's remuneration - Other services |
2,500 |
2,500 |
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Dividend income |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
543,152 |
662,124 |
During the year the number of directors who were accruing benefits under money purchase pension schemes was as follows::
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
In the opinion of of the directors, key management personnel are considered to be the directors only.
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
24,454 |
25,075 |
Other fees to auditors |
||
All other services |
|
|
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
|
622,844 |
511,518 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
- |
Tax increase from effect of adjustment in research and development tax credit |
- |
|
Total tax charge |
|
|
Group
Profits of parent company |
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. The parent company's profit for the financial year was £1,576,813 (2022 £1,046,502).
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Tangible assets |
Group
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 October 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
Depreciation |
||||
At 1 October 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
Carrying amount |
||||
At 30 September 2023 |
|
|
|
|
At 30 September 2022 |
|
|
|
|
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Company
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 October 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
Depreciation |
||||
At 1 October 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
Carrying amount |
||||
At 30 September 2023 |
|
|
|
|
At 30 September 2022 |
|
|
|
|
Investments |
Group & Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Investments in associates |
|
|
Shares in group undertakings and participating interests |
|
|
- |
||
Other investments |
25,384 |
1,788,701 |
Total Investments group |
33,890 |
1,791,201 |
Subsidiaries |
£ |
Cost |
|
At 1 October 2022 |
|
At 30 September 2023 |
|
Net book value |
|
At 30 September 2023 |
|
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Associates |
£ |
Cost |
|
At 1 October 2022 |
|
At 30 September 2023 |
|
Net book value |
|
At 30 September 2023 |
|
At 30 September 2022 |
|
Aggregate financial information of associates
The group has the following aggregate investments in associates:
2023 |
2022 |
|
Share of total assets |
|
|
Share of total liabilities |
( |
( |
Share of net assets |
|
|
Share of profit or loss |
(416) |
(318) |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group or the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
Ordinary shares |
|
|
|
|
Ordinary shares |
|
|
|
|
Ordinary shares |
|
|
|
|
Ordinary shares |
|
|
|
Associates |
||||
|
Ordinary shares |
|
|
|
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Subsidiary undertakings |
Hawkins Roofing Limited The principal activity of Hawkins Roofing Limited is |
Hawkins Steel Limited The principal activity of Hawkins Steel Limited is |
Hawkins Projects Limited The principal activity of Hawkins Projects Limited is |
Hawkins Steel (UK) Ltd The principal activity of Hawkins Steel (UK) Ltd is |
Associates |
Hawkins Estates Limited The principal activity of Hawkins Estates Limited is |
The registered office of each of the above subsidiary undertakings and associates is 4 South Bar Street, Banbury, Oxfordshire, OX16 9AA.
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Other inventories |
|
|
- |
- |
Debtors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Trade debtors |
|
|
|
|
|
Other debtors |
1,783,993 |
785,527 |
1,754,735 |
783,809 |
|
Prepayments |
|
|
|
|
|
Gross amount due from customers for contract work |
|
|
- |
- |
|
Income tax asset |
|
|
|
- |
|
Total current trade and other debtors |
|
|
|
|
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
( |
( |
Cash at bank |
|
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
|
Creditors |
Group |
Company |
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Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Trade creditors |
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
3,979,200 |
3,561,000 |
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
Other payables |
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
Corporation tax |
352,569 |
227,433 |
- |
- |
|
Amounts paid in advance by clients |
|
|
- |
- |
|
|
|
|
|
Deferred tax and other provisions |
Group
Deferred tax |
Total |
|
At 1 October 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 September 2023 |
|
|
|
Company
Deferred tax |
Total |
|
At 1 October 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 September 2023 |
|
|
|
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Lease commitments |
Group
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023 |
2022 |
|
1 year |
|
|
2 - 5 years |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
40 |
|
40 |
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Related party transactions |
Group
During the year the company made the following related party transactions:
M G Hawkins and M D Hawkins
(M D Hawkins - director, M G Hawkins - ceased to be director in 2016)
During the period the company paid dividends to M G Hawkins and M D Hawkins totalling £1,000,000 (2022 - £Nil)
During the period the company rented premises owned jointly by M G Hawkins and M D Hawkins for £123,000 (2022 - £123,000). At the balance sheet date the amount due to M G Hawkins and M D Hawkins was £Nil (2022 - £Nil)
M D Hawkins and L Hawkins
(M D Hawkins - director, L Hawkins - director's spouse)
During the period the company rented premises owned jointly by a pension scheme for M D Hawkins and L Hawkins for £36,000 (2022 - £36,000). At the balance sheet date the amount due to M D Hawkins and L Hawkins was £nil (2022 - £nil)
Included within debtors is an amount owing from Great Wharf Properties Limited (a company controlled by M D Hawkins) of £1,725,000 (2022 -£750,000) which has a guarantee of £1,200,000. The loan is repayable over 8 years and is at a commercial rate of interest,
During the period the company rented premises owned by Great Wharf Properties Limited (a company under common control of M D Hawkins) for £115,716 (2022 - £134,784).
Hawkins Group of Companies Limited
Notes to the Financial Statements for the Year Ended 30 September 2023
Summary of transactions with subsidiaries
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
Reserves |
Profit and Loss Account
The profit and loss reserve includes all current and prior period retained profits and losses
Capital Redemption Reserve
The capital redemption reserve is a non-distributable reserve against all share capital redeemed in the current and prior periods