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REGISTERED NUMBER: 00250041 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

H. PRINS LIMITED

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


H. PRINS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: J P Kooreman
J E Kooreman





SECRETARY: J E Kooreman





REGISTERED OFFICE: 27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE





REGISTERED NUMBER: 00250041 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 229 478
Tangible assets 5 3,190,566 3,038,528
Investment property 6 1,060,000 940,000
4,250,795 3,979,006

CURRENT ASSETS
Stocks 1,058,627 892,916
Debtors 7 850,441 531,978
Cash at bank and in hand 240,007 251,359
2,149,075 1,676,253
CREDITORS
Amounts falling due within one year 8 1,153,450 851,259
NET CURRENT ASSETS 995,625 824,994
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,246,420

4,804,000

CREDITORS
Amounts falling due after more than one
year

9

(2,152,522

)

(2,431,070

)

PROVISIONS FOR LIABILITIES (486,638 ) (311,229 )
NET ASSETS 2,607,260 2,061,701

CAPITAL AND RESERVES
Called up share capital 12 100,100 61,557
Revaluation reserve 13 725,061 643,495
Capital redemption reserve 35,000 35,000
Retained earnings 1,747,099 1,321,649
2,607,260 2,061,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:




J P Kooreman - Director



J E Kooreman - Director


H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

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

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


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents net invoiced sale of goods and services, excluding value added tax.

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

Entitlements are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on cost
Plant and machinery - 25% on reducing balance and 20% reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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

Current or deferred taxation assets and liabilities are not discounted.

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


H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

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

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

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

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

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

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2022
and 31 May 2023 4,648
AMORTISATION
At 1 June 2022 4,170
Charge for year 249
At 31 May 2023 4,419
NET BOOK VALUE
At 31 May 2023 229
At 31 May 2022 478

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 2,804,681 3,770,139 49,366 103,469 6,727,655
Additions - 521,625 22,786 - 544,411
Disposals - (229,026 ) - - (229,026 )
Reclassification (18,825 ) - - - (18,825 )
At 31 May 2023 2,785,856 4,062,738 72,152 103,469 7,024,215
DEPRECIATION
At 1 June 2022 963,243 2,600,613 48,222 77,049 3,689,127
Charge for year - 325,836 4,513 6,605 336,954
Eliminated on disposal - (191,067 ) - - (191,067 )
Reclassification (1,365 ) - - - (1,365 )
At 31 May 2023 961,878 2,735,382 52,735 83,654 3,833,649
NET BOOK VALUE
At 31 May 2023 1,823,978 1,327,356 19,417 19,815 3,190,566
At 31 May 2022 1,841,438 1,169,526 1,144 26,420 3,038,528

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2022 819,425
Additions 425,620
At 31 May 2023 1,245,045
DEPRECIATION
At 1 June 2022 234,315
Charge for year 190,722
At 31 May 2023 425,037
NET BOOK VALUE
At 31 May 2023 820,008
At 31 May 2022 585,110

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 940,000
Revaluations 102,540
Reclassification 17,460
At 31 May 2023 1,060,000
NET BOOK VALUE
At 31 May 2023 1,060,000
At 31 May 2022 940,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2023 1,060,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.5.23 31.5.22
£    £   
Cost 187,301 168,476

Investment properties were valued on an open market basis on 31 May 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 504,681 262,614
Other debtors 345,760 269,364
850,441 531,978

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 141,813 86,543
Hire purchase contracts (see note 10) 145,921 113,382
Payments on account 12,895 2,400
Trade creditors 439,590 275,006
Taxation and social security 26,102 2,547
Other creditors 387,129 371,381
1,153,450 851,259

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 1,671,871 1,886,039
Hire purchase contracts (see note 10) 142,367 168,204
Other creditors 338,284 376,827
2,152,522 2,431,070

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 1,568,948 1,585,464

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.23 31.5.22
£    £   
Net obligations repayable:
Within one year 145,921 113,382
Between one and five years 142,367 168,204
288,288 281,586

Non-cancellable operating leases
31.5.23 31.5.22
£    £   
Within one year - 600

11. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank overdrafts - 10,125
Bank loans 1,813,684 1,962,457
Hire purchase contracts 288,288 281,586
2,101,972 2,254,168

Assets acquired under hire purchase agreements remain the property of the finance company until the agreement is complete.

The overdraft and the CBILS loan are secured by a debenture in favour of National Westminster Bank plc by way of fixed and floating charges over the assets of the company.

The bank loans are secured by way of a fixed charge over the assets of the company in favour of Oxbury Bank plc.

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
10,667 Founder £1 10,667 10,667
13,333 Ordinary £1 13,333 13,333
20,000 Preference £1 20,000 20,000
394,384 5% Redeemable Cumulative Preference £1 56,100 17,557
100,100 61,557

The Founder shares carry ten votes for each share held. The Ordinary shares entitle the holder to one vote each. The Preference shares and the Redeemable preference shares carry one vote each exercisable only if the dividends attached to those shares are in arrears for over six months.

In the event of the company being wound up then the assets remaining after payment of the debts and liabilities and the costs of the liquidation shall be applied as follows:

- firstly in repaying the Preference and 5% Redeemable Cumulative Preference shares together with all arrears (if any) and accruals of the said preferential dividend, whether earned or declared or not at the date of such repayment.

- secondly in repaying the amount paid up on the Ordinary shares.

- lastly the balance (if any), shall be distributed among the holders of the Founder shares in proportion to the number of Founder shares held by them.

The holders of the Preference shares are entitled to a cumulative preferential dividend of 5% per annum payable on 30 November and 31 May each year.

13. RESERVES
Revaluation
reserve
£   
At 1 June 2022 643,495
Reclassification 81,566

At 31 May 2023 725,061

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23 31.5.22
£    £   
J P Kooreman
Balance outstanding at start of year - 108,384
Amounts advanced 123,085 83,203
Amounts repaid (84,439 ) (191,587 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,646 -

H. PRINS LIMITED (REGISTERED NUMBER: 00250041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

J E Kooreman
Balance outstanding at start of year - 14,572
Amounts advanced - 46,152
Amounts repaid - (60,724 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Loan interest has been paid to the company at a rate of 2% until the 31 March, then at 2.25% from 6 April onwards.

15. PREFERENCE SHARES

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid 31.5.23 31.5.22
£ £

394,384 5% redeemable cumulative preference shares of £1 each 338,284 376,827
As at 31 May 2023 338,284 376,827

The 5% redeemable cumulative preference shares are classified as compound financial instruments, which have the characteristics of both debt and equity and may be redeemed any time after the first 6 months of allotment or in any event on 30 November 2025 at par.

The debt element is the net present value of the liability relating to the future dividend stream and redemption and has been calculated using an equivalent rate of 9.5%, being the directors estimate of the cost of capital.

Debt Equity
Element Element Total

5% redeemable cumulative preference shares 338,284 56,100 394,384
As at 31 May 2023 338,284 56,100 394,384

The holders of the issued 5% redeemable cumulative preference shares have a right to a dividend of 1% over the Bank of England minimum base rate or 5%, whichever is the greater. The dividends are payable on 30 November and 31 May each year.

The holders of the shares are entitled to vote at general meetings if the fixed cumulative preferential dividend is in arrears for more than six months after any date fixed for payment.