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Company registration number: 03771701
C. R. Hollands Industrial Supplies Limited
Unaudited filleted financial statements
31 July 2023
C. R. HOLLANDS INDUSTRIAL SUPPLIES LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr P Hollands
Mr N Hollands
Company number 03771701
Registered office 64 High Street
Bideford
Devon
EX39 2AR
Business address Bath Road
Woodchester
Stroud
Gloucestershire
GL5 5EX
Accountants Westcotts
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ
C. R. HOLLANDS INDUSTRIAL SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 20,000 30,000
Tangible assets 6 699,435 644,872
Investments 7 394,682 125,000
_______ _______
1,114,117 799,872
Current assets
Stocks 1,038,437 892,709
Debtors 8 1,667,351 1,156,206
Cash at bank and in hand 13,718 31,324
_______ _______
2,719,506 2,080,239
Creditors: amounts falling due
within one year 9 ( 2,687,577) ( 1,856,615)
_______ _______
Net current assets 31,929 223,624
_______ _______
Total assets less current liabilities 1,146,046 1,023,496
Creditors: amounts falling due
after more than one year 10 ( 111,259) ( 174,754)
Provisions for liabilities ( 66,100) ( 23,068)
_______ _______
Net assets 968,687 825,674
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 11 968,587 825,574
_______ _______
Shareholders funds 968,687 825,674
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 February 2024 , and are signed on behalf of the board by:
Mr P Hollands
Director
Company registration number: 03771701
C. R. HOLLANDS INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C. R. Hollands Industrial Supplies Limited , 64 High Street, Bideford, Devon, EX39 2AR.
Principal activity
The principal activity of the company in the year under review was that of trading in tooling goods.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over thecompanies interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computers - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 18 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 August 2022 and 31 July 2023 379,999 1 380,000
_______ _______ _______
Amortisation
At 1 August 2022 350,000 - 350,000
Charge for the year 10,000 - 10,000
_______ _______ _______
At 31 July 2023 360,000 - 360,000
_______ _______ _______
Carrying amount
At 31 July 2023 19,999 1 20,000
_______ _______ _______
At 31 July 2022 29,999 1 30,000
_______ _______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Tangible assets - user defined Total
£ £ £ £ £
Cost
At 1 August 2022 642,514 471,970 158,516 163,630 1,436,630
Additions 11,200 22,123 99,958 12,575 145,856
Disposals - - ( 8,900) - ( 8,900)
_______ _______ _______ _______ _______
At 31 July 2023 653,714 494,093 249,574 176,205 1,573,586
_______ _______ _______ _______ _______
Depreciation
At 1 August 2022 240,165 292,914 112,997 145,682 791,758
Charge for the year 13,076 30,182 35,844 10,080 89,182
Disposals - - ( 6,789) - ( 6,789)
_______ _______ _______ _______ _______
At 31 July 2023 253,241 323,096 142,052 155,762 874,151
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2023 400,473 170,997 107,522 20,443 699,435
_______ _______ _______ _______ _______
At 31 July 2022 402,349 179,056 45,519 17,948 644,872
_______ _______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2022 125,000 125,000
Additions 269,682 269,682
_______ _______
At 31 July 2023 394,682 394,682
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 394,682 394,682
_______ _______
At 31 July 2022 125,000 125,000
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 1,609,949 1,038,577
Other debtors 57,402 117,629
_______ _______
1,667,351 1,156,206
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 1,091,145 697,385
Trade creditors 893,183 674,115
Amounts owed to group undertakings and undertakings in which the company has a participating interest 325,387 240,585
Accruals and deferred income 15,208 12,698
Social security and other taxes 165,073 149,118
Other creditors 197,581 82,714
_______ _______
2,687,577 1,856,615
_______ _______
C. R. Hollands Industrial Supplies (South Wales) Limited has given an unlimited guarantee supported by a debenture as security for a bank loan taken out by its parent company C R Hollands Industrial Supplies Limited.
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 73,333 153,333
Other creditors 37,926 21,421
_______ _______
111,259 174,754
_______ _______
C. R. Hollands Industrial Supplies (South Wales) Limited has given an unlimited guarantee supported by a debenture as security for a bank loan taken out by its parent company C R Hollands Industrial Supplies Limited.
11. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 8,518 39,641
Later than 1 year and not later than 5 years 5,396 13,914
_______ _______
13,914 53,555
_______ _______
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 1 12,819 ( 12,819) - -
Director 2 ( 31,013) ( 200,000) 147,423 ( 83,590)
Director 3 (29,157) (200,000) 142,566 (86,591)
_______ _______ _______ _______
( 47,351) ( 412,819) 289,989 ( 170,181)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 1 12,819 - - 12,819
Director 2 ( 6,895) ( 110,000) 85,882 ( 31,013)
Director 3 (29,921) (110,000) 110,764 (29,157)
_______ _______ _______ _______
( 23,997) ( 220,000) 196,646 ( 47,351)
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.