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Registration number: 10029222

HCL Global Supply Ltd

Filleted Financial Statements

for the Year Ended 31 March 2023

 

HCL Global Supply Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

HCL Global Supply Ltd

(Registration number: 10029222)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

98,878

84,558

Tangible assets

6

208,202

286,393

Investments

7

97,778

97,778

 

404,858

468,729

Current assets

 

Stocks

601,102

329,760

Debtors

8

1,049,029

969,563

Cash at bank and in hand

 

300,186

343,953

 

1,950,317

1,643,276

Creditors: Amounts falling due within one year

9

(841,743)

(832,434)

Net current assets

 

1,108,574

810,842

Total assets less current liabilities

 

1,513,432

1,279,571

Creditors: Amounts falling due after more than one year

9

(584,893)

(537,432)

Provisions for liabilities

(40,000)

(55,000)

Net assets

 

888,539

687,139

Capital and reserves

 

Called up share capital

10

200

200

Share premium reserve

383,988

383,988

Retained earnings

504,351

302,951

Shareholders' funds

 

888,539

687,139

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 director on 29 February 2024
 

.........................................
C Moffatt
Director

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
22 Woodstock Street
London
W1C 2AR

The principal place of business is:
31/32 Monument Business Park
Warpsgrove Lane
Chalgrove
Oxfordshire
OX44 7RW

2

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.

Group accounts not prepared

The company does not prepare group accounts as it is part of a group which does prepare consolidated accounts as noted above..

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 February 2024 was Anthony Haines BSc FCA, who signed for and on behalf of Wenn Townsend.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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

Straight line over 5 years

Motor vehicles

Straight line over 10 years

Fixtures, fittings and equipment

Straight line over 3 - 5 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents, copyrights, trademarks and similar

Over 10 years on a straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured
reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured
reliably are measured at cost less impairment.

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.

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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 at the transaction price.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 50 (2022 - 44).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

160,184

51,785

Amortisation expense

22,244

18,497

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

170,518

170,518

Additions acquired separately

36,564

36,564

At 31 March 2023

207,082

207,082

Amortisation

At 1 April 2022

85,960

85,960

Amortisation charge

22,244

22,244

At 31 March 2023

108,204

108,204

Carrying amount

At 31 March 2023

98,878

98,878

At 31 March 2022

84,558

84,558

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

446,267

138,665

584,932

Additions

21,721

85,923

107,644

Disposals

(81,306)

-

(81,306)

At 31 March 2023

386,682

224,588

611,270

Depreciation

At 1 April 2022

236,597

61,942

298,539

Charge for the year

127,422

32,762

160,184

Eliminated on disposal

(55,655)

-

(55,655)

At 31 March 2023

308,364

94,704

403,068

Carrying amount

At 31 March 2023

78,318

129,884

208,202

At 31 March 2022

209,670

76,723

286,393

7

Investments

2023
£

2022
£

Investments in subsidiaries

97,778

97,778

Subsidiaries

£

Cost or valuation

At 1 April 2022

97,778

Provision

Carrying amount

At 31 March 2023

97,778

At 31 March 2022

97,778

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Bens Cookies PTE Limited

Singapore

Ordinary shares

100%

100%

Subsidiary undertakings

Bens Cookies PTE Limited

The principal activity of Bens Cookies PTE Limited is food preparation and sale.

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

137,697

7,553

Amounts owed by group undertakings and undertakings in which the company has a participating interest

805,738

901,299

Other debtors

 

105,594

60,711

 

1,049,029

969,563

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

21,029

8,824

Trade creditors

 

683,552

501,692

Taxation and social security

 

121,465

269,277

Accruals and deferred income

 

-

34,722

Other creditors

 

15,697

17,919

 

841,743

832,434

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

584,893

537,432

 

HCL Global Supply Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Redeemable preference shares

500,000

500,000

HP and finance lease liability 1 (1-2 yrs)

23,000

9,545

HP and finance lease liability 1 (2-5 yrs)

61,893

27,887

584,893

537,432

2023
£

2022
£

Current loans and borrowings

HP and finance lease liability 1 (under 1yr)

21,029

8,824

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £178,875 (2022 - £197,436). These commitments relate to operating leases on business premises.

13

Parent and ultimate parent undertaking

The company's immediate parent is Hautecaters Holding Co Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr C Moffatt.