Company registration number 00340631 (England and Wales)
E.C.HOPKINS,LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
E.C.HOPKINS,LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
E.C.HOPKINS,LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
-
Tangible assets
4
563,149
579,183
563,149
579,183
Current assets
Stocks
557,385
572,186
Debtors
5
242,995
652,691
Cash at bank and in hand
197,737
287,377
998,117
1,512,254
Creditors: amounts falling due within one year
6
(390,251)
(1,331,874)
Net current assets
607,866
180,380
Total assets less current liabilities
1,171,015
759,563
Provisions for liabilities
(4,445)
Net assets
1,166,570
759,563
Capital and reserves
Called up share capital
48,000
48,000
Profit and loss reserves
1,118,570
711,563
Total equity
1,166,570
759,563
The notes on pages 3 to 9 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
E.C.HOPKINS,LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 and are signed on its behalf by:
Herr P Wieners
Mr A C Nicholls
Director
Director
Dr Thomas Dückers
Director
Company Registration No. 00340631
E.C.HOPKINS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
E.C.Hopkins,Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 82 Kettles Wood Drive, Woodgate Business Park, Woodgate Valley, Birmingham, West Midlands, United Kingdom, B32 3DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
E.C.Hopkins,Limited is a wholly owned subsidiary of SMVAP Holding GMBH and the results of E.C.Hopkins,Limited are included in the consolidated financial statements of SMVAP Holding GMBH which are available from the business office Saalestraße 21, 47800 Krefeld .
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Technical Drawings
£100 amortisation per item sold
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or deemed cost, net of depreciation and any impairment losses.
E.C.HOPKINS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long leasehold buildings
equal instalments over the period of the lease
Plant and machinery
10% per annum on reducing balance
Fixtures, fittings & equipment
10% per annum on reducing balance & IT Equipment included at Straight line over 5 years
Motor vehicles
25% per annum on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
E.C.HOPKINS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company only has financial instruments that are classed as basic financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances and amounts due from group undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, and amounts due from fellow group companies are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
E.C.HOPKINS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
The company administers a group personal pension scheme, with each member to decide the investment strategy of their own fund. The company contributes a defined percentage of pensionable payroll. The company will contribute an additional 2% of pensionable payroll for members who have completed 5 years of service, providing this is matched by an equivalent increase in employees contributions. The regular pension costs so calculated are charged to the profit and loss account.
The company also contributes to a self investment personal pension plan for the benefit of one the directors of the company, the contributions payable are charged to the profit and loss account as they fall due.
The company's auto-enrolement date was 1 October 2014 and all new direct employees starting after that date will receive the minimum employer contribution rate based on qualifying earnings, as set by the government.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except.
E.C.HOPKINS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
17
3
Intangible fixed assets
Technical Drawings
£
Cost
At 1 January 2023 and 31 December 2023
7,500
Amortisation and impairment
At 1 January 2023 and 31 December 2023
7,500
Carrying amount
At 31 December 2023
At 31 December 2022
E.C.HOPKINS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
582,862
243,949
826,811
Additions
6,371
6,371
Disposals
(57,501)
(57,501)
At 31 December 2023
582,862
192,819
775,681
Depreciation and impairment
At 1 January 2023
66,615
181,013
247,628
Depreciation charged in the year
4,693
8,522
13,215
Eliminated in respect of disposals
(48,311)
(48,311)
At 31 December 2023
71,308
141,224
212,532
Carrying amount
At 31 December 2023
511,554
51,595
563,149
At 31 December 2022
516,247
62,936
579,183
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
209,067
623,753
Other debtors
33,928
28,938
242,995
652,691
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
218,061
405,563
Amounts owed to group undertakings
688,730
Corporation tax
823
320
Other taxation and social security
118,766
98,277
Other creditors
52,601
138,984
390,251
1,331,874
E.C.HOPKINS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 9 -
There is a charge registered in relation to the companies historic bank borrowings. These are secured by fixed and floating charges over all monies due or to become due from the company to the chargee on any account whatsoever.
At the year end there were no bank borrowing or liabilites due.
Mortgage charge dated 17 August 2007 on Leasehold Property.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lee Meredith BFP ACA
Statutory Auditor:
Azets Audit Services
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
49,857
88,668
9
Related party transactions
The company has taken advantage of the exemption conferred in Financial Reporting Standard 102 not to disclose transactions within the group on the grounds that 100% of the voting rights in the company are controlled within the group.
10
Parent company
At the year end the immediate parent undertaking of the company was SMVAP Holding GMBH incorporated and registered in Krefeld, Germany, with company number HRB 18433 whose registered office is Krefeld and business office Saalestraße 21, 47800 Krefeld .
At the year end the ultimate controlling party was Shanghai Motor Vehicle & Auto Parts Co., Ltd., incorporated and registered in the People's Republic of China.