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REGISTERED NUMBER: SC430957 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

HC Innovations Ltd

HC Innovations Ltd (Registered number: SC430957)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


HC Innovations Ltd (Registered number: SC430957)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 8,280 16,560
Tangible assets 5 346,592 449,394
354,872 465,954

CURRENT ASSETS
Stocks 578,300 778,808
Debtors 6 1,144,315 852,838
Cash at bank 455,127 455,249
2,177,742 2,086,895
CREDITORS
Amounts falling due within one year 7 (698,352 ) (572,311 )
NET CURRENT ASSETS 1,479,390 1,514,584
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,834,262

1,980,538

CREDITORS
Amounts falling due after more than one
year

8

(1,026,842

)

(1,177,930

)

PROVISIONS FOR LIABILITIES (86,648 ) (85,331 )
NET ASSETS 720,772 717,277

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 720,668 717,173
SHAREHOLDERS' FUNDS 720,772 717,277

HC Innovations Ltd (Registered number: SC430957)

Balance Sheet - continued
31 December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 8 April 2024 and were signed on its behalf by:





Mr A Davis - Director


HC Innovations Ltd (Registered number: SC430957)

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

1. STATUTORY INFORMATION

HC Innovations Limited is a private company, limited by shares, domiciled in Scotland, registration number SC430957. The registered office is Target House, Ruthvenfield Road, Inveralmond Industrial Estate, Perth PH1 3EE.

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.

Turnover
Turnover represents net invoiced sales of goods in respect of the supply of cleaning products, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of eleven years.

Tangible fixed assets and depreciation
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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.

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.

HC Innovations Ltd (Registered number: SC430957)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 45,540
AMORTISATION
At 1 January 2023 28,980
Charge for year 8,280
At 31 December 2023 37,260
NET BOOK VALUE
At 31 December 2023 8,280
At 31 December 2022 16,560

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 425,976 98,382 34,764 3,587 562,709
Additions 3,456 14,435 - - 17,891
Disposals (16,850 ) (423 ) - (3,050 ) (20,323 )
At 31 December 2023 412,582 112,394 34,764 537 560,277
DEPRECIATION
At 1 January 2023 81,143 22,278 6,307 3,587 113,315
Charge for year 85,576 22,157 7,119 - 114,852
Eliminated on disposal (11,009 ) (423 ) - (3,050 ) (14,482 )
At 31 December 2023 155,710 44,012 13,426 537 213,685
NET BOOK VALUE
At 31 December 2023 256,872 68,382 21,338 - 346,592
At 31 December 2022 344,833 76,104 28,457 - 449,394

HC Innovations Ltd (Registered number: SC430957)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 29,432
DEPRECIATION
At 1 January 2023 4,292
Charge for year 6,285
At 31 December 2023 10,577
NET BOOK VALUE
At 31 December 2023 18,855
At 31 December 2022 25,140

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 652,539 536,908
Amounts owed by related parties 455,436 281,730
Other debtors 36,340 34,200
1,144,315 852,838

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 4,935 4,935
Trade creditors 412,221 403,083
Taxation and social security 165,533 107,628
Other creditors 115,663 56,665
698,352 572,311

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 12,570 17,505
Other creditors 1,014,272 1,160,425
1,026,842 1,177,930

HC Innovations Ltd (Registered number: SC430957)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 17,505 22,440

Amounts due on hire purchase are secured over the individual assets concerned.

10. RELATED PARTY DISCLOSURES

Amounts owed - £455,436 (2022: £281,729). Rent paid to related party - £121,250 (2022: £133,500).