Company registration number 06055257 (England and Wales)
HUTHWAITE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HUTHWAITE INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HUTHWAITE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£000
£000
£000
£000
Fixed assets
Investments
4
6,574
6,574
Current assets
Debtors
5
1,991
1,923
Cash at bank and in hand
1,202
1,181
3,193
3,104
Creditors: amounts falling due within one year
6
(4,294)
(3,924)
Net current liabilities
(1,101)
(820)
Total assets less current liabilities
5,473
5,754
Creditors: amounts falling due after more than one year
7
(995)
(995)
Net assets
4,478
4,759
Capital and reserves
Called up share capital
8
251
251
Profit and loss reserves
4,227
4,508
Total equity
4,478
4,759
HUTHWAITE INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
A Hughes
Director
Company Registration No. 06055257
HUTHWAITE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Huthwaite International Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is Office 2, Harry Brearley House, 6 Fox Valley Way, Stocksbridge, Sheffield, S36 2AE.

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 £000.

The financial statements have been prepared under the historical cost convention.

 

The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

HUTHWAITE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.6
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.

1.7
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
4
4
3
Directors' remuneration
2023
2022
£000
£000
Remuneration paid to directors
337
323
4
Fixed asset investments
2023
2022
£000
£000
Shares in group undertakings and participating interests
6,574
6,574
HUTHWAITE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£000
£000
Amounts owed by group undertakings
1,411
1,411
Other debtors
580
512
1,991
1,923
6
Creditors: amounts falling due within one year
2023
2022
£000
£000
Amounts owed to group undertakings
4,277
3,909
Corporation tax
17
15
4,294
3,924
7
Creditors: amounts falling due after more than one year
2023
2022
£000
£000
Share capital treated as debt (Note 8)
995
995
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
25,071
25,071
25
25
Ordinary A shares of £1 each
162,960
162,960
163
163
Ordinary B shares of £1 each
12,540
12,540
13
13
Ordinary C shares of £1 each
37,603
37,603
37
37
Ordinary D shares of £1 each
12,540
12,540
13
13
250,714
250,714
251
251
2023
2022
2023
2022
Preference share capital
Number
Number
£000
£000
Issued and fully paid
Preference shares of £1 each
312,428
312,428
312
312
Preference B shares of £1 each
682,500
682,500
683
683
994,928
994,928
995
995
Preference shares classified as liabilities
995
995
HUTHWAITE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
8
Called up share capital
(Continued)
- 6 -

All ordinary shares rank pari passu for voting, dividend and capital rights.

 

The preference shares are classified as liabilities in accordance with the presentation requirement of FRS 102 Section 22.5, on the basis that they are in substance either wholly debt or the liability component of the instrument is deemed to be of a value that there is no residual value that would otherwise be classified as equity. Dividends in respect of these shares are treated as a finance cost and charged as an expense in the profit and loss account.

 

The preference shares carry a fixed dividend of 8 pence per share payable annually in arrears on 31 March each year but can only be paid to the holders subject to certain conditions as specified in the Articles of Association of the company. These conditions have been met and are included in the interest charge.

9
Contingent liabilities

There is an unlimited bank guarantee between the company and Huthwaite Research Group Limited, Huthwaite Group Limited and Skill4 Limited. The total bank borrowings of the companies at the year end amounted to £26,667 (2022: £36,667).

10
Controlling party

The company is controlled by A Hughes.

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