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REGISTERED NUMBER: 01351423 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HUCKNALL SHEET METAL ENGINEERING LIMITED

HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 10

HUCKNALL SHEET METAL ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J R Paterson
Mrs K M Paterson
Mr SJ Guyler
Mr K D Parsons
Mr J A Paterson
Mrs K A Lucas



SECRETARY: Mr D J Rice



REGISTERED OFFICE: Occupation Road
Cinderhill Road
Bulwell
Nottingham
Nottinghamshire
NG6 8RD



REGISTERED NUMBER: 01351423 (England and Wales)



ACCOUNTANTS: David Rice Associates Ltd
Chartered Certified Accountants
4 Wellington Circus
Nottingham
Nottinghamshire
NG1 5AL



BANKERS: HSBC plc
Nottingham Commercial Centre
First Floor, The Arc
NG2 Business Park
Nottingham
NG2 1EN

HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 2,253,576 1,617,761

CURRENT ASSETS
Inventories 76,778 82,098
Debtors 6 752,279 581,768
Cash at bank 929,550 546,011
1,758,607 1,209,877
CREDITORS
Amounts falling due within one year 7 831,464 591,297
NET CURRENT ASSETS 927,143 618,580
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,180,719

2,236,341

CREDITORS
Amounts falling due after more than one year 8 (134,984 ) (234,091 )

PROVISIONS FOR LIABILITIES 10 (449,057 ) (222,639 )

ACCRUALS AND DEFERRED INCOME (14,903 ) (17,596 )
NET ASSETS 2,581,775 1,762,015

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 578,736 -
Retained earnings 2,002,939 1,761,915
SHAREHOLDERS' FUNDS 2,581,775 1,762,015

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.

HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 11 April 2024 and were signed on its behalf by:





Mr J R Paterson - Director


HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Hucknall Sheet Metal Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared under the historical cost convention using applicable accounting standards.


Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
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.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 statement of financial position date.


HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Independent actuaries complete valuations at least every three years and in accordance with their recommendations, contributions are paid to the scheme so as to secure the benefits set out in the scheme rules.

Government grants
Government grants received to fund capital asset acquisitions are credited to the profit and loss account over the expected life of the asset so acquired.


Operating leases
Payments made under operating leases are charged to the profit and loss account in the period to which they relate.


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 30 ) .

HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 411,873 232,190 4,973,550
Additions - 18,669 235,262
Disposals - (2,450 ) (50,000 )
Grants - (33,200 ) -
Revaluations 488,127 - -
Impairments - (105,079 ) -
At 31 December 2023 900,000 110,130 5,158,812
DEPRECIATION
At 1 January 2023 82,372 63,688 3,872,251
Charge for year 8,237 9,729 155,186
Eliminated on disposal - - (42,888 )
Revaluation adjustments (90,609 ) - -
Impairments - (48,775 ) -
At 31 December 2023 - 24,642 3,984,549
NET BOOK VALUE
At 31 December 2023 900,000 85,488 1,174,263
At 31 December 2022 329,501 168,502 1,101,299

HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 40,213 66,514 46,984 5,771,324
Additions 1,718 69,390 18,500 343,539
Disposals - (33,704 ) - (86,154 )
Grants - - - (33,200 )
Revaluations - - - 488,127
Impairments - - - (105,079 )
At 31 December 2023 41,931 102,200 65,484 6,378,557
DEPRECIATION
At 1 January 2023 36,976 59,026 39,250 4,153,563
Charge for year 743 2,798 5,788 182,481
Eliminated on disposal - (28,791 ) - (71,679 )
Revaluation adjustments - - - (90,609 )
Impairments - - - (48,775 )
At 31 December 2023 37,719 33,033 45,038 4,124,981
NET BOOK VALUE
At 31 December 2023 4,212 69,167 20,446 2,253,576
At 31 December 2022 3,237 7,488 7,734 1,617,761


Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023 167,877
Transfer to ownership (41,200 )
At 31 December 2023 126,677
DEPRECIATION
At 1 January 2023 55,115
Charge for year 16,914
Transfer to ownership (23,148 )
At 31 December 2023 48,881
NET BOOK VALUE
At 31 December 2023 77,796
At 31 December 2022 112,762

HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 665,737 556,822
Amounts owed by group undertakings 82,192 20,596
Other debtors 4,350 4,350
752,279 581,768

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,640 125,200
Hire purchase contracts 32,801 37,564
Trade creditors 188,014 132,408
Taxation and social security 274,281 61,931
Other creditors 317,728 234,194
831,464 591,297

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 96,008 164,950
Hire purchase contracts 38,976 69,141
134,984 234,091

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years - 5,817

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 40 -
Bank loans 114,608 290,150
Hire purchase contracts 71,777 106,705
186,425 396,855

Outstanding hire purchase liabilities are secured against their related fixed assets.

The bank loan is secured by a fixed charge on the freehold property owned by the company in favour of Lloyds Bank plc dated 2 November 2013.

HUCKNALL SHEET METAL ENGINEERING LIMITED (REGISTERED NUMBER: 01351423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 449,057 222,639

Deferred
tax
£   
Balance at 1 January 2023 222,639
Accelerated capital allowances 104,386
Property revaluation 122,032
Balance at 31 December 2023 449,057

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
51 Ordinary A £1 51 51
49 Ordinary B £1 49 49
100 100

12. RESERVES
Revaluation
reserve
£   
Movement revaluation reserve 578,736

At 31 December 2023 578,736

13. OTHER FINANCIAL COMMITMENTS

The company has given a composite guarantee dated 7 August 2013 in favour of HSBC Bank plc. This is in respect of all of the borrowings by the fellow group company Microjet Precision Services Limited from HSBC Bank plc. At the balance sheet date, the amount due by Microjet Precision Services Limited to HSBC Bank plc was £ Nil (2022: £81,828).

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE CONTROLLING PARTY

The controlling party is HSM Group Investments Limited.

The ultimate controlling parties are Mr J R Paterson and Mrs K M Paterson, directors and joint 100% shareholders of HSM Group Investments Limited.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HUCKNALL SHEET METAL ENGINEERING LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hucknall Sheet Metal Engineering Limited for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Hucknall Sheet Metal Engineering Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hucknall Sheet Metal Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Hucknall Sheet Metal Engineering Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hucknall Sheet Metal Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hucknall Sheet Metal Engineering Limited. You consider that Hucknall Sheet Metal Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hucknall Sheet Metal Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






David Rice Associates Ltd
Chartered Certified Accountants
4 Wellington Circus
Nottingham
Nottinghamshire
NG1 5AL


11 April 2024