Company registration number 11971933 (England and Wales)
HILLS SI HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
HILLS SI HOLDINGS LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 6
HILLS SI HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
5
2,555,000
5,425,000
Current assets
Trade and other receivables
6
50
Cash and cash equivalents
77,769
145,996
77,819
145,996
Current liabilities
7
(57,746)
(125,746)
Net current assets
20,073
20,250
Net assets
2,575,073
5,445,250
Equity
Called up share capital
8
2,555,000
5,425,000
Retained earnings
20,073
20,250
Total equity
2,575,073
5,445,250
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 30 November 2023
Mr D Hill
Director
Company registration number 11971933 (England and Wales)
HILLS SI HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 May 2021
5,425,000
20,250
5,445,250
Year ended 30 April 2022:
Profit and total comprehensive income
-
44,000
44,000
Dividends
-
(44,000)
(44,000)
Balance at 30 April 2022
5,425,000
20,250
5,445,250
Year ended 30 April 2023:
Loss and total comprehensive income
-
(177)
(177)
Issue of share capital
8
2,555,000
-
2,555,000
Other movements
(5,425,000)
-
(5,425,000)
Balance at 30 April 2023
2,555,000
20,073
2,575,073
HILLS SI HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Hills SI Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 126 Longwood Road, Aldridge, Walsall, West Midlands, WS9 0TD.
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 £.
The financial statements have been prepared under the historical cost convention and the principal accounting policies adopted are set out below.
1.2
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
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.
1.3
Non-current 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HILLS SI HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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 statement of financial position 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil.
HILLS SI HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Property, plant and equipment
Land and buildings
£
Cost
At 1 May 2022
Additions
2,214,573
Disposals
(2,214,573)
At 30 April 2023
Depreciation and impairment
At 1 May 2022 and 30 April 2023
Carrying amount
At 30 April 2023
At 30 April 2022
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,555,000
5,425,000
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022 & 30 April 2023
5,425,000
Impairment
At 1 May 2022
-
Disposals
2,870,000
At 30 April 2023
2,870,000
Carrying amount
At 30 April 2023
2,555,000
At 30 April 2022
5,425,000
6
Trade and other receivables
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
50
HILLS SI HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
7
Current liabilities
2023
2022
£
£
Amounts owed to group undertakings
57,746
125,746
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares A of £1 each
-
590,958
-
590,958
Ordinary shares B of £1 each
-
3,013,889
-
3,013,889
Ordinary shares C of £1 each
-
590,959
-
590,959
Ordinary shares D of £1 each
-
1,229,194
-
1,229,194
Ordinary shares E of £1 each
2,555,000
-
2,555,000
-
2,555,000
5,425,000
2,555,000
5,425,000
9
Related party transactions
At the year end, the company owed £57,745 (2022: £125,745) to companies under common control.