Hirst Fabrication & Mechanical Services Limited 11198264 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is is that of machining. Digita Accounts Production Advanced 6.30.9574.0 true true 11198264 2022-06-01 2023-05-31 11198264 2023-05-31 11198264 core:CurrentFinancialInstruments 2023-05-31 11198264 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11198264 core:Non-currentFinancialInstruments 2023-05-31 11198264 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11198264 core:FurnitureFittingsToolsEquipment 2023-05-31 11198264 bus:SmallEntities 2022-06-01 2023-05-31 11198264 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11198264 bus:FullAccounts 2022-06-01 2023-05-31 11198264 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 11198264 bus:RegisteredOffice 2022-06-01 2023-05-31 11198264 bus:Director1 2022-06-01 2023-05-31 11198264 bus:Director2 2022-06-01 2023-05-31 11198264 bus:Director3 2022-06-01 2023-05-31 11198264 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11198264 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 11198264 core:PlantMachinery 2022-06-01 2023-05-31 11198264 core:OtherRelatedParties 2022-06-01 2023-05-31 11198264 countries:AllCountries 2022-06-01 2023-05-31 11198264 2022-05-31 11198264 core:FurnitureFittingsToolsEquipment 2022-05-31 11198264 2021-06-01 2022-05-31 11198264 2022-05-31 11198264 core:CurrentFinancialInstruments 2022-05-31 11198264 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 11198264 core:Non-currentFinancialInstruments 2022-05-31 11198264 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 11198264 core:FurnitureFittingsToolsEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 11198264

Hirst Fabrication & Mechanical Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Hirst Fabrication & Mechanical Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Hirst Fabrication & Mechanical Services Limited

Company Information

Directors

Mr R Hirst

Mrs F Damen

Mr R M Hinchliffe

Registered office

Unit 3
Mallard Industrial Park
Horbury Junction
Wakefield
West Yorkshire
WF4 5QH

Accountants

Walker & Sutcliffe
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

Hirst Fabrication & Mechanical Services Limited

(Registration number: 11198264)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

63,281

70,033

Current assets

 

Debtors

6

1,391,267

1,228,114

Cash at bank and in hand

 

90,466

47,358

 

1,481,733

1,275,472

Creditors: Amounts falling due within one year

7

(1,482,212)

(1,273,979)

Net current (liabilities)/assets

 

(479)

1,493

Total assets less current liabilities

 

62,802

71,526

Creditors: Amounts falling due after more than one year

7

(26,816)

(45,636)

Provisions for liabilities

(12,314)

(10,642)

Net assets

 

23,672

15,248

Capital and reserves

 

Called up share capital

100

100

Retained earnings

23,572

15,148

Shareholders' funds

 

23,672

15,248

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 December 2023 and signed on its behalf by:
 

.........................................
Mr R Hirst
Director

 

Hirst Fabrication & Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 3
Mallard Industrial Park
Horbury Junction
Wakefield
West Yorkshire
WF4 5QH
United Kingdom

These financial statements were authorised for issue by the Board on 12 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency used was £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hirst Fabrication & Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Government grants

Government grants, including non-monetary grants are not recognised until there is reasonable assurance that:
The company will comply with the conditions attaching to them; and
The grants will be received.

The company recognises grants either based on the performance model or the accrual model. This policy choice is applied on a class-by-class basis.
The company measures grants at the fair value of the asset received or receivable.
Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Performance model
The performance model recognises grants as follows:
A grant that does not impose specified future performance-related conditions on the company is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Accrual model
The accrual model classifies grants either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Hirst Fabrication & Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

15% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Hirst Fabrication & Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Hirst Fabrication & Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

109,139

109,139

Additions

4,230

4,230

At 31 May 2023

113,369

113,369

Depreciation

At 1 June 2022

39,105

39,105

Charge for the year

10,983

10,983

At 31 May 2023

50,088

50,088

Carrying amount

At 31 May 2023

63,281

63,281

At 31 May 2022

70,033

70,033

5

Stocks

2023
£

2022
£

6

Debtors

Current

2023
£

2022
£

Trade debtors

245,066

234,689

Prepayments

1,367

1,948

Other debtors

1,144,834

991,477

 

1,391,267

1,228,114

 

Hirst Fabrication & Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

18,820

24,394

Trade creditors

 

182,314

160,714

Taxation and social security

 

125,881

63,848

Accruals and deferred income

 

21,362

12,010

Other creditors

 

1,133,835

1,013,013

 

1,482,212

1,273,979

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

26,816

45,636

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

26,816

36,673

Other borrowings

-

8,963

26,816

45,636

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,857

9,485

Other borrowings

8,963

14,909

18,820

24,394

 

Hirst Fabrication & Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Related party transactions

Summary of transactions with other related parties

Hirst Electrical Plant Hire Services (UK) Limited
(A company under common control)

 The company repaid loans of £228,000 (2022:£59,080) to Hirst Electrical Plant Hire Services (UK) Limited and extended loans of £44,595. At the balance sheet date the amount due from Hirst Electrical Plant Hire Services (UK) Limited was £70,363 (2022:£113,042).