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Registration number: 01160209

Hertford Offset Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Hertford Offset Limited

(Registration number: 01160209)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,533

Tangible assets

5

486,417

574,492

 

486,417

576,025

Current assets

 

Stocks

6

78,095

64,021

Debtors

7

1,145,358

818,658

Cash at bank and in hand

 

32,979

73,358

 

1,256,432

956,037

Creditors: Amounts falling due within one year

8

(1,551,303)

(1,255,640)

Net current liabilities

 

(294,871)

(299,603)

Total assets less current liabilities

 

191,546

276,422

Creditors: Amounts falling due after more than one year

8

(62,500)

(137,836)

Provisions for liabilities

(92,400)

(110,902)

Net assets

 

36,646

27,684

Capital and reserves

 

Called up share capital

100

100

Retained earnings

36,546

27,584

Shareholders' funds

 

36,646

27,684

For the financial year ending 31 October 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 19 February 2024 and signed on its behalf by:
 

 

Hertford Offset Limited

(Registration number: 01160209)
Balance Sheet as at 31 October 2023

.........................................
R Wilkerson
Company secretary and director

.........................................
H Wilkerson
Director

 

Hertford Offset Limited

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

1

General information

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

The address of its registered office is:
1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
Graphic House,
Extension Rd,
Hertford
SG13 7LS

These financial statements were authorised for issue by the Board on 19 February 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to nearest £1.

Going concern

The company had net current liabilities at the year end. The Directors’ have pledged their continued support to the company for the foreseeable future and they consider it appropriate to prepare these financial statements have been prepared on a going concern basis.

 

Hertford Offset Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the busniess recognises related costs 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 entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Hertford Offset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 and Machinery

Varying rates 10%-33% both straight line and reducing balance

Fixtures & Fittings

10% reducing balance

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed twenty years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 at the transaction price.

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.

 

Hertford Offset Limited

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

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 at the transaction price

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 24 (2022 - 36).

 

Hertford Offset Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

30,500

30,500

At 31 October 2023

30,500

30,500

Amortisation

At 1 November 2022

28,967

28,967

Amortisation charge

1,533

1,533

At 31 October 2023

30,500

30,500

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

1,533

1,533

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

234,107

117,550

2,933,362

3,285,019

Additions

-

-

6,334

6,334

Disposals

(6,416)

(50,901)

(32,155)

(89,472)

At 31 October 2023

227,691

66,649

2,907,541

3,201,881

Depreciation

At 1 November 2022

201,043

78,343

2,431,141

2,710,527

Charge for the year

3,307

9,802

76,217

89,326

Eliminated on disposal

(6,024)

(47,613)

(30,752)

(84,389)

At 31 October 2023

198,326

40,532

2,476,606

2,715,464

Carrying amount

At 31 October 2023

29,365

26,117

430,935

486,417

At 31 October 2022

33,064

39,207

502,221

574,492

The total net book value of assets held on hire purchase contracts is £24,481 (2022: £33,974) and the depreciation charged in the year was £8,494 (2022: £11,324).
.

 

Hertford Offset Limited

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

6

Stocks

2023
£

2022
£

Work in progress

52,891

35,314

Other inventories

25,204

28,707

78,095

64,021

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

866,618

785,228

Amounts owed by related parties

11

274,582

-

Prepayments

 

4,158

33,430

   

1,145,358

818,658

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

75,279

148,336

Trade creditors

 

546,693

467,463

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

-

3,715

Taxation and social security

 

218,606

256,122

Accruals and deferred income

 

73,126

76,483

Other creditors

 

637,599

303,521

 

1,551,303

1,255,640

Bank loans, overdrafts and the factoring facility are secured by way of a cross guarantee arrangement between the assets of Wilkerson Developments Limited, the holding company and those of the company in favour of Barclays Bank Plc.

Amounts due under hire purchase contracts are secured against the assets concerned.

 

Hertford Offset Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

62,500

137,836

Included in loans and borrowings are amounts held on hire purchase. The current liability (due within one year) on hire purchase contracts is £12,319 (2022: £13,971) and the amount due in more than one year is £460 (2022: £12,836). This amount is secured on the assets concerned.

Loans and borrowings also include bank loans. These loans are from Barclays Bank Plc, the current liability on these loans is £62,500 and the amount due in more than one year is £62,500. These loans are secured by fixed and floating charges as well as a cross guarantee arrangement with its parent company, Wilkerson Developments Limited.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £3,900.00) per ordinary share

 

-

 

390,000

         

11

Related party transactions

At the year end the company was owed £274,582 (2022: £76,904) from Wilkerson Developments Limited, the parent company. This loan is repayable on demand with no interest charged.
 

12

Ultimate parent company

The company's immediate parent is Wilkerson Developments Limited, incorporated in England and Wales .