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REGISTERED NUMBER: 02524135 (England and Wales)














HARDALL HOLDINGS LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


HARDALL HOLDINGS LTD

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTOR: A C Bishop





SECRETARY: Ms J E Shields





REGISTERED OFFICE: Hardall House
Ludun Close
Dunstable
Bedfordshire
LU5 4PN





REGISTERED NUMBER: 02524135 (England and Wales)





AUDITORS: Miller & Co
Statutory Auditor
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

STRATEGIC REPORT
for the Year Ended 30 June 2023

The director presents his strategic report for the year ended 30 June 2023.

REVIEW OF BUSINESS
Hardall Holdings Ltd became a wholly owned subsidiary of Aventador Holdings Ltd on 1 September 2022.

The principal activity of the company is that of a holding company.

Total comprehensive income for the year totalled £9,643,000, compared to £nil in 2022. This was due to the receipt of dividend income in the current year.

At the balance sheet date the net assets of the company remained virtually unchanged due to dividend payments being made to its own parent company, totalling £9,642,998.

The company has not identified any key performance indicators due to the nature of its operations as a holding company.

PRINCIPAL RISKS AND UNCERTAINTIES
As a holding company, the majority of the company’s assets consists of investments in its subsidiary undertaking. Accordingly principal risks of the company relate to its inability to recover the carrying value of its investments due to adverse conditions in markets where its subsidiaries operate.

ON BEHALF OF THE BOARD:





A C Bishop - Director


8 March 2024

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

REPORT OF THE DIRECTOR
for the Year Ended 30 June 2023

The director presents his report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS
Interim dividends totalling £9,642,998 were paid on the Ordinary A shares throughout the year. The director recommends that no final dividends be paid on those shares.

No interim dividend was paid on the Ordinary B shares. The director recommends that no final dividends be paid on those shares.

No interim dividend was paid on the Ordinary C shares. The director recommends that no final dividends be paid on those shares.

The total distribution of dividends for the year ended 30 June 2023 will be £9,642,998.

DIRECTOR
A C Bishop held office during the whole of the period from 1 July 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

REPORT OF THE DIRECTOR
for the Year Ended 30 June 2023


AUDITORS
The auditors, Miller & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A C Bishop - Director


8 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARDALL HOLDINGS LTD

Opinion
We have audited the financial statements of Hardall Holdings Ltd (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARDALL HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARDALL HOLDINGS LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;
- the results of our enquiries of management about their own identification and assessments of the risks of
irregularities;
- any matters we identified having obtained and reviewed the company's policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance;
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
o the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, such as the Companies Act 2006.

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to risk identified

Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures to assess compliance with provisions of relevant laws and
regulations described as having a direct effect on the financial statements;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate material

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARDALL HOLDINGS LTD

misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, the testing of the appropriateness of
journal entries and other adjustments and evaluating the business rationale of any significant transactions that are
unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Healy (Senior Statutory Auditor)
for and on behalf of Miller & Co
Statutory Auditor
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

8 March 2024

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

INCOME STATEMENT
for the Year Ended 30 June 2023

2023 2022
Notes £    £   

TURNOVER - -
OPERATING PROFIT - -

Income from shares in group undertakings 9,643,000 -
PROFIT BEFORE TAXATION 9,643,000 -

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR 9,643,000 -

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

OTHER COMPREHENSIVE INCOME
for the Year Ended 30 June 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 9,643,000 -


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

9,643,000

-

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

STATEMENT OF FINANCIAL POSITION
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 7 1,101,090 1,101,090

CREDITORS
Amounts falling due within one year 8 85,725 85,727
NET CURRENT LIABILITIES (85,725 ) (85,727 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,015,365

1,015,363

CREDITORS
Amounts falling due after more than one
year

9

60,285

60,285
NET ASSETS 955,080 955,078

CAPITAL AND RESERVES
Called up, paid and allotted share capital 10 785,715 785,715
Share premium 11 4,105 4,105
Capital redemption reserve 11 165,260 165,260
Retained earnings 11 - (2 )
SHAREHOLDERS' FUNDS 955,080 955,078

The financial statements were approved by the director and authorised for issue on 8 March 2024 and were signed by:





A C Bishop - Director


HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 June 2023

Called
up, paid
and
allotted Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2021 785,715 (2 ) 4,105 165,260 955,078

Changes in equity
Balance at 30 June 2022 785,715 (2 ) 4,105 165,260 955,078

Changes in equity
Dividends - (9,642,998 ) - - (9,642,998 )
Total comprehensive income - 9,643,000 - - 9,643,000
Balance at 30 June 2023 785,715 - 4,105 165,260 955,080

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

STATEMENT OF CASH FLOWS
for the Year Ended 30 June 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2 ) -
Net cash from operating activities (2 ) -

Cash flows from investing activities
Dividends received 9,643,000 -
Net cash from investing activities 9,643,000 -

Cash flows from financing activities
Equity dividends paid (9,642,998 ) -
Net cash from financing activities (9,642,998 ) -

Increase in cash and cash equivalents - -
Cash and cash equivalents at beginning of
year

-

-

Cash and cash equivalents at end of year - -

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 9,643,000 -
Finance income (9,643,000 ) -
Decrease in trade and other creditors (2 ) -
Cash generated from operations (2 ) -

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Hardall Holdings 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, rounded to the nearest pound.

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" 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.

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

Preparation of consolidated financial statements
The financial statements contain information about Hardall Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included in the consolidated financial statements of its parent, Aventador Holdings Limited.

Significant judgements and estimates
In applying the company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of revision and future period, if the revision affects both current and future periods.

The director is of the opinion that there are no critical judgements that have been applied in preparing the financial statements.

Investments in subsidiaries
Investments in subsidiary and other undertakings are stated at historic cost.

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including cash and bank balances, trade and other accounts receivable and payable and loans from banks and other third parties.

Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Employee benefit trust
Assets in the company are disclosed as own shares at the lower of cost or option price when options have been granted. Included in creditors are the reserves which will be payable to the beneficiaries of the trust. For further details of the trust see note 12 to the financial statements.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 June 2023 nor for the year ended 30 June 2022.

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

2023 2022
£    £   
Director's remuneration - -

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2023 nor for the year ended 30 June 2022.

6. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of 1 each
Interim 9,642,998 -

7. FIXED ASSET INVESTMENTS
Shares in
group Own
undertakings shares Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 1,040,433 60,657 1,101,090
NET BOOK VALUE
At 30 June 2023 1,040,433 60,657 1,101,090
At 30 June 2022 1,040,433 60,657 1,101,090

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Hardall International Ltd
Registered office: Hardall House, Ludun Close, Dunstable, Bedfordshire, LU5 4PN
Nature of business: Manufacturer of other fabricated metal
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 19,177,580 25,654,242
Profit for the year 3,166,338 3,908,451

Own Shares

Own shares comprises of 105,460 ordinary shares of £1 each owned by the Employee Benefit Trust.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 85,558 85,558
Other creditors 167 169
85,725 85,727

HARDALL HOLDINGS LTD (REGISTERED NUMBER: 02524135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 60,285 60,285

These amounts are in respect of employee benefit trust reserves.

10. CALLED UP, PAID AND ALLOTTED SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
645,205 Ordinary A 1 645,205 645,205
105,460 Ordinary B 1 105,460 105,460
35,050 Ordinary C 1 35,050 35,050
785,715 785,715

11. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2022 (2 ) 4,105 165,260 169,363
Profit for the year 9,643,000 9,643,000
Dividends (9,642,998 ) (9,642,998 )
At 30 June 2023 - 4,105 165,260 169,365

12. EMPLOYEE BENEFIT TRUST

The company established an employee benefit trust for the benefit of present and future officers or employees of the company and any subsidiary. The trust holds shares in the company which can be sold to employees directly or by granting options under the approved executive share option scheme. No shares were under option at either year end. The costs of the trust are financed by gifts which were made by the company or its subsidiary.