Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-01falseNo description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03818935 2022-07-01 2023-06-30 03818935 2021-07-01 2022-06-30 03818935 2023-06-30 03818935 2022-06-30 03818935 c:Director1 2022-07-01 2023-06-30 03818935 d:FurnitureFittings 2022-07-01 2023-06-30 03818935 d:FurnitureFittings 2023-06-30 03818935 d:FurnitureFittings 2022-06-30 03818935 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03818935 d:CurrentFinancialInstruments 2023-06-30 03818935 d:CurrentFinancialInstruments 2022-06-30 03818935 d:Non-currentFinancialInstruments 2023-06-30 03818935 d:Non-currentFinancialInstruments 2022-06-30 03818935 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03818935 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 03818935 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03818935 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 03818935 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 03818935 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 03818935 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 03818935 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 03818935 d:ShareCapital 2023-06-30 03818935 d:ShareCapital 2022-06-30 03818935 d:RetainedEarningsAccumulatedLosses 2023-06-30 03818935 d:RetainedEarningsAccumulatedLosses 2022-06-30 03818935 c:FRS102 2022-07-01 2023-06-30 03818935 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 03818935 c:FullAccounts 2022-07-01 2023-06-30 03818935 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03818935 2 2022-07-01 2023-06-30 03818935 6 2022-07-01 2023-06-30 03818935 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 03818935









HULBERT ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
HULBERT ENGINEERING LIMITED
REGISTERED NUMBER: 03818935

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
160
1,334

Investments
 5 
2
2

  
162
1,336

Current assets
  

Stocks
 6 
220,615
-

Debtors: amounts falling due within one year
 7 
570,285
257,029

Cash at bank and in hand
 8 
225,354
130,854

  
1,016,254
387,883

Creditors: amounts falling due within one year
 9 
(772,857)
(120,848)

Net current assets
  
 
 
243,397
 
 
267,035

Total assets less current liabilities
  
243,559
268,371

Creditors: amounts falling due after more than one year
 10 
(20,623)
(30,371)

  

Net assets
  
222,936
238,000


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
222,934
237,998

  
222,936
238,000


Page 1

 
HULBERT ENGINEERING LIMITED
REGISTERED NUMBER: 03818935
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Knowles
Director

Date: 6 December 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Hulbert Engineering Limited is a limited liability company incorporated and domiciled in England.
The registered office of the company is:
Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX
The financial statements are for a period of 52 weeks ended 30 June 2023 (2022: 52 weeks ended 30 June 2022).
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has considered the financial position and future prospects of the Company for twelve months from the date of signing these financial statements and believes that the Company has access to sufficient resources to manage the business and meet its liabilities as they fall due. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 6

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 7

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 July 2022
33,286



At 30 June 2023

33,286



Depreciation


At 1 July 2022
31,952


Charge for the year on owned assets
1,174



At 30 June 2023

33,126



Net book value



At 30 June 2023
160



At 30 June 2022
1,334


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
2



At 30 June 2023
2





6.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
220,615
-

220,615
-


Page 8

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors

2023
2022
£
£


Trade debtors
436,453
90,103

Other debtors
106,085
156,184

Prepayments and accrued income
27,747
10,742

570,285
257,029


Other Debtors due within one year include the following amounts:
A loan to G Knowles, a director, amounting to £63,778
 (2022: £71,714). The loan is unsecured, interest free and repayable on demand. 




8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
225,354
130,854

225,354
130,854



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,124
10,124

Payments received on account
164,552
-

Trade creditors
249,454
18,468

Corporation tax
51,962
43,000

Other taxation and social security
51,433
3,275

Accruals and deferred income
245,332
45,981

772,857
120,848


The bank loan is unsecured, bears interest at 2.5% and is repayable within 5 years.

Page 9

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,623
30,371

20,623
30,371



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Amounts falling due within one year
10,124
10,124

Amounts falling due 1-2 years
10,124
10,124

Amounts falling due 2-5 years
10,499
20,246

30,747
40,494



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. 

The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,409 (2022: £3,665). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


13.Other financial commitments

The Company entered into forward foreign exchange contracts for €Nil (2022: €69,200) with an extendable maturity date falling within the latter half of 2023. The potential cost to the Company is not material and as such no adjustment has been made to reflect changes in the fair value of the commitment for profits or losses arising. 

Page 10

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Related party transactions

Throughout the year the Company has maintained balances with related parties. The amounts due at the year end are as follows:


2023
2022
£
£

Balances due from/(to) companies with directors in common
18,859
48,999
18,859
48,999

Dividends amounting to £110,000 (2022: £42,500) were paid to the director of the Company.

 
Page 11