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Registration number: NI607903

Hitchen Thermal Insulation Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Hitchen Thermal Insulation Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Hitchen Thermal Insulation Ltd

Company Information

Director

Mr Hugh Hitchen

Registered office

Unit 11
Glenwood Business Park
Dunmurray
BELFAST
BT17 0QL

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Hitchen Thermal Insulation Ltd

(Registration number: NI607903)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Stocks

6

30,744

37,994

Debtors

7

330,370

337,112

Cash at bank and in hand

 

60,207

168,902

 

421,321

544,008

Creditors: Amounts falling due within one year

8

(150,097)

(215,421)

Total assets less current liabilities

 

271,224

328,587

Creditors: Amounts falling due after more than one year

8

(14,995)

(24,822)

Net assets

 

256,229

303,765

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

256,129

303,665

Total equity

 

256,229

303,765

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 July 2024
 

.........................................

Mr Hugh Hitchen

Director

 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Unit 11
Glenwood Business Park
Dunmurray
BELFAST
BT17 0QL

These financial statements were authorised for issue by the director on 2 July 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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

20% straight line

Fixtures & fittings

20% straight line

Motor vehicles

25% straight line

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 ten 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

Over 5 years

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.

 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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 the director) during the year, was 8 (2022 - 10).

 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

100,000

100,000

At 30 November 2023

100,000

100,000

Amortisation

At 1 December 2022

100,000

100,000

At 30 November 2023

100,000

100,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 December 2022

2,127

13,140

3,618

18,885

At 30 November 2023

2,127

13,140

3,618

18,885

Depreciation

At 1 December 2022

2,127

13,140

3,618

18,885

At 30 November 2023

2,127

13,140

3,618

18,885

Carrying amount

At 30 November 2023

-

-

-

-

6

Stocks

2023
£

2022
£

Work in progress

30,744

37,994

 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

2023
£

2022
£

Trade debtors

196,618

214,377

Other debtors

133,752

122,735

330,370

337,112

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

17,788

73,199

Trade creditors

 

75,978

73,419

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

11

6,928

5,892

Taxation and social security

 

10,767

28,841

Other creditors

 

24,921

17,472

Accruals and deferred income

 

13,715

16,598

 

150,097

215,421

Due after one year

 

Loans and borrowings

10

14,995

24,822

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,654

10,654

Bank overdrafts

7,134

62,545

17,788

73,199

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,995

24,822

11

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr Hugh Hitchen

Director's current account

(12,372)

500

(1,000)

(12,872)

         
       

 

2022

At 1 December 2021
£

Repayments by director
£

At 30 November 2022
£

Mr Hugh Hitchen

Director's current account

(342)

(12,030)

(12,372)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

56,167

52,949

Summary of transactions with other related parties

 

Hitchen Thermal Insulation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

11

Related party transactions (continued)

In the prior year the company received a loan of £1,729 from a related party undertaking.The foreign currency gain on the loan was £5. The loan outstanding at the year end was £1,724. The loan is repayable on demand. The aforementioned related party undertaking is related by virtue of ultimate common shareholders.

In the prior year the company received a loan of £4,164 from the shareholders. During the financial year the company received a further £1,040 from the shareholders. The loan outstanding at the year end was £5,204. The loan is repayable on demand.

No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.