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Registered number: 02356786









HOOKINGS MASTICS LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
HOOKINGS MASTICS LIMITED
REGISTERED NUMBER: 02356786

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
43,720
48,971

Current assets
  

Stocks
 5 
2,250
2,500

Debtors: amounts falling due within one year
 6 
92,577
85,962

Cash at bank and in hand
 7 
550
649

  
95,377
89,111

Creditors: amounts falling due within one year
 8 
(113,147)
(105,568)

Net current liabilities
  
 
 
(17,770)
 
 
(16,457)

Total assets less current liabilities
  
25,950
32,514

Creditors: amounts falling due after more than one year
 9 
(20,833)
(30,833)

Provisions for liabilities
  

Deferred tax
 10 
(3,953)
(3,908)

Net assets/(liabilities)
  
1,164
(2,227)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,064
(2,327)

  
1,164
(2,227)


Page 1

 
HOOKINGS MASTICS LIMITED
REGISTERED NUMBER: 02356786
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider 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 directors acknowledge their 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 comprehensive income 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 on 29 July 2024.






Mr D Hookings
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HOOKINGS MASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Hookings Mastics Limited is a company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The company's principal activity is that of specialist sealant applicators. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit or loss in the same period as the related expenditure.

 
2.4

Interest income

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

 
2.5

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.

Page 3

 
HOOKINGS MASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
HOOKINGS MASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Buildings
-
2% Straight line
Plant and machinery
-
15%
Motor vehicles
-
25%
Furniture, fittings and equipment
-
15%
Improvement to building
-
0%

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.

 
2.10

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.  

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
HOOKINGS MASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

 
2.16

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 5 (2022 - 5).

Page 6

 
HOOKINGS MASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Buildings
Plant and machinery
Motor vehicles
Furniture, fittings and equipment
Improvement to building
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2022
24,750
7,225
84,897
23,529
6,625
147,026



At 31 July 2023

24,750
7,225
84,897
23,529
6,625
147,026



Depreciation


At 1 August 2022
2,970
6,451
68,185
20,449
-
98,055


Charge for the year on owned assets
495
116
4,178
462
-
5,251



At 31 July 2023

3,465
6,567
72,363
20,911
-
103,306



Net book value



At 31 July 2023
21,285
658
12,534
2,618
6,625
43,720



At 31 July 2022
21,780
774
16,712
3,080
6,625
48,971

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
-
5,115

Page 7

 
HOOKINGS MASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
2,250
2,500



6.


Debtors

2023
2022
£
£


Trade debtors
13,156
31,168

Other debtors
79,268
54,654

Prepayments and accrued income
153
140

92,577
85,962



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
550
649

Less: bank overdrafts
(18,640)
(11,536)

(18,090)
(10,887)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
18,640
11,536

Bank loans
10,000
10,000

Trade creditors
15,404
26,371

Corporation tax
42,060
27,199

Other taxation and social security
23,099
24,049

Obligations under finance lease and hire purchase contracts
-
3,053

Other creditors
419
-

Accruals and deferred income
3,525
3,360

113,147
105,568


Page 8

 
HOOKINGS MASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,833
30,833


The bounce back loan is both interest and repayment free for the first twelve months. After such time the loan is repayable over 5 years at an interest rate of 2.5%


10.


Deferred taxation




2023
2022


£

£






At beginning of year
(3,908)
(5,076)


(Charged)/released to profit or loss
(45)
1,168



At end of year
(3,953)
(3,908)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,953)
(3,908)


11.


Pension commitments

The company operates a defined contribution 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 £2,490 (2022 - £1,801). Contributions totalling £419 (2022 - £Nil) were payable at the balance sheet date and are included in creditors. 


12.


Transactions with directors

Included within other debtors due within one year is a loan to D Hookings, a director, amounting to £59,610 (2022 - £42,940). Amount repaid within nine months of the year end was £43,000. Interest is charged at the official rate.
 

 
Page 9