Registered number: 00314036
HOULTS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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HOULTS LIMITED
REGISTERED NUMBER: 00314036
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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HOULTS LIMITED
REGISTERED NUMBER: 00314036
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
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 1 August 2024.
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A K Hoult
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The notes on pages 4 to 14 form part of these financial statements.
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HOULTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Dividends: Equity capital
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Dividends: Equity capital
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Transfer to/from profit and loss account
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The notes on pages 4 to 14 form part of these financial statements.
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company is a private limited company, which is incorporated and registered in England (no. 00314036). The address of the registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The Company had net assets of £3,599,356 as at 31 March 2024 (2023: £3,664,055).
The directors have prepared cash flow forecasts covering a period of 14 months from the date of the approval of these financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for that period.
The Company is financed through the capital introduced by the shareholders, bank loans and by profits retained within the business.
Where appropriate, the firm will negotiate additional finance to assist in capital expenditure projects.
Consequently, the directors are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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:
Sale of goods
Revenue 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 revenue 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
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.
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.
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of straight line and reducing balance methods.
Depreciation is provided on the following basis:
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15 or 50 years straight line basis
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Long-term leasehold property
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60 or 70 years straight line basis
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25% reducing balance basis
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20% reducing balance basis or 20% straight line basis
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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.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
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Cash and cash equivalents
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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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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 Statement of Comprehensive Income in the same period as the related expenditure.
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.
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.
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.
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Provisions for liabilities
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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.
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Current and deferred taxation
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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.
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The average monthly number of employees, including directors, during the year was 31 (2023 - 29).
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Long-term leasehold property
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Charge for the year on owned assets
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Freehold investment property
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The intra-group transfers were based on the professional valuations carried out by Knight Frank LLP in July 2021.
The Directors do not believe those values have materially changed.
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Government grants received
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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Loan issue costs of £85,500 are being amortised over the length of the loan, with amortisation of £17,100 in the year. The unamortised fees of £47,025 are included within prepayments and accrued income.
The Company loan is due for repayment in December 2026. The rate of interest charged on the loan is 2.8% p.a. over Base Rate.
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The Company has given a guarantee in respect of the bank borrowings which amounted to £5,500,000 (2023 - £9,500,000) at 31 March 2024.
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At 31 March 2024 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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On 30 June 2023 the board approved a Group reorganisation.
Hoults Enterprises Limited became a wholly owned subsidiary of Hoults Holdings Limited a private company limited by shares incorporated in England and Wales. Hoults Holdings Limited's registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL and the company number is 07571754.
As a result of a Group reorganisation the properties of Hoults Enterprises Limited were acquired by a fellow subsidiary Hoults Limited for an aggregate sum of £1,478,300, along with other tangible fixed assets totalling £30,528.
During the year £3,600 (2023 - £14,400) of management charges were received from Hoults Enterprises Limited along with recharged insurance costs of £974 (2023 - £5,130).
At the year end there was a balance of £Nil (2023 - £1,440) owed by Hoults Enterprises Limited included within trade debtors.
The company shares a common director and beneficial owner with Opencast Software Europe Limited. During the year rental income, electricity and service charges have been received in the amount of £258,700 (2023 - £221,508) along with various recharges of £10,841 (2023 - £10,592). At the year end included within trade debtors was an amount due of £31,802 (2023 - £33,831).
The company shares a common director and beneficial owner with Futureheads Recruitment Limited. During the year management charges along with various recharges have been received in the amount of £552 (2023 - £654). At the year end included within trade debtors was an amount due of £55 (2023 - £50).
The company shares a common director and beneficial owner with Cheviot Insurance Services Limited. During the year rental, electricity and service charges have been received in the amount of £10,798 (2023 - £10,269) along with various recharges of £1,288 (2023 - £1,174). At the year end included within trade debtors was an amount due of £1,224 (2023 - £1,217). Furthermore, during the year the company has paid £108,021 (2023 - £94,004) to Cheviot Insurance Services Limited for insurance.
The company shares a common director with Dynamo North East CIC, during the year management charges along with various recharges have been received in the amount of £1,615 (2023 - £3,041). At the year end included within trade debtors was an amount due of £60 (2023 - £Nil).
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The ultimate parent undertaking is Hoults Holdings Limited, a company registered in England. The registered office of Hoults Holdings Limited is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL.
No individual has control over Hoults Holdings Limited.
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HOULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.
The audit report was signed on 1 August 2024 by Jon Routledge (Senior Statutory Auditor) on behalf of Ryecroft Glenton.
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