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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 Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts 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. |
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Emphasis of matter |
We draw attention to Note 1 of the financial statements, which explains the directors intend to cease the trading activities of the company subsequent to the year end and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the accounts. Our opinion is not modified in respect of this matter. |
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Other information |
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of 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 accounts 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. |
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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 directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and |
● |
the directors’ report has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities are summarised as follows: |
● |
In consideration of this it should be noted that laws and regulations fall into two groups. The first are those specific to the company (such as those impacting specific disclosure) and the second are more general to all businesses (such as health and safety). We identify and assess the risk of material misstatement of the financial statements in this regard and then design and perform audit procedures in response, this includes obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
● |
In support of this work, we undertake discussions with management and those charged with governance regarding actual and potential incidences of fraud in the year and how such incidences may manifest themselves; review procedures surrounding new legislation and regulation changes; perform specific audit procedures to test compliance with relevant laws and regulations; assess the risk of management override by testing the appropriateness of journal and other similar entries; and undertake large and unusual item reviews. |
● |
During the course of our work, we ensure that the audit team is aware of the above and remain alert to it throughout the audit process. |
● |
It should be noted that as auditors, we are not responsible for the prevention of non-compliance and cannot be expected to detect all non-compliance with all laws and regulations. |
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A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
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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 an auditor's report 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. |
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Simon Pusey |
(Senior Statutory Auditor) |
Suite 2, Wesley Chambers |
for and on behalf of |
Queens Road |
Keith Graham, Chartered Accountants |
Aldershot |
Statutory Auditor |
Hampshire |
7 August 2024 |
GU11 3JD |
|
HZI Service UK and Ireland Ltd |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
1 |
Accounting policies |
|
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Basis of preparation |
|
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The directors intend to cease the trading activities of the company subsequent to the year end and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the accounts. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
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Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
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Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
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Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
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Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
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Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
- |
|
120,310 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
15,578 |
|
- |
|
Other debtors |
581 |
|
15,577 |
|
|
|
|
|
|
16,159 |
|
135,887 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
- |
|
161,929 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
53,010 |
|
Taxation and social security costs |
- |
|
23,652 |
|
Other creditors |
- |
|
9,750 |
|
|
|
|
|
|
- |
|
248,341 |
|
|
|
|
|
|
|
|
|
|
5 |
Related party transactions |
|
|
The company has taken advantage of the exemption in Financial Reporting Standards 102 not to disclose related party transactions with wholly owned group undertakings. |
|
|
6 |
Controlling party |
|
|
At the year end the company was controlled by Hitachi Zosen Inova AG, a company registered in Switzerland. |
|
|
7 |
Other information |
|
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HZI Service UK and Ireland Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Ascent 4, Farnborough Aerospace Centre |
|
Farnborough |
|
Hampshire |
|
GU14 6XW |
|
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Sterling is the functional currency for these accounts. |