HBCL Coldstores Limited 04541208 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is manufacture of cold rooms and coldstore equipment Digita Accounts Production Advanced 6.30.9574.0 true 04541208 2023-03-01 2024-02-29 04541208 2024-02-29 04541208 bus:OrdinaryShareClass1 2024-02-29 04541208 bus:OrdinaryShareClass2 2024-02-29 04541208 core:CapitalRedemptionReserve 2024-02-29 04541208 core:RetainedEarningsAccumulatedLosses 2024-02-29 04541208 core:ShareCapital 2024-02-29 04541208 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 04541208 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 04541208 core:CurrentFinancialInstruments 2024-02-29 04541208 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 04541208 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 04541208 core:Goodwill 2024-02-29 04541208 core:FurnitureFittingsToolsEquipment 2024-02-29 04541208 core:MotorVehicles 2024-02-29 04541208 core:OtherPropertyPlantEquipment 2024-02-29 04541208 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-02-29 04541208 bus:SmallEntities 2023-03-01 2024-02-29 04541208 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04541208 bus:FilletedAccounts 2023-03-01 2024-02-29 04541208 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04541208 bus:RegisteredOffice 2023-03-01 2024-02-29 04541208 bus:Director3 2023-03-01 2024-02-29 04541208 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 04541208 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 04541208 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04541208 core:Goodwill 2023-03-01 2024-02-29 04541208 core:FurnitureFittings 2023-03-01 2024-02-29 04541208 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 04541208 core:MotorVehicles 2023-03-01 2024-02-29 04541208 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 04541208 core:PlantMachinery 2023-03-01 2024-02-29 04541208 countries:AllCountries 2023-03-01 2024-02-29 04541208 2023-02-28 04541208 core:Goodwill 2023-02-28 04541208 core:FurnitureFittingsToolsEquipment 2023-02-28 04541208 core:MotorVehicles 2023-02-28 04541208 core:OtherPropertyPlantEquipment 2023-02-28 04541208 2022-03-01 2023-02-28 04541208 2023-02-28 04541208 bus:OrdinaryShareClass1 2023-02-28 04541208 bus:OrdinaryShareClass2 2023-02-28 04541208 core:CapitalRedemptionReserve 2023-02-28 04541208 core:RetainedEarningsAccumulatedLosses 2023-02-28 04541208 core:ShareCapital 2023-02-28 04541208 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 04541208 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 04541208 core:CurrentFinancialInstruments 2023-02-28 04541208 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04541208 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 04541208 core:Goodwill 2023-02-28 04541208 core:FurnitureFittingsToolsEquipment 2023-02-28 04541208 core:MotorVehicles 2023-02-28 04541208 core:OtherPropertyPlantEquipment 2023-02-28 04541208 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04541208

HBCL Coldstores Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

HBCL Coldstores Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

HBCL Coldstores Limited

(Registration number: 04541208)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

10,163

 

20,325

Tangible assets

5

 

219,077

 

304,058

   

229,240

 

324,383

Current assets

   

 

Stocks

610,135

 

589,574

 

Debtors

6

1,047,388

 

911,073

 

Cash at bank and in hand

 

350,132

 

370,075

 

 

2,007,655

 

1,870,722

 

Creditors: Amounts falling due within one year

7

(1,242,408)

 

(1,046,508)

 

Net current assets

   

765,247

 

824,214

Total assets less current liabilities

   

994,487

 

1,148,597

Creditors: Amounts falling due after more than one year

7

 

(11,745)

 

(23,940)

Provisions for liabilities

 

(37,000)

 

(55,000)

Net assets

   

945,742

 

1,069,657

Capital and reserves

   

 

Called up share capital

11

281

 

401

 

Capital redemption reserve

420

 

300

 

Retained earnings

945,041

 

1,068,956

 

Shareholders' funds

   

945,742

 

1,069,657

For the financial year ending 29 February 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

HBCL Coldstores Limited

(Registration number: 04541208)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 8 August 2024
 

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

C Lovett

Director

 

HBCL Coldstores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 9
GB Business Park
Cutler Heights Lane
Bradford
BD4 9HZ

These financial statements were authorised for issue by the director on 8 August 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

 

HBCL Coldstores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

10-33% straight line basis

Fixtures and fittings

33% straight line basis

Motor vehicles

25% straight line basis

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 15 years

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.

 

HBCL Coldstores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

HBCL Coldstores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 45 (2023 - 47).

 

HBCL Coldstores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

152,427

152,427

At 29 February 2024

152,427

152,427

Amortisation

At 1 March 2023

132,102

132,102

Amortisation charge

10,162

10,162

At 29 February 2024

142,264

142,264

Carrying amount

At 29 February 2024

10,163

10,163

At 28 February 2023

20,325

20,325

5

Tangible assets

Plant and machinery
 £

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

330,654

103,928

660,506

1,095,088

Additions

-

2,800

36,448

39,248

Disposals

-

-

(44,100)

(44,100)

At 29 February 2024

330,654

106,728

652,854

1,090,236

Depreciation

At 1 March 2023

324,479

74,938

391,613

791,030

Charge for the year

1,613

15,174

107,442

124,229

Eliminated on disposal

-

-

(44,100)

(44,100)

At 29 February 2024

326,092

90,112

454,955

871,159

Carrying amount

At 29 February 2024

4,562

16,616

197,899

219,077

At 28 February 2023

6,175

28,990

268,893

304,058

 

HBCL Coldstores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

998,499

759,135

Prepayments

44,454

47,243

Other debtors

4,435

104,695

 

1,047,388

911,073

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

97,317

145,890

Trade creditors

 

762,596

651,723

Taxation and social security

 

160,641

107,599

Accruals and deferred income

 

58,060

49,137

Other creditors

 

163,794

92,159

 

1,242,408

1,046,508

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,745

23,940

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

30,553

52,836

Other borrowings

66,764

93,054

97,317

145,890


Included in creditors due in one year are net obligations under finance lease and hire purchase contracts of £30,553 (2023 - £52,836) these liabilities are secured on the assets to which they relate.

 

HBCL Coldstores Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

11,745

23,940


Included in creditors due in more than one year are net obligations under finance lease and hire purchase contracts of £11,745 (2023 - £23,940). These liabilities are secured on the assets to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £448,482 (2023 - £158,627). This financial commitment is in respect of operating leases.

10

Related party transactions

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

66,764

2023

Key management
£

Amounts payable to related party

93,054

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

280

280

400

400

A ordinary shares of £1 each

1

1

1

1

281

281

401

401