Company registration number 12023569 (England and Wales)
HB333MIL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HB333MIL LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
HB333MIL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
230,767
154,266
Debtors
3
162,015
196,325
Cash at bank and in hand
4,398
491
397,180
351,082
Creditors: amounts falling due within one year
4
(515,459)
(427,640)
Net current liabilities
(118,279)
(76,558)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(118,379)
(76,658)
Total equity
(118,279)
(76,558)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr J W D Wood
Director
Company registration number 12023569 (England and Wales)
HB333MIL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(39,265)
(39,165)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(37,393)
(37,393)
Balance at 31 December 2022
100
(76,658)
(76,558)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(41,721)
(41,721)
Balance at 31 December 2023
100
(118,379)
(118,279)
HB333MIL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

HB333MIL Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor River Court, The Old Mill Office Park, Mill Lane, Godalming, Surrey, GU7 1EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Stocks

Work in progress is stated at the lower of cost and net realisable value.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

HB333MIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
162,015
196,325
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,759
2,349
Amounts owed to group undertakings
495,700
425,291
515,459
427,640
5
Deferred taxation

Deferred tax related to unrelieved tax losses has not been recognised due to uncertainty of future use.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
HB333MIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Financial commitments, guarantees and contingent liabilities

There is a contingent liability associated with the potential cancellation charge of the Company’s grid offer. This liability will only be triggered in the event the Company never moves forward with the construction of the asset and cancels the construction of the associated connection. This is not the intention of the Company and no therefore no provision for this cost has been made in these accounts.  The cancellation charge varies greatly depending on what work is deemed necessary and various conditions, hence no estimation of the amounts involved is disclosed. 

8
Related party transactions

The company has taken advantage of the exemption available within FRS 102, whereby it has not disclosed transactions with its parent company or any subsidiaries that are wholly owned within the group.

9
Parent company

The company is a subsidiary company of Pelagic Energy Development Ltd, a company incorporated in England & Wales and registered at Basement Flat, 68 Gloucester Street, London, SW1V 4EF.

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