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REGISTERED NUMBER: 05314947 (England and Wales)















HALLGATE (LINCS) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






HALLGATE (LINCS) LIMITED (REGISTERED NUMBER: 05314947)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


HALLGATE (LINCS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: C D Tarrant
N B Platts
G C Tarrant





SECRETARY: N B Platts





REGISTERED OFFICE: Unit 1
Nigel Court
Holly Road
Skegness
Lincolnshire
PE25 3TE





REGISTERED NUMBER: 05314947 (England and Wales)

HALLGATE (LINCS) LIMITED (REGISTERED NUMBER: 05314947)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 409,396 397,260
Investment property 6 112,771 -
522,167 397,260

CURRENT ASSETS
Stocks 7 86,690 88,932
Debtors 8 452,207 452,742
Cash at bank and in hand 688,751 604,435
1,227,648 1,146,109
CREDITORS
Amounts falling due within one year 9 645,882 591,073
NET CURRENT ASSETS 581,766 555,036
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,103,933

952,296

CREDITORS
Amounts falling due after more than one
year

10

(28,080

)

(62,167

)

PROVISIONS FOR LIABILITIES (51,244 ) (46,379 )
NET ASSETS 1,024,609 843,750

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 1,024,505 843,646
SHAREHOLDERS' FUNDS 1,024,609 843,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HALLGATE (LINCS) LIMITED (REGISTERED NUMBER: 05314947)

BALANCE SHEET - continued
31ST DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2024 and were signed on its behalf by:





C D Tarrant - Director


HALLGATE (LINCS) LIMITED (REGISTERED NUMBER: 05314947)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Hallgate (Lincs) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover consists of invoiced sales net of returns, trade discounts and Value Added Tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold business unit - 2% on cost
Equipment - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HALLGATE (LINCS) LIMITED (REGISTERED NUMBER: 05314947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 80,000
AMORTISATION
At 1st January 2023
and 31st December 2023 80,000
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Fixtures
business and
unit Equipment fittings
£    £    £   
COST
At 1st January 2023 109,600 173,783 48,157
Additions - 3,425 875
Disposals - - -
At 31st December 2023 109,600 177,208 49,032
DEPRECIATION
At 1st January 2023 32,549 103,731 22,729
Charge for year 2,192 19,413 3,870
Eliminated on disposal - - -
At 31st December 2023 34,741 123,144 26,599
NET BOOK VALUE
At 31st December 2023 74,859 54,064 22,433
At 31st December 2022 77,051 70,052 25,428

HALLGATE (LINCS) LIMITED (REGISTERED NUMBER: 05314947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 387,638 6,282 725,460
Additions 120,499 4,921 129,720
Disposals (46,625 ) - (46,625 )
At 31st December 2023 461,512 11,203 808,555
DEPRECIATION
At 1st January 2023 168,379 812 328,200
Charge for year 83,620 2,049 111,144
Eliminated on disposal (40,185 ) - (40,185 )
At 31st December 2023 211,814 2,861 399,159
NET BOOK VALUE
At 31st December 2023 249,698 8,342 409,396
At 31st December 2022 219,259 5,470 397,260

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023 170,706
Additions 31,750
Transfer to ownership (17,612 )
At 31st December 2023 184,844
DEPRECIATION
At 1st January 2023 55,632
Charge for year 42,608
Transfer to ownership (6,164 )
At 31st December 2023 92,076
NET BOOK VALUE
At 31st December 2023 92,768
At 31st December 2022 115,074

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 112,771
At 31st December 2023 112,771
NET BOOK VALUE
At 31st December 2023 112,771

HALLGATE (LINCS) LIMITED (REGISTERED NUMBER: 05314947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. STOCKS
31.12.23 31.12.22
£    £   
Stocks 86,690 88,932

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 433,259 406,104
Directors' current accounts 13,853 14,719
S419 tax recoverable 5,043 5,043
Prepayments 52 26,876
452,207 452,742

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 20,007 18,460
Hire purchase contracts 22,593 22,084
Trade creditors 286,171 300,037
Current Corporation tax 132,969 87,426
Social security and other taxes 23,900 27,656
VAT 91,197 65,218
Other creditors 4,956 6,622
Directors' current accounts 94 538
Accrued expenses 63,995 63,032
645,882 591,073

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 10,000 18,460
Bank loans - 2-5 years 5,000 16,062
Hire purchase contracts 13,080 27,645
28,080 62,167

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 35,007 52,982

The bank loan is secured by way of a fixed charge over the Company's buildings, fixtures and plant and machinery as well as a floating charge over all of the Company's moveable plant, machinery and equipment.

12. ULTIMATE CONTROLLING PARTY

The controlling party is C D Tarrant.