Company registration number 08894838 (England and Wales)
HARDTECH H.V. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HARDTECH H.V. LIMITED
CONTENTS
Page
Directors' report
1 - 3
Balance sheet
4
Notes to the financial statements
5 - 12
HARDTECH H.V. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of electrical installation.
On 28 December 2023 the company changed its name from Levertech H.V. Engineering Limited.
Review of the business
At Hardtech HV, we believe that our customers do their best work when we have done ours, so we focus on ensuring that even the most complex HV systems we install and maintain, simply do what our customers need them to.
Our customers face tremendous competitive pressure across their industrial and commercial sectors, so they focus on their core tasks and leave their essential power supply and equipment needs to us to take care of. Our specialism and scale of operations gives them reassurance and a cost incentive, so we figure it out, and keep things simple for them.
Hardtech H.V. (High Voltage) Limited is an Independent Connection Provider, so we have the full scope of capabilities to create, connect and maintain a wide range of HV & LV power distribution infrastructure. We support the industrial and commercial sectors with the technical projects and service levels they demand and increasingly focus on realising the energy transition related opportunities they require.
In this business year, Hardtech H.V. Limited became part of the System Engineering Group which has reenergised our strategic investment plans, enabled the enhancement of our service and project offerings to customers and the further development of our team members and scope of capabilities.
As part of the System Engineering Group, the systems engineering approach now lies at the core of our operations. Our customers benefit from the use of the approach in our; efficiency and reliability, risk management, quality assurance, effective communication and the lifecycle perspective we take to the work we do.
It's that lifecycle perspective that forces us to focus on the Environmental, Social and Governance (ESG) impact of the project and service work we carry out at Hardtech H.V. Limited, as we position our businesses to ensure sustainability for our Planet, People and Profit. The triple bottom line.
For our Planet and the Environment, we focus on extending our influence on reducing carbon emissions beyond our own Scope 1 or 2 impact and create new opportunities for our customers to reduce their own carbon emissions on a more significant scale. An example of this is our building emergency power generator upgrade programme, where we're able to reduce the carbon impact of customers' generators in support of their own efforts to reduce their carbon emissions, in both commercial and industrial buildings. Our Green organisation GOLD accreditation and corporate commitment reinforces this initiative and our intent in this area.
For our People and Society, we continually invest in the training and development of our team, building their personal technical capabilities, whilst we benefit in the market from the enhanced capability. Beyond this, we align our company values with those of social equity, equal justice and leveraging our economic success to help benefit society, communities and protect our environment. By taking action, we subscribe to the Armed Forces Covenant to help our veterans find future careers and we support to ‘The Pledge’ in Warrington and Cheshire for youth and education developing enthusiastic young people to take their next steps in further education and careers in science and technology.
HARDTECH H.V. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
For our Profit and Governance, our operational processes are underpinned by our fulcrum.os (operating system) to enhance the projects and services we provide with digital enhancements that add value and improve efficiency to our customers' operations. A further example of our approach to governance is our strategy development and implementation process, where we look to a diverse group of functional and operational management to define and shape the way forward for our company, and in doing so they position our team to better serve our customers.
Ultimately the Hardtech HV is oriented to build the trust of our customers, as our entire team acts in line with our group's values of COMPETENCE, RELIABILITY, OPENNESS and HUMILITY, the pillars upon which trust is built in all interactions.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P. McClennon
(Appointed 30 November 2023)
H. Burkitt
(Appointed 30 November 2023)
M. Clark
C. Ashman
S. Lever
(Resigned 30 November 2023)
M. Waller
(Resigned 30 November 2023)
D. Ditchfield
(Resigned 30 November 2023)
Auditor
JS. Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
HARDTECH H.V. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
H. Burkitt
Director
26 July 2024
HARDTECH H.V. LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,150
Tangible assets
5
328,803
258,542
Investments
6
66
338,953
258,608
Current assets
Debtors
7
2,745,844
2,662,488
Cash at bank and in hand
148,493
7,247
2,894,337
2,669,735
Creditors: amounts falling due within one year
8
(2,445,503)
(1,694,963)
Net current assets
448,834
974,772
Total assets less current liabilities
787,787
1,233,380
Creditors: amounts falling due after more than one year
9
(109,976)
Provisions for liabilities
(57,158)
Net assets
787,787
1,066,246
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
787,687
1,066,146
Total equity
787,787
1,066,246
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 26 July 2024 and are signed on its behalf by:
H. Burkitt
Director
Company registration number 08894838 (England and Wales)
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Hardtech H.V. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mereside, Alderley Park Congleton Road, Macclesfield, SK10 4TG.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable for the creation, maintenance and servicing of high voltage distribution networks provided in the normal course of business, and is shown net of VAT and trade discounts.
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% per annum, straight line basis
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% per annum, straight line basis
Fixtures and fittings
10% per annum, straight line basis
Computer equipment
10% per annum, straight line basis
Motor vehicles
20% per annum, straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
24
3
Dividends
2024
2023
£
£
Interim paid
137,032
276,298
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Intangible fixed assets
Other
£
Cost
At 1 April 2023
Additions
10,322
At 31 March 2024
10,322
Amortisation and impairment
At 1 April 2023
Amortisation charged for the year
172
At 31 March 2024
172
Carrying amount
At 31 March 2024
10,150
At 31 March 2023
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
139,142
4,311
29,485
342,764
515,702
Additions
2,358
13,806
26,046
180,702
222,912
Disposals
(123,804)
(123,804)
At 31 March 2024
141,500
18,117
55,531
399,662
614,810
Depreciation and impairment
At 1 April 2023
85,462
2,048
25,627
144,023
257,160
Depreciation charged in the year
14,061
860
3,177
77,118
95,216
Eliminated in respect of disposals
(66,369)
(66,369)
At 31 March 2024
99,523
2,908
28,804
154,772
286,007
Carrying amount
At 31 March 2024
41,977
15,209
26,727
244,890
328,803
At 31 March 2023
53,680
2,263
3,858
198,741
258,542
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
66
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2023
66
Disposals
(66)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
66
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,120,926
1,494,366
Amounts owed by group undertakings
778,443
Other debtors
1,618,888
389,679
2,739,814
2,662,488
Deferred tax asset
6,030
2,745,844
2,662,488
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,870
Trade creditors
480,299
288,205
Amounts owed to group undertakings
1,494,003
213,329
Corporation tax
51,467
146,900
Other taxation and social security
151,428
174,502
Other creditors
268,306
862,157
2,445,503
1,694,963
Included within other creditors are net obligations under hire purchase contracts of £35,712 (2023: £34,134) which are secured against the assets to which they relate.
Included within other creditors is an invoice finance facility of £Nil (2023: £200,227) which is secured by a fixed and floating charge over the assets of the company.
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
25,780
Other creditors
84,196
109,976
Included within other creditors are net obligations under hire purchase contracts of £Nil (2023: £84,196) which are secured against the assets to which they relate.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
40
40
40
40
Ordinary B shares of £1 each
20
20
20
20
Ordinary C1 shares of £1 each
14
14
14
14
Ordinary C2 shares of £1 each
13
13
13
13
Ordinary C3 shares of £1 each
13
13
13
13
100
100
100
100
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Moss BSc F.C.A.
Statutory Auditor:
JS. Audit Limited
Date of audit report:
16 August 2024
12
Parent company
The immediate parent company of Hardtech H.V. Limited is Hardtech Engineering Bidco 1 Limited, a company registered in England and Wales.
The smallest and largest groups for which consolidated financial statements are prepared is headed by MCCX Group Limited. The registered office of MCCX Group Limited is Oakmere House, Mereside Road, Mere, Knutsford, England, WA16 6QF.
HARDTECH H.V. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
78,761
100,508
14
Financial commitments
A loan provided to Hardtech Engineering Bidco 1 Limited, a fellow group undertaking, is secured by fixed and floating charges over the assets of the company and fellow group entities. The company and the fellow group entities act as guarantors for the loan.
The balance of the loan at the period end was £1,639,786 (2023: £Nil).
15
Directors' transactions
Included within other creditors are amounts due to the directors of £60,751 (2023: £63,549).
2024-03-312023-04-01false16 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedP. McClennonH. BurkittM. ClarkC. AshmanS. LeverM. WallerD. Ditchfieldfalsefalse088948382023-04-012024-03-3108894838bus:Director12023-04-012024-03-3108894838bus:Director22023-04-012024-03-3108894838bus:Director32023-04-012024-03-3108894838bus:Director42023-04-012024-03-3108894838bus:Director52023-04-012024-03-3108894838bus:Director62023-04-012024-03-3108894838bus:Director72023-04-012024-03-31088948382024-03-31088948382023-03-3108894838core:IntangibleAssetsOtherThanGoodwill2024-03-3108894838core:IntangibleAssetsOtherThanGoodwill2023-03-3108894838core:PlantMachinery2024-03-3108894838core:FurnitureFittings2024-03-3108894838core:ComputerEquipment2024-03-3108894838core:MotorVehicles2024-03-3108894838core:PlantMachinery2023-03-3108894838core:FurnitureFittings2023-03-3108894838core:ComputerEquipment2023-03-3108894838core:MotorVehicles2023-03-3108894838core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3108894838core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108894838core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3108894838core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3108894838core:CurrentFinancialInstruments2024-03-3108894838core:CurrentFinancialInstruments2023-03-3108894838core:Non-currentFinancialInstruments2024-03-3108894838core:Non-currentFinancialInstruments2023-03-3108894838core:ShareCapital2024-03-3108894838core:ShareCapital2023-03-3108894838core:RetainedEarningsAccumulatedLosses2024-03-3108894838core:RetainedEarningsAccumulatedLosses2023-03-3108894838core:ShareCapitalOrdinaryShares2024-03-3108894838core:ShareCapitalOrdinaryShares2023-03-3108894838core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3108894838core:ComputerSoftware2023-04-012024-03-3108894838core:PlantMachinery2023-04-012024-03-3108894838core:FurnitureFittings2023-04-012024-03-3108894838core:ComputerEquipment2023-04-012024-03-3108894838core:MotorVehicles2023-04-012024-03-31088948382022-04-012023-03-3108894838core:IntangibleAssetsOtherThanGoodwill2023-03-3108894838core:PlantMachinery2023-03-3108894838core:FurnitureFittings2023-03-3108894838core:ComputerEquipment2023-03-3108894838core:MotorVehicles2023-03-31088948382023-03-3108894838core:WithinOneYear2024-03-3108894838core:WithinOneYear2023-03-3108894838bus:PrivateLimitedCompanyLtd2023-04-012024-03-3108894838bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108894838bus:FRS1022023-04-012024-03-3108894838bus:Audited2023-04-012024-03-3108894838bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP