Company registration number 15248722 (England and Wales)
HARDTECH ENGINEERING BIDCO 1 LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HARDTECH ENGINEERING BIDCO 1 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
HARDTECH ENGINEERING BIDCO 1 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investments
3
2,910,772
Current assets
Debtors
4
783,335
Creditors: amounts falling due within one year
5
(818,663)
Net current liabilities
(35,328)
Total assets less current liabilities
2,875,444
Creditors: amounts falling due after more than one year
6
(2,487,466)
Net assets
387,978
Capital and reserves
Called up share capital
8
1
Other reserves
466,927
Profit and loss reserves
(78,950)
Total equity
387,978

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 15248722 (England and Wales)
HARDTECH ENGINEERING BIDCO 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 October 2023
-
0
-
-
0
-
Period ended 31 March 2024:
Loss and total comprehensive income
-
-
(78,950)
(78,950)
Issue of share capital
8
1
-
-
1
Other movements
-
466,927
-
0
466,927
Balance at 31 March 2024
1
466,927
(78,950)
387,978
HARDTECH ENGINEERING BIDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Hardtech Engineering Bidco 1 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
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.

1.3
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.

1.4
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.

HARDTECH ENGINEERING BIDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.5
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.

2
Employees

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

2024
Number
Total
4
3
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
2,910,772
HARDTECH ENGINEERING BIDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 31 October 2023
-
Additions
2,910,772
At 31 March 2024
2,910,772
Carrying amount
At 31 March 2024
2,910,772
4
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
783,335
5
Creditors: amounts falling due within one year
Notes
2024
£
Debenture loans
7
198,341
Other creditors
620,322
818,663
6
Creditors: amounts falling due after more than one year
2024
Notes
£
Debenture loans
7
1,441,445
Other creditors
1,046,021
2,487,466
HARDTECH ENGINEERING BIDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
7
Loans and overdrafts
2024
£
Debenture loans
1,639,786
Payable within one year
198,341
Payable after one year
1,441,445

The loan is secured by fixed and floating charges over the assets of the company and assets of fellow group entities: Hardtech Engineering Services Limited and System Engineering Group Limited. The company and each of the fellow group entities acts as guarantor for the loan.

8
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
A1 Ordinary shares of 0.000001p each
1,000,000
1
A2 Ordinary shares of 0.000001p each
428,572
-
1,428,572
1

On 31 October 2023 1,000 Ordinary shares of £0.001 each were issued at par.

 

On 30 November 2023 the 1,000 Ordinary shares of £0.001 each were subdivided and redesignated into 1,000,000 A1 Ordinary shares of £0.000001 each.

 

On 30 November 2023 428,572 A2 Ordinary shares of £0.000001 each were issued at par.

9
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
10
Parent company

The smallest group for which consolidated financial statements are prepared is headed by System Engineering Group Limited. The registered office of System Engineering Group Limited is Mereside, Alderley Park, Macclesfield, England, SK10 4TG.

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