Company registration number 00371154 (England and Wales)
HINDLE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
HINDLE GROUP LIMITED
COMPANY INFORMATION
Directors
Richard John Hindle
David Hindle
Peter Roy Bingham
Company number
00371154
Registered office
Hapco Works
Caledonia Street
Bradford
West Yorkshire
BD5 0EL
Auditor
Duncan & Toplis Audit Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW
HINDLE GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 30
HINDLE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

Review of the business

Continued difficult trading conditions led to a loss before tax and group dividends received of £21,964. The directors have made efforts to secure future turnover increases by looking to make customer gains.

 

The directors believe that the company enjoys a good reputation within the sectors it operates.

 

The company takes its environmental and pollution responsibilities seriously and is continually working to reduce its energy usage.

 

The company works very hard to provide customers with ever demanding needs in these difficult times with our sales in the UK decreasing slightly and our overseas operation increasing. We see this continuing for the foreseeable, but still face challenges with material, shipping and staffing levels being our main obstacles.

The Retirement Benefit Scheme has had the benefit of a revaluation of the assets and liabilities which impact on the ongoing business risk.

Principal risks and uncertainties

The company operates principally in the UK with a wholly owned manufacturing operation in China. The company manages the risks to the business and insures against risk wherever it is sensible and cost effective to do so.

 

Some of the company's activities operate in very competitive markets and it is for this reason the operation in China was set up. In addition the company invests significant resources in monitoring manufacturing costs and managing the potential threats from low cost economies.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

 

 

Unit

 

2023

 

2022

 

 

 

 

 

 

Turnover

£

 

1,659,758

 

1,418,891

Gross Profit

£

 

941,219

 

840,049

Profit/(loss) before tax

£

 

761,367

 

(167,788)

On behalf of the board

David Hindle
Director
16 August 2024
HINDLE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company is that of general engineers, engine component re-manufacturers, distributors of engineering products and manufacturer of industrial products.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Richard John Hindle
David Hindle
Peter Roy Bingham
Results and dividends

The results for the year are set out on page 8.

Financial instruments
Treasury operations and financial instruments

The company's principal financial instruments comprise bank balances, trade debtors, trade creditors, loans to the company and hire and lease purchase agreements. The main purpose of these instruments is to raise funds for the company's operations and finance the company's operations.

 

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments is shown below.

Liquidity risk

In respect of loans, the liquidity risk is managed by virtue of the flexible terms inherent within these facilities.

 

Trade creditors and amounts owed to related undertakings all arise from trading transactions and the liquidity risk is managed from income generation and the use of the company's borrowing facilities.

Credit risk

Trade debtors, credit and cash flow risks are managed by policies concerning the credit offered to customers and the monitoring of amounts outstanding in terms of time and credit limits.

Future developments

The directors anticipate trading levels to return to pre Covid and the company to return to a trading profit in the future.

Auditor

Duncan & Toplis Audit Limited were appointed as auditor during the year and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

HINDLE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
On behalf of the board
David Hindle
Director
16 August 2024
HINDLE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -

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:

 

 

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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

HINDLE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HINDLE GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Hindle Group Limited (the 'company') for the year ended 30 November 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Directors' Report and the Directors' Responsibilities Statement, but does not include the financial statements and our Auditors' Report thereon.

 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HINDLE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HINDLE GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

 

HINDLE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HINDLE GROUP LIMITED
- 7 -

Secondly, the company is subject to other laws and regulations where the consequence for noncompliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a verification of the company's vehicle operating license. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Rachel Rudkin FCCA (Senior Statutory Auditor)
For and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
14 London Road
Newark
Nottinghamshire
NG24 1TW
19 August 2024
HINDLE GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
1,659,758
1,418,891
Cost of sales
(718,539)
(578,842)
Gross profit
941,219
840,049
Distribution costs
(27,078)
(28,237)
Administrative expenses
(932,567)
(933,510)
Other operating income
-
0
628
Operating loss
4
(18,426)
(121,070)
Interest receivable and similar income
7
791,331
-
0
Interest payable and similar expenses
8
(11,538)
(46,718)
Profit/(loss) before taxation
761,367
(167,788)
Tax on profit/(loss)
9
53,972
64,755
Profit/(loss) for the financial year
815,339
(103,033)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HINDLE GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
2023
2022
£
£
Profit/(loss) for the year
815,339
(103,033)
Other comprehensive income
Actuarial gain on defined benefit pension schemes
570,000
2,360,000
Tax relating to other comprehensive income
(142,500)
(494,190)
Other comprehensive income for the year
427,500
1,865,810
Total comprehensive income for the year
1,242,839
1,762,777
HINDLE GROUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
238,192
262,880
Investments
11
502,200
502,200
740,392
765,080
Current assets
Stocks
13
157,669
176,447
Debtors
14
7,431,661
6,830,710
Cash at bank and in hand
22,966
15,870
7,612,296
7,023,027
Creditors: amounts falling due within one year
15
(307,308)
(459,916)
Net current assets
7,304,988
6,563,111
Total assets less current liabilities
8,045,380
7,328,191
Creditors: amounts falling due after more than one year
16
(56,774)
(92,952)
Provisions for liabilities
Deferred tax liability
19
185,903
97,375
(185,903)
(97,375)
Net assets excluding pension surplus
7,802,703
7,137,864
Defined benefit pension surplus
20
760,000
182,000
Net assets
8,562,703
7,319,864
Capital and reserves
Called up share capital
21
234,188
234,188
Capital redemption reserve
22
18,767
18,767
Other reserves
23
347,045
347,045
Profit and loss reserves
25
7,962,703
6,719,864
Total equity
8,562,703
7,319,864
HINDLE GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
David Hindle
Director
Company registration number 00371154 (England and Wales)
HINDLE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2021
234,188
18,767
347,045
4,957,087
5,557,087
Year ended 30 November 2022:
Loss for the year
-
-
-
(103,033)
(103,033)
Other comprehensive income:
Actuarial gain on defined benefit pension schemes
-
-
-
2,360,000
2,360,000
Tax relating to other comprehensive income
-
-
-
(494,190)
(494,190)
Total comprehensive income for the year
-
0
-
0
-
0
1,762,777
1,762,777
Balance at 30 November 2022
234,188
18,767
347,045
6,719,864
7,319,864
Year ended 30 November 2023:
Profit for the year
-
-
-
815,339
815,339
Other comprehensive income:
Actuarial gain on defined benefit pension schemes
-
-
-
570,000
570,000
Tax relating to other comprehensive income
-
-
-
(142,500)
(142,500)
Total comprehensive income for the year
-
0
-
0
-
0
1,242,839
1,242,839
Balance at 30 November 2023
234,188
18,767
347,045
7,962,703
8,562,703
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
1
Accounting policies
Company information

Hindle Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hapco Works, Caledonia Street, Bradford, West Yorkshire, BD5 0EL.

1.1
Accounting convention

The financial statements are prepared under the historical cost convention.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Techmotion Limited. These consolidated financial statements are available from its registered office, Hapco Works, Caledonia Street, Bradford, BD5 0EL.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Plant and machinery
5-10 years straight line
Fixtures, fittings & equipment
5-10 years straight line

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.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
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.

1.13
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.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.14
Retirement benefits

Defined contribution scheme

 

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Defined benefit scheme

 

The pension costs charged against profits are based on actuarial methods and assumptions designed to spread the anticipated pension costs over the service lives of the employees in the scheme, so as to ensure that the regular pension cost represents a substantially level percentage of the current and expected future pensionable payroll. Variations from regular cost are spread over the average remaining services lives of current employees in the scheme. The scheme was made paid up on 31 October 2003 and no further benefits will accrue for employees in the scheme.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.15
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 leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provisioning

The company is that of general engineers, engine component remanufactures distributors of engineering products and manufacturer of industrial products. As a result, it is necessary to consider the recoverability of the cost and associated provision required. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated usability and saleability of finished goods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Manufacture
1,659,758
1,418,891
2023
2022
£
£
Turnover analysed by geographical market
Sales - UK
1,513,798
1,291,383
Sales - Europe
145,960
127,508
1,659,758
1,418,891
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Turnover and other revenue
(Continued)
- 20 -
2023
2022
£
£
Other significant revenue
Interest income
8,000
-
Dividends received
783,331
-
Grants received
-
628
4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
26,806
3,503
Government grants
-
(628)
Fees payable to the company's auditor for the audit of the company's financial statements
11,000
8,800
Depreciation of owned tangible fixed assets
42,819
46,432
Depreciation of tangible fixed assets held under finance leases
28,838
28,838
Profit on disposal of tangible fixed assets
-
(300)
Operating lease charges
102,444
100,512
5
Employees

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

2023
2022
Number
Number
Production
14
15
Other departments
10
10
Total
24
25

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,050,877
967,921
Social security costs
74,226
67,807
Pension costs
89,432
82,319
1,214,535
1,118,047
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 21 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
37,332
34,314
Company pension contributions to defined contribution schemes
20,338
18,740
57,670
53,054
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
8,000
-
0
Income from fixed asset investments
Income from shares in group undertakings
783,331
-
0
Total income
791,331
-
0
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
6,296
4,764
Interest on finance leases and hire purchase contracts
5,242
7,954
Other interest
-
0
34,000
11,538
46,718
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(5,081)
(12,505)
Other adjustments
(48,891)
(52,250)
Total deferred tax
(53,972)
(64,755)
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
9
Taxation
(Continued)
- 22 -

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
761,367
(167,788)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
144,660
(31,880)
Tax effect of expenses that are not deductible in determining taxable profit
371
6,495
Gains not taxable
(531)
-
0
Group relief
-
0
13,684
Deferred tax adjustments in respect of prior years
1,000
(3,001)
Group income
(148,833)
-
0
Deferred tax
(15,022)
(52,250)
Movement in deferred tax not recognised
(823)
2,197
Other
(34,794)
-
0
Taxation credit for the year
(53,972)
(64,755)

In addition to the amount credited to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
142,500
494,190
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
10
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 December 2022
1,308,742
205,171
1,513,913
Additions
10,589
36,380
46,969
At 30 November 2023
1,319,331
241,551
1,560,882
Depreciation and impairment
At 1 December 2022
1,052,913
198,120
1,251,033
Depreciation charged in the year
63,711
7,946
71,657
At 30 November 2023
1,116,624
206,066
1,322,690
Carrying amount
At 30 November 2023
202,707
35,485
238,192
At 30 November 2022
255,829
7,051
262,880

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
116,016
144,854
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
502,200
502,200
12
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Hindle Gears (China) Co Limited
China
Engineers
Paid-in capital
100.00
0
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
13
Stocks
2023
2022
£
£
Raw materials and consumables
59,118
104,814
Work in progress
98,551
71,633
157,669
176,447
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
280,910
232,185
Amounts owed by group undertakings
6,556,860
6,203,563
Other debtors
590,233
386,256
Prepayments and accrued income
3,658
8,706
7,431,661
6,830,710
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
-
0
82,620
Obligations under finance leases
18
36,178
33,392
Trade creditors
82,554
137,877
Taxation and social security
82,316
67,780
Other creditors
41,382
41,761
Accruals and deferred income
64,878
96,486
307,308
459,916

 

16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
18
56,774
92,952

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
17
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
-
0
82,620
Payable within one year
-
0
82,620
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
36,178
33,392
In two to five years
56,774
92,952
92,952
126,344

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
42,315
62,795
Retirement benefit obligations
143,588
34,580
185,903
97,375
2023
Movements in the year:
£
Liability at 1 December 2022
97,375
Credit to profit or loss
(53,972)
Charge to other comprehensive income
142,500
Liability at 30 November 2023
185,903

 

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,432
82,319

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees. The scheme was closed to new members from 1 November 2000 and was made paid up on 31 October 2003. No further benefits will accrue for employees in the scheme.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 October 2021 by Tom McDougal. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit method.

Valuation

The actuarial valuation showed that the value of the scheme assets was £6,351,000 and that this value represents 100% of the value of benefits that had accrued to members, after allowing for expected future increases in salaries. The scheme's assets are invested predominantly in managed funds. The actuarial value of the scheme assets in relation to liabilities applies only on the ongoing basis if the pension scheme assets are invested in accordance with the funding objective.

 

Insured pensions assets and liabilities are included in the assets and obligations set out below, based on Disclosure Reports obtained from the actuary dated 30 November 2023 and 30 November 2022 respectively.

 

 

2023
2022
Key assumptions
%
%
Discount rate
5.30
4.50
Expected rate of increase of pensions in payment
2.85
2.65
Retail price inflation
3.20
3.05
Consumer price inflation
2.85
2.65
Mortality assumptions
2023
2022

 

Years
Years
Retiring today
- Males
20.4
20.4
- Females
23.0
23.3
Retiring in 20 years
- Males
21.6
21.4
- Females
24.5
24.8
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
20
Retirement benefit schemes
(Continued)
- 27 -
2023
2022

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
(8,000)
34,000
Other costs and income
26,000
-
Total costs
18,000
34,000
2023
2022

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(225,000)
387,000
Less: calculated interest element
285,000
114,000
Return on scheme assets excluding interest income
60,000
501,000
Actuarial changes related to obligations
(656,000)
(3,102,000)
Changes to plan provisions in respect of GMP equalisation
-
241,000
Total costs/(income)
(596,000)
(2,360,000)

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2023
2022
£
£
Present value of defined benefit obligations
5,591,000
6,348,000
Fair value of plan assets
(6,351,000)
(6,530,000)
Surplus in scheme
(760,000)
(182,000)
2023

Movements in the present value of defined benefit obligations

£
Liabilities at 1 December 2022
6,348,000
Benefits paid
(378,000)
Actuarial gains and losses
(656,000)
Interest cost
277,000
At 30 November 2023
5,591,000
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
20
Retirement benefit schemes
(Continued)
- 28 -
2023

The defined benefit obligations arise from plans funded as follows:

£
Wholly unfunded obligations
5,591,000
Wholly or partly funded obligations
-
5,591,000
2023

Movements in the fair value of plan assets

£
Fair value of assets at 1 December 2022
6,530,000
Interest income
285,000
Return on plan assets (excluding amounts included in net interest)
(60,000)
Benefits paid
(378,000)
Other
(26,000)
At 30 November 2023
6,351,000

The actual return on plan assets was £225,000 (2022 - £387,000).

2023
2022

Fair value of plan assets at the reporting period end

£
£
Equity instruments
-
4,719,000
Debt instruments
3,190,000
1,350,000
Other
44,000
250,000
Cash
3,117,000
211,000
6,351,000
6,530,000
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
234,188
234,188
234,188
234,188
22
Capital redemption reserve
2023
2022
£
£
At the beginning and end of the year
18,767
18,767
HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
23
Other reserves
Reserves provided for by the Articles of Association
£
At 1 December 2021
347,045
At 30 November 2022
347,045
At 30 November 2023
347,045
24
Reserves provided for by the Articles of Association
2023
2022
£
£
At the beginning and end of the year
347,045
347,045
25
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
6,719,864
4,957,087
Profit/(loss) for the year
815,339
(103,033)
Actuarial differences recognised in other comprehensive income
570,000
2,360,000
Tax on actuarial differences
(142,500)
(494,190)
At the end of the year
7,962,703
6,719,864
26
Financial commitments, guarantees and contingent liabilities

The company has guaranteed liabilities of its parent company, Techmotion Limited. The guarantee is in respect of a bank loan. The amount guaranteed is £215,765 (2022 - £327,805).

 

The bank loan is secured by way of a debenture over the assets of Techmotion Limited, a legal mortgage over the freehold property held by the company and a cross guarantee from the company and Techmotion Limited.

HINDLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 30 -
27
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
13,042
13,042
Between two and five years
14,968
28,010
28,010
41,052
28
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
453,198
360,635
38,481
42,884
Rent receivable
2023
2022
£
£
Other related parties
133,860
139,140
Amounts due from related parties
£
£
Other related parties
585,629
374,293

No guarantees have been given or received.

29
Ultimate controlling party

The company is controlled by the directors of Techmotion Limited.

 

The immediate and ultimate parent undertaking is Techmotion Limited, a company registered in England and Wales.

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