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REGISTERED NUMBER: 06843022 (England and Wales)












HOLLOWAY CONTROL SYSTEMS LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 NOVEMBER 2022 TO 31 DECEMBER 2023






HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


HOLLOWAY CONTROL SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023







DIRECTORS: J Coleyshaw
C C Unwin





SECRETARY: Mrs K J Coleyshaw





REGISTERED OFFICE: Unit 1 Sovereign Park
Halesfield 24
Telford
Shropshire
TF7 4NZ





REGISTERED NUMBER: 06843022 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the period 1 November 2022 to 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of Repair Of Electrical Equipment.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

J Coleyshaw
C C Unwin

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J Coleyshaw - Director


17 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLLOWAY CONTROL SYSTEMS LIMITED

Opinion
We have audited the financial statements of Holloway Control Systems Limited (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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.

We draw your attention to note 13 in the financial statements which highlight's the loss made by the company for the period ended 31 December 2023 and future cashflow predictions. As stated in note 13, the company has strong cash reserves at the year end and has the agreed financial support of the ultimate parent company for the foreseeable future. Our opinion is not modified in respect of this matter.

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

Other matters
The financial statements of the company for the period ended 31 October 2022 were audited by another auditor who expressed an unmodified opinion on those statements on the 11 July 2023.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLLOWAY CONTROL SYSTEMS LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:
- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLLOWAY CONTROL SYSTEMS LIMITED


Use of our report
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Alison Vickers (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

17 July 2024

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

INCOME STATEMENT
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

Period Year Ended
1.11.22 to 31.12.23 31.10.22
as restated
Notes £    £    £    £   

TURNOVER 5,841,127 3,876,745

Cost of sales 4,892,649 3,427,858
GROSS PROFIT 948,478 448,887

Distribution costs 20,765 5,996
Administrative expenses 1,120,004 430,244
1,140,769 436,240
OPERATING (LOSS)/PROFIT 4 (192,291 ) 12,647

Interest receivable and similar income 1,076 584
(191,215 ) 13,231

Interest payable and similar expenses 889 802
(LOSS)/PROFIT BEFORE TAXATION (192,104 ) 12,429

Tax on (loss)/profit (8,676 ) (46,615 )
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(183,428

)

59,044

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 68,869 73,742

CURRENT ASSETS
Stocks 95,000 111,684
Debtors 7 1,398,675 1,376,600
Cash at bank and in hand 564,682 440,276
2,058,357 1,928,560
CREDITORS
Amounts falling due within one year 8 1,733,449 1,354,003
NET CURRENT ASSETS 324,908 574,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

393,777

648,299

CREDITORS
Amounts falling due after more than one
year

9

(14,267

)

(25,833

)

PROVISIONS FOR LIABILITIES - (8,676 )
NET ASSETS 379,510 613,790

CAPITAL AND RESERVES
Called up share capital 151 151
Retained earnings 379,359 613,639
379,510 613,790

The financial statements have been prepared 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 17 July 2024 and were signed on its behalf by:





J Coleyshaw - Director


HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 151 295,395 295,546
Prior year adjustment - 300,000 300,000
As restated 151 595,395 595,546

Changes in equity
Dividends - (40,800 ) (40,800 )
Total comprehensive income - (30,301 ) (30,301 )
Balance at 31 October 2022 151 524,294 524,445
Prior year adjustment - 89,345 89,345
As restated 151 613,639 613,790

Changes in equity
Dividends - (50,852 ) (50,852 )
Total comprehensive income - (183,428 ) (183,428 )
Balance at 31 December 2023 151 379,359 379,510

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost
Plant and machinery etc - 20% reducing balance

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.

Where the outcome of construction contracts cannot be reliably estimated, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.

The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include work relating to future activity, such as for materials or prepayments.

Initial stage payments and payments received for future work have been accounted for in amounts due to customers on construction contracts in current liabilities.

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.

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.

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 and bank loans 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 though 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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Going Concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. See note 13 for additional explanations.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 42 (2022 - 30 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

Period
1.11.22
to Year Ended
31.12.23 31.10.22
as restated
£    £   
Depreciation - owned assets 9,107 7,686

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

5. PRIOR YEAR ADJUSTMENT

A share buy back that occured in July 2020 was discovered to have been incorrectly executed and subsequently voided. A prior year adjustment has been made to correct this and the opening reserves position at 1st November 2021. The adjustment made increased reserves by £300,000..

This was further complicated by share capital incorrectly being stated as 1p shares instead of £1 shares during this transaction.Therefore a prior year adjustment has been made to restate the share capital to 151 £1 shares. The adjustment made decreased reserves by £100.

The total net adjustment to reserves was an increase of £299,900.

A further prior year adjustment has been made in relation to intercompany payments of £89,345 incorrectly allocated as dividends paid in the year ended 31st October 2022. The opening reserves at 1st November 2022 have been corrected to reflect this.

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 41,091 69,837 110,928
Additions - 4,234 4,234
At 31 December 2023 41,091 74,071 115,162
DEPRECIATION
At 1 November 2022 2,054 35,132 37,186
Charge for period 2,055 7,052 9,107
At 31 December 2023 4,109 42,184 46,293
NET BOOK VALUE
At 31 December 2023 36,982 31,887 68,869
At 31 October 2022 39,037 34,705 73,742

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 711,906 834,367
Other debtors 686,769 542,233
1,398,675 1,376,600

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 9,899 10,000
Trade creditors 783,774 666,488
Taxation and social security 183,833 75,712
Other creditors 755,943 601,803
1,733,449 1,354,003

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans 14,267 25,833

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 57,929 -
Between one and five years 79,658 -
137,587 -

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 31 October 2022:

2023 2022
as restated
£    £   
J Coleyshaw
Balance outstanding at start of period (5,148 ) (5,148 )
Amounts advanced 356,000 -
Amounts repaid (50,852 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 300,000 (5,148 )

The amount advanced to the directors at the period end was cleared on 10/4/2024 with a company purchase of own shares being completed.

12. RELATED PARTY DISCLOSURES

An amount of £300,000 (2022: (£5,148) ) is owed from the directors on an interest free unsecured basis.

During the year, the following transactions were undertaken under normal business terms with LAC Conveyor Systems Ltd, a company in which Mr C Unwin is a director:

2023 2022
Sales 3,469,981 2,176,927
Purchases 99,495 51,161

The following balances were outstanding:

2023 2022
Owed to Holloway 466,072 474,524
Owed to LAC 46,926 19,458

During the year, the following transactions were undertaken under normal business terms with Holloway Properties (Midlands) Ltd, a company in which Mr J Coleyshaw is a director and shareholder:

2023 2022
Sales - 3,138
Rent and Service Charge 43,417 27,652

There were no balances outstanding at the year end.

HOLLOWAY CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06843022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

13. GOING CONCERN

The company's results for the period are set out in the income statement. The company's loss before tax for the period was (£192,104). Upon review of post year end trading results, the directors predict the company to be in a profit position for the year ended 31st December 2024.

In adopting the going concern basis for preparation of the financial statements, the directors have made appropriate enquiries and have considered the company's cash flow and available resources.

The company is reliant on the support of the ultimate parent company to operate in the short and medium term, and the parent company will continue to provide financial support for the foreseeable future.

As a result of this ongoing support the directors believe the going concern basis to be appropriate for the financial statements to 31st December 2023.