Registration number:
Hereford Industrial Supply Company Ltd
for the
Year Ended 31 March 2024
Hereford Industrial Supply Company Ltd
Company Information
Director |
Mr Mark Hyde |
Registered office |
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Bankers |
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Accountants |
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Hereford Industrial Supply Company Ltd
Director's Report for the Year Ended 31 March 2024
The director presents his report and the financial statements for the year ended 31 March 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the purchase and distribution of industrial fasternings, the hire of industrial equipment and the sale of anciliary supplies.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hereford Industrial Supply Company Ltd
for the Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hereford Industrial Supply Company Ltd for the year ended 31 March 2024 as set out on pages 4 to 18 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Hereford Industrial Supply Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hereford Industrial Supply Company Ltd and state those matters that we have agreed to state to the Board of Directors of Hereford Industrial Supply Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hereford Industrial Supply Company Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Hereford Industrial Supply Company Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hereford Industrial Supply Company Ltd. You consider that Hereford Industrial Supply Company Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Hereford Industrial Supply Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Ryelands Street
Hereford
Herefordshire
HR4 0LA
Hereford Industrial Supply Company Ltd
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Other operating income |
- |
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Operating profit |
622,295 |
381,918 |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Hereford Industrial Supply Company Ltd
(Registration number: 01123765)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
8,578 |
8,578 |
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Retained earnings |
1,135,760 |
1,592,578 |
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Shareholders' funds |
1,144,338 |
1,601,156 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Hereford Industrial Supply Company Ltd
(Registration number: 01123765)
Balance Sheet as at 31 March 2024
(continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with FRS 102, section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Tax
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
2 |
Accounting policies (continued) |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.
Depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:
Asset class |
Depreciation method and rate |
Freehold buildings |
2% of cost per annum |
Motor vehicles |
25% of written down value per annum |
Plant and machinery |
25% of cost per annum |
Fixtures and fittings |
15% of written down value per annum |
Computer equipment |
33% of cost per annum |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Software 33% of cost per annum
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
2 |
Accounting policies (continued) |
Amortisation
Amortisation is provided on purchased goodwill in equal instalments, commencing in the year of acquisition at rates estimated to write off its cost over its expected useful economic life which in the opinion of the directors is 3 years.
Asset class |
Amortisation method and rate |
Software |
33% of cost per annum |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realiasable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.The amount of any reversal of any write-down of stocks is recognised ias a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company provides a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. The pension charge represents the amoynt payable by the company to the fund in respect of the year.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
- |
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
||||
At 1 April 2023 |
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Additions |
- |
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Disposals |
( |
( |
( |
( |
At 31 March 2024 |
- |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
- |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
- |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £Nil (2023 - £983,057) in respect of freehold land and buildings.
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Investments in associates |
- |
( |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2023 |
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Provision |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
7 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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United Kingdom |
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United Kingdom |
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Subsidiary undertakings |
Hereford Steels Limited The principal activity of Hereford Steels Limited is |
W E Wilde & Co The principal activity of W E Wilde & Co is |
Stocks |
2024 |
2023 |
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Other inventories |
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Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
6,005 |
|
6,005 |
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|
859 |
|
859 |
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|
1,714 |
|
1,714 |
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|
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank borrowings
Hereford Industrial Supply Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
12 |
Loans and borrowings (continued) |
The bank loan is secured by a debenture over all the company's assets and undertakings |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of guarantees not included in the balance sheet is £160,243 (2023 - £44,660).