Company registration number 09752195 (England and Wales)
HILLS PAINTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HILLS PAINTS HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr P C Hill
Company number
09752195
Registered office
European House
Salisbury Street
Wolverhampton
West Midlands
WV3 0BG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HILLS PAINTS HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
HILLS PAINTS HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HILLS PAINTS HOLDINGS LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hills Paints Holdings Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Hills Paints Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hills Paints Holdings Limited and state those matters that we have agreed to state to the board of directors of Hills Paints Holdings Limited, 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 Hills Paints Holdings Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Hills Paints Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hills Paints Holdings Limited. You consider that Hills Paints Holdings Limited 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 financial statements of Hills Paints Holdings Limited. 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 financial statements.
Ormerod Rutter Limited
29 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HILLS PAINTS HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
49,194
61,377
Investments
4
190,102
190,102
239,296
251,479
Current assets
Debtors
5
752,174
633,544
Creditors: amounts falling due within one year
6
(2,115)
(1,570)
Net current assets
750,059
631,974
Total assets less current liabilities
989,355
883,453
Provisions for liabilities
(4,204)
(8,034)
Net assets
985,151
875,419
Capital and reserves
Called up share capital
7
202
202
Revaluation reserve
8
19,032
25,679
Profit and loss reserves
965,917
849,538
Total equity
985,151
875,419
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr P C Hill
Director
Company registration number 09752195 (England and Wales)
HILLS PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Hills Paints Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is European House, Salisbury Street, Wolverhampton, West Midlands, England, WV3 0BG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.3
Tangible fixed assets
Tangible fixed assets where their fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
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 equipment
20% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.4
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.
HILLS PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
HILLS PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
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3
Tangible fixed assets
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 December 2022
103,677
21,307
19,489
144,473
Additions
1,355
1,355
At 30 November 2023
105,032
21,307
19,489
145,828
Depreciation and impairment
At 1 December 2022
49,321
20,452
13,323
83,096
Depreciation charged in the year
11,141
855
1,542
13,538
At 30 November 2023
60,462
21,307
14,865
96,634
Carrying amount
At 30 November 2023
44,570
4,624
49,194
At 30 November 2022
54,356
855
6,166
61,377
Tangible fixed assets were assessed and revalued on an open market basis by the director of the company to their carrying amounts as at 30th November 2019.
The revaluation surplus is disclosed in note 8.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2023
2022
£
£
Cost
46,589
45,234
Accumulated depreciation
(22,455)
(15,619)
Carrying value
24,134
29,615
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
190,102
190,102
HILLS PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
741,174
633,544
Other debtors
11,000
752,174
633,544
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
162
Taxation and social security
915
Other creditors
1,038
1,570
2,115
1,570
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
105
105
105
105
Ordinary B of £1 each
10
10
10
10
Ordinary of £1 each
85
85
85
85
Ordinary Deferred of £1 each
1
1
1
1
Ordinary Preferred of £1 each
1
1
1
1
202
202
202
202
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
25,679
32,511
Deferred tax on revaluation of tangible assets
-
1,603
Other movements
(6,647)
(8,435)
At the end of the year
19,032
25,679
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
HILLS PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
10
Ultimate controlling party
The ultimate controlling party is Mr P C Hill.