Year Ended
Registration number:
Halco Products Limited
Balance Sheet
31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
The Threshing Barn
Woodhayes
Honiton
Devon
EX14 4TP
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These 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.
The presentational currency of Halco Products Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.
Group accounts not prepared
Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Going concern
The board of directors forecast growth in sales over the next 12 months with improved profitability. This position is based on actual performance from first quarter management accounts and business for the remainder of the year.
Taking into account all available information about the future, the board of directors have assessed the ability of the company to continue as a going concern, and consider the going concern assumption is appropriate when preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
Government grants
Government grants in respect of the Coronavirus Job Retention Scheme are recognised in the month to which the associated expense relates and are included in other operating income.
Foreign currency transactions and balances
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10 - 20% straight line |
Office equipment |
10% straight line |
Computer equipment |
20% straight line |
Motor vehicles |
25% reducing balance |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. net realisable value is based on selling price less anticipated costs to completion and selling costs.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Invoice financing arrangements; and
• Cash and bank balances.
Recognition and measurement
Basic financial instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Derivative financial instruments and hedging
Derivatives
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024 (continued)
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Office and computer equipment |
Total |
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Cost or valuation |
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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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Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024 (continued)
Investments |
Investments in subsidiaries |
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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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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 (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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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Centenary House
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Ordinary shares |
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Centenary House
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Ordinary shares |
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Centenary House
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Ordinary shares |
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OK Vape Limited is |
Vape Products Limited is |
OK CBD Limited is |
Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024 (continued)
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Corporation tax recoverable |
104,695 |
160,630 |
Prepayments |
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Creditors |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Corporation tax |
357,205 |
208,613 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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11,500 |
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11,500 |
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215,000 |
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215,000 |
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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 £
Halco Products Limited
Notes to the Financial Statements
Year Ended 31 March 2024 (continued)
Related party transactions |
Transactions with directors |
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Mr J S Martin |
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Directors current account |
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( |
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2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
Mr J S Martin |
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Directors current account |
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( |
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Parent and ultimate parent undertaking |
The company's immediate parent is
Audit report |