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Halco Products Limited

Annual Report and Financial Statements
Year Ended 31 March 2024

Registration number: 04566926

 

Halco Products Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Halco Products Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

196,671

130,779

Investments

5

3

3

 

196,674

130,782

Current assets

 

Stocks

1,402,707

2,053,461

Debtors

6

1,175,690

1,101,110

Cash at bank and in hand

 

3,219,033

1,195,484

 

5,797,430

4,350,055

Creditors: Amounts falling due within one year

7

(633,927)

(414,207)

Net current assets

 

5,163,503

3,935,848

Total assets less current liabilities

 

5,360,177

4,066,630

Provisions for liabilities

(24,000)

(5,000)

Net assets

 

5,336,177

4,061,630

Capital and reserves

 

Called up share capital

8

226,500

226,500

Profit and loss account

5,109,677

3,835,130

Shareholders' funds

 

5,336,177

4,061,630

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 Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr J S Martin
Director

 

Halco Products Limited

Notes to the Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7EX

The principal place of business is:
The Threshing Barn
Woodhayes
Honiton
Devon
EX14 4TP

2

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

In the opinion of the directors, the company and its subsidiaries comprise a small group. The company has not exercised the option to prepare group accounts provided by Section 398 of the Companies Act 2006.

 

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. All exchange differences are included in the profit and loss account.

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
The company holds the following financial instruments which are classified as basic financial instruments:

• Short term trade and other debtors and creditors;
• Invoice financing arrangements; and
• Cash and bank balances.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

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
The company uses forward currency contracts and timed options to reduce exposure to foreign exchange rate movements. These are initially recognised at fair value at the date of inception and are subsequently remeasured to fair value at each reporting date. The resulting gain or loss is recognised immediately in the profit and loss account below operating profit.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

Halco Products Limited

Notes to the Financial Statements

Year Ended 31 March 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Office and computer equipment
£

Total
£

Cost or valuation

At 1 April 2023

100,877

23,250

96,352

220,479

Additions

5,786

122,496

3,889

132,171

Disposals

-

(23,250)

-

(23,250)

At 31 March 2024

106,663

122,496

100,241

329,400

Depreciation

At 1 April 2023

53,724

1,453

34,523

89,700

Charge for the year

11,287

20,334

15,331

46,952

Eliminated on disposal

-

(3,923)

-

(3,923)

At 31 March 2024

65,011

17,864

49,854

132,729

Carrying amount

At 31 March 2024

41,652

104,632

50,387

196,671

At 31 March 2023

47,153

21,797

61,829

130,779

 

Halco Products Limited

Notes to the Financial Statements

Year Ended 31 March 2024 (continued)

5

Investments

Investments in subsidiaries
£

Cost or valuation

At 1 April 2023

3

At 31 March 2024

3

Carrying amount

At 31 March 2024

3

At 31 March 2023

3

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

     

2024

2023

Subsidiary undertakings

OK Vape Limited

Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

Ordinary shares

100%

100%

 

     

Vape Products Limited

Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

Ordinary shares

100%

100%

 

     

OK CBD Limited

Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

Ordinary shares

100%

100%

 

     

OK Vape Limited is dormant.

Vape Products Limited is dormant.

OK CBD Limited is dormant.

 

Halco Products Limited

Notes to the Financial Statements

Year Ended 31 March 2024 (continued)

6

Debtors

2024
 £

2023
 £

Trade debtors

590,801

534,625

Other debtors

437,290

385,197

Corporation tax recoverable

104,695

160,630

Prepayments

42,904

20,658

1,175,690

1,101,110

7

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

61,944

127,568

Corporation tax

357,205

208,613

Social security and other taxes

156,006

10,163

Other creditors

21,102

14,657

Accrued expenses

37,670

53,206

633,927

414,207

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £1 each

11,500

11,500

11,500

11,500

Preference shares of £1 each

215,000

215,000

215,000

215,000

 

226,500

226,500

226,500

226,500

9

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 £41,878 (2023: £12,312). These are operating leases for land and buildings.

 

Halco Products Limited

Notes to the Financial Statements

Year Ended 31 March 2024 (continued)

10

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

Directors current account

322,137

685,754

(684,014)

323,877

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr J S Martin

Directors current account

494,246

304,711

(476,820)

322,137

         
       

 

11

Parent and ultimate parent undertaking

The company's immediate parent is LBH Group Limited, incorporated in England and Wales.

12

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Neil Hitchings, who signed for and on behalf of PKF Francis Clark on 4 September 2024.