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REGISTERED NUMBER: 01352138 (England and Wales)











Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

H.B. Panelcraft limited

H.B. Panelcraft limited (Registered number: 01352138)






Contents of the Consolidated Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


H.B. Panelcraft limited

Company Information
for the year ended 31 December 2023







DIRECTORS: P A Harwood
G M Harwood





REGISTERED OFFICE: 87 - 89 Wellfield Road
Preston
Lancashire
PR1 8SP





BUSINESS ADDRESS: Unit 1
Wellfield Business Park
Wellfield Road
Preston
Lancashire
PR1 8SZ





REGISTERED NUMBER: 01352138 (England and Wales)





AUDITORS: Mayes Business Partnership Ltd
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

H.B. Panelcraft limited (Registered number: 01352138)

Group Strategic Report
for the year ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group's main activities are those of repairing accident damaged motor vehicles and commercial vehicle building.

The directors are consistently looking to expand the business either by expanding the existing sites or by acquiring new sites, although none have been identified since 2016.

The group maintained a high level of turnover and has produced a satisfactory profit in what is a highly competitive industry.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of financial risks that include the effects of changes in market prices and credit risks. The group has in place a risk management programme that seeks to limit adverse effects on the financial performance of the group by monitoring levels of cash and credit scores.

Given the size of each company within the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the various company's finance departments.

The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

Historically not identified as a risk but in recent years, the global pandemic has been a risk for all companies worldwide and the Directors have paid particular attention to its ongoing impact. Risks have been around staff not being able to attend work and the remote possibility of further national lockdowns. Both of these are timing issues and work is expected to continue, albeit with the expectation of significant delays which are now subsiding due to the way the world has adapted to COVID.

DEVELOPMENT AND PERFORMANCE
Excluding Directors' Remuneration from Cost of Sales from both the current and the previous years results in a GP margin for the group of 25.6% in 2023 and 22.3% in 2022, which shows a continued recovery in the post pandemic economy.

Overall margins have increased to 24.97% from 21.65% in 2022.

KEY PERFORMANCE INDICATORS
The key financial performance indicator for the group is gross profit, which are as previously mentioned, and have improved from 2022 to 2023.

ON BEHALF OF THE BOARD:





P A Harwood - Director


8 August 2024

H.B. Panelcraft limited (Registered number: 01352138)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of repairing accident damaged motor vehicles and commercial vehicle building.

DIVIDENDS
The total distribution of dividends for the period ended 31 December 2023 was £160,000.

Interim dividends per share were paid as follows:

£18.2899 4 April 2023
£18.2899 30 December 2023
£36.5798

The directors recommend that no final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P A Harwood
G M Harwood

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

H.B. Panelcraft limited (Registered number: 01352138)

Report of the Directors
for the year ended 31 December 2023


AUDITORS
The auditors, Mayes Business Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P A Harwood - Director


8 August 2024

Report of the Independent Auditors to the Members of
H.B. Panelcraft limited

Opinion
We have audited the financial statements of H.B. Panelcraft limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year 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 group 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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
H.B. Panelcraft limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
H.B. Panelcraft limited


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:

(i) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

(ii) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

(iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

(iv) Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

(v) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Due to the sector in which the client operates we have identified that Employment Law, Pensions and Taxation Legislation, Health and Safety Legislation, British Standard Institute accreditation, and compliance with the Vehicle Certification Agency and Vehicle Body Type Approval standards along with the Companies Act 2006, as areas most likely to have a material impact on the financial statements.

Owing to the inherent limitations of an audit there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
H.B. Panelcraft 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.




Craig Peter Fishwick FCCA (Senior Statutory Auditor)
for and on behalf of Mayes Business Partnership Ltd
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

8 August 2024

H.B. Panelcraft limited (Registered number: 01352138)

Consolidated Income Statement
for the year ended 31 December 2023

year ended period
31/12/23 31/12/21 to 31/12/22
Notes £    £    £    £   

TURNOVER 12,386,110 10,233,254

Cost of sales 9,291,504 8,017,312
GROSS PROFIT 3,094,606 2,215,942

Distribution costs 126,741 121,386
Administrative expenses 695,808 593,147
822,549 714,533
2,272,057 1,501,409

Other operating income 5,254 11,194
OPERATING PROFIT 4 2,277,311 1,512,603

Interest receivable and similar income 256,124 63,587
2,533,435 1,576,190

Interest payable and similar expenses 5 4,256 -
PROFIT BEFORE TAXATION 2,529,179 1,576,190

Tax on profit 6 623,818 308,115
PROFIT FOR THE FINANCIAL YEAR 1,905,361 1,268,075
Profit attributable to:
Owners of the parent 1,866,175 1,267,097
Non-controlling interests 39,186 978
1,905,361 1,268,075

H.B. Panelcraft limited (Registered number: 01352138)

Consolidated Other Comprehensive Income
for the year ended 31 December 2023

period
31/12/21
year ended to
31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 1,905,361 1,268,075


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,905,361

1,268,075

Total comprehensive income attributable to:
Owners of the parent 1,866,175 1,267,097
Non-controlling interests 39,186 978
1,905,361 1,268,075

H.B. Panelcraft limited (Registered number: 01352138)

Consolidated Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 653,250 477,791
Investments 10 - -
Investment property 11 800,000 800,000
1,453,250 1,277,791

CURRENT ASSETS
Stocks 12 78,914 72,095
Debtors 13 2,664,401 2,370,640
Cash at bank and in hand 8,464,492 6,933,616
11,207,807 9,376,351
CREDITORS
Amounts falling due within one year 14 1,534,058 1,281,179
NET CURRENT ASSETS 9,673,749 8,095,172
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,126,999

9,372,963

PROVISIONS FOR LIABILITIES 16 58,857 181
NET ASSETS 11,068,142 9,372,782

CAPITAL AND RESERVES
Called up share capital 17 4,374 4,374
Share premium 18 142,500 142,500
Capital redemption reserve 18 155,630 155,630
Retained earnings 18 10,288,863 8,582,688
SHAREHOLDERS' FUNDS 10,591,367 8,885,192

NON-CONTROLLING INTERESTS 19 476,775 487,590
TOTAL EQUITY 11,068,142 9,372,782

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




G M Harwood - Director



P A Harwood - Director


H.B. Panelcraft limited (Registered number: 01352138)

Company Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 380,221 181,657
Investments 10 978,128 978,128
Investment property 11 - -
1,358,349 1,159,785

CURRENT ASSETS
Debtors 13 1,400,922 1,235,739
Cash at bank and in hand 7,357,649 5,912,522
8,758,571 7,148,261
CREDITORS
Amounts falling due within one year 14 962,447 897,837
NET CURRENT ASSETS 7,796,124 6,250,424
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,154,473

7,410,209

PROVISIONS FOR LIABILITIES 16 58,857 6,484
NET ASSETS 9,095,616 7,403,725

CAPITAL AND RESERVES
Called up share capital 17 4,374 4,374
Share premium 18 142,500 142,500
Capital redemption reserve 18 155,630 155,630
Retained earnings 18 8,793,112 7,101,221
SHAREHOLDERS' FUNDS 9,095,616 7,403,725

Company's profit for the financial year 1,851,891 1,541,743

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




P A Harwood - Director



G M Harwood - Director


H.B. Panelcraft limited (Registered number: 01352138)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 31 December 2021 4,374 7,475,591 142,500

Changes in equity
Total comprehensive income - 1,267,097 -
Dividends - (160,000 ) -
Balance at 31 December 2022 4,374 8,582,688 142,500

Changes in equity
Total comprehensive income - 1,866,175 -
Dividends - (160,000 ) -
Balance at 31 December 2023 4,374 10,288,863 142,500
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 31 December 2021 155,630 7,778,095 596,612 8,374,707

Changes in equity
Total comprehensive income - 1,267,097 978 1,268,075
Dividends - (160,000 ) (110,000 ) (270,000 )
Balance at 31 December 2022 155,630 8,885,192 487,590 9,372,782

Changes in equity
Total comprehensive income - 1,866,175 39,186 1,905,361
Dividends - (160,000 ) (50,000 ) (210,000 )
Balance at 31 December 2023 155,630 10,591,367 476,776 11,068,143

H.B. Panelcraft limited (Registered number: 01352138)

Company Statement of Changes in Equity
for the year ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 31 December 2021 4,374 5,719,478 142,500 155,630 6,021,982

Changes in equity
Total comprehensive income - 1,541,743 - - 1,541,743
Dividends - (160,000 ) - - (160,000 )
Balance at 31 December 2022 4,374 7,101,221 142,500 155,630 7,403,725

Changes in equity
Total comprehensive income - 1,851,891 - - 1,851,891
Dividends - (160,000 ) - - (160,000 )
Balance at 31 December 2023 4,374 8,793,112 142,500 155,630 9,095,616

H.B. Panelcraft limited (Registered number: 01352138)

Consolidated Cash Flow Statement
for the year ended 31 December 2023

period
31/12/21
year ended to
31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,182,823 1,440,635
Interest paid (4,256 ) -
Tax paid (432,040 ) (226,707 )
Net cash from operating activities 1,746,527 1,213,928

Cash flows from investing activities
Purchase of tangible fixed assets (261,775 ) (5,930 )
Interest received 256,124 63,587
Net cash from investing activities (5,651 ) 57,657

Cash flows from financing activities
Loan to non-controlling interest - (50,000 )
Equity dividends paid (160,000 ) (160,000 )
Dividends paid to minority interests (50,000 ) (110,000 )
Net cash from financing activities (210,000 ) (320,000 )

Increase in cash and cash equivalents 1,530,876 951,585
Cash and cash equivalents at beginning of
year

2

6,933,616

5,982,031

Cash and cash equivalents at end of year 2 8,464,492 6,933,616

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
period
31/12/21
year ended to
31/12/23 31/12/22
£    £   
Profit before taxation 2,529,179 1,576,190
Depreciation charges 79,885 35,854
Finance costs 4,256 -
Finance income (256,124 ) (63,587 )
2,357,196 1,548,457
(Increase)/decrease in stocks (6,819 ) 4,724
Increase in trade and other debtors (293,761 ) (55,243 )
Increase/(decrease) in trade and other creditors 126,207 (57,303 )
Cash generated from operations 2,182,823 1,440,635

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 8,464,492 6,933,616
Period ended 31 December 2022
31/12/22 31/12/21
£    £   
Cash and cash equivalents 6,933,616 5,982,031


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 6,933,616 1,530,876 8,464,492
6,933,616 1,530,876 8,464,492
Total 6,933,616 1,530,876 8,464,492

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

H.B. Panelcraft 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate those of H B Panelcraft Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operational policies so as to obtain economic benefit). Subsidiaries acquired in previous years were consolidated using the purchase method. Their results were incorporated from the date that control passed.

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used there into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Fosters Commercials Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cashflows include the results and cashflows of Fosters Commercials Limited.

Wellfield Business Park Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cashflows include the results and cashflows of Wellfield Business Park Limited.

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.
Freehold property - 10% on cost and Straight line over 40 years
Short leasehold - in accordance with the property
Plant and machinery - 25% on cost, 20% on cost, 15% on reducing balance and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 year 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
period
31/12/21
year ended to
31/12/23 31/12/22
£    £   
Wages and salaries 2,809,128 2,485,175
Social security costs 269,002 236,628
Other pension costs 64,632 56,762
3,142,762 2,778,565

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
period
31/12/21
year ended to
31/12/23 31/12/22

Production 73 72
Administration 14 13
Management 2 2
89 87

The average number of employees by undertakings that were proportionately consolidated during the year was 22 (2022 - 20 ) .

period
31/12/21
year ended to
31/12/23 31/12/22
£    £   
Directors' remuneration 80,655 55,750

4. OPERATING PROFIT

The operating profit is stated after charging:

period
31/12/21
year ended to
31/12/23 31/12/22
£    £   
Other operating leases 105,058 97,111
Depreciation - owned assets 86,316 35,855
Auditors remuneration 17,934 14,390

5. INTEREST PAYABLE AND SIMILAR EXPENSES
period
31/12/21
year ended to
31/12/23 31/12/22
£    £   
Corporation tax interest 4,256 -

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
period
31/12/21
year ended to
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 555,520 307,160
Adjustments in respect of
prior periods 3,192 -
Total current tax 558,712 307,160

Deferred taxation 65,106 955
Tax on profit 623,818 308,115

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
period
31/12/21
year ended to
31/12/23 31/12/22
£    £   
"A" Ordinary shares of £1 each
Interim 160,000 160,000

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

9. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 1,045,421 275,720 621,091
Additions - - 41,330
At 31 December 2023 1,045,421 275,720 662,421
DEPRECIATION
At 1 January 2023 652,808 220,000 591,707
Charge for year 19,584 12,000 15,266
At 31 December 2023 672,392 232,000 606,973
NET BOOK VALUE
At 31 December 2023 373,029 43,720 55,448
At 31 December 2022 392,613 55,720 29,384

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 67,349 43,693 2,053,274
Additions 214,065 6,380 261,775
At 31 December 2023 281,414 50,073 2,315,049
DEPRECIATION
At 1 January 2023 67,349 43,619 1,575,483
Charge for year 39,259 207 86,316
At 31 December 2023 106,608 43,826 1,661,799
NET BOOK VALUE
At 31 December 2023 174,806 6,247 653,250
At 31 December 2022 - 74 477,791

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

9. TANGIBLE FIXED ASSETS - continued

Company
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 529,080 275,720 455,144
Additions - - 41,330
At 31 December 2023 529,080 275,720 496,474
DEPRECIATION
At 1 January 2023 429,080 220,000 429,207
Charge for year - 12,000 11,819
At 31 December 2023 429,080 232,000 441,026
NET BOOK VALUE
At 31 December 2023 100,000 43,720 55,448
At 31 December 2022 100,000 55,720 25,937

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 48,199 43,104 1,351,247
Additions 214,065 6,380 261,775
At 31 December 2023 262,264 49,484 1,613,022
DEPRECIATION
At 1 January 2023 48,199 43,104 1,169,590
Charge for year 39,259 133 63,211
At 31 December 2023 87,458 43,237 1,232,801
NET BOOK VALUE
At 31 December 2023 174,806 6,247 380,221
At 31 December 2022 - - 181,657

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 978,128
NET BOOK VALUE
At 31 December 2023 978,128
At 31 December 2022 978,128


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 800,000
NET BOOK VALUE
At 31 December 2023 800,000
At 31 December 2022 800,000

12. STOCKS

Group
31/12/23 31/12/22
£    £   
Stocks 78,914 72,095

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade debtors 1,929,132 1,719,971 910,721 887,691
Amounts owed by group undertakings - - 250,000 100,000
Amounts recoverable on contract 540,624 509,942 96,751 174,431
Other debtors 1,194 51,179 - -
Prepayments 193,451 89,548 143,450 73,617
2,664,401 2,370,640 1,400,922 1,235,739

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade creditors 444,870 391,177 206,726 194,286
Taxation 375,520 248,848 302,720 227,272
Social security and other taxes 69,890 62,162 52,736 44,696
VAT 253,284 165,643 157,241 140,514
Other creditors 54,568 62,701 50,579 58,972
Accrued expenses 335,926 350,648 192,445 232,097
1,534,058 1,281,179 962,447 897,837

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 62,940 160,572
Between one and five years 48,451 105,302
111,391 265,874

16. PROVISIONS FOR LIABILITIES

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Deferred tax
Accelerated capital allowances 58,857 181 58,857 6,484

Group
Deferred
tax
£   
Balance at 1 January 2023 181
Provided during year 58,676
Balance at 31 December 2023 58,857

Company
Deferred
tax
£   
Balance at 1 January 2023 6,484
Provided during year 52,373
Balance at 31 December 2023 58,857

H.B. Panelcraft limited (Registered number: 01352138)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
4,374 "A" Ordinary £1 4,374 4,374

18. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 8,582,688 142,500 155,630 8,880,818
Profit for the year 1,866,175 1,866,175
Dividends (160,000 ) (160,000 )
At 31 December 2023 10,288,863 142,500 155,630 10,586,993

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 7,101,221 142,500 155,630 7,399,351
Profit for the year 1,851,891 1,851,891
Dividends (160,000 ) (160,000 )
At 31 December 2023 8,793,112 142,500 155,630 9,091,242


19. NON-CONTROLLING INTERESTS

The non-controlling interest relates to a 25% interest in the subsidiary, Fosters Commercials Limited.

20. ULTIMATE PARENT COMPANY

The company and the group, are under the ultimate control of the directors.