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Heavymovement UK Limited

Audited Financial Statements for the Year Ended 31 December 2023






Heavymovement UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Vera Llinas
M T Pinol





SECRETARY: Pennsec Limited





REGISTERED OFFICE: 125 Wood Street
London
EC2V 7AW





REGISTERED NUMBER: 12027502 (England and Wales)





AUDITORS: ADVANTAGE ACCOUNTANCY & ADVISORY LTD
Chartered Certified Accountants & Statutory
Auditor
Avalon House
5-7 Cathedral Road
Cardiff
CF11 9HA

Heavymovement UK Limited (Registered number: 12027502)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,847,446 2,225,332

CURRENT ASSETS
Debtors 5 1,045,396 1,154,862
Cash at bank 208,352 265,788
1,253,748 1,420,650
CREDITORS
Amounts falling due within one year 6 1,180,502 1,791,671
NET CURRENT ASSETS/(LIABILITIES) 73,246 (371,021 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,920,692

1,854,311

CREDITORS
Amounts falling due after more than
one year

7

(994,981

)

(1,515,971

)

PROVISIONS FOR LIABILITIES (136,000 ) -
NET ASSETS 789,711 338,340

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 788,711 337,340
SHAREHOLDERS' FUNDS 789,711 338,340

Heavymovement UK Limited (Registered number: 12027502)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:





M T Pinol - Director


Heavymovement UK Limited (Registered number: 12027502)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Related party exemption
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.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances at the bank and cash in hand.

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.
Plant and machinery - Between 10% - 33% straight line
Computer equipment - 25% straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.


Heavymovement UK Limited (Registered number: 12027502)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


1. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distribution to equity holder and distributions receivable
Dividends and other distributions to the company's shareholder are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholder. Distributions receivable are recognised when declared. These amounts are recognised in the statement of changes in equity.

Trade and other debtors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost, less any impairment losses in the case of trade debtors.

Heavymovement UK Limited (Registered number: 12027502)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


1. ACCOUNTING POLICIES - continued

Trade and other creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of a similar debt instrument.

Borrowings
Interest-bearing borrowing 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.

Financial Instruments
Classification
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 14 ) .

Heavymovement UK Limited (Registered number: 12027502)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

4,400

4,400

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 2,983,404 2,564 2,985,968
Additions 152,199 833 153,032
Disposals (64,536 ) - (64,536 )
At 31 December 2023 3,071,067 3,397 3,074,464
DEPRECIATION
At 1 January 2023 758,679 1,957 760,636
Charge for year 495,660 661 496,321
Eliminated on disposal (29,939 ) - (29,939 )
At 31 December 2023 1,224,400 2,618 1,227,018
NET BOOK VALUE
At 31 December 2023 1,846,667 779 1,847,446
At 31 December 2022 2,224,725 607 2,225,332

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 757,345 1,092,421
Amounts owed by group undertakings 553 631
Other debtors & prepayments 287,498 61,810
1,045,396 1,154,862

Heavymovement UK Limited (Registered number: 12027502)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8)
290,859

266,023
Trade creditors 316,161 438,813
Amounts owed to group undertakings 396,485 978,709
Taxes & social security costs 83,333 87,753
Other creditors & accruals 83,664 10,373
1,180,502 1,791,671

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 14,167 24,167
Hire purchase contracts (see note 8)
401,814

576,968
Amounts owed to group undertakings 579,000 914,836
994,981 1,515,971

The long term liability owing to Heavymovement World S.L is unsecured and attracts interest between 5.334% and 5.534%.

The amount repayable by instalments after more than 5 years is £nil. (2022: £nil).

The hire purchase contracts are secured against the assets to which they relate.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 290,859 266,023
Between one and five years 401,814 576,968
692,673 842,991

Heavymovement UK Limited (Registered number: 12027502)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 85,792 160,337
Between one and five years 2,420 89,849
88,212 250,186

The company had total guarantees and commitments at the balance sheet date of £780,885 (2022 - £1,093,177).

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen John Bickerton FCCA (Senior Statutory Auditor)
for and on behalf of ADVANTAGE ACCOUNTANCY & ADVISORY LTD

11. RELATED PARTY

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.

12. PARENT COMPANY

The company's parent undertaking and controlling party at the balance sheet date was Heavymovement World S.L, a company registered in Spain.