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Registration number: 02441515

Hepworth Framework Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hepworth Framework Limited

(Registration number: 02441515)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

387,444

428,405

Current assets

 

Stocks

6

465,269

322,601

Debtors

7

251,499

290,342

Cash at bank and in hand

 

101,706

334,416

 

818,474

947,359

Creditors: Amounts falling due within one year

8

(540,959)

(636,362)

Net current assets

 

277,515

310,997

Total assets less current liabilities

 

664,959

739,402

Creditors: Amounts falling due after more than one year

8

(81,994)

(192,985)

Provisions for liabilities

(56,114)

(63,051)

Net assets

 

526,851

483,366

Capital and reserves

 

Called up share capital

9

400

400

Share premium reserve

195,800

195,800

Retained earnings

330,651

287,166

Shareholders' funds

 

526,851

483,366

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Hepworth Framework Limited

(Registration number: 02441515)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr Richard John Collins
Director

 

Hepworth Framework Limited

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

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:
York Mills
Huddersfield Road
Brighouse
West Yorks
HD6 1HA

These financial statements were authorised for issue by the Board on 30 August 2024.

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred 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.

 

Hepworth Framework Limited

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

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold Improvements

10% reducing balance

Plant and machinery

10% reducing balance

Motor Vehicles

25% reducing balance

Office equipment

25% reducing balance

Furniture and Fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hepworth Framework Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings 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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Hepworth Framework Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 31).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

51,779

55,613

 

Hepworth Framework Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

128,775

29,379

107,585

537,342

803,081

Additions

5,882

4,936

-

-

10,818

At 31 December 2023

134,657

34,315

107,585

537,342

813,899

Depreciation

At 1 January 2023

36,566

17,889

71,630

248,591

374,676

Charge for the year

9,809

4,106

8,989

28,875

51,779

At 31 December 2023

46,375

21,995

80,619

277,466

426,455

Carrying amount

At 31 December 2023

88,282

12,320

26,966

259,876

387,444

At 31 December 2022

92,209

11,490

35,955

288,751

428,405

Included within the net book value of land and buildings above is £88,282 (2022 - £92,209) in respect of short leasehold land and buildings.
 

 

Hepworth Framework Limited

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

6

Stocks

2023
£

2022
£

Raw materials and consumables

462,178

322,601

Other inventories

3,091

-

465,269

322,601

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

206,494

170,426

Amounts owed by related parties

14,729

69,284

Prepayments

 

30,176

50,532

Other debtors

 

100

100

   

251,499

290,342

 

Hepworth Framework Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

111,467

107,542

Trade creditors

 

294,040

431,784

Taxation and social security

 

127,472

88,463

Accruals and deferred income

 

7,580

6,725

Other creditors

 

400

1,848

 

540,959

636,362

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

81,994

192,985

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

B Shares of £1 each

130

130

130

130

C Shares of £1 each

35

35

35

35

D Shares of £1 each

35

35

35

35

400

400

400

400

10

Loans and borrowings

Non-current loans and borrowings

 

Hepworth Framework Limited

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

2023
£

2022
£

Bank borrowings

66,667

116,667

Hire purchase contracts

15,327

76,318

81,994

192,985

Current loans and borrowings

2023
£

2022
£

Bank borrowings

50,000

50,000

Hire purchase contracts

61,467

57,542

111,467

107,542

11

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 £180,900 (2022 - £253,260). Rent of 5 year office lease £150,000 and rent of 4 year workshop lease £30,900

12

Parent and ultimate parent undertaking

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