REGISTERED NUMBER: 07853609 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HOLMPATRICK LIMITED |
REGISTERED NUMBER: 07853609 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HOLMPATRICK LIMITED |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
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 | 5 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
HOLMPATRICK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
17 George Street |
St Helens |
Merseyside |
WA10 1DB |
BANKERS: | Lloyds TSB Plc |
23A Hardshaw Street |
St Helens |
Merseyside |
WA10 1RT |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
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. |
Holmpatrick Ltd is a UK Holding company with 15 subsidiaries the majority of which are wholly owned. It owns several properties which are rented to group and non-group companies and holds many trade marks and the associated intellectual property. |
In the healthcare sector, companies are Aidapt Bathrooms Ltd, Chiltern Invadex (UK) Ltd and W.Munro (Rehab) Ltd who are 100% owned and Aidapt BV and Aidapt SAS which are 75% owned. |
In household products distribution are Electrovision Ltd and Best For Buying Ltd which are 100% owned and Premiair Appliances Ltd which is 75% owned. |
In building contracting is Holmpatrick Developments Ltd which is 85% owned. |
Property holding companies are NJD Ltd and G Pennington Estates Ltd, both wholly owned. |
The other subsidiaries are 100% owned but non trading. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REVIEW OF BUSINESS |
The results for the year and the financial position of the group are included in the annexed financial statements. |
The directors consider both turnover and profit margins to be key financial indicators of the company's performance |
. |
The consolidated results of the group show an increase in turnover from £40,058,433 to £43,538,194, an increase of almost 9%. Profit before tax has also increased from £3,575,198 to £6,606,252. Included in the profit before tax is the profit on the sale of part of our site at Lancots Lane, St.Helens which amounted to £1,236,204. The directors consider the results for the year to be satisfactory. |
All properties within the group were fully rented, mainly on FRI leases. |
There was no substantial capital expenditure in the year, however, in 2024 a site in Houghtons Lane, St.Helens with planning permission for 6 houses has been purchased for £800,000. |
Information regarding subsidiaries is as follows: |
Aidapt Bathrooms Ltd manufactures and distributes aids to daily living in the UK and overseas and operates from 3 group owned distribution centres in St.Helens, Cardiff and Rochester. Results for the year were excellent with turnover up by over 8% to £17,548,900 (2022 - £16,201,122) and profit before tax increasing from £1,514,478 to £2,593,185. |
Aidapt SAS operates in France and distributes aids to daily living and other household goods in France. It made an operating loss of £36.435 in the year. A profit is forecast for 2024 and the results are considered acceptable. |
Aidapt BV operates in Holland and to a lesser extent Germany and distributes aids to daily living and other household goods. The company made a profit before tax of £117,549 in the year and this result is considered satisfactory. |
Chiltern Invadex (UK) Ltd manufactures and distributes medical equipment and aids to daily living in the UK and overseas. It operates form a group owned factory in Banbury and although turnover fell by 5% to £3,358,459 (2022 - £3,518,705), the profit before tax of £97,826 was as expected . A considerable amount of time and effort has been committed to a new hoist system which will be available in 2024/2025. |
W Munro (Rehab) Ltd distributes medical equipment and aids to daily living in Scotland. It operates from a group owned warehouse in Clydebank, Glasgow and saw sales increase by 16% to £4,442,888 (2022 - £3,829,677) and profits increased from £247,620 to £392,677. These results are considered excellent. |
Altai Europe Ltd is a non trading company and owns a property in France. |
Electrovision Ltd distributes a range of household goods in the UK and operates from a group owned warehouse in St.Helens. Turnover in the year decreased by 9% from £8,976,741 to £8,186,542. Profit before tax was £393,350, an improvement on the previous year's profit of £66,658 which was largely due to improved margins and control of overheads. |
Premiair Appliances Ltd distributes heating and cooling products in the UK from the group owned warehouse in St.Helens. Turnover in the year increased by approximately 26% from £2,247,826 to £2,833,995. Profit before tax also increased from £107,406 to £204,171. Turnover is affected by seasonal factors and the directors are of the opinion that turnover will significantly decrease in 2024 leading to the company making a loss in 2024. |
Best for Buying Ltd sells aids to daily living and household goods via the internet. Turnover has increased from £79,890 in 2022 to £161,419 in 2023. Unfortunately, pressure on margins resulted in the company making a loss of £10,752 in the year (2022 - £7,949 profit). These results are considered satisfactory with turnover expected to increase in 2024. |
G.Pennington Estates Ltd has sold the property it holds in St.Helens and has a profit before tax of £6,171 in 2023. It is now non trading. |
NJD Ltd owns the Fishwicks Industrial Estate in St.Helens which is fully rented on both long term FRI leases as well as a small proportion of buildings on short term licences. Rental income in the year was £322,001 (2022 - £326,544) and profit before tax was £989,048 (2022 - £312,990). Included in these profits was an increase in the valuation of the Fishwicks Industrial Estate of £609.070 and a profit of £76,875 on the sale of a small portion of the site. |
Holmpatrick Developments Ltd is a building contractor based in St.Helens and builds low cost housing mainly for Housing Associations in the north west of England. Turnover in the year at £10,392,445 was an increase of approximately 14% on the previous year of £9,103,961. Profit before tax in the year reduced from £673,978 to £121,732 due to an increase in the cost of building materials. Despite this reduction the directors consider the results to be satisfactory and anticipate a significant increase for profits in 2024. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
As a large proportion of the goods sold by the group are manufactured in the far east, the lead times associated with these products can be a number of months. In order to mitigate this risk, the group hold sufficient stocks of these items to ensure that there is no delay in the supply to customers. |
Other risks are foreign exchange movements and container freight rates which can be volatile. |
Minor risks include the current dominant market position of certain companies within the online marketplace, government red tape and delays by statutory authorities in areas such as planning. The directors do not believe anything can be economically done to mitigate these risks at present. |
SECTION 172(1) STATEMENT |
The directors have met their responsibilities under Section 172 of The Companies Act 2006 and are satisfied they have acted to promote the well-being of the group for its members and wider stakeholders. |
Employees |
Directors and senior managers are responsible for the interests of employees and have maintained standards through training, diversity, inclusion and following good health and safety practices. |
Shareholders |
Directors are committed to maximising returns in the long term for the shareholders whilst following ethical policies which do not detract from other stakeholders. |
Suppliers |
Directors are in regular contact with suppliers and look to agree the best supply contracts whilst maintaining good relations and the long term viability of suppliers. Payments to suppliers are timely and as per agreements. |
Customers |
We must offer value for money to our customers and treat them in an ethical manner so we can enhance the long-term reputation of the group. |
Environment |
We look to reduce our impact on the environment by reducing our carbon footprint and waste. We do this by being energy efficient in our operations and that our logistics are efficient. We recycle and produce very little waste. We contribute to the local economy by proper payment of rates and taxes and look to employ locally. |
ON BEHALF OF THE BOARD: |
10 September 2024 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
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. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £1,620,000 (2022 - £180,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
OVERSEAS BRANCHES |
The group operates a number of branches outside the UK but within the European Economic Area through it's subsidiaries Aidapt BV and Aidapt SAS. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF |
HOLMPATRICK LIMITED |
Opinion |
We have audited the financial statements of Holmpatrick Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF |
HOLMPATRICK LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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. |
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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are planned and performed to detect irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
Our approach was as follows: |
- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud; |
- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amount; and |
-Review of the rationale for the calculation of key accounting estimates in the financial statements and testing of the accuracy of these calculations. |
There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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. |
Use of our report |
This report is made solely to the company's shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
17 George Street |
St Helens |
Merseyside |
WA10 1DB |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 43,538,194 | 40,058,433 |
Cost of sales | (31,160,768 | ) | (28,876,575 | ) |
GROSS PROFIT | 12,377,426 | 11,181,858 |
Administrative expenses | (7,106,719 | ) | (8,183,707 | ) |
5,270,707 | 2,998,151 |
Other operating income | 1,310,439 | 583,224 |
GROUP OPERATING PROFIT | 5 | 6,581,146 | 3,581,375 |
Share of operating profit in |
Associates | 12,175 | 12,181 |
Interest receivable and similar income | 45,414 | 11 |
6,638,735 | 3,593,567 |
Interest payable and similar expenses | 6 | (32,483 | ) | (18,369 | ) |
PROFIT BEFORE TAXATION | 6,606,252 | 3,575,198 |
Tax on profit | 7 | (1,583,938 | ) | (761,317 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Arising on sale of minority interest | - | 52,500 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
52,500 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
5,022,314 |
2,866,381 |
Profit attributable to: |
Owners of the parent | 4,953,188 | 2,817,482 |
Non-controlling interests | 69,126 | (3,601 | ) |
5,022,314 | 2,813,881 |
Total comprehensive income attributable to: |
Owners of the parent | 4,953,188 | 2,844,574 |
Non-controlling interests | 69,126 | 21,807 |
5,022,314 | 2,866,381 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | 82,371 |
Tangible assets | 11 | 8,467,011 | 9,549,160 |
Investments | 12 |
Interest in associate | 86,117 | 76,255 |
Other investments | 35,499 | 42,499 |
Investment property | 13 | 2,342,801 | 2,698,595 |
10,931,428 | 12,448,880 |
CURRENT ASSETS |
Stocks | 14 | 16,987,461 | 17,798,546 |
Debtors | 15 | 9,733,404 | 9,570,510 |
Cash at bank and in hand | 6,139,579 | 659,027 |
32,860,444 | 28,028,083 |
CREDITORS |
Amounts falling due within one year | 16 | (4,597,315 | ) | (4,799,644 | ) |
NET CURRENT ASSETS | 28,263,129 | 23,228,439 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
39,194,557 |
35,677,319 |
CREDITORS |
Amounts falling due after more than one year | 17 | (18,699 | ) | (19,549 | ) |
PROVISIONS FOR LIABILITIES | 20 | (323,323 | ) | (140,799 | ) |
NET ASSETS | 38,852,535 | 35,516,971 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 1,000 | 1,000 |
Revaluation reserve | 22 | 480,052 | - |
Merger reserve | 22 | 17,867,592 | 17,867,592 |
Retained earnings | 22 | 19,856,634 | 17,003,498 |
SHAREHOLDERS' FUNDS | 38,205,278 | 34,872,090 |
NON-CONTROLLING INTERESTS | 23 | 647,257 | 644,881 |
TOTAL EQUITY | 38,852,535 | 35,516,971 |
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by: |
Mr M Benyon - Director |
Mr R J J Fox - Director |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 | 1,000 | 1,000 |
Revaluation reserve | 22 | 23,250 | - |
Merger reserve | 22 | 4,292,775 | 4,292,775 |
Retained earnings | 22 | 32,683,719 | 30,193,974 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 4,132,995 | 3,352,603 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 January 2022 | 1,000 | 14,338,924 | - |
Changes in equity |
Dividends | - | (180,000 | ) | - |
Total comprehensive income | - | 2,844,574 | - |
Balance at 31 December 2022 | 1,000 | 17,003,498 | - |
Changes in equity |
Dividends | - | (1,620,000 | ) | - |
Total comprehensive income | - | 4,473,136 | 480,052 |
Balance at 31 December 2023 | 1,000 | 19,856,634 | 480,052 |
Merger | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 17,867,592 | 32,207,516 | 723,074 | 32,930,590 |
Changes in equity |
Dividends | - | (180,000 | ) | (100,000 | ) | (280,000 | ) |
Total comprehensive income | - | 2,844,574 | 21,807 | 2,866,381 |
Balance at 31 December 2022 | 17,867,592 | 34,872,090 | 644,881 | 35,516,971 |
Changes in equity |
Dividends | - | (1,620,000 | ) | (66,750 | ) | (1,686,750 | ) |
Total comprehensive income | - | 4,953,188 | 69,126 | 5,022,314 |
Balance at 31 December 2023 | 17,867,592 | 38,205,278 | 647,257 | 38,852,535 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Revaluation | Merger | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 1,000 | 27,021,371 | - | 6,117,692 | 33,140,063 |
Changes in equity |
Dividends | - | (180,000 | ) | - | - | ( |
) |
Total comprehensive income | - | 3,352,603 | - | (1,824,917 | ) | 1,527,686 |
Balance at 31 December 2022 | 1,000 | 30,193,974 | - | 4,292,775 | 34,487,749 |
Changes in equity |
Dividends | - | (1,620,000 | ) | - | - | ( |
) |
Total comprehensive income | - | 4,109,745 | 23,250 | - | 4,132,995 |
Balance at 31 December 2023 | 1,000 | 32,683,719 | 23,250 | 4,292,775 | 37,000,744 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,645,112 | (601,674 | ) |
Interest paid | (32,483 | ) | (18,369 | ) |
Tax paid | (1,479,105 | ) | (655,969 | ) |
Net cash from operating activities | 4,133,524 | (1,276,012 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (368,533 | ) | (278,584 | ) |
Purchase of investment property | (8,110 | ) | (33,055 | ) |
Sale of tangible fixed assets | 2,191,708 | 5,963 |
Sale of investment property | 1,087,315 | - |
Loan repayment by associate | 7,000 | 9,000 |
Interest received | 45,414 | 11 |
Net cash from investing activities | 2,954,794 | (296,665 | ) |
Cash flows from financing activities |
Amount introduced by directors | 1,662,006 | 281,468 |
Amount withdrawn by directors | (1,433,139 | ) | (167,637 | ) |
Proceeds from sale of minority interest | - | 52,500 |
Equity dividends paid | (1,620,000 | ) | (180,000 | ) |
Dividends paid to minority interests | (66,750 | ) | (100,000 | ) |
Net cash from financing activities | (1,457,883 | ) | (113,669 | ) |
Increase/(decrease) in cash and cash equivalents | 5,630,435 | (1,686,346 | ) |
Cash and cash equivalents at beginning of year | 2 | 475,408 | 2,146,594 |
Effect of foreign exchange rate changes | 33,736 | 15,160 |
Cash and cash equivalents at end of year | 2 | 6,139,579 | 475,408 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
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 |
2023 | 2022 |
£ | £ |
Profit before taxation | 6,606,252 | 3,575,198 |
Depreciation charges | 584,173 | 551,633 |
Profit on disposal of fixed assets | (1,326,169 | ) | (2,852 | ) |
Unrealised gain on property revaluation | (640,070 | ) | - |
Share of operating profit of associate | (12,175 | ) | (12,181 | ) |
Exchange rate variances | (33,736 | ) | (15,160 | ) |
Finance costs | 32,483 | 18,369 |
Finance income | (45,414 | ) | (11 | ) |
5,165,344 | 4,114,996 |
Decrease/(increase) in stocks | 811,085 | (3,652,500 | ) |
Increase in trade and other debtors | (113,342 | ) | (445,408 | ) |
Decrease in trade and other creditors | (217,975 | ) | (618,762 | ) |
Cash generated from operations | 5,645,112 | (601,674 | ) |
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 | 6,139,579 | 659,027 |
Bank overdrafts | - | (183,619 | ) |
6,139,579 | 475,408 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 659,027 | 2,146,594 |
Bank overdrafts | (183,619 | ) | - |
475,408 | 2,146,594 |
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 | 659,027 | 5,480,552 | 6,139,579 |
Bank overdrafts | (183,619 | ) | 183,619 | - |
475,408 | 5,664,171 | 6,139,579 |
Total | 475,408 | 5,664,171 | 6,139,579 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Holmpatrick Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated. |
Basis of consolidation |
On 11 November 2012, a share for share exchange took place between Holmpatrick Limited and the shareholders of Electrovision Limited. This transaction was as a result of a group reorganisation and the creation of Holmpatrick Limited as the new parent company of the group, the ultimate shareholders remained the same. |
The net assets of all subsidiary companies at 11 November 2012 were used as the basis for the cost of investment within Holmpatrick Limited with the resulting amount being credited to a merger reserve. |
Subsequently the acquisitions of subsidiaries are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination. |
Any excess of the cost of the business combination over the group's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in profit or loss in the periods expected to be benefitted. |
Investments in associates are recognised initially at the transaction price and subsequently adjusted to reflect the group's share of the total comprehensive income and equity of the associate, less any impairment. |
Details of the company's subsidiaries and associates are shown in note 12. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
Valuation of investment property |
As described more fully in note 13, investment properties are valued at the end of each reporting period by the directors at open market value. |
Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives of the assets. These are amended when necessary to reflect current estimates based on technological advancement, future investment, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the tangible fixed assets and the accounting policies for the depreciation rates for each class of assets. |
Stock provision |
The group sell items which can become obsolete. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. |
Amounts recoverable on contracts |
All long term contracts are reviewed on a monthly basis, with particular attention to contract stage of completion, costs to date and costs still to be incurred. Movement in margin is recognised when prudent to do so but immediately in the event of a foreseeable loss. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is calculated using the percentage completion method. Amounts recoverable on these long-terms contracts are included within debtors. Payments on account in respect of long-term contracts are included within creditors. |
Where the outcome cannot be measured reliably, the work in progress is valued at cost less payments on account. Cost includes all direct costs plus an appropriate amount of attributable overhead. |
When contract costs are expected to exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
Goodwill |
Goodwill acquired on each business combination is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its expected useful life of 5 years. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, except freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold property | - | 2% on cost |
Plant and machinery | - | 25% on cost, 25% on reducing balance, 20% on reducing balance and 15% on cost |
Fixtures and fittings | - | 25% on cost, 25% on reducing balance, 20% on reducing balance and 15% on reducing balance. |
Motor vehicles | - | 25% on cost, 30% on reducing balance, 25% on reducing balance and 20% on reducing balance |
Computer equipment | - | 25% on reducing balance and straight line over 3 years |
Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease. |
Investment properties |
Investment properties are initially recognised at transaction price and subsequently carried at fair value. Changes in fair values are recognised in profit or loss. |
On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct production costs, costs of conversion and other costs incurred in bringing stock to it's present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow moving stock where appropriate. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the company if: |
1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company; |
2. the company and the party are subject to common control; |
3. the party is an associate of the company or a joint venture in which the company is a venturer; |
4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or |
6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
Foreign currencies |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. |
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. |
Translation of group companies |
For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling using the closing exchange rate. Income and expenses are translated using the average rate for the period. |
Research and development |
Research and development expenditure is written off as incurred. |
Grants |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
Leased assets |
Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts. |
Employee benefits |
When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid for that service. |
Certain of the group companies operate defined contribution plans for the benefit of their directors and employees. Contributions are expensed as they become payable. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Sale of goods and services | 33,145,749 | 30,954,472 |
Construction contracts | 10,392,445 | 9,103,961 |
43,538,194 | 40,058,433 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | TURNOVER - continued |
Of the turnover, 6% (2022 - 6%) relates to goods sold overseas. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 5,462,583 | 5,409,871 |
Social security costs | 504,579 | 494,514 |
Other pension costs | 167,120 | 137,478 |
6,134,282 | 6,041,863 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration | 50 | 49 |
Manufacturing, selling and distribution | 136 | 140 |
Construction contracts | 14 | 13 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 164,065 | 163,398 |
Directors' pension contributions to money purchase schemes | 1,997 | 1,997 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 501,802 | 469,263 |
Profit on disposal of fixed assets | (1,326,169 | ) | (2,852 | ) |
Goodwill amortisation | 82,371 | 82,369 |
Auditors' remuneration | 6,750 | 6,100 |
Auditors' remuneration - Audit of accounts of subsidiaries of the company | 45,415 | 38,058 |
Auditors' remuneration - Taxation compliance work | 5,325 | 4,350 |
Rent - operating leases | 4,893 | 4,503 |
Exchange rate variances | (33,736 | ) | (15,160 | ) |
Unrealised gains on revaluation of investment properties | (640,070 | ) | - |
Profit on sale of investment properties | (83,341 | ) | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 10,817 | 16,646 |
Other interest paid | 5,236 | 275 |
Corporation tax interest | 16,430 | 1,448 |
32,483 | 18,369 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 1,430,767 | 756,961 |
Prior periods | (31,666 | ) | 292 |
Associates corporation tax | 2,313 | 2,315 |
Total current tax | 1,401,414 | 759,568 |
Deferred tax: |
On accelerated capital allowances | 22,506 | 1,749 |
On revalued investment property | 160,018 | - |
Total deferred tax | 182,524 | 1,749 |
Tax on profit | 1,583,938 | 761,317 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 6,606,252 | 3,575,198 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
1,651,563 |
679,288 |
Effects of: |
Expenses not deductible for tax purposes | 5,777 | 11,070 |
Income not taxable for tax purposes | (160,018 | ) | - |
Depreciation in excess of capital allowances | 38,685 | 51,130 |
Adjustments to tax charge in respect of previous periods | (31,666 | ) | 292 |
Tax losses not utilised | 9,109 | 17,788 |
Changes in tax rates | (86,647 | ) | - |
Overseas taxation | (22,387 | ) | - |
Marginal rate relief | (3,002 | ) | - |
Movement in deferred tax | 182,524 | 1,749 |
Total tax charge | 1,583,938 | 761,317 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Arising on sale of minority interest | 52,500 | - | 52,500 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Dividends paid | 1,620,000 | 180,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 670,941 |
AMORTISATION |
At 1 January 2023 | 588,570 |
Amortisation for year | 82,371 |
At 31 December 2023 | 670,941 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | 82,371 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 January 2023 | 10,102,465 | 7,240 | 1,993,890 |
Additions | 18,116 | - | 217,653 |
Disposals | (926,316 | ) | - | (26,607 | ) |
At 31 December 2023 | 9,194,265 | 7,240 | 2,184,936 |
DEPRECIATION |
At 1 January 2023 | 1,193,333 | 866 | 1,698,156 |
Charge for year | 226,512 | 1,594 | 151,648 |
Eliminated on disposal | - | - | (26,231 | ) |
At 31 December 2023 | 1,419,845 | 2,460 | 1,823,573 |
NET BOOK VALUE |
At 31 December 2023 | 7,774,420 | 4,780 | 361,363 |
At 31 December 2022 | 8,909,132 | 6,374 | 295,734 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 25,937 | 758,077 | 28,425 | 12,916,034 |
Additions | 3,953 | 121,557 | 7,254 | 368,533 |
Disposals | (741 | ) | (63,476 | ) | - | (1,017,140 | ) |
At 31 December 2023 | 29,149 | 816,158 | 35,679 | 12,267,427 |
DEPRECIATION |
At 1 January 2023 | 22,736 | 429,344 | 22,439 | 3,366,874 |
Charge for year | 1,112 | 117,411 | 3,525 | 501,802 |
Eliminated on disposal | (741 | ) | (41,288 | ) | - | (68,260 | ) |
At 31 December 2023 | 23,107 | 505,467 | 25,964 | 3,800,416 |
NET BOOK VALUE |
At 31 December 2023 | 6,042 | 310,691 | 9,715 | 8,467,011 |
At 31 December 2022 | 3,201 | 328,733 | 5,986 | 9,549,160 |
Included within the cost of freehold property is freehold land amounting to £1,052,973 (2022 - £1,979,289) on which no depreciation is charged. |
Company |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included within the cost of freehold property is freehold land amounting to £1,052,973 (2022 - £1,979,289) on which no depreciation is charged. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Shares in associates | 86,117 | 76,255 |
Loans to associates | 35,499 | 42,499 |
121,616 | 118,754 |
Additional information is as follows: |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 January 2023 | 76,255 |
Share of profit/(loss) | 9,862 |
At 31 December 2023 | 86,117 |
NET BOOK VALUE |
At 31 December 2023 | 86,117 |
At 31 December 2022 | 76,255 |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 10,756,614 |
NET BOOK VALUE |
At 31 December 2023 | 10,756,614 |
At 31 December 2022 | 10,756,614 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Altai Europe Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023. |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
NJD Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023. |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) |
(Loss)/profit for the year | ( |
) |
Bestfor Buying Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023. |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
G Pennington Estates Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023. |
Registered office: France |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: Netherlands |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Associated companies |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Chrome (Services) Limited entered voluntary liquidation on 23 April 2020. |
Group |
Loans to |
associates |
£ |
At 1 January 2023 | 42,499 |
Repayment in year | (7,000 | ) |
At 31 December 2023 | 35,499 |
Company |
Loans to |
associates |
£ |
At 1 January 2023 |
Repayment in year | ( |
) |
At 31 December 2023 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 | 2,698,595 |
Additions | 8,110 |
Disposals | (1,003,974 | ) |
Revaluations | 640,070 |
At 31 December 2023 | 2,342,801 |
NET BOOK VALUE |
At 31 December 2023 | 2,342,801 |
At 31 December 2022 | 2,698,595 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | INVESTMENT PROPERTY - continued |
Group |
The investment properties were valued on 31 December 2023 by the directors, on an open market value basis. |
The historical cost of the investment properties was £1,702,731 (2022 - £2,698,595). |
Company |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 31,000 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The investment properties were valued on 31 December 2023 by the directors, on an open market value basis. |
The historical cost of the investment properties was £153,000 (2022 - £153,000). |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Finished goods | 16,356,272 | 16,983,321 |
Raw materials | 631,189 | 815,225 |
16,987,461 | 17,798,546 |
Stocks are stated after provisions for impairment amounting to £1,772,938 (2022 - £1,638,723). |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 6,199,519 | 6,846,803 |
Amounts recoverable on contracts | 1,664,295 | 694,015 |
Other debtors | 135,534 | 92,322 |
Amounts due from group companies | - | - |
Corporation tax | 49,552 | - |
VAT | - | - |
Prepayments and accrued income | 1,684,504 | 1,937,370 |
9,733,404 | 9,570,510 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | - | 183,619 |
Payments on account | - | 100,000 |
Trade creditors | 1,602,306 | 2,063,044 |
Corporation tax | 722,047 | 752,499 |
Social security and other taxes | 663,630 | 212,031 |
Other creditors | 99,876 | 94,336 |
Amounts due to group companies | - | - |
Directors' current accounts | 533,467 | 304,600 |
Accruals and deferred income | 975,989 | 1,089,515 |
4,597,315 | 4,799,644 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Deferred government grants | 18,699 | 19,549 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 183,619 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank overdraft | - | 183,619 |
There are currently debentures held in favour of Lloyds TSB Bank plc in relation to all money and liabilities whether actual or contingent, in addition to a 1st legal charge over commercial freehold property at Lancots Lane, St Helens. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
On accelerated capital allowances | 163,305 | 140,799 | 35,486 | 35,347 |
On revalued investment property | 160,018 | - | 7,750 | - |
323,323 | 140,799 | 43,236 | 35,347 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 140,799 |
Movement in the year | 182,524 |
Balance at 31 December 2023 | 323,323 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Movement in the year | 7,889 |
Balance at 31 December 2023 |
Deferred tax is wholly in respect of accelerated capital allowances. |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
22. | RESERVES |
Group |
Retained | Revaluation | Merger |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 17,003,498 | - | 17,867,592 | 34,871,090 |
Profit for the year | 4,953,188 | - | - | 4,953,188 |
Dividends | (1,620,000 | ) | - | - | (1,620,000 | ) |
Transfer for revaluation of investment properties |
(640,070 |
) |
640,070 |
- |
- |
Transfer for deferred tax on revalued investment properties |
160,018 |
(160,018 |
) |
- |
- |
At 31 December 2023 | 19,856,634 | 480,052 | 17,867,592 | 38,204,278 |
Company |
Retained | Revaluation | Merger |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 30,193,974 | - | 4,292,775 | 34,486,749 |
Profit for the year | 4,132,995 | - | - | 4,132,995 |
Dividends | (1,620,000 | ) | - | - | (1,620,000 | ) |
Transfer for revaluation of investment properties |
(31,000 |
) |
31,000 |
- |
- |
Transfer for deferred tax on revalued investment properties |
7,750 |
(7,750 |
) |
- |
- |
At 31 December 2023 | 32,683,719 | 23,250 | 4,292,775 | 36,999,744 |
HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
23. | NON-CONTROLLING INTERESTS |
The non-controlling interest relates to shareholdings of 25% in Premiair Appliances Limited, Altai Europe Limited, Aidapt SAS and Aidapt BV and a 15% shareholding in Holmpatrick Developments Limited. |
24. | PENSION COMMITMENTS |
During the year the group made contributions to defined contribution pension schemes on behalf of directors and employees amounting to £167,120 (2022 - £137,478). At 31 December 2023, £14,057 (2022 - £5,859) was payable in respect of outstanding pension contributions. |
25. | CONTINGENT LIABILITIES |
Company |
The company has entered into an inter-company bank guarantee with other group companies of up to £750,000 gross or £100,000 net. The net indebtedness of the other group companies at 31 December 2023 was £Nil (2022 - £183,619). |
26. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 589,350 (2022 - £ 510,649 ) was paid. |
During the year, group companies have sold undeveloped land to certain directors for £800,000 (2022 - £Nil) and provided construction services to those directors amounting to £314,809 (2022 - £Nil). Normal commercial terms applied. |
27. | LEASING AGREEMENTS |
The group receives rental income under non-cancellable operating leases for a number of its properties. The minimum operating lease amounts receivable fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year | 28,902 | 57,927 |
Between one and five years | 585,776 | 386,252 |
In more than five years | - | 261,938 |
614,678 | 706,117 |
Company |
The company receives rental income under non-cancellable operating leases for a number of its properties. The minimum operating lease amounts receivable fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year | 47,837 | 53,697 |
Between one and five years | 520,272 | 429,834 |
In more than five years | - | 261,938 |
568,109 | 745,469 |