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Company registration number: NI026632
Hemel Limited
Unaudited filleted abridged financial statements
28 February 2024
Hemel Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Hemel Limited
Directors and other information
Director Mr E Toner
Secretary Mrs B Toner
Company number NI026632
Registered office Site 12
Forge Lane
Moy
Co Tyrone
BT71 7SB
Accountants ASM (D) Ltd
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
Bankers Ulster Bank Ltd
39 Market Square
Dungannon
Co Tyrone
BT70 1JJ
Solicitors Eversheds Sutherland NI
Scottish Provident Building
7 Donegall Square West
Belfast
Hemel Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Hemel Limited
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hemel Limited for the year ended 28 February 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Hemel Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Hemel Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland, as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hemel Limited and its director as a body for our work or for this report.
It is your duty to ensure that Hemel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hemel Limited. You consider that Hemel Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hemel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ASM (D) Ltd
Chartered Accountants
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
3 September 2024
Hemel Limited
Abridged statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 46,515 55,017
Tangible assets 6 2,989,391 2,879,964
Investments 7 491,145 491,145
_________ _________
3,527,051 3,426,126
Current assets
Stocks 207,594 216,702
Debtors 37,765 31,966
Cash at bank and in hand 446,732 628,481
_________ _________
692,091 877,149
Creditors: amounts falling due
within one year ( 851,420) ( 876,880)
_________ _________
Net current (liabilities)/assets ( 159,329) 269
_________ _________
Total assets less current liabilities 3,367,722 3,426,395
Creditors: amounts falling due
after more than one year ( 119,167) ( 229,167)
Provisions for liabilities ( 174,790) ( 129,950)
_________ _________
Net assets 3,073,765 3,067,278
_________ _________
Capital and reserves
Called up share capital 22 22
Profit and loss account 3,073,743 3,067,256
_________ _________
Shareholders funds 3,073,765 3,067,278
_________ _________
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 28 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 03 September 2024 , and are signed on behalf of the board by:
Mr E Toner
Director
Company registration number: NI026632
Hemel Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is Site 12, Forge Lane, Moy, Co Tyrone, BT71 7SB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
Licence - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 83 (2023: 78 ).
5. Intangible assets
£
Cost
At 1 March 2023 and 28 February 2024 366,192
_________
Amortisation
At 1 March 2023 311,175
Charge for the year 8,502
_________
At 28 February 2024 319,677
_________
Carrying amount
At 28 February 2024 46,515
_________
At 28 February 2023 55,017
_________
6. Tangible assets
£
Cost
At 1 March 2023 4,450,887
Additions 261,112
_________
At 28 February 2024 4,711,999
_________
Depreciation
At 1 March 2023 1,570,924
Charge for the year 151,684
_________
At 28 February 2024 1,722,608
_________
Carrying amount
At 28 February 2024 2,989,391
_________
At 28 February 2023 2,879,963
_________
7. Investments
£
Cost
At 1 March 2023 and 28 February 2024 491,145
_________
Impairment
At 1 March 2023 and 28 February 2024 -
_________
Carrying amount
At 28 February 2024 491,145
_________
At 28 February 2023 491,145
_________
8. Parent company
The directors regard New Vision Management Ltd, which is registered in Northern Ireland to be the company's ultimate parent company. New Vision Management Ltd has a 100% interest in the ordinary share capital of Hemel Limited at 28 February 2024.