REGISTERED NUMBER: 11189151 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
for |
Halchar Limited |
REGISTERED NUMBER: 11189151 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
for |
Halchar Limited |
Halchar Limited (Registered number: 11189151) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other 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 |
Halchar Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
ACCOUNTANTS: |
Chartered Accountants |
27 Castle Gate |
Newark |
Nottinghamshire |
NG24 1BA |
Halchar Limited (Registered number: 11189151) |
Group Strategic Report |
for the Year Ended 30 June 2023 |
The director presents his strategic report of the company and the group for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
Consolidated group accounts have been prepared for the current year reflecting the growth in size of the group entities over the recent financial period. |
The group has expanded to include Robinsons Bawtry Limited in the current year as well as the existing subsidiaries of Midland Skip Hire Limited and Insta Waste Solutions Limited. The 2023 figures include 3 months of trading activity of Robinsons Bawtry Limited and its balance sheet at 30 June 2024 following Halchar Limited becoming controlling party from 1 April 2023. |
The consolidated results show a strong performance with group profit before tax of £1.5m (2022 - £0.4m) on turnover of £13.9m (2022 - £15.1m). The group balance sheet remains strong at £4.8m (2022 - £3.7m). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The director of the company is aware of the principal risks and uncertainties facing the business and takes steps with his management team to mitigate these on a proactive basis. |
ON BEHALF OF THE BOARD: |
Halchar Limited (Registered number: 11189151) |
Report of the Director |
for the Year Ended 30 June 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 30 June 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2023 will be £90,000. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Halchar Limited |
Qualified Opinion |
We have audited the financial statements of Halchar Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying consolidated financial statements present fairly, in all material respects the financial position of the Group as at 30 June 2023, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with applicable accounting standards. |
Basis for Qualified opinion |
The Group's consolidated financial statements comprise of the results of Midland Skip Hire Limited and Insta Waste Limited which were 100% subsidiaries for the full year. The company acquired Robinsons Bawtry Limited on 31 March 2023 and so the consolidated figures include the results of this entity for the three month period to 30 June 2023 together with its balance sheet at this date. |
Robinsons Bawtry Limited includes an amount of £567k in respect of closing stock. We were not appointed as group auditors of Halchar Limited until after 30 June 2023 and no stocktake was attended to be able to verify the existence or accuracy of this balance. The post acquisition trading profit of Robinsons Bawtry amounts to £54k and is included in the consolidated results of Halchar Limited. We were unable to obtain sufficient appropriate evidence regarding the results and year end position, including the stock valuation, of Robinsons Bawtry Limited. Consequently, we were unable to determine whether any adjustments to the amounts relating to this subsidiary were necessary. |
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated 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 consolidated financial statements 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 qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report. |
In respect of our conclusion relating to going concern we draw your attention to the Key audit matter and contingent liability and the potential impact that this could have on the group if the contingent liability became payable. |
Key audit matters |
We draw your attention to the material contingent liability note in the accounts as a key audit matter. |
Should the contingent liability in the subsidiary, Insta Waste Solutions Limited, become due as a result of future events then the actual liability for the Company would be material to the business and the Company would require support from other group entities to remain as a going concern. We have been unable to conclude from the information provided and available at the approval date as to how likely that contingent liability will become a liability of the Company. |
Report of the Independent Auditors to the Members of |
Halchar Limited |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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. |
The prior period accounts to 30 June 2022 were unaudited. The group was not a medium group in 2022 and so consolidated accounts were not prepared. |
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 Director 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 Director 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Halchar Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- | Substantive procedures performed in accordance with the ISAs (UK). |
- | Challenging assumptions and judgments made by management in its significant accounting estimates. |
- | Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |
- | Assessing the extent of compliance with the relevant laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Halchar Limited (Registered number: 11189151) |
Consolidated |
Income Statement |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 13,944,363 | 15,119,889 |
Cost of sales | 10,866,294 | 13,553,624 |
GROSS PROFIT | 3,078,069 | 1,566,265 |
Administrative expenses | 1,490,127 | 1,082,499 |
1,587,942 | 483,766 |
Other operating income | - | 5,353 |
OPERATING PROFIT | 4 | 1,587,942 | 489,119 |
Interest payable and similar expenses | 5 | 99,603 | 105,319 |
PROFIT BEFORE TAXATION | 1,488,339 | 383,800 |
Tax on profit | 6 | 263,035 | 224,464 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,225,304 | 159,336 |
Halchar Limited (Registered number: 11189151) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,225,304 | 159,336 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,225,304 |
159,336 |
Total comprehensive income attributable to: |
Owners of the parent | 1,225,304 | 159,336 |
Halchar Limited (Registered number: 11189151) |
Consolidated Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 117,218 | - |
Tangible assets | 10 | 7,190,191 | 5,496,491 |
Investments | 11 | - | - |
7,307,409 | 5,496,491 |
CURRENT ASSETS |
Stocks | 12 | 572,177 | 4,378 |
Debtors | 13 | 2,394,805 | 2,033,401 |
Cash at bank | 244,823 | 492,910 |
3,211,805 | 2,530,689 |
CREDITORS |
Amounts falling due within one year | 14 | 3,317,159 | 2,482,928 |
NET CURRENT (LIABILITIES)/ASSETS | (105,354 | ) | 47,761 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,202,055 |
5,544,252 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,640,894 |
) |
(1,173,791 |
) |
PROVISIONS FOR LIABILITIES | 17 | (761,729 | ) | (706,333 | ) |
NET ASSETS | 4,799,432 | 3,664,128 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 4 | 4 |
Retained earnings | 19 | 4,799,428 | 3,664,124 |
SHAREHOLDERS' FUNDS | 4,799,432 | 3,664,128 |
The financial statements were approved by the director and authorised for issue on 12 September 2024 and were signed by: |
C S J Currie - Director |
Halchar Limited (Registered number: 11189151) |
Company Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,358,766 | 2,531,129 |
The financial statements were approved by the director and authorised for issue on |
Halchar Limited (Registered number: 11189151) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | 4 | 3,549,788 | 3,549,792 |
Changes in equity |
Dividends | - | (45,000 | ) | (45,000 | ) |
Total comprehensive income | - | 159,336 | 159,336 |
Balance at 30 June 2022 | 4 | 3,664,124 | 3,664,128 |
Changes in equity |
Dividends | - | (90,000 | ) | (90,000 | ) |
Total comprehensive income | - | 1,225,304 | 1,225,304 |
Balance at 30 June 2023 | 4 | 4,799,428 | 4,799,432 |
Halchar Limited (Registered number: 11189151) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Halchar Limited (Registered number: 11189151) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,336,109 | 1,413,260 |
Interest paid | (10,756 | ) | (11,567 | ) |
Interest element of hire purchase payments paid |
(88,847 |
) |
(93,752 |
) |
Tax paid | (242,034 | ) | (200,690 | ) |
Net cash from operating activities | 1,994,472 | 1,107,251 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (122,532 | ) | - |
Purchase of tangible fixed assets | (2,633,428 | ) | (1,282,196 | ) |
Sale of tangible fixed assets | 123,000 | 3,694 |
Net cash from investing activities | (2,632,960 | ) | (1,278,502 | ) |
Cash flows from financing activities |
New loans and capital repayments in year | 383,772 | 421,506 |
Amount introduced by directors | 96,629 | - |
Amount withdrawn by directors | - | (480,067 | ) |
Equity dividends paid | (90,000 | ) | (45,000 | ) |
Net cash from financing activities | 390,401 | (103,561 | ) |
Decrease in cash and cash equivalents | (248,087 | ) | (274,812 | ) |
Cash and cash equivalents at beginning of year |
2 |
492,910 |
767,722 |
Cash and cash equivalents at end of year | 2 | 244,823 | 492,910 |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,488,339 | 383,800 |
Depreciation charges | 769,047 | 778,439 |
Loss on disposal of fixed assets | 47,823 | 440,804 |
Government grants | - | (5,353 | ) |
Finance costs | 99,603 | 105,319 |
2,404,812 | 1,703,009 |
Increase in stocks | (567,799 | ) | (2,380 | ) |
(Increase)/decrease in trade and other debtors | (458,033 | ) | 1,339,736 |
Increase/(decrease) in trade and other creditors | 957,129 | (1,627,105 | ) |
Cash generated from operations | 2,336,109 | 1,413,260 |
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 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 244,823 | 492,910 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 492,910 | 767,722 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank | 492,910 | (248,087 | ) | 244,823 |
492,910 | (248,087 | ) | 244,823 |
Debt |
Finance leases | (1,715,443 | ) | (377,494 | ) | (2,092,937 | ) |
(1,715,443 | ) | (377,494 | ) | (2,092,937 | ) |
Total | (1,222,533 | ) | (625,581 | ) | (1,848,114 | ) |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Halchar Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are held at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Short leasehold improvements | - | 5 % on costs |
Plant and machinery | - | At varying rates on reducing balance |
Fixtures and fittings | - | 20% on reducing balance |
Motor cars | - | 20% on reducing balance |
Computer equipment | - | 20% on reducing balance |
No depreciation is provided on Land and Buildings. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,343,801 | 1,265,586 |
Social security costs | 147,229 | 136,022 |
Other pension costs | 29,572 | 27,192 |
1,520,602 | 1,428,800 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct and administrative employees |
2023 | 2022 |
£ | £ |
Director's remuneration | 9,600 | 9,600 |
Director's pension contributions to money purchase schemes | 101 | 101 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 136,088 | 16,744 |
Other operating leases | 9,800 | - |
Depreciation - owned assets | 768,905 | 778,440 |
Loss on disposal of fixed assets | 47,823 | 440,804 |
Goodwill amortisation | 5,314 | - |
Foreign exchange differences | (193 | ) | - |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | - | 92 |
Bank charges | 10,746 | 10,255 |
Other interest payable | 10 | 1,220 |
Hire purchase charges | 88,822 | 93,752 |
Late payment interest charge | 25 | - |
99,603 | 105,319 |
6. | 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 | 208,742 | 220,658 |
Prior year overprovision | 3 | - |
Total current tax | 208,745 | 220,658 |
Deferred tax | 54,290 | 3,806 |
Tax on profit | 263,035 | 224,464 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 90,000 | 45,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions | 122,532 |
At 30 June 2023 | 122,532 |
AMORTISATION |
Amortisation for year | 5,314 |
At 30 June 2023 | 5,314 |
NET BOOK VALUE |
At 30 June 2023 | 117,218 |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Land and | Short | Plant and |
Buildings | leasehold | machinery |
£ | £ | £ |
COST |
At 1 July 2022 | 1,880,119 | 159,179 | 5,788,146 |
Additions | 1,029,799 | - | 1,582,817 |
Disposals | - | - | (368,450 | ) |
At 30 June 2023 | 2,909,918 | 159,179 | 7,002,513 |
DEPRECIATION |
At 1 July 2022 | - | 18,393 | 2,489,670 |
Charge for year | - | 7,040 | 728,257 |
Eliminated on disposal | - | - | (197,627 | ) |
At 30 June 2023 | - | 25,433 | 3,020,300 |
NET BOOK VALUE |
At 30 June 2023 | 2,909,918 | 133,746 | 3,982,213 |
At 30 June 2022 | 1,880,119 | 140,786 | 3,298,476 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 | 7,801 | 262,799 | 16,333 | 8,114,377 |
Additions | 17,632 | - | 3,180 | 2,633,428 |
Disposals | - | - | - | (368,450 | ) |
At 30 June 2023 | 25,433 | 262,799 | 19,513 | 10,379,355 |
DEPRECIATION |
At 1 July 2022 | 3,141 | 101,409 | 5,273 | 2,617,886 |
Charge for year | 3,637 | 27,153 | 2,818 | 768,905 |
Eliminated on disposal | - | - | - | (197,627 | ) |
At 30 June 2023 | 6,778 | 128,562 | 8,091 | 3,189,164 |
NET BOOK VALUE |
At 30 June 2023 | 18,655 | 134,237 | 11,422 | 7,190,191 |
At 30 June 2022 | 4,660 | 161,390 | 11,060 | 5,496,491 |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Land and | Plant and |
Buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 572,177 | 4,378 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 964,857 | 709,233 |
Amounts owed by group undertakings | - | - |
Other debtors | 576,535 | 300,631 |
Directors' current accounts | 811,706 | 908,335 | 811,706 | - |
VAT | - | - |
Prepayments and accrued income | 41,707 | 115,202 |
2,394,805 | 2,033,401 |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 452,043 | 541,652 |
Trade creditors | 1,339,257 | 383,206 |
Amounts owed to group undertakings | - | - |
Tax | 637,580 | 670,869 |
Social security and other taxes | 42,316 | 43,512 |
VAT | 137,803 | 133,458 | - | - |
Other creditors | 686,380 | 671,415 |
Accruals and deferred income | 21,780 | 38,816 |
3,317,159 | 2,482,928 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 16) | 1,640,894 | 1,173,791 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 452,043 | 541,652 |
Between one and five years | 1,640,894 | 1,173,791 |
2,092,937 | 1,715,443 |
17. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 761,729 | 706,333 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2022 | 706,333 |
Provided during year | 55,396 |
Balance at 30 June 2023 | 761,729 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 4 | 4 |
Halchar Limited (Registered number: 11189151) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2022 | 3,664,124 |
Profit for the year | 1,225,304 |
Dividends | (90,000 | ) |
At 30 June 2023 | 4,799,428 |
20. | CONTINGENT LIABILITIES |
At the year end a subsidiary of the group, Insta Waste Solutions Limited, had an ongoing material potential contingent liability, the outcome of which will not be determined until after the approval of these financial statements. Given the level of uncertainty as to liability and the quantification of any potential liability based on future events it is impracticable to provide further information in the notes to the accounts. This potential liability is also referred to in the auditors report. |
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
C S J Currie |
Balance outstanding at start of year | 908,335 | 428,268 |
Amounts advanced | - | 480,067 |
Amounts repaid | (96,629 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 811,706 | 908,335 |
22. | RELATED PARTY DISCLOSURES |
The group incurred consultancy costs amounting to £600,000 (2022: £nil) with Island Speed Services Limited, a company incorporated in the Isle of Man. C S J Currie is the owner of the Island Speed Services Limited. At the year end a balance of £720,000 was owed to Island Speed Services Limited and is included in trade creditors. |
At the year end, a balance of £151,957 (2022: £nil) was due to the group from Azione1 Limited, a company in which C S J Currie is a director. This amount is disclosed within other debtors. |
23. | ULTIMATE CONTROLLING PARTY |
The company is controlled by C S J Currie. |