Company registration number 02322004 (England and Wales)
HYGECO LEAR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HYGECO LEAR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HYGECO LEAR LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
16,286
27,635
Debtors
6
60,752
43,977
Cash at bank and in hand
70,417
26,486
147,455
98,098
Creditors: amounts falling due within one year
7
(823,496)
(637,406)
Net current liabilities
(676,041)
(539,308)
Capital and reserves
Called up share capital
2,000
2,000
Share premium account
29,000
29,000
Profit and loss reserves
(707,041)
(570,308)
Total equity
(676,041)
(539,308)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Pernefer Holding
Director
Company registration number 02322004 (England and Wales)
HYGECO LEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Hygeco Lear Limited is a private limited company by shares, registered in the United Kingdom and

incorporated in England and Wales. The registered office is Innovation Centre And Business Base, 110

Butterfield, Great Marlings, Luton, LU2 8DL. The principal place of business is Moor Road, Leeds, LS10 2DD.

 

The principal activity of the company during the year was the supply of embalming supplies and mortuary

equipment.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date, the company had net current liabilities of £678,641 (2022: £539,308) £790,201 (2022: £588,998) of the current liabilities are due to group companies.

 

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Hygeco SA, the company's parent, has undertaken to provide sufficient financial support to allow the company to trade for at least 12 months from the date of these financial statements. The directors have also estimated the company's likely cash requirements until that date and believe that Hygeco SA has adequate resources to provide the necessary support.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HYGECO LEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year.

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

 

 

 

HYGECO LEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

 

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Exceptional item
2023
2022
£
£
Expenditure
Exceptional items
-
32,475

Exceptional items relate to non recurring restructuring costs.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
HYGECO LEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
30,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
30,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
60,752
43,188
Other debtors
-
0
789
60,752
43,977
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
53
53
Trade creditors
2,981
15,614
Taxation and social security
2,938
3,592
Other creditors
817,524
618,147
823,496
637,406
8
Consolidated accounts

Hygeco SA, a company registered in France, is the parent of the smallest group for which consolidated accounts including this company are prepared. The registered of Hygeco SA is 12-16 Rue Sarah Bernhardt 92600 Asnières-sur-Seine France.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

HYGECO LEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Ian Meek ACA FCCA
Statutory Auditor:
Buckle Barton Limited
Date of audit report:
30 August 2024
2023-12-312023-01-01false30 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedHannah J. LockwoodPernefer HoldingO Zaniolfalsefalse023220042023-01-012023-12-31023220042023-12-31023220042022-12-3102322004core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102322004core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102322004core:CurrentFinancialInstruments2023-12-3102322004core:CurrentFinancialInstruments2022-12-3102322004core:ShareCapital2023-12-3102322004core:ShareCapital2022-12-3102322004core:SharePremium2023-12-3102322004core:SharePremium2022-12-3102322004core:RetainedEarningsAccumulatedLosses2023-12-3102322004core:RetainedEarningsAccumulatedLosses2022-12-3102322004bus:Director22023-01-012023-12-31023220042022-01-012022-12-3102322004core:NetGoodwill2022-12-3102322004core:NetGoodwill2023-12-3102322004core:NetGoodwill2022-12-3102322004core:WithinOneYear2023-12-3102322004core:WithinOneYear2022-12-3102322004bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102322004bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102322004bus:FRS1022023-01-012023-12-3102322004bus:Audited2023-01-012023-12-3102322004bus:Director12023-01-012023-12-3102322004bus:Director32023-01-012023-12-3102322004bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP