Company Registration No. 01339652 (England and Wales)
J HUGGINS AND SON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
J HUGGINS AND SON LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
J HUGGINS AND SON LIMITED
COMPANY INFORMATION
- 1 -
Directors
J R Rasiwala
(Appointed 1 February 2024)
J W Reynolds
(Appointed 1 February 2024)
P J Watters
(Appointed 1 February 2024)
Company number
01339652
Registered office
Longwood Road
Brookhill Industrial Estate
Pinxton
Nottingham
England
NG16 6NT
Auditor
TC Group
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
J HUGGINS AND SON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present the strategic report for the year ended 31 March 2024.
Fair review of the business
The financial performance for the year ended 31 March 2024 was strong with revenue, Gross profit and profit before tax all increasing. Gross profit was positively impacted by changes in pricing and rebate structure with National Windscreens. Profit before tax includes a one-off profit on sale of tangible fixed assets included as an exceptional item; nonetheless the underlying trading performance remained strong.
On 1 February 2024, the equity of the business was acquired by Cary UK Limited, another member of National Windscreens. As part of the transaction, certain assets were extracted from the company including tangible fixed assets and cash in excess of working capital requirements. Following the acquisition, the balance sheet remains strong with net assets in excess of £18m and the business continues to trade profitably.
Principal risks and uncertainties
The principal risks for the company continues to be the procurement of glass and retention of volume to cover fixed costs. The purchasing of glass continues to be carefully managed and the business continues to invest in and focus on all aspects of the customer journey.
Key performance indicators
Units 2024 2023
Turnover £ 15,667,958 13,719,296
Gross profit margin % 37 29
Profit before tax £ 5,634,371 973,444
Change in ownership of the company
Effective from 1 February 2024, Cary UK Limited acquired 100% of the shares, becoming the sole owner of the company. This change marks a new chapter in the company's history, and we anticipate that this transition will bring new opportunities for growth and development under the stewardship of Cary UK Limited.
J W Reynolds
Director
18 September 2024
J HUGGINS AND SON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of windscreen replacement.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
T C Martin
(Resigned 10 September 2024)
J R Rasiwala
(Appointed 1 February 2024)
J W Reynolds
(Appointed 1 February 2024)
P J Watters
(Appointed 1 February 2024)
K Huggins
(Resigned 1 February 2024)
A Huggins
(Resigned 1 February 2024)
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The business's principle instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business operations.
In respect of the bank balances, these are held in such a way that achieves a competitive rate of interest.
Trade debtors are actively managed in respect of credit and cash flow risk.
To ensure keen cost prices, trade creditors are paid very quickly as can be seen by the low level outstanding at the balance sheet date.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
J W Reynolds
Director
18 September 2024
J HUGGINS AND SON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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 UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
J HUGGINS AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J HUGGINS AND SON LIMITED
- 5 -
Opinion
We have audited the financial statements of J Huggins and Son Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 March 2024 and of its 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
J HUGGINS AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J HUGGINS AND SON LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
J HUGGINS AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J HUGGINS AND SON LIMITED
- 7 -
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
J HUGGINS AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J HUGGINS AND SON LIMITED
- 8 -
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 an auditor's report 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.
John Grant (Senior Statutory Auditor)
For and on behalf of TC Group
18 September 2024
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
J HUGGINS AND SON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
15,667,958
13,719,296
Cost of sales
(9,869,304)
(9,700,837)
Gross profit
5,798,654
4,018,459
Administrative expenses
(3,126,728)
(3,228,830)
Exceptional item
2,541,660
Operating profit
5
5,213,586
789,629
Interest receivable and similar income
8
420,785
183,815
Profit before taxation
5,634,371
973,444
Tax on profit
9
(1,152,686)
(241,847)
Profit for the financial year
4,481,685
731,597
The profit and loss account has been prepared on the basis that all operations are continuing operations.
J HUGGINS AND SON LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
237,943
2,204,528
Current assets
Stocks
11
1,607,426
1,838,895
Debtors
12
18,817,498
2,147,600
Cash at bank and in hand
880,661
10,585,904
21,305,585
14,572,399
Creditors: amounts falling due within one year
13
(2,098,011)
(2,255,767)
Net current assets
19,207,574
12,316,632
Total assets less current liabilities
19,445,517
14,521,160
Provisions for liabilities
Provisions
14
469,609
Deferred tax liability
15
46,420
73,357
(516,029)
(73,357)
Net assets
18,929,488
14,447,803
Capital and reserves
Called up share capital
17
3,675
3,675
Capital redemption reserve
1,325
1,325
Profit and loss reserves
18
18,924,488
14,442,803
Total equity
18,929,488
14,447,803
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
J W Reynolds
Director
Company registration number 01339652 (England and Wales)
J HUGGINS AND SON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
3,675
1,325
13,711,206
13,716,206
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
731,597
731,597
Balance at 31 March 2023
3,675
1,325
14,442,803
14,447,803
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
4,481,685
4,481,685
Balance at 31 March 2024
3,675
1,325
18,924,488
18,929,488
J HUGGINS AND SON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,270,732
1,301,080
Income taxes paid
(374,074)
(490,257)
Net cash inflow from operating activities
896,658
810,823
Investing activities
Purchase of tangible fixed assets
(22,686)
(323,541)
Proceeds from disposal of tangible fixed assets
-
9,415
Interest received
420,785
183,815
Net cash generated from/(used in) investing activities
398,099
(130,311)
Financing activities
Payment to Cary UK Ltd (change in ownership transaction)
(11,000,000)
Net cash used in financing activities
(11,000,000)
-
Net (decrease)/increase in cash and cash equivalents
(9,705,243)
680,512
Cash and cash equivalents at beginning of year
10,585,904
9,905,392
Cash and cash equivalents at end of year
880,661
10,585,904
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information
J Huggins and Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Longwood Road Brookhill Industrial Estate, Pinxton, Nottingham, England, NG16 6NT.
1.1
Accounting convention
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £.
Basic of preparation
The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
1.2
Going concern
The financial statements have been prepared on a going concern basis.true
1.3
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Revenue is recognised on the sale of goods upon delivery of those goods. Revenue is recognised on the sale of services upon competition of each service.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
4% straight line basis
Plant and equipment
20-33% straight line basis
Fixtures and fittings
33% straight line basis
Motor vehicles
33% straight line basis
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit or loss.
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.
1.6
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cell deposits,and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
1.7
Taxation
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
1.8
Investment in equity and shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.
1.9
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
1.10
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Deferred tax assets and liabilities are included when the directors expect any asset or provision to be recovered in the future with reasonable certainty.
Stock provisions are included for items of stock that are no longer expected to be sold in the forseeable future based on the opinion of the director using historical and current sales information.
Bad debt provisions are included for trade debtors that are no longer expected to be recovered in the foreseeable future based on the opinion of the director using historical and current debtor receipt information.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
15,667,958
13,719,296
2024
2023
£
£
Other revenue
Interest income
420,785
183,815
4
Exceptional item
On 1 February 2024, the equity of the business was acquired by Cary UK Limited and as part of the transaction tangible fixed assets were extracted from the company and this resulted in a profit on disposal of £2,541,660.
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
19,000
Depreciation of owned tangible fixed assets
318,297
265,202
Profit on disposal of tangible fixed assets
(2,541,660)
(9,415)
Operating lease charges
182,949
117,732
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
94
103
Administration and support
34
39
Total
128
142
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,521,431
4,320,665
Social security costs
310,987
327,696
Pension costs
70,419
78,403
3,902,837
4,726,764
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
183,651
952,710
Company pension contributions to defined contribution schemes
3,105
4,938
186,756
957,648
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
921,779
Company pension contributions to defined contribution schemes
n/a
3,881
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
417,711
183,815
Other interest income
3,074
Total income
420,785
183,815
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
417,711
183,815
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,179,623
212,513
Deferred tax
Origination and reversal of timing differences
(26,937)
29,334
Total tax charge
1,152,686
241,847
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 18 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
5,634,371
973,444
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,408,593
184,954
Tax effect of expenses that are not deductible in determining taxable profit
54,056
Gains not taxable
(276,597)
Permanent capital allowances in excess of depreciation
(33,578)
(17,010)
Depreciation on assets not qualifying for tax allowances
79,574
19,847
Expenses not taxable
(25,306)
Taxation charge for the year
1,152,686
241,847
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
2,611,426
347,852
211,997
1,188,441
4,359,716
Additions
22,686
22,686
Disposals
(2,611,426)
(136,309)
(150,738)
(412,774)
(3,311,247)
At 31 March 2024
211,543
83,945
775,667
1,071,155
Depreciation and impairment
At 1 April 2023
853,997
245,918
184,074
871,199
2,155,188
Depreciation charged in the year
87,045
55,785
15,336
160,131
318,297
Eliminated in respect of disposals
(941,042)
(136,309)
(150,148)
(412,774)
(1,640,273)
At 31 March 2024
165,394
49,262
618,556
833,212
Carrying amount
At 31 March 2024
46,149
34,683
157,111
237,943
At 31 March 2023
1,757,429
101,934
27,923
317,242
2,204,528
11
Stocks
2024
2023
£
£
Goods for resale
1,607,426
1,838,895
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,056,775
2,056,196
Amounts owed by group undertakings
16,422,369
Other debtors
243,379
15,499
Prepayments and accrued income
94,975
75,905
18,817,498
2,147,600
An impairment loss of £178,270 (2023 - £279,686) was recognised against trade debtors.
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
550,996
711,629
Corporation tax
847,062
41,513
Other taxation and social security
490,866
824,161
Other creditors
8,906
475,712
Accruals and deferred income
200,181
202,752
2,098,011
2,255,767
14
Dilapidation provision
2024
2023
£
£
Dilapidation provision
469,609
-
Movements on provisions:
Dilapidation provision
£
Additional provision made during the year
469,609
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
46,420
73,357
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Deferred taxation
(Continued)
- 21 -
2024
Movements in the year:
£
Liability at 1 April 2023
73,357
Credit to profit or loss
(26,937)
Liability at 31 March 2024
46,420
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
70,419
78,403
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,675
3,675
3,675
3,675
18
Profit and loss reserves
Share capital
Represents the nominal value of shares that have been issued.
Profit and loss reserve
Includes all current and prior period retained profits and losses.
Capital redemption reserve
Represents the nominal value of share capital redeemed by the company to date.
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
379,358
79,091
Between two and five years
456,481
208,619
In over five years
87,500
86,458
923,339
374,168
20
Related party transactions
Summary of transactions with key management
During the year key management received advances totalling £393,978 (2023 - £67,916) and made repayments of £1,053,148 (2023 - £425,801). At the balance sheet date balances due from key management totalled £199,593 (2023 - £459,577). There was no further remuneration with key management other than directors' remuneration.
Summary of transactions with entities with joint control or significant interest
During the year sales totalling £2,692,848 (2023 - £1,056,077) were made to entities with joint control or significant influence. Purchases totalling £1,585,531 (2023 - £851,586) were made to entities with joint control or significant influence. During the year loans totalling £16,242,685 (2023 - £nil) were made to entities with joint control or significant influence. At the balance sheet date the amount from entities with joint control or significant influence was £16,862,079 (2023 - £219,831). At the balance sheet date the amount due to entities with joint control or significant influence was £224,654 (2023 - £1,962).
21
Ultimate controlling party
On 1 February 2024, Cary UK Limited purchased the entire share capital of J Huggins & Son Limited, it became the immediate parent. Cary UK Limited is incorporated in England & Wales, its registered office address is Longwood Road Brookhill Ind Estate, Pinxton, Nottingham, Notts, England, NG16 6NT.
The ultimate parent company is Teniralc TopCo AB, a company registered in Sweden.
The financial statements of Teniralc TopCo AB represent the largest group into which the results of J Huggins & Son Limited are consolidated and the financial statements of Teniralc FinCo, an immediate parent comapny, represent the smallest group into which results of J Huggins & Son Limited are consolidated.
Consolidated accounts are available from Cary Group AB, Hammarby Kaj 10D, 120 32 Stockholm.
J HUGGINS AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
4,481,685
731,597
Adjustments for:
Taxation charged
1,152,686
241,847
Investment income
(420,785)
(183,815)
Gain on disposal of tangible fixed assets
(2,541,660)
(9,415)
Depreciation and impairment of tangible fixed assets
318,297
265,202
Increase in provisions
469,609
-
Movements in working capital:
Decrease/(increase) in stocks
231,469
(284,665)
(Increase)/decrease in debtors
(1,457,264)
354,567
(Decrease)/increase in creditors
(963,305)
185,762
Cash generated from operations
1,270,732
1,301,080
Difference
2,541,660
-
Per cash flow statement page
3,812,392
1,301,080
23
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
10,585,904
(9,705,243)
880,661
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