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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06631733
2023-01-01
2023-12-31
06631733
2023-12-31
06631733
2022-12-31
06631733
2022-01-01
2022-12-31
06631733
2022-12-31
06631733
2021-12-31
06631733
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2023-01-01
2023-12-31
06631733
core:MotorVehicles
2023-01-01
2023-12-31
06631733
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
06631733
bus:Director1
2023-01-01
2023-12-31
06631733
bus:Director2
2023-01-01
2023-12-31
06631733
core:PlantMachinery
2022-12-31
06631733
core:FurnitureFittings
2022-12-31
06631733
core:MotorVehicles
2022-12-31
06631733
core:PlantMachinery
2023-12-31
06631733
core:FurnitureFittings
2023-12-31
06631733
core:MotorVehicles
2023-12-31
06631733
core:PlantMachinery
2023-01-01
2023-12-31
06631733
core:WithinOneYear
2023-12-31
06631733
core:WithinOneYear
2022-12-31
06631733
core:AfterOneYear
2023-12-31
06631733
core:AfterOneYear
2022-12-31
06631733
core:PlantMachinery
2022-12-31
06631733
core:ShareCapital
2023-12-31
06631733
core:ShareCapital
2022-12-31
06631733
core:RevaluationReserve
2023-12-31
06631733
core:RevaluationReserve
2022-12-31
06631733
core:RetainedEarningsAccumulatedLosses
2023-12-31
06631733
core:RetainedEarningsAccumulatedLosses
2022-12-31
06631733
core:BetweenOneFiveYears
2023-12-31
06631733
core:BetweenOneFiveYears
2022-12-31
06631733
core:MoreThanFiveYears
2023-12-31
06631733
core:MoreThanFiveYears
2022-12-31
06631733
core:AcceleratedTaxDepreciationDeferredTax
2023-12-31
06631733
core:AcceleratedTaxDepreciationDeferredTax
2022-12-31
06631733
core:RevaluationPropertyPlantEquipmentDeferredTax
2023-12-31
06631733
core:RevaluationPropertyPlantEquipmentDeferredTax
2022-12-31
06631733
core:FurnitureFittings
2022-12-31
06631733
core:MotorVehicles
2022-12-31
06631733
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2023-12-31
06631733
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2023-12-31
06631733
core:LeasedAssetsHeldAsLessee
2023-12-31
06631733
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2022-12-31
06631733
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2022-12-31
06631733
core:LeasedAssetsHeldAsLessee
2022-12-31
06631733
bus:Director1
2022-12-31
06631733
bus:Director1
2023-12-31
06631733
bus:Director2
2022-12-31
06631733
bus:Director2
2023-12-31
06631733
bus:Director1
2021-12-31
06631733
bus:Director1
2022-12-31
06631733
bus:Director2
2021-12-31
06631733
bus:Director2
2022-12-31
06631733
bus:Director1
2022-01-01
2022-12-31
06631733
bus:Director2
2022-01-01
2022-12-31
06631733
bus:SmallEntities
2023-01-01
2023-12-31
06631733
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
06631733
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06631733
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06631733
bus:FullAccounts
2023-01-01
2023-12-31
06631733
core:OfficeEquipment
2023-01-01
2023-12-31
06631733
core:OfficeEquipment
2022-12-31
06631733
core:OfficeEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
06631733
Filleted Unaudited Financial Statements |
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Hille Limited |
|
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hille Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Hille Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Hille Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hille Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Hille 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 loss of Hille Limited. You consider that Hille 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 Hille 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.
PAUL PHILLIS & CO LIMITED
Chartered accountants
11a Corelli Street
Newport
South Wales
NP19 7AR
18 September 2024
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
1,218,040 |
1,136,296 |
|
|
|
|
Current assets
Stocks |
471,760 |
436,746 |
Debtors |
6 |
496,105 |
692,742 |
Cash at bank and in hand |
18,954 |
59,542 |
|
--------- |
------------ |
|
986,819 |
1,189,030 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,104,068 |
1,206,671 |
|
------------ |
------------ |
Net current liabilities |
117,249 |
17,641 |
|
------------ |
------------ |
Total assets less current liabilities |
1,100,791 |
1,118,655 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
194,421 |
143,121 |
|
|
|
|
Provisions |
205,556 |
212,530 |
|
------------ |
------------ |
Net assets |
700,814 |
763,004 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
1,000 |
1,000 |
Revaluation reserve |
651,714 |
721,558 |
Profit and loss account |
48,100 |
40,446 |
|
--------- |
--------- |
Shareholders funds |
700,814 |
763,004 |
|
--------- |
--------- |
|
|
|
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.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2024
, and are signed on behalf of the board by:
Company registration number:
06631733
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 27, Rassau Industrial Estate, Ebbw Vale, NP23 5SD, Gwent.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.
Going concern
The company has maintained good relationships with customers and suppliers, which is key to the business. During the course of 2020, the directors reviewed the company's future funding requirements with lenders. During 2020, additional loan facilities were put in place under the business interruption loan scheme to help finance its operations. The directors are confident about the continued support of its lenders. During the course of 2022, the company renewed its invoice discounting facility to finance its working capital requirements. The company continued to insure its trade debtors book to reduce its exposure to the potential impact of bad debts. In the interest of cash conservation, the Board took the decision to reduce interim dividends during the course of 2023. Uncertainties continue to exist in the short to medium term as a consequence of Britain's decision to leave the European Union. The current situation causes some uncertainty for the majority of businesses. The approach of the directors is to continue to closely monitor the situation and make decisions accordingly. The financial statements and notes describe the financial position of the company at the year end. The directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: Fixed asset lives Tangible fixed assets are one of the largest balances on the company's balance sheet and the rate chosen to depreciate these assets has an effect on the company's reported position and performance. There is judgement involved in determining appropriate rates to use for these assets where there is no constraint of a relevant financial reporting standard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Plant and machinery |
- |
Moulding equipment 10%, other plant 15% reducing balance |
|
Fixtures and fittings |
- |
15% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
56
(2022:
62
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
1,620,473 |
71,374 |
143,690 |
79,539 |
1,915,076 |
Additions |
29,586 |
21,528 |
191,708 |
– |
242,822 |
|
------------ |
-------- |
--------- |
-------- |
------------ |
At 31 December 2023 |
1,650,059 |
92,902 |
335,398 |
79,539 |
2,157,898 |
|
------------ |
-------- |
--------- |
-------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
520,175 |
59,465 |
119,601 |
79,539 |
778,780 |
Charge for the year |
143,712 |
4,477 |
12,889 |
– |
161,078 |
|
------------ |
-------- |
--------- |
-------- |
------------ |
At 31 December 2023 |
663,887 |
63,942 |
132,490 |
79,539 |
939,858 |
|
------------ |
-------- |
--------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
986,172 |
28,960 |
202,908 |
– |
1,218,040 |
|
------------ |
-------- |
--------- |
-------- |
------------ |
At 31 December 2022 |
1,100,298 |
11,909 |
24,089 |
– |
1,136,296 |
|
------------ |
-------- |
--------- |
-------- |
------------ |
|
|
|
|
|
|
Tangible assets held at valuation
The company revalued its plant and machinery as at 31st December 2022 at a total value of £1,102,380. The valuation was undertaken by the directors based on open market values at that date.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Plant and machinery |
|
£ |
At 31 December 2023 |
|
Aggregate cost |
1,542,021 |
Aggregate depreciation |
(1,078,860) |
|
------------ |
Carrying value |
463,161 |
|
------------ |
|
|
At 31 December 2022 |
|
Aggregate cost |
1,512,436 |
Aggregate depreciation |
(1,004,992) |
|
------------ |
Carrying value |
507,444 |
|
------------ |
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
At 31 December 2023 |
96,090 |
190,457 |
286,547 |
|
-------- |
--------- |
--------- |
At 31 December 2022 |
159,658 |
24,089 |
183,747 |
|
--------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
328,165 |
506,163 |
Other debtors |
167,940 |
186,579 |
|
--------- |
--------- |
|
496,105 |
692,742 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
82,412 |
82,412 |
Trade creditors |
467,777 |
464,379 |
Corporation tax |
742 |
20,935 |
Social security and other taxes |
155,243 |
96,745 |
Invoice discounting facility - Ultimate Invoice Finance Ltd |
282,098 |
425,484 |
Other creditors |
115,796 |
116,716 |
|
------------ |
------------ |
|
1,104,068 |
1,206,671 |
|
------------ |
------------ |
|
|
|
Ultimate Invoice Finance Limited holds a fixed and floating charge over the undertakings and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery dated 26 July 2011.
Mr B. Foster
and Mr K. Foster
have given a personal guarantee to Ultimate Invoice Finance Limited, on a joint and several basis, up to a maximum amount of £50,000 as security for amounts drawn down by the company on its invoice discounting facility.
During the course of 2020, the company took advantage of the government Coronavirus Business Interruption Loan Scheme (CBILS). Included in Bank Loans is an amount of £62,412 (2022 - £62,412) in respect of this loan which attracts interest of 5% and repayable in monthly instalments.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
34,842 |
117,255 |
Other creditors |
159,579 |
25,866 |
|
--------- |
--------- |
|
194,421 |
143,121 |
|
--------- |
--------- |
|
|
|
During the course of 2020, the company took advantage of the government Coronavirus Business Interruption Loan Scheme (CBILS). Included in Bank Loans is an amount of £31,509 (2022 - £93,922) in respect of this loan which attracts interest of 5% and repayable in monthly instalments within five years.
There is no amount included within creditors that is due for repayment more than five years after the financial year end.
9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions |
205,556 |
212,530 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
68,460 |
75,434 |
Revaluation of tangible assets |
137,096 |
137,096 |
|
--------- |
--------- |
|
205,556 |
212,530 |
|
--------- |
--------- |
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
115,147 |
101,957 |
Later than 1 year and not later than 5 years |
417,596 |
394,020 |
Later than 5 years |
73,878 |
172,384 |
|
--------- |
--------- |
|
606,621 |
668,361 |
|
--------- |
--------- |
|
|
|
11.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr B. Foster |
74,168 |
14,880 |
(
28,747) |
60,301 |
|
Mr K. Foster |
47,426 |
15,848 |
(
23,348) |
39,926 |
|
|
--------- |
-------- |
-------- |
--------- |
|
|
121,594 |
30,728 |
(
52,095) |
100,227 |
|
|
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
|
2022 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr B. Foster |
85,336 |
31,500 |
(
42,668) |
74,168 |
|
Mr K. Foster |
54,664 |
20,094 |
(
27,332) |
47,426 |
|
|
--------- |
-------- |
-------- |
--------- |
|
|
140,000 |
51,594 |
(
70,000) |
121,594 |
|
|
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|