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REGISTERED NUMBER: 01231569 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

The Hub Engineering Co. Limited

The Hub Engineering Co. Limited (Registered number: 01231569)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Hub Engineering Co. Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J P Rake
P P Redmond





REGISTERED OFFICE: Unit 21, Izons Industrial Estate
Oldbury Road
West Bromwich
West Midlands
B70 9BS





REGISTERED NUMBER: 01231569 (England and Wales)






The Hub Engineering Co. Limited (Registered number: 01231569)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 108,800 115,200
Tangible assets 5 41,855 65,981
150,655 181,181

CURRENT ASSETS
Stocks 49,314 52,400
Debtors 6 135,137 185,679
Cash at bank and in hand 43,672 19,574
228,123 257,653
CREDITORS
Amounts falling due within one year 7 122,336 180,828
NET CURRENT ASSETS 105,787 76,825
TOTAL ASSETS LESS CURRENT
LIABILITIES

256,442

258,006

CREDITORS
Amounts falling due after more than one
year

8

(31,907

)

(49,776

)

PROVISIONS FOR LIABILITIES 11 (7,953 ) (12,537 )
NET ASSETS 216,582 195,693

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 215,582 194,693
SHAREHOLDERS' FUNDS 216,582 195,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Hub Engineering Co. Limited (Registered number: 01231569)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




J P Rake - Director



P P Redmond - Director


The Hub Engineering Co. Limited (Registered number: 01231569)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Hub Engineering Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty five years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures, fittings & equipment - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


The Hub Engineering Co. Limited (Registered number: 01231569)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

Research and development
Expenditure on research and development activities is recognised in profit or loss as incurred and is measured at cost. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 160,000
AMORTISATION
At 1 January 2023 44,800
Charge for year 6,400
At 31 December 2023 51,200
NET BOOK VALUE
At 31 December 2023 108,800
At 31 December 2022 115,200

The Hub Engineering Co. Limited (Registered number: 01231569)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor Office
machinery & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 128,274 25,521 33,679 18,800 206,274
Additions 6,545 - - 216 6,761
Disposals (41,818 ) - - - (41,818 )
At 31 December 2023 93,001 25,521 33,679 19,016 171,217
DEPRECIATION
At 1 January 2023 71,099 20,476 31,599 17,119 140,293
Charge for year 6,086 505 520 632 7,743
Eliminated on disposal (18,674 ) - - - (18,674 )
At 31 December 2023 58,511 20,981 32,119 17,751 129,362
NET BOOK VALUE
At 31 December 2023 34,490 4,540 1,560 1,265 41,855
At 31 December 2022 57,175 5,045 2,080 1,681 65,981

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 120,709 169,729
Other debtors 14,428 15,950
135,137 185,679

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 17,400 17,400
Trade creditors 42,539 77,592
Taxation and social security 14,050 20,977
Other creditors 48,347 64,859
122,336 180,828

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 31,907 49,776

The Hub Engineering Co. Limited (Registered number: 01231569)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 39,500 39,500
Between one and five years 29,625 69,125
69,125 108,625

10. SECURED DEBTS

4Syte Limited hold a debenture dated 1st September 2021 in the form of a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital buildings, fixtures, fixed plant and machinery.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 7,953 12,537

Deferred
tax
£   
Balance at 1 January 2023 12,537
Provided during year (4,584 )
Balance at 31 December 2023 7,953

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

13. RELATED PARTY DISCLOSURES

Creditors (including non interest bearing loans) as at 31st December 2023 include due to Hub Hire Limited £8,057. (2022 - £12,086).

The Hub Engineering Co. Limited and Hub Hire Limited share common directors and shareholders.

14. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.