Company registration number 00840260 (England and Wales)
H.L.P. TUBE FORMERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
H.L.P. TUBE FORMERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
H.L.P. TUBE FORMERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
740,895
758,810
Current assets
Stocks
125,000
255,000
Debtors
4
570,377
594,487
Cash at bank and in hand
724,826
729,669
1,420,203
1,579,156
Creditors: amounts falling due within one year
5
(370,341)
(482,992)
Net current assets
1,049,862
1,096,164
Total assets less current liabilities
1,790,757
1,854,974
Creditors: amounts falling due after more than one year
6
(105,715)
(174,399)
Provisions for liabilities
(32,559)
(30,950)
Net assets
1,652,483
1,649,625
Capital and reserves
Called up share capital
85
85
Other reserves
165
165
Profit and loss reserves
1,652,233
1,649,375
Total equity
1,652,483
1,649,625

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 18 September 2024 and are signed on its behalf by:
Mr Garry Page
Director
Company registration number 00840260 (England and Wales)
H.L.P. TUBE FORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

H.L.P. Tube Formers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 17, Pantglas Industrial Estate, Bedwas, Caerphilly, CF83 8DR.

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
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, 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
2% straight line
Plant and equipment
10% straight line
Motor vehicles
25%straight line
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

H.L.P. TUBE FORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

H.L.P. TUBE FORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
21
24
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
696,437
1,438,310
80,785
2,215,532
Additions
-
0
46,650
-
0
46,650
Disposals
-
0
(21,671)
-
0
(21,671)
At 31 March 2024
696,437
1,463,289
80,785
2,240,511
Depreciation and impairment
At 1 April 2023
175,461
1,249,129
32,132
1,456,722
Depreciation charged in the year
13,929
38,473
12,163
64,565
Eliminated in respect of disposals
-
0
(21,671)
-
0
(21,671)
At 31 March 2024
189,390
1,265,931
44,295
1,499,616
Carrying amount
At 31 March 2024
507,047
197,358
36,490
740,895
At 31 March 2023
520,976
189,181
48,653
758,810
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
399,912
448,752
Other debtors
170,465
145,735
570,377
594,487
H.L.P. TUBE FORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
63,442
49,550
Trade creditors
213,700
312,259
Corporation tax
23,063
20,300
Other taxation and social security
40,909
67,488
Other creditors
29,227
33,395
370,341
482,992
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
105,715
174,399
7
Related party transactions

The company has an existing loan with W.D.M. Engineering Limited, a company in which Mr G Page is a director. At the year end, a balance of £161,465 (2023: £145,735) was outstanding being included in debtors: amounts falling due within one year.

8
Directors' transactions

Dividends totalling £20,000 (2023 - £20,000) were paid in the year in respect of shares held by the company's directors.

The director operates a current loan account which is credited with payments made by the director and any cash introduced and debited with private expenses and cash drawn. The amount outstanding due to the director at the year end was £18,753 (2023: £30.995). This amount being included in creditors: amounts falling due within one year.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors
-
-
9,000
9,000
-
9,000
9,000
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