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Company registration number: 02132546
Hawkins Insulation Limited
Unaudited filleted financial statements
31 December 2023
Hawkins Insulation Limited
Contents
Directors and other information
Director's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Hawkins Insulation Limited
Directors and other information
Director Mr D Hawkins
Company number 02132546
Registered office Central House
101 Central Park
Petherton Road
Hengrove
BS14 9BZ
Business address Central House
101 Central Park
Petherton Road
Hengrove
BS14 9BZ
Accountants Savage Accountancy Ltd
45 Kingsmead
Nailsea
Bristol
BS48 2XJ
Hawkins Insulation Limited
Director's report
Year ended 31 December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023.
Director
The director who served the company during the year was as follows:
Mr D Hawkins
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Mr D Hawkins
Director
Hawkins Insulation Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 531,033 487,087
_______ _______
531,033 487,087
Current assets
Stocks 4,000 19,507
Debtors 6 221,442 243,697
Cash at bank and in hand 110,717 114,112
_______ _______
336,159 377,316
Creditors: amounts falling due
within one year 7 ( 64,590) ( 107,040)
_______ _______
Net current assets 271,569 270,276
_______ _______
Total assets less current liabilities 802,602 757,363
_______ _______
Net assets 802,602 757,363
_______ _______
Capital and reserves
Called up share capital 11,000 11,000
Share premium account 9,000 9,000
Capital redemption reserve 18,800 18,800
Profit and loss account 763,802 718,563
_______ _______
Shareholders funds 802,602 757,363
_______ _______
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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
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:
Mr D Hawkins
Director
Hawkins Insulation Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 January 2022 11,000 9,000 18,800 719,107 757,907
Profit for the year 52,076 52,076
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 52,076 52,076
Dividends paid and payable ( 52,620) ( 52,620)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 52,620) ( 52,620)
_______ _______ _______ _______ _______
At 31 December 2022 and 1 January 2023 11,000 9,000 18,800 718,565 757,365
Profit for the year 134,857 134,857
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 134,857 134,857
Dividends paid and payable ( 89,620) ( 89,620)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 89,620) ( 89,620)
_______ _______ _______ _______ _______
At 31 December 2023 11,000 9,000 18,800 763,802 802,602
_______ _______ _______ _______ _______
Hawkins Insulation Limited
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. The address of the registered office is Central House, 101 Central Park, Petherton Road, Hengrove, BS14 9BZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 16 (2022: 17 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 602,565 632,991
Other pension costs 21,064 44,176
_______ _______
623,629 677,167
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 371,688 144,520 49,767 274,204 840,179
Additions - 11,400 - 91,623 103,023
Disposals - - - ( 102,560) ( 102,560)
_______ _______ _______ _______ _______
At 31 December 2023 371,688 155,920 49,767 263,267 840,642
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 - 133,952 35,840 183,300 353,092
Charge for the year - 6,736 2,565 44,768 54,069
Disposals - - - ( 97,552) ( 97,552)
_______ _______ _______ _______ _______
At 31 December 2023 - 140,688 38,405 130,516 309,609
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 371,688 15,232 11,362 132,751 531,033
_______ _______ _______ _______ _______
At 31 December 2022 371,688 10,568 13,927 90,904 487,087
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 191,487 209,883
Other debtors 29,955 33,814
_______ _______
221,442 243,697
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 19,242 81,952
Corporation tax 24,632 10,868
Social security and other taxes 14,064 8,015
Other creditors 6,652 6,205
_______ _______
64,590 107,040
_______ _______